XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.20.4

Financial Statement Details (Tables) | 6 Months Ended
--- | ---
Dec. 27, 2020
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) | December 27, 2020 |  | June 28, 2020
Billed trade receivables | $81.1 |  |  | $71.5 |
Unbilled contract receivables | 1.1 |  |  | 1.2 |
Royalties | 0.5 |  |  | 0.4 |
| 82.7 |  |  | 73.1 |
Allowance for bad debts | (0.7) |  |  | (0.7) |
Accounts receivable, net | $82.0 |  |  | $72.4 |
Schedule of Allowance for Bad Debts | Changes in the Company’s allowance for bad debts were as follows:
(in millions of U.S. Dollars) | December 27, 2020
Balance at beginning of period | $0.7 |
Current period provision change | — |
Write-offs, net of recoveries | — |
Balance at end of period | $0.7 |
Schedule of Inventories | Inventories consisted of the following:
(in millions of U.S. Dollars) | December 27, 2020 |  | June 28, 2020
Raw material | $43.5 |  |  | $36.9 |
Work-in-progress | 85.8 |  |  | 73.9 |
Finished goods | 15.0 |  |  | 11.1 |
Inventories | $144.3 |  |  | $121.9 |
| December 27, 2020 |  | June 28, 2020
Wolfspeed | $116.4 |  |  | $97.3 |
Inventory related to future Wafer Supply Agreement | 17.1 |  |  | 19.0 |
Unallocated inventories | 10.8 |  |  | 5.6 |
Consolidated inventories | $144.3 |  |  | $121.9 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | December 27, 2020 |  | June 28, 2020
Accounts payable, trade | $85.1 |  |  | $88.1 |
Accrued salaries and wages | 54.1 |  |  | 42.3 |
Accrued expenses | 124.1 |  |  | 55.3 |
Other | 4.0 |  |  | 4.1 |
Accounts payable and accrued expenses | $267.3 |  |  | $189.8 |
Schedule of Other Operating Expense | Other operating expense consisted of the following:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 27, 2020 |  | December 29, 2019 |  | December 27, 2020 |  | December 29, 2019
Factory optimization restructuring | $1.3 |  |  | $1.2 |  |  | $2.9 |  |  | $2.4 |
Severance and other restructuring | — |  |  | — |  |  | 2.8 |  |  | 0.8 |
Total restructuring costs | 1.3 |  |  | 1.2 |  |  | 5.7 |  |  | 3.2 |
Project, transformation and transaction costs | 0.1 |  |  | 7.9 |  |  | 1.3 |  |  | 9.4 |
Factory optimization start-up costs | 1.2 |  |  | 1.5 |  |  | 4.2 |  |  | 2.9 |
Non-restructuring related executive severance | — |  |  | 0.3 |  |  | — |  |  | 1.5 |
Other operating expense | $2.6 |  |  | $10.9 |  |  | $11.2 |  |  | $17.0 |
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) | December 27, 2020 |  | June 28, 2020
Currency translation gain | $9.5 |  |  | $9.5 |
Net unrealized gain on available-for-sale securities (1) | 6.0 |  |  | 6.5 |
Accumulated other comprehensive income, net of taxes | $15.5 |  |  | $16.0 |
(1) Amounts as of December 27, 2020 and June 28, 2020 include a $2.4 million loss related to tax on unrealized gain (loss) on available-for-sale securities.
Schedule of Non-Operating Expense (Income), Net | The following table summarizes the components of non-operating (income) expense, net:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 27, 2020 |  | December 29, 2019 |  | December 27, 2020 |  | December 29, 2019
Foreign currency loss, net | ($2.2) |  |  | ($1.3) |  |  | ($2.4) |  |  | ($1.2) |
Gain on sale of investments, net | (0.2) |  |  | (0.1) |  |  | (0.2) |  |  | (0.1) |
Gain on equity investment, net | (10.4) |  |  | (6.4) |  |  | (7.0) |  |  | (9.9) |
Interest income | (2.2) |  |  | (4.7) |  |  | (4.9) |  |  | (10.2) |
Interest expense, net of capitalized interest | 11.9 |  |  | 7.7 |  |  | 25.0 |  |  | 15.1 |
Other, net | — |  |  | (0.2) |  |  | 0.3 |  |  | (0.3) |
Non-operating (income) expense, net | ($3.1) |  |  | ($5.0) |  |  | $10.8 |  |  | ($6.6) |
Schedule of Noncash Operating Activities |
| Six months ended
| December 27, 2020 |  | December 29, 2019
Lease asset and liability additions (1) | $1.2 |  |  | $14.3 |
Lease asset and liability modifications, net | 0.2 |  |  | 4.8 |
Transfer of finance lease liability to accounts payable and accrued expenses (2) | 4.2 |  |  | — |
(1) $11.0 million of the lease asset and liability additions for the six months ended December 29, 2019 relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
Name: | us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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: | nonnum: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: | nonnum: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=121641772&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: | nonnum: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: | nonnum: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: | nonnum: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=120395209&loc=SL114868664-224227 + Details
Name: | us-gaap_ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration