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Financial Statement Details (Tables) | 12 Months Ended
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Jun. 28, 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) | June 28, 2020 |  | June 30, 2019
Billed trade receivables | $71.5 |  |  | $68.1 |
Unbilled contract receivables | 1.2 |  |  | 0.7 |
Royalties | 0.4 |  |  | 0.6 |
| 73.1 |  |  | 69.4 |
Allowance for bad debts | (0.7) |  |  | (0.2) |
Accounts receivable, net | $72.4 |  |  | $69.2 |
Changes in the Company’s allowance for bad debts were as follows:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Balance at beginning of period | $0.2 |  |  | $0.2 |  |  | $0.1 |
Current period provision change | 0.6 |  |  | — |  |  | 0.2 |
Write-offs, net of recoveries | (0.1) |  |  | — |  |  | (0.1) |
Balance at end of period | $0.7 |  |  | $0.2 |  |  | $0.2 |
Schedule of Inventories | Inventories consisted of the following:
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
Raw material | $36.9 |  |  | $31.5 |
Work-in-progress | 73.9 |  |  | 65.3 |
Finished goods | 11.1 |  |  | 15.0 |
Inventories | $121.9 |  |  | $111.8 |
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
Wolfspeed | $97.3 |  |  | $81.6 |
Inventory related to future Wafer Supply Agreement | 19.0 |  |  | 23.6 |
Unallocated inventories | 5.6 |  |  | 6.6 |
Inventories | $121.9 |  |  | $111.8 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following:
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
Machinery and equipment | $859.9 |  |  | $842.3 |
Land and buildings | 363.1 |  |  | 345.2 |
Computer hardware/software | 46.8 |  |  | 42.0 |
Furniture and fixtures | 8.1 |  |  | 8.6 |
Leasehold improvements and other | 9.7 |  |  | 3.8 |
Vehicles | 0.6 |  |  | 0.7 |
Finance lease assets | 15.4 |  |  | — |
Construction in progress | 366.8 |  |  | 229.1 |
Property and equipment, gross | 1,670.4 |  |  | 1,471.7 |
Accumulated depreciation | (899.6) |  |  | (911.1) |
Property and equipment, net | $770.8 |  |  | $560.6 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
Accounts payable, trade | $88.1 |  |  | $68.1 |
Accrued salaries and wages | 42.3 |  |  | 65.8 |
Accrued expenses | 55.3 |  |  | 28.7 |
Other | 4.1 |  |  | 1.9 |
Accounts payable and accrued expenses | $189.8 |  |  | $164.5 |
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 28, 2020 |  | June 30, 2019
Currency translation gain | $9.5 |  |  | $9.5 |
Net unrealized gain on available-for-sale securities (1) | 6.5 |  |  | — |
Accumulated other comprehensive income, net of taxes | $16.0 |  |  | $9.5 |
(1) Amounts as of June 28, 2020 and June 30, 2019 include a $2.4 million loss related to tax on unrealized gain (loss) 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 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Factory optimization restructuring | $8.5 |  |  | $4.1 |  |  | $— |
Severance and other restructuring | 0.6 |  |  | 2.8 |  |  | 3.8 |
Total restructuring costs | 9.1 |  |  | 6.9 |  |  | 3.8 |
Project, transformation and transaction costs | 12.2 |  |  | 16.9 |  |  | 8.5 |
Factory optimization start-up costs | 9.5 |  |  | 1.5 |  |  | — |
Non-restructuring related executive severance | 2.1 |  |  | 1.3 |  |  | 4.5 |
Other operating expense | $32.9 |  |  | $26.6 |  |  | $16.8 |
Schedule of Non-Operating Expense (Income), Net | The following table summarizes the components of non-operating (income) expense, net:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
(Gain) loss on sale of investments, net | ($1.5) |  |  | $0.1 |  |  | $0.1 |
(Gain) loss on equity investment | (14.2) |  |  | 16.2 |  |  | (7.1) |
Gain on partial debt extinguishment | (11.0) |  |  | — |  |  | — |
Gain on arbitration proceedings | (7.9) |  |  | — |  |  | — |
Interest income | (16.3) |  |  | (13.9) |  |  | (9.1) |
Interest expense | 34.9 |  |  | 26.0 |  |  | 7.3 |
Foreign currency (gain) loss, net | (2.0) |  |  | 1.3 |  |  | (1.8) |
Other, net | (0.5) |  |  | (0.3) |  |  | 0.2 |
Non-operating (income) expense, net | ($18.5) |  |  | $29.4 |  |  | ($10.4) |
Schedule of Non-cash Operating Activities | Statements of Cash Flows - non-cash activities
| Twelve months ended
Non-cash operating activities | June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Lease asset and liability additions (1) | $28.3 |  |  | $— |  |  | $— |
Lease asset and liability modifications, net | 4.8 |  |  | — |  |  | — |
(1) $11.0 million relates 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.
Schedule of Tangible Long-Lived Assets by Country | The Company's tangible long-lived assets by country are as follows:
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
United States | $758.2 |  |  | $552.4 |
China | 2.6 |  |  | 2.7 |
Other | 10.0 |  |  | 5.5 |
Total | $770.8 |  |  | $560.6 |

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