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Income Taxes (Tables)

12 Months Ended

Jun. 25, 2023

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 25, 2023						June 26, 2022						June 27, 2021
Domestic			($331.8)						($289.1)						($348.7)
Foreign			3.3						3.0						8.5
Loss before income taxes			($328.5)						($286.1)						($340.2)

Schedule of Components of Income Tax Expense

The following were the components of income tax expense:

			Fiscal Years Ended
(in millions of U.S. Dollars)			June 25, 2023						June 26, 2022						June 27, 2021
Current:
Federal			$0.3						$0.3						$0.1
Foreign			0.5						8.0						0.1
State			0.1						0.1						0.2
Total current			0.9						8.4						0.4
Deferred:
Federal			0.7						0.7						0.7
Foreign			(0.2)						(0.1)						—
State			—						—						—
Total deferred			0.5						0.6						0.7
Income tax expense			$1.4						$9.0						$1.1

Schedule of Effective Income Tax Rate and Amount Reconciliation

Actual income tax expense 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 25, 2023						% of Loss						June 26, 2022						% of Loss						June 27, 2021						% of Loss
Federal income tax provision at statutory rate			($69.0)						21		%				($60.1)						21		%				($71.4)						21		%
(Decrease) increase in income tax expense resulting from:
State tax provision, net of federal benefit			(1.2)						—		%				(2.5)						1		%				(1.9)						1		%
Tax exempt interest			(0.5)						—		%				(0.2)						—		%				(0.1)						—		%
(Decrease) increase in tax reserve			(0.4)						—		%				(0.2)						—		%				—						—		%
Research and development credits			(10.8)						3		%				(5.4)						2		%				(4.3)						1		%
Foreign tax credit			—						—		%				(0.3)						—		%				(0.4)						—		%
Increase (decrease) in valuation allowance			79.7						(24)		%				(51.6)						18		%				75.0						(22)		%
Extinguishment of convertible notes			—						—		%				(4.5)						2		%				—						—		%
Stock-based compensation			3.0						(1)		%				(3.3)						1		%				(2.8)						1		%
Statutory rate differences			0.1						—		%				—						—		%				1.1						—		%
Foreign earnings taxed in U.S.			(0.4)						—		%				6.8						(2)		%				2.7						(1)		%
Other foreign adjustments			—						—		%				—						—		%				(0.1)						—		%
Provision to return adjustments			0.1						—		%				0.3						—		%				(0.2)						—		%
Impact of rate changes			—						—		%				0.5						—		%				2.7						(1)		%
Expiration of state credits			0.2						—		%				0.1						—		%				0.7						—		%
Corporate restructuring adjustment			—						—		%				129.1						(45)		%				—						—		%
Other			0.6						—		%				0.3						—		%				0.1						—		%
Income tax expense			$1.4						—		%				$9.0						(3)		%				$1.1						—		%

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 25, 2023						June 26, 2022
Deferred tax assets:
Compensation			$7.7						$11.8
Inventories			39.3						22.5
Sales return reserve and allowance for bad debts			7.0						5.0
Federal and state net operating loss carryforwards			366.1						321.0
Federal income tax credits			59.0						48.2
State income tax credits			1.0						1.2
48C investment tax credits			35.7						35.7
Investments			5.2						5.3
Stock-based compensation			10.0						7.2
Deferred revenue			9.0						18.9
Lease liabilities			29.5						12.6
Capitalized research and development			57.1						—
Convertible notes			73.7						—
Other			6.9						4.7
Total gross deferred assets			707.2						494.1
Less valuation allowance			(543.9)						(339.2)
Deferred tax assets, net			163.3						154.9
Deferred tax liabilities:
Property and equipment			(107.1)						(75.1)
Intangible assets			(22.7)						(19.1)
Prepaid taxes and other			(0.5)						(0.6)
Foreign earnings recapture			(4.3)						(4.3)
Taxes on unremitted foreign earnings			(6.5)						(7.4)
Lease assets			(24.9)						(12.6)
Convertible notes			—						(38.0)
Total gross deferred liability			(166.0)						(157.1)
Deferred tax liability, net			($2.7)						($2.2)

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 25, 2023
(in millions of U.S. Dollars)			Assets						Liabilities
U.S. federal income taxes			$—						($3.9)
Foreign income taxes			1.2						—
Total			$1.2						($3.9)

			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)

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 25, 2023						June 26, 2022						June 27, 2021
Balance at beginning of period			$7.2						$7.4						$7.4
Increases related to prior year tax positions			1.7						—						—
Decreases related to prior year tax positions			—						—						—
Settlements with tax authorities			(0.2)						—						—
Expiration of statute of limitations for assessment of taxes			(0.1)						(0.2)						—
Increases related to current year positions			1.2						—						—
Balance at end of period			$9.8						$7.2						$7.4

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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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