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Financial Statement Details (Tables)

9 Months Ended

Mar. 28, 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)			March 28, 2021						June 28, 2020
Billed trade receivables			$82.9						$71.5
Unbilled contract receivables			1.3						1.2
Royalties			0.6						0.4
			84.8						73.1
Allowance for bad debts			(0.7)						(0.7)
Accounts receivable, net			$84.1						$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)			March 28, 2021
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)			March 28, 2021						June 28, 2020
Raw material			$42.4						$36.9
Work-in-progress			90.2						73.9
Finished goods			14.9						11.1
Inventories			$147.5						$121.9

			March 28, 2021						June 28, 2020
Wolfspeed			$138.8						$97.3
Wafer Supply Agreement inventory (1)			—						19.0
Unallocated inventories			8.7						5.6
Consolidated inventories			$147.5						$121.9

(1) Inventory related to the Wafer Supply Agreement as of March 28, 2021 is recorded within other current assets in the consolidated balance sheets.

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

(in millions of U.S. Dollars)			March 28, 2021						June 28, 2020
Accounts payable, trade			$75.7						$88.1
Accrued salaries and wages			70.2						42.3
Accrued expenses			172.4						55.3
Other			1.2						4.1
Accounts payable and accrued expenses			$319.5						$189.8

Schedule of Other Operating Expense

Other operating expense consisted of the following:

			Three months ended												Nine months ended
(in millions of U.S. Dollars)			March 28, 2021						March 29, 2020						March 28, 2021						March 29, 2020
Factory optimization restructuring			$3.8						$1.1						$6.7						$3.5
Severance and other restructuring			0.6						—						3.4						0.8
Total restructuring costs			4.4						1.1						10.1						4.3
Project, transformation and transaction costs			2.4						1.4						3.7						10.8
Factory optimization start-up costs			1.8						2.1						6.0						5.0
Non-restructuring related executive severance			2.8						0.6						2.8						2.1
Other operating expense			$11.4						$5.2						$22.6						$22.2

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)			March 28, 2021						June 28, 2020
Currency translation gain			$—						$9.5
Net unrealized gain on available-for-sale securities (1)			3.5						6.5
Accumulated other comprehensive income, net of taxes			$3.5						$16.0

(1) Amounts as of March 28, 2021 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 expense, net:

			Three months ended												Nine months ended
(in millions of U.S. Dollars)			March 28, 2021						March 29, 2020						March 28, 2021						March 29, 2020
Foreign currency (gain) loss, net			($0.1)						$0.3						($2.5)						($0.9)
Gain on sale of investments, net			(0.1)						(0.9)						(0.3)						(1.0)
Gain on arbitration proceeding			—						(8.0)						—						(8.0)
(Gain) loss on equity investment, net			(0.9)						19.1						(7.9)						9.2
Interest income			(1.9)						(3.2)						(6.8)						(13.4)
Interest expense, net of capitalized interest			11.2						7.5						36.2						22.6
Loss on Wafer Supply Agreement			0.1						—						0.1						—
Other, net			(0.2)						(0.1)						0.1						(0.4)
Non-operating expense, net			$8.1						$14.7						$18.9						$8.1

Schedule of Noncash Operating Activities

			Nine months ended
			March 28, 2021						March 29, 2020
Lease asset and liability additions (1)			$1.7						$14.6
Lease asset and liability modifications, net			0.3						4.7
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 nine months ended March 29, 2020 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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