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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 54 Months Ended
Dec. 29, 2024
Sep. 29, 2024
Dec. 31, 2023
Sep. 24, 2023
Dec. 29, 2024
Dec. 31, 2023
Dec. 29, 2024
Operating activities:              
Net loss $ (372.2) $ (282.2) $ (144.7) $ (395.7) $ (654.4) $ (540.4)  
Net loss from discontinued operations 0.0   (18.5)   0.0 (290.6)  
Net loss from continuing operations (372.2)   (126.2)   (654.4) (249.8)  
Adjustments to reconcile net loss to cash used in operating activities from continuing operations:              
Depreciation and amortization         137.8 88.7  
Amortization of debt issuance costs and discount, net of non-cash capitalized interest         20.0 14.7  
Stock-based compensation         43.9 42.1  
Unrealized gain on equity investment (15.7)   (5.4)   (15.7) (5.4)  
Loss on disposal or impairment of long-lived assets         126.4 0.4  
Premium discount on investments, net         (6.2) (13.8)  
Paid-in-kind interest on long-term debt         5.9 0.0  
Deferred income taxes         0.0 0.1  
Changes in operating assets and liabilities:              
Accounts receivable, net         (6.5) 22.2  
Inventories         (35.3) (82.6)  
Prepaid expenses and other assets         5.4 (74.4)  
Accounts payable         (3.0) (58.0)  
Accrued salaries and wages and other liabilities         74.8 5.2  
Contract liabilities and distributor-related reserves         (20.2) 15.0  
Net cash used in operating activities of continuing operations         (327.1) (295.6)  
Net cash used in operating activities of discontinued operations         0.0 (54.3)  
Cash used in operating activities         (327.1) (349.9)  
Investing activities:              
Purchases of property and equipment         (838.8) (1,052.2)  
Purchases of patent and licensing rights         (2.4) (3.2)  
Proceeds from sale of property and equipment         1.0 0.4  
Purchases of short-term investments         (172.4) (1,307.2)  
Proceeds from maturities of short-term investments         515.4 734.7  
Proceeds from sale of short-term investments         32.0 25.8  
Reimbursement of property and equipment purchases from long-term incentive agreement         42.0 79.4 $ 467.2
Proceeds from sale of business         0.0 75.6  
Net cash used in investing activities of continuing operations         (423.2) (1,446.7)  
Net cash used in investing activities of discontinued operations         0.0 (3.1)  
Cash used in investing activities         (423.2) (1,449.8)  
Financing activities:              
Proceeds from long-term debt borrowings         240.0 1,000.0  
Payments of debt issuance costs         (26.1) (46.0)  
Proceeds from issuance of common stock         100.0 10.9  
Tax withholding on vested equity awards         (3.7) (16.7)  
Payments on long-term debt borrowings, including finance lease obligations         (0.2) (0.2)  
Incentive-related escrow refunds         10.0 0.0  
Commitment fees on long-term incentive agreement         (1.5) (1.0)  
Cash provided by financing activities         318.5 947.0  
Effects of foreign exchange changes on cash and cash equivalents         (0.1) 0.1  
Net change in cash and cash equivalents         (431.9) (852.6)  
Cash and cash equivalents, beginning of period   $ 1,045.9   $ 1,757.0 1,045.9 1,757.0  
Cash and cash equivalents, end of period $ 614.0   $ 904.4   $ 614.0 $ 904.4 $ 614.0