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Financial Statement Details (Tables)

12 Months Ended

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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