XML 46 R32.htm IDEA: XBRL DOCUMENT
v3.21.2

Financial Statement Details (Tables) | 12 Months Ended
--- | ---
Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following:
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020
Billed trade receivables | $95.6 |  |  | $71.5 |
Unbilled contract receivables | 0.6 |  |  | 1.2 |
Royalties | 0.5 |  |  | 0.4 |
| 96.7 |  |  | 73.1 |
Allowance for bad debts | (0.8) |  |  | (0.7) |
Accounts receivable, net | $95.9 |  |  | $72.4 |
Changes in the Company’s allowance for bad debts were as follows:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
Balance at beginning of period | $0.7 |  |  | $0.2 |  |  | $0.2 |
Current period provision change | 0.1 |  |  | 0.6 |  |  | — |
Write-offs, net of recoveries | — |  |  | (0.1) |  |  | — |
Balance at end of period | $0.8 |  |  | $0.7 |  |  | $0.2 |
Schedule of Inventories | Inventories consisted of the following:
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020
Raw material | $43.3 |  |  | $36.9 |
Work-in-progress | 109.5 |  |  | 73.9 |
Finished goods | 13.8 |  |  | 11.1 |
Inventories | $166.6 |  |  | $121.9 |
| June 27, 2021 |  | June 28, 2020
Wolfspeed | $159.2 |  |  | $97.3 |
Wafer Supply Agreement inventory (1) | — |  |  | 19.0 |
Unallocated inventories | 7.4 |  |  | 5.6 |
Consolidated inventories | $166.6 |  |  | $121.9 |
(1) Inventory related to the Wafer Supply Agreement as of June 27, 2021 is recorded within other current assets in the consolidated balance sheets.
Long-lived Assets by Geographic Areas | The Company’s tangible long-lived assets by country are as follows:
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020
United States | $1,258.1 |  |  | $758.2 |
China | 2.3 |  |  | 2.6 |
Other | 31.9 |  |  | 10.0 |
Total | $1,292.3 |  |  | $770.8 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020
Accounts payable, trade | $44.2 |  |  | $88.1 |
Accrued salaries and wages | 69.5 |  |  | 42.3 |
Accrued expenses | 265.7 |  |  | 55.3 |
Other | 1.7 |  |  | 4.1 |
Accounts payable and accrued expenses | $381.1 |  |  | $189.8 |
Schedule of Accumulated Other Comprehensive Income, Net of Taxes | Accumulated other comprehensive income, net of taxes consisted of the following:
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020
Currency translation gain | $— |  |  | $9.5 |
Net unrealized gain on available-for-sale securities (1) | 2.7 |  |  | 6.5 |
Accumulated other comprehensive income, net of taxes | $2.7 |  |  | $16.0 |
(1) Amounts as of June 27, 2021 and June 28, 2020 include a $2.4 million loss related to tax on the net unrealized gain on available-for-sale securities.
Schedule of Other Operating Expense (Income) | The following table summarizes the components of other operating expense:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
Factory optimization restructuring | $7.6 |  |  | $8.5 |  |  | $4.1 |
Severance and other restructuring | 3.4 |  |  | 0.6 |  |  | 2.8 |
Total restructuring costs | 11.0 |  |  | 9.1 |  |  | 6.9 |
Project, transformation and transaction costs | 7.3 |  |  | 12.2 |  |  | 16.9 |
Factory optimization start-up costs | 8.0 |  |  | 9.5 |  |  | 1.5 |
Non-restructuring related executive severance | 2.8 |  |  | 2.1 |  |  | 1.3 |
Other operating expense | $29.1 |  |  | $32.9 |  |  | $26.6 |
Schedule of Non-Operating Expense (Income), Net | The following table summarizes the components of non-operating expense (income), net:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
(Gain) loss on sale of investments, net | ($0.4) |  |  | ($1.5) |  |  | $0.1 |
(Gain) loss on equity investment | (8.3) |  |  | (14.2) |  |  | 16.2 |
Gain on partial debt extinguishment | — |  |  | (11.0) |  |  | — |
Gain on arbitration proceedings | — |  |  | (7.9) |  |  | — |
Interest income | (10.1) |  |  | (16.3) |  |  | (13.9) |
Interest expense | 45.4 |  |  | 34.9 |  |  | 26.0 |
Foreign currency (gain) loss, net | (1.3) |  |  | (2.0) |  |  | 1.3 |
Loss on Wafer Supply Agreement | 0.8 |  |  | — |  |  | — |
Other, net | 0.2 |  |  | (0.5) |  |  | (0.3) |
Non-operating expense (income), net | $26.3 |  |  | ($18.5) |  |  | $29.4 |
Schedule of Non-cash Operating Activities | Statements of Cash Flows - non-cash activities
| Fiscal Years Ended
| June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
Lease asset and liability additions (1) | $7.9 |  |  | $28.3 |  |  | $— |
Lease asset and liability modifications, net | 1.7 |  |  | 4.8 |  |  | — |
Transfer of finance lease liability to accounts payable and accrued expenses (2) | 4.2 |  |  | — |  |  | — |
Receivables for property, plant and equipment related insurance proceeds | 1.9 |  |  | — |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 16.4 |  |  | — |  |  | — |
(1) $11.0 million of the lease asset and liability additions for the year ended June 28, 2020 related to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 5, "Leases", for further information. (2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets.

X
- Definition Schedule of Noncash Operating Activities [Table Text Block] + References No definition available. + Details
Name: | cree_ScheduleofNoncashOperatingActivitiesTableTextBlock
Namespace Prefix: | cree_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph b -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each detailed component of other operating costs and expenses that are applicable to sales and revenues, but not included in the cost of sales in the income statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.3) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 + Details
Name: | us-gaap_ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration