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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.

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