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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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, 2025June 30, 2024
Billed trade receivables$176.1 $143.3 
Unbilled contract receivables2.8 3.5 
Royalties0.7 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, 2025June 30, 2024June 25, 2023
Balance at beginning of period$0.7 $0.7 $1.2 
Current period provision change0.1 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, 2025June 30, 2024
MACOM shares(1)
$102.0 $— 
Reimbursement receivable on long-term incentive agreement33.1 85.8 
Assets held for sale(2)
24.4 — 
Other18.7 1.9 
Inventory related to the RF Master Supply Agreement15.8 17.6 
VAT receivables9.1 8.7 
Insurance deposit7.4 6.0 
Accrued interest receivable5.4 11.6 
Receivable on RF Master Supply Agreement5.3 4.6 
Short-term deposit on long-term incentive agreement0.8 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, 2025June 30, 2024
Raw material$144.5 $138.7 
Work-in-progress284.6 290.5 
Finished goods6.3 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 improvementsShorter of estimated useful life or lease term
Property and equipment, net consisted of the following:
(in millions of U.S. Dollars)June 29, 2025June 30, 2024
Machinery and equipment$1,614.8 $1,500.9 
Land and buildings1,080.5 997.3 
Computer hardware/software75.4 67.8 
Furniture and fixtures8.7 8.3 
Leasehold improvements and other139.1 148.9 
Vehicles0.5 0.7 
Finance lease assets8.3 9.1 
Construction in progress2,268.0 2,092.1 
Property and equipment, gross5,195.3 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, 2025June 30, 2024
Right-of-use assets123.1 99.2 
Long-term advances to suppliers69.8 50.1 
Long-term deposits24.3 31.9 
Cloud computing assets, net10.4 13.5 
Other36.2 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, 2025June 30, 2024
Accounts payable, trade$30.6 $53.0 
Accrued salaries and wages79.2 64.2 
Accrued property and equipment124.7 366.0 
Accrued expenses45.7 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, 2025June 30, 2024
Accrued interest$90.7 $7.3 
RF business divestiture liabilities(1)
76.9 47.0 
Other52.9 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, 2025June 30, 2024June 25, 2023
Pre-petition charges$55.8 $— $— 
Impairment losses on abandoned property and equipment176.5 1.2 2.0 
Legal settlements17.0 — — 
Restructuring and other exit costs134.9 — — 
Project, transformation and transaction costs29.5 18.3 7.4 
Executive severance costs1.4 — 3.4 
Other2.5 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, 2025June 30, 2024June 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 Agreement9.2 25.3 13.6 
Write-off of deferred financing costs54.7 — — 
Other expense, net0.8 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, 2025June 30, 2024June 25, 2023
Lease asset and liability additions$35.2 $5.6 $63.8 
Lease asset and liability modifications, net3.2 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 receivables303.3 474.4 167.4 
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 date124.7 366.0 328.4