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Discontinued Operations (Tables) | 12 Months Ended
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Jun. 27, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The Company has classified the results of the Lighting Products business unit as discontinued operations, the results of which for the fiscal year ended June 30, 2019 are as follows:
(in millions of U.S. Dollars) | June 30, 2019
Revenue, net | $419.8 |
Cost of revenue, net | 324.3 |
Gross profit | 95.5 |
Research and development | 37.1 |
Sales, general and administrative | 100.6 |
Amortization or impairment of acquisition-related intangibles | 116.4 |
Goodwill impairment charges | 90.3 |
Loss on disposal or impairment of long-lived assets | 2.0 |
Loss before income taxes and loss on sale | (250.9) |
Loss on sale | 66.2 |
Loss before income taxes | (317.1) |
Income tax expense | 0.1 |
Net loss | ($317.2) |
The following table presents the financial results of the LED Business as (loss) income from discontinued operations, net of income taxes in the Company's consolidated statements of operations:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
Revenue, net | $272.8 |  |  | $433.2 |  |  | $541.8 |
Cost of revenue, net | 213.3 |  |  | 343.4 |  |  | 394.5 |
Gross profit | 59.5 |  |  | 89.8 |  |  | 147.3 |
Operating expenses: |  |  |  |  |
Research and development | 22.3 |  |  | 32.2 |  |  | 36.8 |
Sales, general and administrative | 29.4 |  |  | 29.7 |  |  | 31.8 |
Goodwill impairment | 112.6 |  |  | — |  |  | — |
Impairment on assets held for sale | 19.5 |  |  | — |  |  | — |
Gain on disposal or impairment of long-lived assets | (1.6) |  |  | (0.1) |  |  | (0.3) |
Other operating expense | 18.7 |  |  | 13.3 |  |  | 1.4 |
Operating (loss) income | (141.4) |  |  | 14.7 |  |  | 77.6 |
Non-operating income | (0.3) |  |  | (0.5) |  |  | (0.1) |
(Loss) income before income taxes and loss on sale | (141.1) |  |  | 15.2 |  |  | 77.7 |
Loss on sale | 29.1 |  |  | — |  |  | — |
(Loss) income before income taxes | (170.2) |  |  | 15.2 |  |  | 77.7 |
Income tax expense | 11.0 |  |  | 8.2 |  |  | 17.1 |
Net (loss) income | (181.2) |  |  | 7.0 |  |  | 60.6 |
Net income attributable to noncontrolling interest | 1.4 |  |  | 1.1 |  |  | — |
Net (loss) income attributable to controlling interest | ($182.6) |  |  | $5.9 |  |  | $60.6 |
The following table presents the assets and liabilities of the LED Business classified as discontinued operations as of June 28, 2020:
(in millions of U.S. Dollars) |  |  | June 28, 2020
Assets |  |  |
Short-term investments |  |  | $12.0 |
Accounts receivable, net |  |  | 41.6 |
Inventories |  |  | 57.2 |
Prepaid expenses |  |  | 0.1 |
Other current assets |  |  | 5.1 |
Current assets of discontinued operations |  |  | 116.0 |
Property and equipment, net |  |  | 60.3 |
Goodwill |  |  | 180.3 |
Intangible assets, net |  |  | 22.7 |
Deferred tax assets |  |  | 5.1 |
Other assets |  |  | 1.7 |
Long-term assets of discontinued operations |  |  | 270.1 |
Liabilities |  |  |
Accounts payable and accrued expenses |  |  | 31.0 |
Accrued contract liabilities |  |  | 24.1 |
Income taxes payable |  |  | 2.0 |
Other current liabilities |  |  | 3.1 |
Current liabilities of discontinued operations |  |  | 60.2 |
Other long-term liabilities |  |  | 9.8 |
Long-term liabilities of discontinued operations |  |  | 9.8 |

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