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Income Taxes (Tables)

12 Months Ended

Jun. 26, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The following were the components of loss before income taxes:

			Fiscal Years Ended
(in millions of U.S. Dollars)			June 26, 2022						June 27, 2021						June 28, 2020
Domestic			($289.1)						($348.7)						($210.3)
Foreign			3.0						8.5						4.7
Loss before income taxes			($286.1)						($340.2)						($205.6)

Schedule of Components of Income Tax Expense

The following were the components of income tax expense (benefit):

			Fiscal Years Ended
(in millions of U.S. Dollars)			June 26, 2022						June 27, 2021						June 28, 2020
Current:
Federal			$0.3						$0.1						($7.3)
Foreign			8.0						0.1						0.2
State			0.1						0.2						0.1
Total current			8.4						0.4						(7.0)
Deferred:
Federal			0.7						0.7						1.8
Foreign			(0.1)						—						(2.8)
State			—						—						—
Total deferred			0.6						0.7						(1.0)
Income tax expense (benefit)			$9.0						$1.1						($8.0)

Schedule of Effective Income Tax Rate and Amount Reconciliation

Actual income tax expense (benefit) differed from the amount computed by applying each period's U.S. federal statutory tax rate to pre-tax earnings as a result of the following:

			Fiscal Years Ended
(in millions of U.S. Dollars)			June 26, 2022						% of Loss						June 27, 2021						% of Loss						June 28, 2020						% of Loss
Federal income tax provision at statutory rate			($60.1)						21		%				($71.4)						21		%				($43.2)						21		%
(Decrease) increase in income tax expense resulting from:
State tax provision, net of federal benefit			(2.5)						1		%				(1.9)						1		%				(1.9)						1		%
Tax exempt interest			(0.2)						—		%				(0.1)						—		%				(0.5)						—		%
(Decrease) increase in tax reserve			(0.2)						—		%				—						—		%				(0.3)						—		%
Research and development credits			(5.4)						2		%				(4.3)						1		%				(3.3)						2		%
Foreign tax credit			(0.3)						—		%				(0.4)						—		%				(0.3)						—		%
Increase (decrease) in valuation allowance			(51.6)						18		%				75.0						(22)		%				50.3						(25)		%
Extinguishment of convertible notes			(4.5)						2		%				—						—		%				(6.0)						3		%
Stock-based compensation			(3.3)						1		%				(2.8)						1		%				2.1						(1)		%
Statutory rate differences			—						—		%				1.1						—		%				1.2						(1)		%
Foreign earnings taxed in U.S.			6.8						(2)		%				2.7						(1)		%				0.3						—		%
Other foreign adjustments			—						—		%				(0.1)						—		%				0.3						—		%
Net operating loss carryback			—						—		%				—						—		%				(7.2)						4		%
Provision to return adjustments			0.3						—		%				(0.2)						—		%				(1.3)						1		%
Impact of rate changes			0.5						—		%				2.7						(1)		%				0.8						—		%
Expiration of state credits			0.1						—		%				0.7						—		%				0.9						—		%
Corporate restructuring adjustment			129.1						(45)		%				—						—		%				—						—		%
Other			0.3						—		%				0.1						—		%				0.1						—		%
Income tax expense (benefit)			$9.0						(3)		%				$1.1						—		%				($8.0)						4		%

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

(in millions of U.S. Dollars)			June 26, 2022						June 27, 2021
Deferred tax assets:
Compensation			$11.8						$10.4
Inventories			22.5						13.6
Sales return reserve and allowance for bad debts			5.0						2.3
Federal and state net operating loss carryforwards			321.0						360.6
Federal credits			48.2						42.1
State credits			1.2						1.2
48C investment tax credits			35.7						36.6
Investments			5.3						0.3
Stock-based compensation			7.2						6.1
Deferred revenue			18.9						26.3
Lease liabilities			12.6						6.2
Other			4.7						4.5
Total gross deferred assets			494.1						510.2
Less valuation allowance			(339.2)						(414.4)
Deferred tax assets, net			154.9						95.8
Deferred tax liabilities:
Property and equipment			(75.1)						(36.9)
Intangible assets			(19.1)						(16.6)
Investments			—						(1.1)
Prepaid taxes and other			(0.6)						(0.7)
Foreign earnings recapture			(4.3)						—
Taxes on unremitted foreign earnings			(7.4)						(1.5)
Lease assets			(12.6)						(6.1)
Convertible notes			(38.0)						(34.4)
Total gross deferred liability			(157.1)						(97.3)
Deferred tax liability, net			($2.2)						($1.5)

Schedule of Components Giving Rise to Net Deferred Tax Assets (Liabilities) Included in Accompanying Consolidated Balance Sheet

The components giving rise to the net deferred tax assets (liabilities) have been included in the consolidated balance sheets as follows:

			Balance at June 26, 2022
(in millions of U.S. Dollars)			Assets						Liabilities
U.S. federal income taxes			$—						($3.2)
Foreign income taxes			1.0						—
Total			$1.0						($3.2)

			Balance at June 27, 2021
(in millions of U.S. Dollars)			Assets						Liabilities
U.S. federal income taxes			$—						($2.5)
Foreign income taxes			1.0						—
Total			$1.0						($2.5)

Schedule of Reconciliation of the Change in Uncertain Tax Positions

The following is a tabular reconciliation of the Company’s change in uncertain tax positions:

			Fiscal Years Ended
(in millions of U.S. Dollars)			June 26, 2022						June 27, 2021						June 28, 2020
Balance at beginning of period			$7.4						$7.4						$8.2
Decrease related to current year change in law			—						—						—
Increases related to prior year tax positions			—						—						—
Decreases related to prior year tax positions			—						—						—
Settlements with tax authorities			—						—						(0.1)
Expiration of statute of limitations for assessment of taxes			(0.2)						—						(0.7)
Balance at end of period			$7.2						$7.4						$7.4

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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