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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 29, 2025
Accounting Policies [Abstract] |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Billed trade receivables | $176.1 |  |  | $143.3 |
Unbilled contract receivables | 2.8 |  |  | 3.5 |
Royalties | 0.7 |  |  | 1.3 |
| 179.6 |  |  | 148.1 |
Allowance for bad debts | (0.8) |  |  | (0.7) |
Accounts receivable, net | $178.8 |  |  | $147.4 |
Changes in the Company’s allowance for bad debts were as follows:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Balance at beginning of period | $0.7 |  |  | $0.7 |  |  | $1.2 |
Current period provision change | 0.1 |  |  | 0.3 |  |  | (0.5) |
Write-offs, net of recoveries | — |  |  | (0.3) |  |  | — |
Balance at end of period | $0.8 |  |  | $0.7 |  |  | $0.7 |
Schedule of Other Current Assets | Other current assets consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
MACOM shares(1) | $102.0 |  |  | $— |
Reimbursement receivable on long-term incentive agreement | 33.1 |  |  | 85.8 |
Assets held for sale(2) | 24.4 |  |  | — |
Other | 18.7 |  |  | 1.9 |
Inventory related to the RF Master Supply Agreement | 15.8 |  |  | 17.6 |
VAT receivables | 9.1 |  |  | 8.7 |
Insurance deposit | 7.4 |  |  | 6.0 |
Accrued interest receivable | 5.4 |  |  | 11.6 |
Receivable on RF Master Supply Agreement | 5.3 |  |  | 4.6 |
Short-term deposit on long-term incentive agreement | 0.8 |  |  | 10.0 |
Inventory related to the Wafer Supply Agreement | — |  |  | 2.9 |
Non-trade receivables | — |  |  | 30.6 |
Receivable on the Wafer Supply Agreement | — |  |  | 0.6 |
Other current assets | $222.0 |  |  | $180.3 |
(1) Refer to Note 7, "Fair Value of Financial Instruments," to the consolidated financial statements included herein for additional information.
(2) During the third quarter of fiscal 2025, the Company determined three facilities met the held-for-sale criteria under Accounting Standards Codification (ASC) 360, of which two were sold during the fourth quarter of fiscal 2025. The assets included in each of the disposal groups were measured at the lower of their carrying value or fair value less costs to sell.
Schedule of Inventories | Inventories consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Raw material | $144.5 |  |  | $138.7 |
Work-in-progress | 284.6 |  |  | 290.5 |
Finished goods | 6.3 |  |  | 11.5 |
Inventories | $435.4 |  |  | $440.7 |
Schedule of Property and Equipment | In general, the Company’s policy for useful lives is as follows:
Buildings and building improvements | 5 to 40 years
Machinery and equipment | 3 to 10 years
Furniture and fixtures | 5 years
Vehicles | 5 years
Computer hardware/software | 3 to 10 years
Leasehold improvements | Shorter of estimated useful life or lease term
Property and equipment, net consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Machinery and equipment | $1,614.8 |  |  | $1,500.9 |
Land and buildings | 1,080.5 |  |  | 997.3 |
Computer hardware/software | 75.4 |  |  | 67.8 |
Furniture and fixtures | 8.7 |  |  | 8.3 |
Leasehold improvements and other | 139.1 |  |  | 148.9 |
Vehicles | 0.5 |  |  | 0.7 |
Finance lease assets | 8.3 |  |  | 9.1 |
Construction in progress | 2,268.0 |  |  | 2,092.1 |
Property and equipment, gross | 5,195.3 |  |  | 4,825.1 |
Accumulated depreciation | (1,278.8) |  |  | (1,172.8) |
Property and equipment, net | $3,916.5 |  |  | $3,652.3 |
Schedule of Beginning and Ending Carrying Amounts of Goodwill | A reconciliation of the beginning and ending carrying amounts of goodwill is as follows:
| Amount
| (In millions)
Balance as of June 30, 2024 and June 25, 2023 | $359.2 |
Goodwill impairment | ($359.2) |
Balance as of June 29, 2025 | $— |
Schedule of Other Assets, Noncurrent | Other assets consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Right-of-use assets | 123.1 |  |  | 99.2 |
Long-term advances to suppliers | 69.8 |  |  | 50.1 |
Long-term deposits | 24.3 |  |  | 31.9 |
Cloud computing assets, net | 10.4 |  |  | 13.5 |
Other | 36.2 |  |  | 30.4 |
Other assets | $263.8 |  |  | $225.1 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Accounts payable, trade | $30.6 |  |  | $53.0 |
Accrued salaries and wages | 79.2 |  |  | 64.2 |
Accrued property and equipment | 124.7 |  |  | 366.0 |
Accrued expenses | 45.7 |  |  | 40.4 |
Accounts payable and accrued expenses | $280.2 |  |  | $523.6 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Accrued interest | $90.7 |  |  | $7.3 |
RF business divestiture liabilities(1) | 76.9 |  |  | 47.0 |
Other | 52.9 |  |  | 23.6 |
Other current liabilities | $220.5 |  |  | $77.9 |
(1) Refer to Note 3, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Schedule of Restructuring and Other Operating Expenses | The following table summarizes the components of Restructuring and other operating expenses:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Pre-petition charges | $ | 55.8 |  |  | $ | — |  |  | $ | — |
Impairment losses on abandoned property and equipment | 176.5 |  |  | 1.2 |  |  | 2.0 |
Legal settlements | 17.0 |  |  | — |  |  | — |
Restructuring and other exit costs | 134.9 |  |  | — |  |  | — |
Project, transformation and transaction costs | 29.5 |  |  | 18.3 |  |  | 7.4 |
Executive severance costs | 1.4 |  |  | — |  |  | 3.4 |
Other | 2.5 |  |  | 1.1 |  |  | 1.7 |
Restructuring and other expenses | $417.6 |  |  | $20.6 |  |  | $14.5 |
Schedule of Non-Operating Income, Net | The following table summarizes the components of non-operating income, net:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Interest income | ($67.6) |  |  | ($135.0) |  |  | ($58.2) |
Loss (gain) on legal proceedings (1) | — |  |  | — |  |  | (50.3) |
Unrealized gain on equity investment | (22.6) |  |  | (18.5) |  |  | — |
Loss on customs matter(2) | — |  |  | 7.7 |  |  | — |
Loss on Wafer Supply Agreement | 9.2 |  |  | 25.3 |  |  | 13.6 |
Write-off of deferred financing costs | 54.7 |  |  | — |  |  | — |
Other expense, net | 0.8 |  |  | 1.4 |  |  | 0.3 |
Non-operating income, net | ($25.5) |  |  | ($119.1) |  |  | ($94.6) |
(1) In fiscal 2023, the Company received an arbitration award in relation to a former customer failing to fulfill contractual obligations to purchase a certain amount of product over a period of time. The arbitration award is recognized as non-operating income, net of legal fees incurred. (2) In fiscal 2024, the Company recognized customs duties totaling approximately $7.7 million for alleged undervaluation of duties related to transactions by the Company's former Lighting Products business unit from 2012 to 2017.
Schedule of Non-cash Operating Activities | Statements of Cash Flows - non-cash activities
| Fiscal Years Ended
| June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Lease asset and liability additions | $35.2 |  |  | $5.6 |  |  | $63.8 |
Lease asset and liability modifications, net | 3.2 |  |  | 4.4 |  |  | 0.4 |
Lease impairment | (4.8) |  |  | — |  |  | — |
Receivables for property, plant and equipment related insurance proceeds | — |  |  | 2.2 |  |  | — |
Proceeds from sale of business received in common stock | — |  |  | 60.8 |  |  | — |
Decrease in property, plant and equipment from investment tax credit receivables | 303.3 |  |  | 474.4 |  |  | 167.4 |
Receivable in connection with short-term investment maturities | — |  |  | 25.0 |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | — |  |  | 114.3 |  |  | 114.0 |
Accrued property and equipment as of the fiscal year end date | 124.7 |  |  | 366.0 |  |  | 328.4 |

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