XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.20.2

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Jun. 28, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Option Activity | The following table summarizes option activity as of June 28, 2020 and changes during the fiscal year then ended (shares in thousands)
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Total Intrinsic Value (in millions of U.S. Dollars)
Outstanding at June 30, 2019 | 2,418 |  |  | $39.81 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1,371) |  |  | 40.49 |  |  |  |  |
Forfeited or expired | (64) |  |  | 55.37 |  |  |  |  |
Outstanding at June 28, 2020 | 983 |  |  | 37.88 |  |  | 1.77 |  | $19.7 |
Vested and expected to vest at June 28, 2020 | 983 |  |  | 37.88 |  |  | 1.77 |  | $19.7 |
Exercisable at June 28, 2020 | 981 |  |  | 37.91 |  |  | 1.76 |  | $19.6 |
Schedule of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at June 28, 2020 (shares in thousands):
|  | Options Outstanding |  |  |  |  |  | Options Exercisable |  |
Range of Exercise Price |  | Number |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |  | Number |  | Weighted Average Exercise Price
$0.01 to $25.00 |  | 262 |  |  | 3.2 |  | $24.34 |  |  | 261 |  |  | $24.34 |
$25.01 to $35.00 |  | 203 |  |  | 2.3 |  | 26.59 |  |  | 202 |  |  | 26.59 |
$35.01 to $45.00 |  | 6 |  |  | 1.4 |  | 38.50 |  |  | 6 |  |  | 38.50 |
$45.01 to $55.00 |  | 468 |  |  | 0.9 |  | 48.12 |  |  | 468 |  |  | 48.12 |
$55.01 to $73.00 |  | 44 |  |  | 0.5 |  | 61.93 |  |  | 44 |  |  | 61.93 |
Total |  | 983 |  |  |  |  |  |  | 981 |  |  |
Schedule of Other Information Pertaining to Stock Option Awards | Other information pertaining to the Company’s stock option awards is as follows:
| Fiscal Years Ended |  |  |  |
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Weighted average grant date fair value per share of options | $— |  |  | $— |  |  | $8.02 |
Total intrinsic value of options exercised (in millions of U.S. Dollars) | $22.8 |  |  | $63.3 |  |  | $24.3 |
Schedule of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding | A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of June 28, 2020 and changes during the year then ended is as follows (shares in thousands):
| Number of RSAs/RSUs |  | Weighted Average Grant-Date Fair Value
Nonvested at June 30, 2019 | 3,081 |  |  | $34.99 |
Granted | 1,206 |  |  | 53.14 |
Vested | (1,138) |  |  | 30.77 |
Forfeited | (217) |  |  | 37.72 |
Nonvested at June 28, 2020 | 2,932 |  |  | $43.89 |
Schedule of Total Stock-Based Compensation Expense | Total stock-based compensation expense was classified in the consolidated statements of operations as follows:
| Fiscal Years Ended |  |  |  |
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Cost of revenue, net | $10.6 |  |  | $8.8 |  |  | $6.5 |
Research and development | 9.7 |  |  | 7.7 |  |  | 6.8 |
Sales, general and administrative | 34.6 |  |  | 33.1 |  |  | 24.6 |
Total stock-based compensation expense | $54.9 |  |  | $49.6 |  |  | $37.9 |
Schedule of Weighted Average Assumptions Utilized to Value Stock-Based Compensation | The range of assumptions used to value stock issued under the ESPP were as follows:
| Fiscal Years Ended |  |  |  |
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Risk-free interest rate | 0.12 - 2.67% |  | 2.39 - 2.67% |  | 0.89 - 2.26%
Expected life, in years | 0.5 - 1.0 |  | 0.5 - 1.0 |  | 0.5 - 1.0
Volatility | 34.5 - 82.6% |  | 34.5 - 39.6% |  | 34.5 - 40.2%
Dividend yield | — |  |  | — |  |  | — |
The weighted average assumptions used to value stock option grants in fiscal 2018 were as follows:
Risk-free interest rate |  |  |  | 1.75 | %
Expected life, in years |  |  |  | 4.0
Volatility |  |  |  | 38.6 | %
Dividend yield |  |  |  | — |
No stock option grants occurred in fiscal 2020 or fiscal 2019. The range of assumptions used for issued performance units were as follows:
| Fiscal Years Ended |  |  |  |
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Risk-free interest rate | 0.28 - 1.66% |  | 2.68% |  | 1.44 - 1.59%
Expected life, in years | 3.0 |  | 3.0 |  | 2.8 - 3.0
Average volatility of peer companies | 48.9 - 55.2% |  | 46.8% |  | 46.4%
Average correlation coefficient of peer companies | 0.36 - 0.45 |  | 0.34 |  | 0.34
Dividend yield | — |  |  | — |  |  | — |

X
- Definition Table contains weighted average grant date fair value of options granted in the reporting period and total intrinsic value of options exercised during the reporting period. + References No definition available. + Details
Name: | cree_WeightedAverageGrantDateFairValueAndIntrinsicValueExercisedOptionsTableTextBlock
Namespace Prefix: | cree_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration