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Discontinued Operations (Tables) | 12 Months Ended
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Jun. 28, 2020
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 years ended June 30, 2019 and June 24, 2018 are as follows:
|  |  | Fiscal Years Ended
|  |  | June 30, 2019 |  | June 24, 2018
(in millions of U.S. Dollars) |  |  |  |  |
Revenue, net |  |  | $419.8 |  |  | $568.8 |
Cost of revenue, net |  |  | 324.3 |  |  | 463.2 |
Gross profit |  |  | 95.5 |  |  | 105.6 |
Research and development |  |  | 37.1 |  |  | 35.9 |
Sales, general and administrative |  |  | 100.6 |  |  | 97.6 |
Amortization or impairment of acquisition-related intangibles |  |  | 116.4 |  |  | 23.6 |
Goodwill impairment charges |  |  | 90.3 |  |  | 247.5 |
Loss on disposal or impairment of long-lived assets |  |  | 2.0 |  |  | 2.1 |
Operating loss |  |  | (250.9) |  |  | (301.1) |
Non-operating income |  |  | — |  |  | (1.3) |
Loss before income taxes and loss on sale |  |  | (250.9) |  |  | (299.8) |
Loss on sale |  |  | 66.2 |  |  | — |
Loss before income taxes |  |  | (317.1) |  |  | (299.8) |
Income tax expense (benefit) |  |  | 0.1 |  |  | (36.3) |
Net loss |  |  | ($317.2) |  |  | ($263.5) |
The following table presents the financial results of the LED Business as income (loss) from discontinued operations, net of income taxes in the Company's consolidated statements of operations:
|  |  | Fiscal Years Ended
|  |  | June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
(in millions of U.S. Dollars) |  |  |  |  |  |  |
Revenue, net |  |  | $433.2 |  |  | $541.8 |  |  | $596.3 |
Cost of revenue, net |  |  | 343.4 |  |  | 394.5 |  |  | 439.3 |
Gross profit |  |  | 89.8 |  |  | 147.3 |  |  | 157.0 |
Operating expenses: |  |  |  |  |  |  |
Research and development |  |  | 32.2 |  |  | 36.8 |  |  | 37.5 |
Sales, general and administrative |  |  | 29.7 |  |  | 31.8 |  |  | 26.5 |
(Income) loss on disposal or impairment of other assets |  |  | (0.1) |  |  | (0.3) |  |  | 0.5 |
Other operating expense |  |  | 13.3 |  |  | 1.4 |  |  | — |
Operating income |  |  | 14.7 |  |  | 77.6 |  |  | 92.5 |
Non-operating income |  |  | (0.5) |  |  | (0.1) |  |  | — |
Income before income taxes |  |  | 15.2 |  |  | 77.7 |  |  | 92.5 |
Income tax expense |  |  | 8.2 |  |  | 17.1 |  |  | 34.0 |
Net income |  |  | 7.0 |  |  | 60.6 |  |  | 58.5 |
Net income attributable to noncontrolling interest |  |  | 1.1 |  |  | — |  |  | 0.1 |
Net income attributable to controlling interest |  |  | $5.9 |  |  | $60.6 |  |  | $58.4 |
The following table presents the assets and liabilities of the LED Business classified as discontinued operations:
|  |  | Fiscal Years Ended
|  |  | June 28, 2020 |  | June 30, 2019
(in millions of U.S. Dollars) |  |  |  |  |
Assets |  |  |  |  |
Short-term investments |  |  | 12.0 |  |  | 9.4 |
Accounts receivable, net |  |  | 41.6 |  |  | 59.7 |
Inventories |  |  | 57.2 |  |  | 75.6 |
Prepaid expenses |  |  | 0.1 |  |  | 0.1 |
Other current assets |  |  | 5.1 |  |  | 6.4 |
Current assets of discontinued operations |  |  | 116.0 |  |  | 151.2 |
Property and equipment, net |  |  | 60.3 |  |  | 64.6 |
Goodwill |  |  | 180.3 |  |  | 180.3 |
Intangible assets, net |  |  | 22.7 |  |  | 23.8 |
Deferred income taxes |  |  | 5.1 |  |  | 4.7 |
Other assets |  |  | 1.7 |  |  | — |
Long-term assets of discontinued operations |  |  | 270.1 |  |  | 273.4 |
Liabilities |  |  |  |  |
Accounts payable and accrued expenses |  |  | 31.0 |  |  | 36.4 |
Accrued contract liabilities |  |  | 24.1 |  |  | 30.7 |
Income tax payable |  |  | 2.0 |  |  | 1.7 |
Other current liabilities |  |  | 3.1 |  |  | 2.7 |
Current liabilities of discontinued operations |  |  | 60.2 |  |  | 71.5 |
Other long-term liabilities |  |  | 9.8 |  |  | 7.6 |
Long-term liabilities of discontinued operations |  |  | 9.8 |  |  | 7.6 |

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