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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.

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