v3.25.4

Restructuring | 6 Months Ended
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Dec. 28, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring 2025 Restructuring Plan During the first quarter of fiscal 2025, the Company initiated a headcount reduction and facility closure and consolidation plan intended to optimize its cost structure as the Company accelerates its transition from 150mm to 200mm silicon carbide devices (the "2025 Restructuring Plan"). The 2025 Restructuring Plan resulted in a cumulative total headcount reduction of approximately 28%. The Company's 150mm device fabrication facility in North Carolina has ceased production in the second quarter of fiscal 2026. The Company expects to incur additional costs over the next three to six months in association with the 2025 Restructuring Plan, specifically the wind-down of the 150mm device fabrication facility in Durham, North Carolina. The Company expects to incur approximately $460 million of total restructuring and related costs, including approximately $75 million of involuntary and voluntary severance costs, $125 million of other closure-related cash costs, and approximately $260 million of charges related to long-lived assets and other non-cash costs, including accelerated depreciation and impairments upon abandonment or disposal of machinery and equipment. A summary of the charges recognized in the consolidated statements of operations through the second quarter of fiscal 2026 and fiscal 2025, respectively, resulting from these restructuring activities is shown below:
| Successor | Predecessor |  |
(in millions of U.S. Dollars) | Period from September 30, 2025 to December 28, 2025 | September 29, 2025 | Three months ended December 29, 2024 |  |  |  |
Accelerated depreciation | $— |  | $— |  | $11.7 |  |  |  |  |
Inventory write-down/scrap | 9.1 |  | — |  | — |  |  |  |  |
Other closure-related costs | 5.9 |  | — |  | 19.7 |  |  |  |  |
Total cost of revenue, net | $15.0 |  | $— |  | $31.4 |  |  |  |  |
Impairments on abandoned assets | $0.1 |  | $— |  | $124.5 |  |  |  |  |
Severance(1) | 0.6 |  | — |  | 15.0 |  |  |  |  |
Accelerated depreciation (2) | — |  | — |  | 5.7 |  |  |  |  |
Contract termination costs | — |  | — |  | — |  |  |  |  |
Other closure-related costs | 0.9 |  | — |  | 11.5 |  |  |  |  |
Other operating expense | $1.6 |  | $— |  | $156.7 |  |  |  |  |
Total | $16.6 |  | $— |  | $188.1 |  |  |  |  |
| Successor | Predecessor
(in millions of U.S. Dollars) | Period from September 30, 2025 to December 28, 2025 | Period from June 30, 2025 to September 29, 2025 | Six months ended December 29, 2024
Accelerated depreciation | $— |  | $5.6 |  | $23.4 |
Inventory write-down/scrap | 9.1 |  | 2.5 |  | — |
Other closure-related costs | 5.9 |  | 10.0 |  | 42.3 |
Total cost of revenue, net | $15.0 |  | $18.1 |  | $65.7 |
Impairments on abandoned assets | $0.1 |  | $0.1 |  | $124.5 |
Severance(1) | 0.6 |  | 0.1 |  | 51.5 |
Accelerated depreciation (2) | — |  | — |  | 12.8 |
Contract termination costs | — |  | 2.3 |  | — |
Other closure-related costs | 0.9 |  | 1.2 |  | 20.7 |
Other operating expense | $1.6 |  | $3.7 |  | $209.5 |
Total | $16.6 |  | $21.8 |  | $275.2 |
(1)Employee severance and benefit costs include the early exit program activity (2) Includes net impact of change in salvage value and estimated useful life related to 150mm fab tooling and equipment A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of December 28, 2025 follows:
| Predecessor |  |  |  | Successor
(in millions of U.S. Dollars) | As of June 29, 2025 |  | Charges | Usage | December 28, 2025
Employee severance and benefit costs(1) | $25.2 |  |  | $0.8 |  | ($17.8) |  | $8.2 |
Contract termination liability | 5.5 |  |  | 2.3 |  | (3.3) |  | 4.5 |
Total | $30.7 |  |  | $3.1 |  | ($21.1) |  | $12.7 |
(1)Employee severance and benefit costs includes the early exit program activity 2026 Restructuring Plan During the second quarter of fiscal 2026, the Company implemented and substantially completed a headcount reduction. The costs related to this initiative, primarily severance, were recorded in the second quarter of fiscal 2026. No further charges are expected. A summary of the charges recognized in the consolidated statements of operations through the second quarter of fiscal 2026 resulting from these restructuring activities is shown below:
| Successor |  |  |
(in millions of U.S. Dollars) | Period from September 30, 2025 to December 28, 2025 |  |  |  |  |  |
Severance(1) | 8.0 |  |  |  |  |  |  |
Other operating expense | $8.0 |  |  |  |  |  |  |
(1)Employee severance and benefit costs include the early exit program activity A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of December 28, 2025 follows:
| Predecessor |  |  |  | Successor
(in millions of U.S. Dollars) | As of June 29, 2025 |  | Charges | Usage | December 28, 2025
Employee severance and benefit costs(1) | $— |  |  | $8.0 |  | ($3.1) |  | $4.9 |
Total | $— |  |  | $8.0 |  | ($3.1) |  | $4.9 |
(1)Employee severance and benefit costs includes the early exit program activity

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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