Wolfspeed (WOLF) 10-Q2 May 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40863
Entity Registrant Name	WOLFSPEED, INC.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1572719
Entity Address, Address Line One	4600 Silicon Drive
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	407-5300
Title of 12(b) Security	Common Stock, $0.00125 par value
Trading Symbol	WOLF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,854,819
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Current assets:
Cash and cash equivalents	$ 1,142.4	$ 1,757
Short-term investments	1,408.5	1,197.9
Total cash, cash equivalents and short-term investments	2,550.9	2,954.9
Accounts receivable, net	124.3	154.8
Inventories	421.2	284.9
Income taxes receivable	0.8	0.8
Prepaid expenses	71.1	36.8
Other current assets	162.7	131.5
Current assets held for sale from discontinued operations	0	42.8
Total current assets	3,331	3,606.5
Property and equipment, net	3,221.9	2,165.5
Goodwill	359.2	359.2
Intangible assets, net	23.7	23.9
Long-term receivables	2.8	2.6
Other long-term investments	68.1	0
Deferred tax assets	1.2	1.2
Other assets	688.3	303.3
Long-term assets held for sale from discontinued operations	0	124.5
Total assets	7,696.2	6,586.7
Current liabilities:
Accounts payable and accrued expenses	556	534.5
Accrued contract liabilities	55.8	39
Income taxes payable	10	9.6
Finance lease liabilities	0.5	0.5
Other current liabilities	104.7	35.7
Current liabilities held for sale from discontinued operations	0	8.6
Total current liabilities	727	627.9
Long-term liabilities:
Long-term debt	2,631.7	1,149.5
Convertible notes, net	3,032.6	3,025.6
Deferred tax liabilities	10.8	3.9
Finance lease liabilities - long-term	9.1	9.2
Other long-term liabilities	262.4	143.4
Long-term liabilities held for sale from discontinued operations	0	5.3
Total long-term liabilities	5,946.6	4,336.9
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at March 31, 2024 and June 25, 2023; none issued and outstanding	0	0
Common stock, par value $0.00125; 400,000 shares authorized at March 31, 2024 and 200,000 shares authorized at June 25, 2023; 125,833 and 124,794 shares issued and outstanding at March 31, 2024 and June 25, 2023, respectively	0.2	0.2
Additional paid-in-capital	3,788.6	3,711
Accumulated other comprehensive loss	(12.7)	(25.1)
Accumulated deficit	(2,753.5)	(2,064.2)
Total shareholders’ equity	1,022.6	1,621.9
Total liabilities and shareholders’ equity	$ 7,696.2	$ 6,586.7

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 25, 2023
Shareholders’ equity:
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	3,000,000	3,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.00125	$ 0.00125
Common stock authorized (shares)	400,000,000	200,000,000
Common stock issued (in shares)	125,833,000	124,794,000
Common stock outstanding (shares)	125,833,000	124,794,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Income Statement [Abstract]
Revenue, net	$ 200.7	$ 192.6	$ 606.5	$ 555.8
Cost of revenue, net	178.2	132.8	531.5	371.6
Gross profit	22.5	59.8	75	184.2
Operating expenses:
Research and development	52.5	42.4	141.9	122.1
Sales, general and administrative	55.8	55.1	184.8	155.5
Factory start-up costs	14.4	44.6	33.3	120.6
Amortization of acquisition-related intangibles	0.3	0.2	0.9	1.3
Loss on disposal or impairment of other assets	0.6	1.7	1	1.9
Other operating expense	5.3	1.5	12.5	5
Operating loss	(106.4)	(85.7)	(299.4)	(222.2)
Non-operating expense (income), net	42.4	(2.9)	98.7	(53.4)
Loss before income taxes	(148.8)	(82.8)	(398.1)	(168.8)
Income tax expense	0.1	0.3	0.6	0.5
Net loss from continuing operations	(148.9)	(83.1)	(398.7)	(169.3)
Net loss from discontinued operations	0	(16.4)	(290.6)	(47.3)
Net loss	$ (148.9)	$ (99.5)	$ (689.3)	$ (216.6)
Basic and diluted loss per share
Net loss from continuing operations - basic (USD per share)	$ (1.18)	$ (0.67)	$ (3.18)	$ (1.36)
Net loss from continuing operations - diluted (USD per share)	(1.18)	(0.67)	(3.18)	(1.36)
Net loss - basic (USD per share)	(1.18)	(0.80)	(5.49)	(1.74)
Net loss - diluted (USD per share)	$ (1.18)	$ (0.80)	$ (5.49)	$ (1.74)
Weighted average shares - basic (shares)	125,830	124,439	125,514	124,273
Weighted average shares - diluted (shares)	125,830	124,439	125,514	124,273

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 24, 2023	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Mar. 31, 2024	Mar. 26, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (148.9)	$ (144.7)	$ (395.7)	$ (99.5)	$ (90.9)	$ (26.2)	$ (689.3)	$ (216.6)
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale securities	(0.5)	$ 11	$ 1.9	5.5	$ 3.7	$ (7)	12.4	2.2
Comprehensive loss	$ (149.4)			$ (94)			$ (676.9)	$ (214.4)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance at beginning of period (in shares) at Jun. 26, 2022			123,795
Balance at beginning of period at Jun. 26, 2022	$ 2,439.3	$ (303.3)	$ 0.2	$ 4,228.4	$ (333)	$ (1,764)	$ 29.7	$ (25.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26.2)					(26.2)
Unrealized gain on available-for-sale securities	(7)							(7)
Tax withholding on vested equity awards	(16.9)			(16.9)
Stock-based compensation (in shares)			395
Stock-based compensation	23.2			23.2
Exercise of stock options and issuance of shares (in shares)			20
Exercise of stock options and issuance of shares	0.5			0.5
Balance at end of period (in shares) at Sep. 25, 2022			124,210
Balance at end of period at Sep. 25, 2022	$ 2,109.6		$ 0.2	3,902.2		(1,760.5)		(32.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2020-06 [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Balance at beginning of period (in shares) at Jun. 26, 2022			123,795
Balance at beginning of period at Jun. 26, 2022	$ 2,439.3	$ (303.3)	$ 0.2	4,228.4	$ (333)	(1,764)	$ 29.7	(25.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(216.6)
Unrealized gain on available-for-sale securities	2.2
Comprehensive loss	(214.4)
Balance at end of period (in shares) at Mar. 26, 2023			124,437
Balance at end of period at Mar. 26, 2023	1,706.8		$ 0.2	3,680.6		(1,950.9)		(23.1)
Balance at beginning of period (in shares) at Sep. 25, 2022			124,210
Balance at beginning of period at Sep. 25, 2022	2,109.6		$ 0.2	3,902.2		(1,760.5)		(32.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(90.9)					(90.9)
Unrealized gain on available-for-sale securities	3.7							3.7
Tax withholding on vested equity awards	(0.4)			(0.4)
Stock-based compensation	21.4			21.4
Exercise of stock options and issuance of shares (in shares)			203
Exercise of stock options and issuance of shares	10.7			10.7
Capped call transactions related to the issuance of convertible notes due December 1, 2029	(273.9)			(273.9)
Balance at end of period (in shares) at Dec. 25, 2022			124,413
Balance at end of period at Dec. 25, 2022	1,780.2		$ 0.2	3,660		(1,851.4)		(28.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(99.5)					(99.5)
Unrealized gain on available-for-sale securities	5.5							5.5
Comprehensive loss	(94)
Tax withholding on vested equity awards	(0.4)			(0.4)
Stock-based compensation	20.8			20.8
Exercise of stock options and issuance of shares (in shares)			24
Exercise of stock options and issuance of shares	0.2			0.2
Balance at end of period (in shares) at Mar. 26, 2023			124,437
Balance at end of period at Mar. 26, 2023	$ 1,706.8		$ 0.2	3,680.6		(1,950.9)		(23.1)
Balance at beginning of period (in shares) at Jun. 25, 2023	124,794		124,794
Balance at beginning of period at Jun. 25, 2023	$ 1,621.9		$ 0.2	3,711		(2,064.2)		(25.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(395.7)					(395.7)
Unrealized gain on available-for-sale securities	1.9							1.9
Tax withholding on vested equity awards	(15)			(15)
Stock-based compensation (in shares)			506
Stock-based compensation	32.1			32.1
Exercise of stock options and issuance of shares (in shares)			21
Exercise of stock options and issuance of shares	0.5			0.5
Balance at end of period (in shares) at Sep. 24, 2023			125,321
Balance at end of period at Sep. 24, 2023	$ 1,245.7		$ 0.2	3,728.6		(2,459.9)		(23.2)
Balance at beginning of period (in shares) at Jun. 25, 2023	124,794		124,794
Balance at beginning of period at Jun. 25, 2023	$ 1,621.9		$ 0.2	3,711		(2,064.2)		(25.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(689.3)
Unrealized gain on available-for-sale securities	12.4
Comprehensive loss	$ (676.9)
Balance at end of period (in shares) at Mar. 31, 2024	125,833		125,833
Balance at end of period at Mar. 31, 2024	$ 1,022.6		$ 0.2	3,788.6		(2,753.5)		(12.7)
Balance at beginning of period (in shares) at Sep. 24, 2023			125,321
Balance at beginning of period at Sep. 24, 2023	1,245.7		$ 0.2	3,728.6		(2,459.9)		(23.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(144.7)					(144.7)
Unrealized gain on available-for-sale securities	11							11
Tax withholding on vested equity awards	(2)			(2)
Stock-based compensation (in shares)			104
Stock-based compensation	29.8			29.8
Exercise of stock options and issuance of shares (in shares)			360
Exercise of stock options and issuance of shares	10.4			10.4
Balance at end of period (in shares) at Dec. 31, 2023			125,785
Balance at end of period at Dec. 31, 2023	1,150.2		$ 0.2	3,766.8		(2,604.6)		(12.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(148.9)					(148.9)
Unrealized gain on available-for-sale securities	(0.5)							(0.5)
Comprehensive loss	(149.4)
Tax withholding on vested equity awards (in shares)			0
Tax withholding on vested equity awards	(0.7)			(0.7)
Stock-based compensation (in shares)			48
Stock-based compensation	$ 22.5			22.5
Balance at end of period (in shares) at Mar. 31, 2024	125,833		125,833
Balance at end of period at Mar. 31, 2024	$ 1,022.6		$ 0.2	$ 3,788.6		$ (2,753.5)		$ (12.7)

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended				9 Months Ended		45 Months Ended
	Mar. 31, 2024	Sep. 24, 2023	Mar. 26, 2023	Sep. 25, 2022	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024
Operating activities:
Net loss	$ (148.9)	$ (395.7)	$ (99.5)	$ (26.2)	$ (689.3)	$ (216.6)
Net loss from discontinued operations	0		(16.4)		(290.6)	(47.3)
Net loss from continuing operations	(148.9)		(83.1)		(398.7)	(169.3)
Adjustments to reconcile net loss to cash used in operating activities from continuing operations:
Depreciation and amortization					135.7	104.5
Amortization of debt issuance costs and discount, net of non-cash capitalized interest					21.7	5.2
Stock-based compensation					63.9	56.3
Gain on equity investment	(1.9)		0		(7.3)	0
Loss on disposal or impairment of long-lived assets, including loss on disposal portion of factory start-up costs					1	3.7
Amortization of premium on investments, net					(21.4)	(1.3)
Deferred income taxes					0.1	0.5
Changes in operating assets and liabilities:
Accounts receivable, net					30.5	(13.8)
Inventories					(132.9)	(54.4)
Prepaid expenses and other assets					(83.6)	(13.2)
Accounts payable					(48.2)	1.8
Accrued salaries and wages and other liabilities					(4.3)	(7)
Accrued contract liabilities					11.7	23.5
Net cash used in operating activities of continuing operations					(431.8)	(63.5)
Net cash used in operating activities of discontinued operations					(54.3)	(27.2)
Cash used in operating activities					(486.1)	(90.7)
Investing activities:
Purchases of property and equipment					(1,629.7)	(524.9)
Purchases of patent and licensing rights					(4.3)	(3.6)
Proceeds from sale of property and equipment					0.4	1.7
Purchases of short-term investments					(1,488.6)	(1,020.5)
Proceeds from maturities of short-term investments					1,244.1	238.4
Proceeds from sale of short-term investments					52.7	81.8
Reimbursement of property and equipment purchases from long-term incentive agreement					178.4	131	$ 425.4
Proceeds from sale of business					75.6	101.8
Net cash used in investing activities of continuing operations					(1,571.4)	(994.3)
Net cash used in investing activities of discontinued operations					(3.1)	(6.4)
Cash used in investing activities					(1,574.5)	(1,000.7)
Financing activities:
Proceeds from long-term debt borrowings					1,500	0
Proceeds from convertible notes					0	1,750
Payments of debt issuance costs					(46)	(31.4)
Cash paid for capped call transactions					0	(273.9)
Proceeds from issuance of common stock					10.9	11.4
Tax withholding on vested equity awards					(17.5)	(17.7)
Payments on long-term debt borrowings, including finance lease obligations					(0.3)	(0.4)
Commitment fees on long-term incentive agreement					(1)	(1)
Cash provided by financing activities					1,446.1	1,437
Effects of foreign exchange changes on cash and cash equivalents					(0.1)	0
Net change in cash and cash equivalents					(614.6)	345.6
Cash and cash equivalents, beginning of period		$ 1,757		$ 449.5	1,757	449.5
Cash and cash equivalents, end of period	$ 1,142.4		$ 795.1		$ 1,142.4	$ 795.1	$ 1,142.4

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	9 Months Ended
Basis of Presentation and New Accounting Standards	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Wolfspeed, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. The Company’s product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Previously, the Company designed, manufactured and sold radio-frequency (RF) devices. As discussed more fully below in Note 2, “Discontinued Operations,” on December 2, 2023, the Company completed its previously announced sale of certain assets comprising its RF product line. The Company has classified the results and cash flows of the RF product line as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale as of June 25, 2023 in the consolidated balance sheets. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The Company’s continuing operations consist of power devices, which are used in electric vehicles, motor drives, power supplies, solar and transportation applications, and silicon carbide and gallium nitride (GaN) materials, which are targeted for customers who use them to manufacture products for RF, power and other applications. The majority of the Company's products are manufactured at production facilities located in North Carolina, New York and Arkansas. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, Arkansas and New York. Wolfspeed, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina. Basis of Presentation The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, shareholders' equity and cash flows at March 31, 2024, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 25, 2023 has been derived from the audited financial statements as of that date. Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss or shareholders’ equity. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 25, 2023 (fiscal 2023). The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 30, 2024 (fiscal 2024). Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Pending Adoption In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures, which requires disaggregated information about an entity’s income tax rate reconciliation as well as information regarding cash taxes paid both in the United States and foreign jurisdictions. The amendments should be applied prospectively, with retrospective application permitted. The amendments are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. In addition, this amendment will require annual disclosures to be provided on an interim basis. These disclosures are also required for entities with a single reportable segment. The amendments require retrospective application to all periods presented. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations RF Business Divestiture On December 2, 2023, the Company completed the sale of its RF product line (the RF Business) to MACOM Technology Solutions Holdings, Inc. (MACOM) pursuant to the terms of the previously reported Asset Purchase Agreement (the RF Purchase Agreement). Pursuant to the RF Purchase Agreement, the Company received approximately $75 million in cash and 711,528 shares of MACOM common stock (the MACOM Shares), which shares had a market value of approximately $60.8 million based on the closing price for MACOM’s common stock on December 1, 2023, the last trading day prior to the closing of the transaction (the RF Closing), as reported on the Nasdaq Global Select Market (the RF Business Divestiture). In connection with the RF Business Divestiture, MACOM will assume control of Wolfspeed’s 100mm gallium nitride wafer fabrication facility in Research Triangle Park, North Carolina (the RTP Fab) approximately two years following the RF Closing (the RTP Fab Transfer). The RTP Fab Transfer will occur in the future to accommodate the Company’s relocation of certain production equipment currently located in the RTP Fab to its fabrication facility in Durham, North Carolina. Prior to the RTP Fab Transfer, the MACOM Shares are subject to restrictions on transfer. The Company will forfeit one-quarter of the MACOM Shares if the RTP Fab Transfer has not occurred by the fourth anniversary of the RF Closing. The Company and MACOM also entered into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which assigned to MACOM certain intellectual property owned by the Company and its affiliates and license to MACOM certain additional intellectual property owned by the Company, (ii) a Transition Services Agreement (the RF TSA), pursuant to which the Company provides MACOM certain limited transition services following the RF Closing, (iii) a Master Supply Agreement, pursuant to which Wolfspeed will continue to operate the RTP Fab and supply MACOM with Epi-wafers and fabrication services (the RF Master Supply Agreement) through the date on which the RTP Fab Transfer is complete (the RTP Fab Transfer Date), (iv) a Long-Term Epi Supply Agreement (the Long-Term Epi Supply Agreement), pursuant to which MACOM will purchase from the Company Epi-wafers from the RTP Fab Transfer Date until the fifth anniversary of the RTP Fab Transfer Date, (v) an Epi Research and Development Agreement, pursuant to which the Company will provide MACOM certain research and development activities and other technical manufacturing support services related to the RF Business during the period between the RF Closing and expiration of the Long-Term Epi Supply Agreement, and (vi) a Real Estate License Agreement (the RF RELA), which allows MACOM to use certain portions of the RTP Fab to conduct the RF Business through the RTP Fab Transfer Date. In connection with the RTP Fab Transfer, the Company and MACOM will enter into a Lease Agreement (the RTP Fab Lease Agreement), which allows MACOM to lease the premises of the RTP Fab for a period of 15 years after the RTP Fab Transfer Date. Because the RF Business Divestiture represented a strategic shift that had and will continue to have a major effect on the Company’s operations and financial results, the Company has classified the results of the RF Business as discontinued operations in the Company’s consolidated statements of operations for all periods presented. The Company ceased recording depreciation and amortization of long-lived assets that conveyed in the RF Purchase Agreement upon classification as discontinued operations in August 2023. Additionally, the related assets and liabilities associated with the RF Business Divestiture, with the exception of current and long-term assets associated with the RTP Fab, are classified as held for sale from discontinued operations in the consolidated balance sheets as of June 25, 2023. The RTP Fab is not considered within the RF Business Divestiture disposal group and the current and long-term assets associated with the RTP Fab are not classified as held for sale from discontinued operations in the consolidated balance sheets. The following table presents the financial results of the RF Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 31, 2024 March 26, 2023 Revenue, net $36.1 $59.6 $130.3 Cost of revenue, net 27.8 68.7 99.6 Gross profit (loss) 8.3 (9.1) 30.7 Operating expenses: Research and development 13.7 30.5 46.2 Sales, general and administrative 5.4 13.9 15.7 Amortization of intangibles 2.4 1.5 7.0 Loss on disposal of assets — 0.3 — Other operating expense 3.0 24.3 8.5 Loss before income taxes and loss on sale (16.2) (79.6) (46.7) Loss on sale — 204.0 — Loss before income taxes (16.2) (283.6) (46.7) Income tax expense 0.2 7.0 0.6 Net loss ($16.4) ($290.6) ($47.3) In the first quarter of fiscal 2024, the Company recorded an impairment to assets held for sale associated with the RF Business Divestiture of $144.6 million and an excess loss liability on assets held for sale of $75.4 million. During the first nine months of fiscal 2024, the Company recorded a total loss on sale of $204.0 million, which was net against the impairments and excess loss liability on assets held for sale in the first quarter of fiscal 2024. The total cost of selling the RF Business was $25.4 million, of which $12.2 million was recognized in fiscal 2024. At the inception of the RF Master Supply Agreement, the Company recorded a supply agreement liability of $95.0 million, of which $79.2 million was outstanding as of March 31, 2024. The supply agreement liability is recognized in other current liabilities and other long-term liabilities on the consolidated balance sheets. A receivable of $6.1 million in connection with the RF Master Supply Agreement is included in other current assets in the consolidated balance sheet as of March 31, 2024. Additionally, the Company recorded a supply agreement liability of $58.0 million for the Long-Term Epi Supply Agreement and a liability of $38.0 million for the future transfer of assets in connection with the RTP Fab Transfer. These liabilities are recognized in other long-term liabilities on the consolidated balance sheets. The following table presents the assets and liabilities of the RF Business classified as discontinued operations as of June 25, 2023: (in millions of U.S. Dollars) June 25, 2023 Assets (current and long-term) Inventories 42.6 Other current assets 0.2 Property and equipment, net 25.9 Intangible assets, net 92.0 Other assets 6.6 Assets held for sale from discontinued operations 167.3 Liabilities (current and long-term) Accounts payable and accrued expenses 2.4 Accrued contract liabilities 4.0 Other current liabilities 2.2 Other long-term liabilities 5.3 Liabilities held for sale of discontinued operations 13.9 LED Business Divestiture On March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment (the LED Business) to SMART Global Holdings, Inc. (SGH) and its wholly owned subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART) (the LED Business Divestiture) pursuant to the terms of the Asset Purchase Agreement (the LED Purchase Agreement), dated October 18, 2020, as amended. In connection with the closing of the LED Business Divestiture, the Company and CreeLED also entered into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which assigned to CreeLED certain intellectual property owned by the Company and its affiliates and licensed to CreeLED certain additional intellectual property owned by the Company, (ii) a Transition Services Agreement (the LED TSA), (iii) a Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), pursuant to which the Company will supply CreeLED with certain silicon carbide materials and fabrication services for up to four years, and (iv) a Real Estate License Agreement (the LED RELA), which allowed CreeLED to use certain premises owned by the Company to conduct the LED Business for a period of up to 24 months after closing. For the three and nine months ended March 26, 2023, the Company recognized $0.6 million and $2.4 million in administrative fees related to the LED RELA. Fees related to the LED RELA were recorded as lease income, see Note 4, "Leases." The LED RELA concluded in the third quarter of fiscal 2023. For the three and nine months ended March 26, 2023, the Company recognized $1.5 million and $5.2 million in administrative fees related to the LED TSA, respectively. Fees related to the LED TSA were recorded as a reduction in expense within the line item in the consolidated statements of operations in which costs were incurred. The LED TSA concluded in the fourth quarter of fiscal 2023. At the inception of the Wafer Supply Agreement, the Company recorded a supply agreement liability of $31.0 million, none of which was outstanding as of March 31, 2024. For the three and nine months ended March 31, 2024, the Company recognized a net loss of $6.9 million and $20.4 million, respectively, in non-operating expense (income), net related to the Wafer Supply Agreement, of which a receivable of $2.0 million is included in other current assets in the consolidated balance sheet as of March 31, 2024. For the three and nine months ended March 26, 2023, the Company recognized a net loss of $4.8 million and $7.3 million, respectively, in non-operating expense (income), net related to the Wafer Supply Agreement.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company follows a five-step approach for recognizing revenue, consisting of the following: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Contract liabilities primarily include various rights of return and customer deposits, as well as a reserve on the Company's "ship and debit" program. Contract liabilities were $81.6 million as of March 31, 2024 and $69.8 million as of June 25, 2023. The increase was primarily due to increased ship and debit reserves. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the consolidated balance sheets. Product Line Revenue The Company's continuing operations sells products from within two product lines: Power Products and silicon carbide and GaN materials (Materials Products). Revenue from these two product lines is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Power Products $102.1 $101.6 $311.0 $302.1 Materials Products 98.6 91.0 295.5 253.7 Total $200.7 $192.6 $606.5 $555.8 Geographic Information The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. Disaggregated continuing operations revenue from external customers by geographic area is as follows: Three months ended Nine months ended March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Europe $79.7 39.7 % $67.9 35.3 % $227.7 37.5 % $199.1 35.8 % Asia Pacific (1) 58.7 29.2 % 47.2 24.5 % 161.9 26.7 % 120.4 21.7 % Hong Kong 24.2 12.1 % 42.1 21.9 % 97.6 16.1 % 116.8 21.0 % United States 28.2 14.1 % 28.8 15.0 % 93.9 15.5 % 102.6 18.5 % China 9.6 4.8 % 6.0 3.1 % 23.9 3.9 % 13.9 2.5 % Other 0.3 0.1 % 0.6 0.2 % 1.5 0.3 % 3.0 0.5 % Total $200.7 $192.6 $606.5 $555.8 (1) Excluding China and Hong Kong

Leases

Leases	9 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: March 31, 2024 June 25, 2023 Right-of-use asset (1) $94.3 $98.0 Current lease liability (2) 6.7 6.4 Non-current lease liability (3) 109.5 112.0 Total operating lease liabilities $116.2 $118.4 Finance Leases: Finance lease assets (4) $9.3 $9.5 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.1 9.2 Total finance lease liabilities $9.6 $9.7 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $3.3 million and $10.5 million for the three and nine months ended March 31, 2024, respectively, and $2.3 million and $6.1 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.6 million for the three and nine months ended March 31, 2024, respectively, and $0.2 million and $0.6 million for the three and nine months ended March 26, 2023, respectively. Interest expense for all periods presented was immaterial. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($5.6) ($3.5) Cash received for tenant allowance on operating lease 0.4 7.4 Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 31, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 30, 2024 (remainder of fiscal 2024) $3.5 $0.2 $3.7 June 29, 2025 13.6 0.8 14.4 June 28, 2026 13.2 0.8 14.0 June 27, 2027 12.1 0.5 12.6 June 25, 2028 11.6 0.2 11.8 Thereafter 104.4 14.0 118.4 Total lease payments 158.4 16.5 174.9 Future tenant improvement allowances (4.6) — (4.6) Imputed lease interest (37.6) (6.9) (44.5) Total lease liabilities $116.2 $9.6 $125.8 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 150 469 Weighted average discount rate (2) 4.36 % 2.70 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 32 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.84%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. Additionally, as mentioned in Note 2, "Discontinued Operations," on March 1, 2021 and in connection with the LED Business Divestiture, the Company entered into the LED RELA pursuant to which the Company leased to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term was 24 months and expired on February 26, 2023. In addition, the Company leases space to a third party at one of its owned facilities. The Company recognized lease income of $0.3 million and $0.7 million for the three and nine months ended March 31, 2024, respectively. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively.
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: March 31, 2024 June 25, 2023 Right-of-use asset (1) $94.3 $98.0 Current lease liability (2) 6.7 6.4 Non-current lease liability (3) 109.5 112.0 Total operating lease liabilities $116.2 $118.4 Finance Leases: Finance lease assets (4) $9.3 $9.5 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.1 9.2 Total finance lease liabilities $9.6 $9.7 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $3.3 million and $10.5 million for the three and nine months ended March 31, 2024, respectively, and $2.3 million and $6.1 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.6 million for the three and nine months ended March 31, 2024, respectively, and $0.2 million and $0.6 million for the three and nine months ended March 26, 2023, respectively. Interest expense for all periods presented was immaterial. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($5.6) ($3.5) Cash received for tenant allowance on operating lease 0.4 7.4 Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 31, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 30, 2024 (remainder of fiscal 2024) $3.5 $0.2 $3.7 June 29, 2025 13.6 0.8 14.4 June 28, 2026 13.2 0.8 14.0 June 27, 2027 12.1 0.5 12.6 June 25, 2028 11.6 0.2 11.8 Thereafter 104.4 14.0 118.4 Total lease payments 158.4 16.5 174.9 Future tenant improvement allowances (4.6) — (4.6) Imputed lease interest (37.6) (6.9) (44.5) Total lease liabilities $116.2 $9.6 $125.8 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 150 469 Weighted average discount rate (2) 4.36 % 2.70 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 32 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.84%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. Additionally, as mentioned in Note 2, "Discontinued Operations," on March 1, 2021 and in connection with the LED Business Divestiture, the Company entered into the LED RELA pursuant to which the Company leased to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term was 24 months and expired on February 26, 2023. In addition, the Company leases space to a third party at one of its owned facilities. The Company recognized lease income of $0.3 million and $0.7 million for the three and nine months ended March 31, 2024, respectively. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively.
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: March 31, 2024 June 25, 2023 Right-of-use asset (1) $94.3 $98.0 Current lease liability (2) 6.7 6.4 Non-current lease liability (3) 109.5 112.0 Total operating lease liabilities $116.2 $118.4 Finance Leases: Finance lease assets (4) $9.3 $9.5 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.1 9.2 Total finance lease liabilities $9.6 $9.7 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Operating lease expense was $3.3 million and $10.5 million for the three and nine months ended March 31, 2024, respectively, and $2.3 million and $6.1 million for the three and nine months ended March 26, 2023, respectively. Finance lease amortization was $0.2 million and $0.6 million for the three and nine months ended March 31, 2024, respectively, and $0.2 million and $0.6 million for the three and nine months ended March 26, 2023, respectively. Interest expense for all periods presented was immaterial. Cash Flows Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($5.6) ($3.5) Cash received for tenant allowance on operating lease 0.4 7.4 Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of March 31, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 30, 2024 (remainder of fiscal 2024) $3.5 $0.2 $3.7 June 29, 2025 13.6 0.8 14.4 June 28, 2026 13.2 0.8 14.0 June 27, 2027 12.1 0.5 12.6 June 25, 2028 11.6 0.2 11.8 Thereafter 104.4 14.0 118.4 Total lease payments 158.4 16.5 174.9 Future tenant improvement allowances (4.6) — (4.6) Imputed lease interest (37.6) (6.9) (44.5) Total lease liabilities $116.2 $9.6 $125.8 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 150 469 Weighted average discount rate (2) 4.36 % 2.70 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 32 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.84%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. Additionally, as mentioned in Note 2, "Discontinued Operations," on March 1, 2021 and in connection with the LED Business Divestiture, the Company entered into the LED RELA pursuant to which the Company leased to CreeLED approximately 58,000 square feet of the Company’s property and certain facilities in Durham, North Carolina for a total of $3.6 million per year. The lease term was 24 months and expired on February 26, 2023. In addition, the Company leases space to a third party at one of its owned facilities. The Company recognized lease income of $0.3 million and $0.7 million for the three and nine months ended March 31, 2024, respectively. The Company recognized lease income of $0.6 million and $2.4 million for the three and nine months ended March 26, 2023, respectively.

Financial Statement Details

Financial Statement Details	9 Months Ended
Financial Statement Details	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Details	Financial Statement Details Accounts Receivable, net Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Billed trade receivables $121.7 $152.1 Unbilled contract receivables 2.1 2.3 Royalties 1.1 1.1 124.9 155.5 Allowance for bad debts (0.6) (0.7) Accounts receivable, net $124.3 $154.8 Expected credit losses for the Company's receivables are evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools are reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses, including broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults. Inventories Inventories consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Raw material $122.4 $90.7 Work-in-progress 274.2 179.6 Finished goods 24.6 14.6 Inventories $421.2 $284.9 In addition to inventory held by the Company associated with the power and materials product lines, the Company holds inventory associated with the Company's former RF product line (pursuant to the RF Master Supply Agreement). At the RF Closing, this inventory was reclassified to other current assets. As of June 25, 2023, $25.7 million of the total inventory in the above table was related to the RF Master Supply Agreement. Other Current Assets Other current assets consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Reimbursement receivable on long-term incentive agreement $75.7 $91.3 Receivables in connection with short-term investment maturities 15.0 — Inventory related to the RF Master Supply Agreement 20.9 — Accrued interest receivable 12.7 10.1 Short-term deposit on long-term incentive agreement 10.0 10.0 Other 28.4 20.1 Other current assets $162.7 $131.5 Other Assets Other assets consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Investment tax credit receivable (1) $515.4 $167.4 Right-of-use assets 94.3 98.0 Long-term advances to suppliers 44.0 8.7 Cloud computing assets, net 15.0 17.6 Other 19.6 11.6 Other assets $688.3 $303.3 (1) The Company expects to receive refundable federal investment tax credits through the U.S. CHIPS and Science Act of 2022 (CHIPS) in connection with ongoing expansion projects. The Company has reduced property and equipment by $515.4 million and $167.4 million as of March 31, 2024 and June 25, 2023, respectively. The receivable recorded is an estimate based on the Company's interpretation of the Section 48D Advanced Manufacturing Investment Credit. The final guidance from the Internal Revenue Service and Department of Treasury may update the definition of qualifying capital expenditures to either exclude certain qualified property included in the estimate or include additional such property not currently reflected in the estimate. The Company may record a change in estimate in the period when final guidance is issued. The impact to cost of revenue from the investment tax credit as a result of a change in estimate is expected to have an immaterial impact to depreciation expense. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Accounts payable, trade $52.4 $44.9 Accrued salaries and wages 61.3 63.9 Accrued property and equipment 407.2 328.4 Accrued expenses 35.1 97.3 Accounts payable and accrued expenses $556.0 $534.5 Other Operating Expense Other operating expense consisted of the following: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Project, transformation and transaction costs 5.3 0.9 $12.5 $2.9 Executive severance costs — 0.6 — 1.9 Restructuring costs — — — 0.2 Other operating expense $5.3 $1.5 $12.5 $5.0 Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $12.7 million and $25.1 million of net unrealized losses on available-for-sale securities as of March 31, 2024 and June 25, 2023, respectively. Amounts for both periods include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities. Reclassifications Out of Accumulated Other Comprehensive Loss Reclassifications out of accumulated other comprehensive loss were immaterial for all periods presented. Non-Operating Expense (Income), net The following table summarizes the components of non-operating expense (income), net: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Interest income (30.1) (22.2) (108.9) (38.1) Interest expense, net of capitalized interest 59.5 14.1 185.5 26.7 Loss/(gain) on legal proceedings (1)(2) 7.7 — 7.7 (50.3) Loss on Wafer Supply Agreement 6.9 4.8 20.4 7.3 Gain on equity investment (1.9) — (7.3) — Other, net 0.3 0.4 1.3 1.0 Non-operating expense (income), net $42.4 ($2.9) $98.7 ($53.4) (1) In the third quarter of fiscal 2024, the Company accrued a liability for payment of customs duties totaling approximately $7.7 million for alleged undervalued duties related to transactions by the Company's former Lighting Products business unit from 2012 to 2017. (2) 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. Statements of Cash Flows - non-cash activities Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Decrease in property, plant and equipment from investment tax credit receivables $348.0 $106.0 Decrease in property, plant and equipment from long-term incentive related receivables 107.3 85.2 Proceeds on sale of business received in US corporation common stock 60.8 — Receivables in connection with short-term investment maturities 15.0 — Decrease in property, plant and equipment from insurance receivable 2.2 — Lease asset and liability additions 1.8 26.7 Lease asset and liability modifications, net 0.9 0.2 Accrued property and equipment as of March 31, 2024 and March 26, 2023 was $407.2 million and $306.0 million, respectively.

Investments

Investments	9 Months Ended
Investments	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Short-term investments consisted of the following (in millions of U.S. Dollars): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $716.5 $0.1 ($0.5) $— $716.1 Corporate bonds 456.4 0.4 (8.0) — 448.8 Municipal bonds 113.0 0.1 (2.4) — 110.7 Commercial paper 53.2 — — — 53.2 Certificates of deposit 37.5 — — — 37.5 U.S. agency securities 15.0 — — — 15.0 Variable rate demand notes 27.2 — — — 27.2 Total short-term investments $1,418.8 $0.6 ($10.9) $— $1,408.5 June 25, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $512.3 $— ($16.7) $— $495.6 U.S. treasury securities 261.8 — (1.4) — 260.4 Municipal bonds 179.7 — (4.4) — 175.3 Certificates of deposit 112.3 — — — 112.3 U.S. agency securities 77.0 — (0.2) — 76.8 Commercial paper 50.2 — — — 50.2 Variable rate demand notes 27.3 — — — 27.3 Total short-term investments $1,220.6 $— ($22.7) $— $1,197.9 All short-term investments are classified as available-for-sale. The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in millions of U.S. Dollars): March 31, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $82.7 ($0.2) $219.5 ($7.8) $302.2 ($8.0) U.S. treasury securities 464.0 (0.3) 15.7 (0.2) 479.7 (0.5) Municipal bonds 13.9 — 76.9 (2.4) 90.8 (2.4) U.S. agency securities 19.7 — 10.0 — 29.7 — Total $580.3 ($0.5) $322.1 ($10.4) $902.4 ($10.9) Number of securities with an unrealized loss 146 77 223 June 25, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $151.5 ($0.5) $324.1 ($16.2) $475.6 ($16.7) U.S. treasury securities 229.3 (0.5) 31.1 (0.9) 260.4 (1.4) Municipal bonds 61.4 (0.4) 105.9 (4.0) 167.3 (4.4) U.S. agency securities 74.8 (0.2) 2.0 — 76.8 (0.2) Commercial Paper 3.9 — — — 3.9 — Total $520.9 ($1.6) $463.1 ($21.1) $984.0 ($22.7) Number of securities with an unrealized loss 95 234 329 Additionally, the Company held cash equivalent securities in unrealized loss positions as of June 25, 2023. As of June 25, 2023, the Company held two cash equivalent securities in unrealized loss positions with an aggregate fair value of $18.5 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of June 25, 2023 had been in unrealized loss positions for less than 12 months. The Company did not hold cash equivalent securities in an unrealized loss position as of March 31, 2024. The Company does not include accrued interest in estimated fair values of short-term investments and does not record an allowance for credit losses on receivables related to accrued interest. Accrued interest receivable was $12.7 million and $10.1 million as of March 31, 2024 and June 25, 2023, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write-offs of noncollectable interest income are recorded as a reversal to interest income. There were no write-offs of noncollectable interest income during the three and nine months ended March 31, 2024 and March 26, 2023. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses are included in non-operating expense (income), net in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the Company determines there is an expected credit loss. The Company evaluates its investments for expected credit losses. The Company believes it is able to and intends to hold each of the investments held with an unrealized loss as of March 31, 2024 until the investments fully recover in market value. No allowance for credit losses was recorded as of March 31, 2024. The contractual maturities of short-term investments as of March 31, 2024 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total U.S. treasury securities $686.9 $29.2 $— $— $716.1 Corporate bonds 237.8 211.0 — — 448.8 Municipal bonds 40.7 67.6 — 2.4 110.7 Commercial paper 53.2 — — — 53.2 Certificates of deposit 37.5 — — — 37.5 U.S. agency securities 15.0 — — — 15.0 Variable rate demand notes — — 10.7 16.5 27.2 Total short-term investments $1,071.1 $307.8 $10.7 $18.9 $1,408.5

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The financial assets for which the Company performs recurring fair value remeasurements are cash equivalents and short-term and long-term investments. As of March 31, 2024 and June 25, 2023, financial assets utilizing Level 1 inputs included U.S. treasury securities, money market fund and U.S. corporation common stock, and financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, U.S. agency securities, commercial paper, certificates of deposit and variable rate demand notes. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service’s consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of March 31, 2024 and June 25, 2023. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: March 31, 2024 June 25, 2023 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $342.4 $— $342.4 $230.4 $— $230.4 U.S. treasury securities 104.6 — 104.6 20.7 — 20.7 Commercial paper — — — — 7.0 7.0 Total cash equivalents 447.0 — 447.0 251.1 7.0 258.1 Short-term investments: U.S. treasury securities 716.1 — 716.1 260.4 — 260.4 Corporate bonds — 448.8 448.8 — 495.6 495.6 Municipal bonds — 110.7 110.7 — 175.3 175.3 Commercial paper — 53.2 53.2 — 50.2 50.2 U.S. agency securities — 15.0 15.0 — 76.8 76.8 Certificates of deposit — 37.5 37.5 — 112.3 112.3 Variable rate demand notes — 27.2 27.2 — 27.3 27.3 Total short-term investments 716.1 692.4 1,408.5 260.4 937.5 1,197.9 Other long-term investments: US corporation common stock 68.1 — 68.1 — — — Total assets $1,231.2 $692.4 $1,923.6 $511.5 $944.5 $1,456.0 Other long-term investments consists of the MACOM Shares which the Company received as partial consideration in connection with the RF Business Divestiture. These shares are remeasured to fair value each period with changes in the fair value of the shares recognized in non-operating expense (income), net.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the nine months ended March 31, 2024. Intangible Assets, net The following table presents the components of intangible assets, net: March 31, 2024 June 25, 2023 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquisition related intangible assets (1) 24.0 (22.6) 1.4 24.0 (21.7) 2.3 Patent and licensing rights 48.4 (26.1) 22.3 55.5 (33.9) 21.6 Total intangible assets $72.4 ($48.7) $23.7 $79.5 ($55.6) $23.9 (1) Relates to developed technology Total amortization of acquisition-related intangibles assets was $0.3 million and $0.9 million for the three and nine months ended March 31, 2024, respectively, and $0.2 million and $1.3 million for the three and nine months ended March 26, 2023, respectively. Total amortization of patents and licensing rights was $1.0 million and $3.3 million for the three and nine months ended March 31, 2024, respectively, and $1.1 million and $3.2 million for the three and nine months ended March 26, 2023, respectively. Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 30, 2024 (remainder of fiscal 2024) $0.3 $1.0 $1.3 June 29, 2025 1.1 3.4 4.5 June 28, 2026 — 2.1 2.1 June 27, 2027 — 1.6 1.6 June 25, 2028 — 1.7 1.7 Thereafter — 12.5 12.5 Total future amortization expense $1.4 $22.3 $23.7

Long-term Debt

Long-term Debt	9 Months Ended
Long-term Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt 2026 Convertible Notes On April 21, 2020, the Company sold $500.0 million aggregate principal amount of 1.75% convertible senior notes due May 1, 2026 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act) and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2026 Notes). The total net proceeds from the 2026 Notes offering was approximately $561.4 million. The Company used approximately $144.3 million of the net proceeds from the sale of the 2026 Notes in April 2020 to repurchase approximately $150.2 million aggregate principal amount of the then outstanding 0.875% convertible senior notes due September 1, 2023, including approximately $0.2 million of accrued interest on such notes, in privately negotiated transactions. 2028 Convertible Notes On February 3, 2022, the Company sold $650.0 million aggregate principal amount of 0.25% convertible senior notes due February 15, 2028 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $100.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2028 Notes). The total net proceeds from the 2028 Notes offering was approximately $732.3 million. The Company used approximately $108.2 million of the net proceeds from the 2028 Notes to fund the cost of entering into capped call transactions, as described below. Capped Call Transactions in relation to the 2028 Notes On January 31, 2022, in connection with the pricing of the 2028 Notes, the Company entered into privately negotiated capped call transactions with certain of the initial purchasers or affiliates thereof (the 2028 Notes Capped Call Counterparties). In connection with the exercise by the initial purchasers of their option to purchase additional notes, the Company entered into additional privately negotiated capped call transactions (such transactions, collectively, the 2028 Notes Capped Call Transactions) with each of the 2028 Notes Capped Call Counterparties. The 2028 Notes Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the 2028 Notes. The 2028 Notes Capped Call Transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2028 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap which initially is $212.04 per share, representing a premium of 125% over the last reported sale price per share of the Company's common stock on January 31, 2022, subject to certain adjustments under the terms of the 2028 Notes Capped Call Transactions. The 2028 Notes Capped Call Transactions are separate transactions entered into by the Company with each of the 2028 Notes Capped Call Counterparties, are not part of the terms of the 2028 Notes, and do not affect any holder’s rights under the 2028 Notes. Holders of the 2028 Notes do not have any rights with respect to the 2028 Notes Capped Call Transactions. 2029 Convertible Notes On November 21, 2022, the Company sold $1,525.0 million aggregate principal amount of 1.875% convertible senior notes due December 1, 2029 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $225.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the 2029 Notes). The total net proceeds from the 2029 Notes offering was approximately $1,718.6 million. The Company used approximately $273.9 million of the net proceeds from the 2029 Notes to fund the cost of entering into capped call transactions, as described below. Capped Call Transactions in relation to the 2029 Notes On November 16, 2022, in connection with the pricing of the 2029 Notes, the Company entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and another financial institution (the 2029 Notes Capped Call Counterparties). In connection with the exercise by the initial purchasers of their option to purchase additional notes, the Company entered into additional privately negotiated capped call transactions (such transactions, collectively, the 2029 Notes Capped Call Transactions) with each of the 2029 Notes Capped Call Counterparties. The 2029 Notes Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the 2029 Notes. The 2029 Notes Capped Call Transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2029 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2029 Notes, as the case may be, with such reduction and/or offset subject to a cap which initially is $202.538 per share, representing a premium of 130% over the last reported sale price per share of our common stock on November 16, 2022, subject to certain adjustments under the terms of the 2029 Notes Capped Call Transactions. The 2029 Notes Capped Call Transactions are separate transactions entered into by the Company with each of the 2029 Notes Capped Call Counterparties, are not part of the terms of the 2029 Notes, and do not affect any holder’s rights under the 2029 Notes. Holders of the 2029 Notes do not have any rights with respect to the 2029 Notes Capped Call Transactions. Accounting for the 2026 Notes, 2028 Notes and 2029 Notes Debt issuance costs for the 2026 Notes, 2028 Notes and 2029 Notes are amortized to interest expense over their respective terms at an effective annual interest rate of 2.2%, 0.6% and 2.1%, respectively. The 2026 Notes, 2028 Notes and 2029 Notes (the Outstanding Convertible Notes) are equal in right of payment to any of the Company’s unsecured indebtedness; senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Outstanding Convertible Notes; effectively subordinated in right of payment of any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The net carrying amount of the liability component of the Outstanding Convertible Notes is as follows: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Principal $3,075.0 $3,075.0 Unamortized discount and issuance costs (42.4) (49.4) Net carrying amount $3,032.6 $3,025.6 The last reported sale price of the Company's common stock was not greater than or equal to 130% of the applicable conversion price for any of the Outstanding Convertible Notes for at least 20 trading days in the 30 consecutive trading days ended on March 31, 2024. As a result, none of the Outstanding Convertible Notes are convertible at the option of the holders through March 31, 2024. 2030 Senior Notes On June 23, 2023 (the Issue Date), the Company sold $1,250 million aggregate principal amount of senior secured notes due 2030 (the 2030 Senior Notes). The total net proceeds from the 2030 Senior Notes was approximately $1,149.3 million. The total net proceeds are net of debt issuance costs and an original issue discount of $50.0 million. The 2030 Senior Notes bear interest (i) during the first three years after the Issue Date at a rate of 9.875% per annum, (ii) during the fourth year after the Issue Date at a rate of 10.875% per annum, and (iii) at all times thereafter, 11.875% per annum, and will mature on the earlier of (x) June 23, 2030 and (y) September 1, 2029, if more than $175.0 million in aggregate principal amount of the 2029 Notes remain outstanding on such date. Subject to the fulfillment of certain conditions precedent, the Company may, at its discretion, issue and sell additional 2030 Senior Notes in an amount not to exceed $750.0 million. The Indenture related to the 2030 Senior Notes (the 2030 Senior Notes Indenture) requires the Company to make an offer to repurchase the 2030 Senior Notes with 100% of the net cash proceeds of (x) certain core asset sales and casualty events and (y) certain non-core asset sales and casualty events, in either case in excess of $25.0 million since the Issue Date, subject to the ability to (so long as no default or event of default exists under the 2030 Senior Notes Indenture) reinvest the proceeds of such casualty events and asset sales (other than the proceeds of sales of certain core assets of the Company), at a price equal to the lesser of (i) 109.875% of the principal amount of the 2030 Senior Notes being repurchased and (ii) if such disposition or casualty event occurred (x) during the fourth year after the Issue Date, 109.40625% of the principal amount of such 2030 Senior Notes being repurchased, (y) during the fifth year after the Issue Date, 104.9375% of the principal amount of such 2030 Senior Notes being repurchased and (z) during and after the sixth year after the Issue Date, 100% of the principal amount of such 2030 Senior Notes being repurchased (this clause (ii), the Applicable Redemption Price). The Company is also required to offer to repurchase the 2030 Senior Notes upon a change in control, at a price equal to, (i) if the change of control occurs during the first three years after the Issue Date, a customary make-whole redemption price minus 3.00% of the principal amount of Senior Notes being purchased and (ii) if such change of control occurs after the third anniversary of the Issue Date, the Applicable Redemption Price. The Company may prepay the 2030 Senior Notes at any time, subject to: (i) if the prepayment occurs prior to the third anniversary of the Issue Date, by paying a customary make-whole premium and (ii) if the prepayment occurs on or after the third anniversary of the Issue Date, by paying the Applicable Redemption Price. Further, the Company has the right, prior to the third anniversary of the Issue Date, to make an optional redemption of up to 35% of the aggregate principal amount of the 2030 Senior Notes with the proceeds of qualified equity issuances, at a redemption price equal to 109.875%. The 2030 Senior Notes Indenture contains certain customary affirmative covenants, negative covenants and events of default, including a liquidity maintenance financial covenant requiring the Company to have an aggregate amount of unrestricted cash and cash equivalents maintained in accounts over which the trustee and collateral agent has been granted a perfected first lien security interest of at least $500.0 million as of the last day of any calendar month (the Liquidity Covenant). Upon the Company achieving 30% utilization at its silicon carbide device fabrication facility in Marcy, New York and generating at least $240.0 million of revenue from the Company's Power product line, that are manufactured or produced on wafers that are fabricated at the Marcy, New York facility (the MVF Products), in each case over a six-month period, the level of the Liquidity Covenant shall be permanently reduced to $325.0 million. Upon the Company achieving 50% utilization at its Marcy, New York facility and generating at least $450.0 million of revenue from MVF Products, in each case over a six-month period, the Liquidity Covenant will be permanently reduced to zero. As of March 31, 2024, the Company was in compliance with all covenants relating to the 2030 Senior Notes. The 2030 Senior Notes are superior in right of payment to the Company's unsecured indebtedness to the extent of the collateral securing the 2030 Senior Notes. Beyond the value of the collateral securing the 2030 Notes, the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Senior Notes (the Corporate Debt Holdings) are equal in right of payment to any of the Company’s unsecured indebtedness; senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Corporate Debt Holdings; effectively subordinated in right of payment of any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. Debt issuance costs in relation to the 2030 Senior Notes were accounted for as a reduction of the principal balance and, along with the original issue discount, will be amortized over the term of the 2030 Senior Notes at an effective interest rate of 12.4%. CRD Agreement Deposits In July 2023, the Company entered into an Unsecured Customer Refundable Deposit Agreement (the CRD Agreement) with a customer, pursuant to which the customer will provide the Company up to $2 billion in unsecured deposits. Under the CRD Agreement, the Company received an initial deposit of $1 billion with the option to receive additional deposits up to an additional $1 billion at the Company's request, subject to certain conditions during the 2024 calendar year. On February 27, 2024, the Company received an additional deposit of $500 million (the second draw). Unless previously terminated in accordance with its terms, the CRD Agreement will mature on July 5, 2033, and the amount of the deposits, together with accrued and unpaid interest, will be required to be repaid to the customer at such time. The deposits under the CRD Agreement bear interest, payable on a semi-annual basis, at a base rate of 6% per annum, with the potential for an increased variable rate of either 10% or 15% in connection with any inability of the Company to satisfy supply targets under a ten-year wafer supply agreement with the same customer. The Company may voluntarily prepay the deposits, in whole or in part, at any time at a price equal to 106% of the principal amount of the deposits prepaid. Upon the occurrence of a change of control, the customer may require the Company to prepay the deposits in whole at a variable prepayment price depending on the day of prepayment. Debt issuance costs for the CRD Agreement related to the full deposit capacity under the agreement. A portion of the debt issuance costs were accounted for on a pro rata basis as a reduction of the principal balance for the initial deposit and the second draw, and will be amortized over the term of the deposit at an effective interest rate of 6.3%. During the third quarter of fiscal 2024, the debt issuance costs allocated to the second draw were $11.4 million and these costs were reclassified from prepaid expense and recorded as a reduction of principal related to the additional deposit received. The remaining debt issuance costs of approximately $11.4 million are recorded as a prepaid expense and will be recorded as a reduction of the principal balance, on a pro rata basis, if additional deposits are drawn under the CRD Agreement. The CRD Agreement contains certain customary affirmative covenants, negative covenants and events of default. As of March 31, 2024, the Company was in compliance with all covenants related to this agreement. The net carrying amount of the liability component of the 2030 Senior Notes and the deposits under the CRD Agreement is as follows: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Principal $2,750.0 $1,250.0 Unamortized discount and issuance costs (118.3) (100.5) Net carrying amount $2,631.7 $1,149.5 Interest Expense The interest expense, net recognized related to the Corporate Debt Holdings and the deposits under the CRD Agreement is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Interest expense, net of capitalized interest $51.7 $11.0 $161.4 $19.7 Amortization of discount and debt issuance costs, net of capitalized interest 7.0 2.3 21.6 5.2 Total interest expense, net $58.7 $13.3 $183.0 $24.9 The Company capitalizes interest in connection with ongoing capacity expansions. For the three and nine months ended March 31, 2024, the Company capitalized $8.6 million and $16.1 million of interest expense, respectively, and $1.1 million and $2.1 million of amortization of issuance costs, respectively. For both the three and nine months ended March 26, 2023, the Company capitalized $0.2 million of interest expense and less than $0.1 million of amortization of issuance costs.

Loss Per Share

Loss Per Share	9 Months Ended
Loss Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The details of the computation of basic and diluted loss per share are as follows: Three months ended Nine months ended (in millions of U.S. Dollars, except share data) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Net loss from continuing operations ($148.9) ($83.1) ($398.7) ($169.3) Net loss from discontinued operations $— ($16.4) ($290.6) ($47.3) Weighted average shares - basic and diluted (in thousands) 125,830 124,439 125,514 124,273 Loss per share - basic and diluted: Continuing operations ($1.18) ($0.67) ($3.18) ($1.36) Discontinued operations $— ($0.13) ($2.32) ($0.38) Diluted net loss per share is the same as basic net loss per share for the periods presented due to potentially dilutive items being anti-dilutive given the Company's net loss. For the three and nine months ended March 31, 2024, 4.0 million and 3.9 million of weighted average shares, respectively, were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For both the three and nine months ended March 26, 2023, 2.9 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. Future earnings per share of the Company are also subject to dilution from conversion of its Outstanding Convertible Notes under certain conditions as described in Note 9, “Long-term Debt.”

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Overview of Employee Stock-Based Compensation Plans The Company currently has one equity-based compensation plan, the 2023 Long-Term Incentive Compensation Plan (the 2023 LTIP), from which stock-based compensation awards can be granted to employees and directors. In October 2023, the 2023 LTIP replaced the Company's previous equity-based compensation plan, the 2013 Long-Term Incentive Compensation Plan (the 2013 LTIP, and together with the 2023 LTIP, the LTIPs). The LTIPs provide awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other awards. The Company also has an Employee Stock Purchase Plan (ESPP) that provides employees with the opportunity to purchase common stock at a discount. The ESPP limits employee contributions to 15% of each employee’s compensation (as defined in the ESPP) and allows employees to purchase shares at a 15% discount, subject to IRS limitations. The ESPP provides for a twelve-month participation period, divided into two equal six-month purchase periods, and also provides for a look-back feature. At the end of each six-month period in April and October, participants may purchase the Company’s common stock through the ESPP at a 15% discount to the fair market value of the common stock on the first day of the twelve-month participation period or the purchase date, whichever is lower. The ESPP also provides for an automatic reset feature to start participants on a new twelve-month participation period if the fair market value of common stock declines during the first six-month purchase period. Restricted Stock Units A summary of nonvested restricted stock unit awards (RSUs) outstanding as of March 31, 2024 and changes during the nine months then ended is as follows: (unit awards in thousands) Number of RSUs Weighted Average Grant-Date Fair Value Nonvested at June 25, 2023 2,340 $85.32 Granted 2,119 $61.55 Vested (973) $78.33 Forfeited (371) $77.25 Nonvested at March 31, 2024 3,115 $72.29 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. For service-based RSUs and performance-based RSUs with internal metrics, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. For performance-based RSUs, the Company reassesses the probability of the achievement of the performance condition at each reporting period and adjusts the compensation expense for subsequent changes in the estimate or actual outcome. This fair value is then amortized to compensation expense over the requisite service period or vesting term. For performance-based awards with market conditions, the Company estimates the grant date fair value using the Monte Carlo valuation model and expenses the awards over the vesting period regardless of whether the market condition is ultimately satisfied. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Black-Scholes and Monte Carlo option pricing models require the input of highly subjective assumptions. These assumptions represent management's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, recorded share-based compensation expense could have been materially different from that depicted below. Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Cost of revenue, net $7.6 $5.5 $20.0 $16.8 Research and development 3.0 2.3 9.1 8.8 Sales, general and administrative 11.2 9.6 34.8 30.7 Total stock-based compensation expense $21.8 $17.4 $63.9 $56.3 Stock-based compensation expense may differ from the impact of stock-based compensation to additional paid in capital due to manufacturing related stock-based compensation capitalized within inventory.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In general, the variation between the Company's effective income tax rate and the U.S. statutory rate of 21% is primarily due to: (i) changes in the Company’s valuation allowances against deferred tax assets in the U.S., (ii) projected income for the full year derived from international locations with differing tax rates than the U.S. and (iii) projected tax credits generated. The Company assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. As of March 31, 2024, the Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. deferred tax assets. U.S. GAAP requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is cumulatively more than 50% likely to be realized upon ultimate settlement. As of June 25, 2023, the Company's liability for unrecognized tax benefits was $9.8 million. During the nine months ended March 31, 2024, the Company recognized a $1.3 million decrease to the liability for unrecognized tax benefits due to statute expiration and a $0.5 million increase to the liability for unrecognized tax benefits due to an increase in generated research and development credits. As a result, the total liability for unrecognized tax benefits as of March 31, 2024 was $9.0 million. If any portion of this $9.0 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that $0.8 million of gross unrecognized tax benefits will change in the next 12 months as a result of statutory requirements or settlement with tax authorities. The Company files U.S. federal, U.S. state and foreign tax returns. For U.S. federal purposes, the Company is generally no longer subject to tax examinations for fiscal years prior to 2018. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2019. For foreign purposes, the Company is generally no longer subject to examination for tax periods prior to 2013. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is currently a party to various legal proceedings, including the case described below. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operations, financial position and overall trends. The outcomes in these matters are not reasonably estimable. In October 2021, The Trustees of Purdue University (Purdue) filed a complaint against the Company in the U.S. District Court for the Middle District of North Carolina, alleging infringement of U.S. Patent Nos. 7,498,633 (the '633 Patent), entitled "High-voltage power semiconductor device," and 8,035,112 (the '112 Patent), entitled "SIC power DMOSFET with self-aligned source contact." In the complaint, Purdue also alleges willful infringement, and seeks unspecified monetary damages and attorneys’ fees. In August 2022, Purdue voluntarily withdrew all allegations as to the '112 Patent after having disclaimed all rights to that patent. The Company denies Purdue’s remaining allegations and has developed numerous defenses, including non-infringement, multiple invalidity grounds, and unenforceability due to inequitable conduct before the U.S. Patent & Trademark Office. The Company expects discovery in this matter to conclude in August 2024, with a trial date most likely in 2025. Due to the stage of the case, the Company is unable to estimate the possible range of loss, if any, at this time. Grant Disbursement Agreement (GDA) with the State of New York The Company currently has a GDA with the State of New York Urban Development Corporation (doing business as Empire State Development). The GDA provides a potential total grant amount of $500.0 million to partially and fully reimburse the Company for certain property, plant and equipment costs related to the Company's construction of its silicon carbide device fabrication facility in Marcy, New York. The GDA was signed in the fourth quarter of fiscal 2020 and requires the Company to satisfy a number of objectives for the Company to receive reimbursements through the span of the 13-year agreement. These objectives include maintaining a certain level of local employment, investing a certain amount in locally administered research and development activities and the payment of an annual commitment fee for the first six years. Additionally, the Company has agreed, under a separate agreement (the SUNY Agreement), to sponsor the creation of two endowed faculty chairs and fund a scholarship program at SUNY Polytechnic Institute. As of March 31, 2024, the annual cost of satisfying the objectives of the GDA and the SUNY Agreement, excluding the direct and indirect costs associated with employment, varies from $2.7 million to $5.2 million per year through fiscal 2031. As of March 31, 2024, the Company has reduced property and equipment, net by a total of $500.0 million as a result of GDA reimbursements, of which $425.4 million has been received in cash and an additional $74.6 million in receivables are recorded in other current assets and in other assets in the consolidated balance sheet. The Company started receiving cash reimbursements in the fourth quarter of fiscal 2021. Supply Commitments From time to time, the Company may enter into agreements with its suppliers which require the Company to commit to a minimum of product purchases or make capacity reservation deposits. In the third quarter of fiscal 2023, the Company entered into an agreement with a supplier which requires a minimum commitment of product purchases on a take-or-pay basis of $200.0 million over the life of the contract. During the three and nine months ended March 31, 2024, the Company purchased $3.4 million and $16.0 million of product under this agreement, respectively. As of March 31, 2024, minimum future product purchases have been satisfied for fiscal 2024, and minimum future product purchases for fiscal years 2025, 2026, 2027 and 2028 are $26.8 million, $36.0 million, $50.1 million and $73.7 million, respectively. In addition, the Company will pay quarterly capacity reservation deposits through the second quarter of fiscal 2026. The capacity reservation deposits will total $60.0 million and are refundable through credits on future product purchases. As of March 31, 2024, the Company has paid $31.9 million in connection with the agreement, which is recognized in prepaid expenses and other long-term assets on the consolidated balance sheet. In the second quarter of fiscal 2024, the Company entered into an agreement with another supplier which requires a minimum commitment of product purchases on a take-or-pay basis of $86.4 million over the life of the contract. During the three and nine months ended March 31, 2024, the Company purchased $7.2 million and $12.0 million of product under this agreement, respectively, which satisfied the minimum future product purchases for the period. Minimum future product purchase for the remainder of fiscal 2024 and fiscal years 2025, 2026 and 2027 are $7.2 million, $28.8 million, $28.8 million and $9.6 million, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Sep. 24, 2023	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net loss	$ (148.9)	$ (144.7)	$ (395.7)	$ (99.5)	$ (90.9)	$ (26.2)	$ (689.3)	$ (216.6)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	9 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Overview	Overview Wolfspeed, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. The Company’s product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Previously, the Company designed, manufactured and sold radio-frequency (RF) devices. As discussed more fully below in Note 2, “Discontinued Operations,” on December 2, 2023, the Company completed its previously announced sale of certain assets comprising its RF product line. The Company has classified the results and cash flows of the RF product line as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations are classified as held for sale as of June 25, 2023 in the consolidated balance sheets. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The Company’s continuing operations consist of power devices, which are used in electric vehicles, motor drives, power supplies, solar and transportation applications, and silicon carbide and gallium nitride (GaN) materials, which are targeted for customers who use them to manufacture products for RF, power and other applications. The majority of the Company's products are manufactured at production facilities located in North Carolina, New York and Arkansas. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, Arkansas and New York. Wolfspeed, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina.
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, shareholders' equity and cash flows at March 31, 2024, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 25, 2023 has been derived from the audited financial statements as of that date. Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss or shareholders’ equity. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 25, 2023 (fiscal 2023). The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 30, 2024 (fiscal 2024).
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Pending Adoption In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures, which requires disaggregated information about an entity’s income tax rate reconciliation as well as information regarding cash taxes paid both in the United States and foreign jurisdictions. The amendments should be applied prospectively, with retrospective application permitted. The amendments are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. In addition, this amendment will require annual disclosures to be provided on an interim basis. These disclosures are also required for entities with a single reportable segment. The amendments require retrospective application to all periods presented. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.
Fair Value of Financial Instruments	Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Accounts Receivable, net	Expected credit losses for the Company's receivables are evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools are reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses, including broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table presents the financial results of the RF Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Nine months ended (in millions of U.S. Dollars) March 26, 2023 March 31, 2024 March 26, 2023 Revenue, net $36.1 $59.6 $130.3 Cost of revenue, net 27.8 68.7 99.6 Gross profit (loss) 8.3 (9.1) 30.7 Operating expenses: Research and development 13.7 30.5 46.2 Sales, general and administrative 5.4 13.9 15.7 Amortization of intangibles 2.4 1.5 7.0 Loss on disposal of assets — 0.3 — Other operating expense 3.0 24.3 8.5 Loss before income taxes and loss on sale (16.2) (79.6) (46.7) Loss on sale — 204.0 — Loss before income taxes (16.2) (283.6) (46.7) Income tax expense 0.2 7.0 0.6 Net loss ($16.4) ($290.6) ($47.3) The following table presents the assets and liabilities of the RF Business classified as discontinued operations as of June 25, 2023: (in millions of U.S. Dollars) June 25, 2023 Assets (current and long-term) Inventories 42.6 Other current assets 0.2 Property and equipment, net 25.9 Intangible assets, net 92.0 Other assets 6.6 Assets held for sale from discontinued operations 167.3 Liabilities (current and long-term) Accounts payable and accrued expenses 2.4 Accrued contract liabilities 4.0 Other current liabilities 2.2 Other long-term liabilities 5.3 Liabilities held for sale of discontinued operations 13.9

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Products and Services	Revenue from these two product lines is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Power Products $102.1 $101.6 $311.0 $302.1 Materials Products 98.6 91.0 295.5 253.7 Total $200.7 $192.6 $606.5 $555.8
Disaggregated Revenue from External Customers by Geographic Area	Disaggregated continuing operations revenue from external customers by geographic area is as follows: Three months ended Nine months ended March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Europe $79.7 39.7 % $67.9 35.3 % $227.7 37.5 % $199.1 35.8 % Asia Pacific (1) 58.7 29.2 % 47.2 24.5 % 161.9 26.7 % 120.4 21.7 % Hong Kong 24.2 12.1 % 42.1 21.9 % 97.6 16.1 % 116.8 21.0 % United States 28.2 14.1 % 28.8 15.0 % 93.9 15.5 % 102.6 18.5 % China 9.6 4.8 % 6.0 3.1 % 23.9 3.9 % 13.9 2.5 % Other 0.3 0.1 % 0.6 0.2 % 1.5 0.3 % 3.0 0.5 % Total $200.7 $192.6 $606.5 $555.8 (1) Excluding China and Hong Kong

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Assets and Liabilities	Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: March 31, 2024 June 25, 2023 Right-of-use asset (1) $94.3 $98.0 Current lease liability (2) 6.7 6.4 Non-current lease liability (3) 109.5 112.0 Total operating lease liabilities $116.2 $118.4 Finance Leases: Finance lease assets (4) $9.3 $9.5 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 9.1 9.2 Total finance lease liabilities $9.6 $9.7 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net
Schedule of Cash Flow Information	Cash flow information consisted of the following (1) : Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($5.6) ($3.5) Cash received for tenant allowance on operating lease 0.4 7.4 Cash paid for interest portion of financing leases (0.2) (0.2) Cash used in financing activities: Cash paid for principal portion of finance leases (0.4) (0.4) (1) See Note 5, "Financial Statement Details," for non-cash activities related to leases. Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 150 469 Weighted average discount rate (2) 4.36 % 2.70 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 32 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.84%.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of March 31, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 30, 2024 (remainder of fiscal 2024) $3.5 $0.2 $3.7 June 29, 2025 13.6 0.8 14.4 June 28, 2026 13.2 0.8 14.0 June 27, 2027 12.1 0.5 12.6 June 25, 2028 11.6 0.2 11.8 Thereafter 104.4 14.0 118.4 Total lease payments 158.4 16.5 174.9 Future tenant improvement allowances (4.6) — (4.6) Imputed lease interest (37.6) (6.9) (44.5) Total lease liabilities $116.2 $9.6 $125.8
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of March 31, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 30, 2024 (remainder of fiscal 2024) $3.5 $0.2 $3.7 June 29, 2025 13.6 0.8 14.4 June 28, 2026 13.2 0.8 14.0 June 27, 2027 12.1 0.5 12.6 June 25, 2028 11.6 0.2 11.8 Thereafter 104.4 14.0 118.4 Total lease payments 158.4 16.5 174.9 Future tenant improvement allowances (4.6) — (4.6) Imputed lease interest (37.6) (6.9) (44.5) Total lease liabilities $116.2 $9.6 $125.8

Financial Statement Details (Ta

Financial Statement Details (Tables)	9 Months Ended
Financial Statement Details (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Billed trade receivables $121.7 $152.1 Unbilled contract receivables 2.1 2.3 Royalties 1.1 1.1 124.9 155.5 Allowance for bad debts (0.6) (0.7) Accounts receivable, net $124.3 $154.8
Schedule of Inventories	Inventories consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Raw material $122.4 $90.7 Work-in-progress 274.2 179.6 Finished goods 24.6 14.6 Inventories $421.2 $284.9
Schedule of Other Current Assets	Other current assets consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Reimbursement receivable on long-term incentive agreement $75.7 $91.3 Receivables in connection with short-term investment maturities 15.0 — Inventory related to the RF Master Supply Agreement 20.9 — Accrued interest receivable 12.7 10.1 Short-term deposit on long-term incentive agreement 10.0 10.0 Other 28.4 20.1 Other current assets $162.7 $131.5
Schedule of Other Noncurrent Assets	Other Assets Other assets consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Investment tax credit receivable (1) $515.4 $167.4 Right-of-use assets 94.3 98.0 Long-term advances to suppliers 44.0 8.7 Cloud computing assets, net 15.0 17.6 Other 19.6 11.6 Other assets $688.3 $303.3 (1)
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Accounts payable, trade $52.4 $44.9 Accrued salaries and wages 61.3 63.9 Accrued property and equipment 407.2 328.4 Accrued expenses 35.1 97.3 Accounts payable and accrued expenses $556.0 $534.5
Schedule of Other Operating Expense	Other operating expense consisted of the following: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Project, transformation and transaction costs 5.3 0.9 $12.5 $2.9 Executive severance costs — 0.6 — 1.9 Restructuring costs — — — 0.2 Other operating expense $5.3 $1.5 $12.5 $5.0
Schedule of Non-Operating Expense (Income), Net	The following table summarizes the components of non-operating expense (income), net: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Interest income (30.1) (22.2) (108.9) (38.1) Interest expense, net of capitalized interest 59.5 14.1 185.5 26.7 Loss/(gain) on legal proceedings (1)(2) 7.7 — 7.7 (50.3) Loss on Wafer Supply Agreement 6.9 4.8 20.4 7.3 Gain on equity investment (1.9) — (7.3) — Other, net 0.3 0.4 1.3 1.0 Non-operating expense (income), net $42.4 ($2.9) $98.7 ($53.4) (1) In the third quarter of fiscal 2024, the Company accrued a liability for payment of customs duties totaling approximately $7.7 million for alleged undervalued duties related to transactions by the Company's former Lighting Products business unit from 2012 to 2017. (2)
Schedule of Noncash Operating Activities	Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 Decrease in property, plant and equipment from investment tax credit receivables $348.0 $106.0 Decrease in property, plant and equipment from long-term incentive related receivables 107.3 85.2 Proceeds on sale of business received in US corporation common stock 60.8 — Receivables in connection with short-term investment maturities 15.0 — Decrease in property, plant and equipment from insurance receivable 2.2 — Lease asset and liability additions 1.8 26.7 Lease asset and liability modifications, net 0.9 0.2

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	Short-term investments consisted of the following (in millions of U.S. Dollars): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $716.5 $0.1 ($0.5) $— $716.1 Corporate bonds 456.4 0.4 (8.0) — 448.8 Municipal bonds 113.0 0.1 (2.4) — 110.7 Commercial paper 53.2 — — — 53.2 Certificates of deposit 37.5 — — — 37.5 U.S. agency securities 15.0 — — — 15.0 Variable rate demand notes 27.2 — — — 27.2 Total short-term investments $1,418.8 $0.6 ($10.9) $— $1,408.5 June 25, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value Corporate bonds $512.3 $— ($16.7) $— $495.6 U.S. treasury securities 261.8 — (1.4) — 260.4 Municipal bonds 179.7 — (4.4) — 175.3 Certificates of deposit 112.3 — — — 112.3 U.S. agency securities 77.0 — (0.2) — 76.8 Commercial paper 50.2 — — — 50.2 Variable rate demand notes 27.3 — — — 27.3 Total short-term investments $1,220.6 $— ($22.7) $— $1,197.9
Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time	The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in millions of U.S. Dollars): March 31, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $82.7 ($0.2) $219.5 ($7.8) $302.2 ($8.0) U.S. treasury securities 464.0 (0.3) 15.7 (0.2) 479.7 (0.5) Municipal bonds 13.9 — 76.9 (2.4) 90.8 (2.4) U.S. agency securities 19.7 — 10.0 — 29.7 — Total $580.3 ($0.5) $322.1 ($10.4) $902.4 ($10.9) Number of securities with an unrealized loss 146 77 223 June 25, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $151.5 ($0.5) $324.1 ($16.2) $475.6 ($16.7) U.S. treasury securities 229.3 (0.5) 31.1 (0.9) 260.4 (1.4) Municipal bonds 61.4 (0.4) 105.9 (4.0) 167.3 (4.4) U.S. agency securities 74.8 (0.2) 2.0 — 76.8 (0.2) Commercial Paper 3.9 — — — 3.9 — Total $520.9 ($1.6) $463.1 ($21.1) $984.0 ($22.7) Number of securities with an unrealized loss 95 234 329
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of March 31, 2024 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total U.S. treasury securities $686.9 $29.2 $— $— $716.1 Corporate bonds 237.8 211.0 — — 448.8 Municipal bonds 40.7 67.6 — 2.4 110.7 Commercial paper 53.2 — — — 53.2 Certificates of deposit 37.5 — — — 37.5 U.S. agency securities 15.0 — — — 15.0 Variable rate demand notes — — 10.7 16.5 27.2 Total short-term investments $1,071.1 $307.8 $10.7 $18.9 $1,408.5

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Carried at Fair Value	The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: March 31, 2024 June 25, 2023 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $342.4 $— $342.4 $230.4 $— $230.4 U.S. treasury securities 104.6 — 104.6 20.7 — 20.7 Commercial paper — — — — 7.0 7.0 Total cash equivalents 447.0 — 447.0 251.1 7.0 258.1 Short-term investments: U.S. treasury securities 716.1 — 716.1 260.4 — 260.4 Corporate bonds — 448.8 448.8 — 495.6 495.6 Municipal bonds — 110.7 110.7 — 175.3 175.3 Commercial paper — 53.2 53.2 — 50.2 50.2 U.S. agency securities — 15.0 15.0 — 76.8 76.8 Certificates of deposit — 37.5 37.5 — 112.3 112.3 Variable rate demand notes — 27.2 27.2 — 27.3 27.3 Total short-term investments 716.1 692.4 1,408.5 260.4 937.5 1,197.9 Other long-term investments: US corporation common stock 68.1 — 68.1 — — — Total assets $1,231.2 $692.4 $1,923.6 $511.5 $944.5 $1,456.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: March 31, 2024 June 25, 2023 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquisition related intangible assets (1) 24.0 (22.6) 1.4 24.0 (21.7) 2.3 Patent and licensing rights 48.4 (26.1) 22.3 55.5 (33.9) 21.6 Total intangible assets $72.4 ($48.7) $23.7 $79.5 ($55.6) $23.9 (1) Relates to developed technology
Schedule of Future Amortization Expense of Finite-lived Intangible Assets	Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 30, 2024 (remainder of fiscal 2024) $0.3 $1.0 $1.3 June 29, 2025 1.1 3.4 4.5 June 28, 2026 — 2.1 2.1 June 27, 2027 — 1.6 1.6 June 25, 2028 — 1.7 1.7 Thereafter — 12.5 12.5 Total future amortization expense $1.4 $22.3 $23.7

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
Long-term Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Long-term Debt	The net carrying amount of the liability component of the Outstanding Convertible Notes is as follows: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Principal $3,075.0 $3,075.0 Unamortized discount and issuance costs (42.4) (49.4) Net carrying amount $3,032.6 $3,025.6 The net carrying amount of the liability component of the 2030 Senior Notes and the deposits under the CRD Agreement is as follows: (in millions of U.S. Dollars) March 31, 2024 June 25, 2023 Principal $2,750.0 $1,250.0 Unamortized discount and issuance costs (118.3) (100.5) Net carrying amount $2,631.7 $1,149.5
Schedule of Interest Expense	The interest expense, net recognized related to the Corporate Debt Holdings and the deposits under the CRD Agreement is as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Interest expense, net of capitalized interest $51.7 $11.0 $161.4 $19.7 Amortization of discount and debt issuance costs, net of capitalized interest 7.0 2.3 21.6 5.2 Total interest expense, net $58.7 $13.3 $183.0 $24.9

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
Loss Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The details of the computation of basic and diluted loss per share are as follows: Three months ended Nine months ended (in millions of U.S. Dollars, except share data) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Net loss from continuing operations ($148.9) ($83.1) ($398.7) ($169.3) Net loss from discontinued operations $— ($16.4) ($290.6) ($47.3) Weighted average shares - basic and diluted (in thousands) 125,830 124,439 125,514 124,273 Loss per share - basic and diluted: Continuing operations ($1.18) ($0.67) ($3.18) ($1.36) Discontinued operations $— ($0.13) ($2.32) ($0.38)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock unit awards (RSUs) outstanding as of March 31, 2024 and changes during the nine months then ended is as follows: (unit awards in thousands) Number of RSUs Weighted Average Grant-Date Fair Value Nonvested at June 25, 2023 2,340 $85.32 Granted 2,119 $61.55 Vested (973) $78.33 Forfeited (371) $77.25 Nonvested at March 31, 2024 3,115 $72.29
Schedule of Total Stock-Based Compensation Expense	Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Nine months ended (in millions of U.S. Dollars) March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Cost of revenue, net $7.6 $5.5 $20.0 $16.8 Research and development 3.0 2.3 9.1 8.8 Sales, general and administrative 11.2 9.6 34.8 30.7 Total stock-based compensation expense $21.8 $17.4 $63.9 $56.3

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($)		3 Months Ended			9 Months Ended		24 Months Ended
Discontinued Operations - Narrative (Details) - USD ($)	Mar. 01, 2021	Mar. 31, 2024	Sep. 24, 2023	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023	Jun. 30, 2024	Dec. 02, 2023	Dec. 01, 2023	Jun. 25, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, facility transfer period threshold								2 years
Shares forfeited if transfer doesn't occur								25%
Restructuring and related cost, lease not yet commenced, period								15 years
Other current liabilities		$ 104,700,000			$ 104,700,000					$ 35,700,000
Other current assets		162,700,000			162,700,000					131,500,000
Other long-term liabilities		262,400,000			262,400,000					143,400,000
Term of certain silicon carbide materials and fabrication services	4 years
Loss before income taxes		148,800,000		$ 82,800,000	398,100,000	$ 168,800,000
RF Business Master Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current liabilities		79,200,000			79,200,000			$ 95,000,000
Other current assets		6,100,000			6,100,000
RF Business, Long-Term Epi Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other long-term liabilities								58,000,000
RF Business, RTP Fab Transfer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other long-term liabilities								38,000,000
Wafer Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current assets		2,000,000			2,000,000
Loss before income taxes		6,900,000		4,800,000	20,400,000	7,300,000
Discontinued Operations, Held-for-sale \| RF Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment on assets held for sale			$ 144,600,000
Excess loss liability on assets held for sale			$ 75,400,000
Gain (loss) from sale of disposal				0	(204,000,000)	0
Disposal group, selling costs					12,200,000
Supply agreement liability										$ 5,300,000
Discontinued Operations, Held-for-sale \| RF Business \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, selling costs							$ 25,400,000
Discontinued Operations, Held-for-sale \| RF Business, Consideration, Cash
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate net proceeds from sale of business unit								$ 75,000,000
Discontinued Operations, Held-for-sale \| RF Business, Consideration, Equity Interest Issued Or Issuable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate net proceeds from sale of business unit									$ 60,800,000
Disposal group, including discontinued operation, consideration, equity interest issued or issuable (in shares)								711,528
Discontinued Operations, Disposed of by Sale \| LED Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Supply agreement liability	$ 31,000,000	$ 0			$ 0
Discontinued Operations, Disposed of by Sale \| LED Business \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of real estate license agreement	24 months
Discontinued Operations, Disposed of by Sale \| LED Business, Real Estate License Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees				600,000		2,400,000
Discontinued Operations, Disposed of by Sale \| LED Business, Transition Services Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees				$ 1,500,000		$ 5,200,000

Discontinued Operations - Loss

Discontinued Operations - Loss from Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Operating expenses:
Net loss	$ 0	$ (16.4)	$ (290.6)	$ (47.3)
Discontinued Operations, Held-for-sale \| RF Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		36.1	59.6	130.3
Cost of revenue, net		27.8	68.7	99.6
Gross profit (loss)		8.3	(9.1)	30.7
Operating expenses:
Research and development		13.7	30.5	46.2
Sales, general and administrative		5.4	13.9	15.7
Amortization of intangibles		2.4	1.5	7
Loss on disposal of assets		0	0.3	0
Other operating expense		3	24.3	8.5
Loss before income taxes and loss on sale		(16.2)	(79.6)	(46.7)
Loss on sale		0	204	0
Loss before income taxes		(16.2)	(283.6)	(46.7)
Income tax expense		0.2	7	0.6
Net loss		$ (16.4)	$ (290.6)	$ (47.3)

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities Classified as Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - RF Business $ in Millions	Jun. 25, 2023 USD ($)
Assets (current and long-term)
Inventories	$ 42.6
Other current assets	0.2
Property and equipment, net	25.9
Intangible assets, net	92
Other assets	6.6
Assets held for sale from discontinued operations	167.3
Liabilities (current and long-term)
Accounts payable and accrued expenses	2.4
Accrued contract liabilities	4
Other current liabilities	2.2
Other long-term liabilities	5.3
Liabilities held for sale of discontinued operations	$ 13.9

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 81.6	$ 69.8

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($) productLine	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($) productLine	Mar. 26, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of product lines \| productLine	2		2
Revenue from External Customer [Line Items]
Revenue	$ 200.7	$ 192.6	$ 606.5	$ 555.8
Power Products
Revenue from External Customer [Line Items]
Revenue	102.1	101.6	311	302.1
Materials Products
Revenue from External Customer [Line Items]
Revenue	$ 98.6	$ 91	$ 295.5	$ 253.7

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 200.7	$ 192.6	$ 606.5	$ 555.8
Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	200.7	192.6	606.5	555.8
Europe \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 79.7	$ 67.9	$ 227.7	$ 199.1
% of Revenue	39.70%	35.30%	37.50%	35.80%
Asia Pacific \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 58.7	$ 47.2	$ 161.9	$ 120.4
% of Revenue	29.20%	24.50%	26.70%	21.70%
Hong Kong \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 24.2	$ 42.1	$ 97.6	$ 116.8
% of Revenue	12.10%	21.90%	16.10%	21%
United States \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 28.2	$ 28.8	$ 93.9	$ 102.6
% of Revenue	14.10%	15%	15.50%	18.50%
China \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 9.6	$ 6	$ 23.9	$ 13.9
% of Revenue	4.80%	3.10%	3.90%	2.50%
Other \| Geographic Concentration Risk \| Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 0.3	$ 0.6	$ 1.5	$ 3
% of Revenue	0.10%	0.20%	0.30%	0.50%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 01, 2023 segment	Mar. 31, 2024 USD ($) ft²	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($) ft²	Mar. 26, 2023 USD ($)	Mar. 01, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Operating lease expense		$ 3.3	$ 2.3	$ 10.5	$ 6.1
Finance lease amortization		0.2	0.2	0.6	0.6
Notice period, maximum	6 months
Lease income		$ 0.3	$ 0.6	$ 0.7	$ 2.4
MACOM
Lessee, Lease, Description [Line Items]
Area of property in lease agreement (square feet) \| ft²		25,659		25,659
Lease income per year		$ 0.7		$ 0.7
Operating lease, term of contract		24 months		24 months
Number of additional term periods of contract \| segment	2
Operating lease, extension period of term of contract	12 months
CreeLED
Lessee, Lease, Description [Line Items]
Area of property in lease agreement (square feet) \| ft²						58,000
Lease income per year						$ 3.6
Operating lease, term of contract						24 months
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)		49 years		49 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Operating Leases:
Right-of-use assets	$ 94.3	$ 98
Current lease liability	6.7	6.4
Non-current lease liability	109.5	112
Total operating lease liabilities	116.2	118.4
Finance Leases:
Finance lease assets	9.3	9.5
Current portion of finance lease liabilities	0.5	0.5
Finance lease liabilities, less current portion	9.1	9.2
Total finance lease liabilities	$ 9.6	$ 9.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases	$ (5.6)	$ (3.5)
Cash received for tenant allowance on operating lease	0.4	7.4
Cash paid for interest portion of financing leases	(0.2)	(0.2)
Cash used in financing activities:
Cash paid for principal portion of finance leases	$ (0.4)	$ (0.4)

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Operating Leases
Remainder of fiscal year	$ 3.5
Year one	13.6
Year two	13.2
Year three	12.1
Year four	11.6
Thereafter	104.4
Total lease payments	158.4
Future tenant improvement allowances	(4.6)
Imputed lease interest	(37.6)
Total lease liabilities	116.2	$ 118.4
Finance Leases
Remainder of fiscal year	0.2
Year one	0.8
Year two	0.8
Year three	0.5
Year four	0.2
Thereafter	14
Total lease payments	16.5
Future tenant improvement allowances	0
Imputed lease interest	(6.9)
Total lease liabilities	9.6	$ 9.7
Total
Remainder of fiscal year	3.7
Year one	14.4
Year two	14
Year three	12.6
Year four	11.8
Thereafter	118.4
Total lease payments	174.9
Future tenant improvement allowances	(4.6)
Imputed lease interest	(44.5)
Total lease liabilities	$ 125.8

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	9 Months Ended
	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term of operating leases (in months)	150 months
Weighted average remaining lease term of finance leases (in months)	469 months
Weighted average discount rate of operating leases (as a percent)	4.36%
Weighted average discount rate of finance leases (as a percent)	2.70%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months)	32 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent)	3.84%
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years

Financial Statement Details - A

Financial Statement Details - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 124.9	$ 155.5
Allowance for bad debts	(0.6)	(0.7)
Accounts receivable, net	124.3	154.8
Royalties
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	1.1	1.1
Billed trade receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	121.7	152.1
Unbilled contract receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 2.1	$ 2.3

Financial Statement Details - I

Financial Statement Details - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Inventory [Line Items]
Raw material	$ 122.4	$ 90.7
Work-in-progress	274.2	179.6
Finished goods	24.6	14.6
Inventories	$ 421.2	284.9
RF Business Master Supply Agreement
Inventory [Line Items]
Inventories		$ 25.7

Financial Statement Details - O

Financial Statement Details - Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Other Assets, Current [Abstract]
Reimbursement receivable on long-term incentive agreement	$ 75.7	$ 91.3
Receivables in connection with short-term investment maturities	15	0
Inventory related to the RF Master Supply Agreement	20.9	0
Accrued interest receivable	12.7	10.1
Short-term deposit on long-term incentive agreement	10	10
Other	28.4	20.1
Other current assets	$ 162.7	$ 131.5

Financial Statement Details -_2

Financial Statement Details - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Other Assets, Noncurrent [Abstract]
Investment tax credit receivable	$ 515.4	$ 167.4
Right-of-use assets	94.3	98
Long-term advances to suppliers	44	8.7
Cloud computing assets, net	15	17.6
Other	19.6	11.6
Other assets	$ 688.3	$ 303.3

Financial Statement Details -_3

Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 52.4	$ 44.9
Accrued salaries and wages	61.3	63.9
Accrued property and equipment	407.2	328.4
Accrued expenses	35.1	97.3
Accounts payable and accrued expenses	$ 556	$ 534.5

Financial Statement Details -_4

Financial Statement Details - Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Project, transformation and transaction costs	$ 5.3	$ 0.9	$ 12.5	$ 2.9
Executive severance costs	0	0.6	0	1.9
Restructuring costs	0	0	0	0.2
Other operating expense	$ 5.3	$ 1.5	$ 12.5	$ 5

Financial Statement Details - N

Financial Statement Details - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Jun. 25, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net unrealized loss on available-for-sale securities	$ (12.7)		$ (25.1)
Accrued property and equipment	407.2	$ 306
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss related to tax on unrealized loss on securities	$ 2.4		$ 2.4

Financial Statement Details -_5

Financial Statement Details - Non-Operating Expense (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ (30.1)	$ (22.2)	$ (108.9)	$ (38.1)
Interest expense, net of capitalized interest	59.5	14.1	185.5	26.7
Loss (gain) on legal proceedings	7.7	0	7.7	(50.3)
Loss on Wafer Supply Agreement	6.9	4.8	20.4	7.3
Gain on equity investment	(1.9)	0	(7.3)	0
Other, net	0.3	0.4	1.3	1
Non-operating expense (income), net	$ 42.4	$ (2.9)	$ 98.7	$ (53.4)

Financial Statement Details -_6

Financial Statement Details - Non-cash Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Statements of Cash Flows - non-cash activities
Decrease in property, plant and equipment from investment tax credit receivables	$ 348	$ 106
Decrease in property, plant and equipment from long-term incentive related receivables	107.3	85.2
Proceeds on sale of business received in US corporation common stock	60.8	0
Receivables in connection with short-term investment maturities	15	0
Decrease in property, plant and equipment from insurance receivable	2.2	0
Lease asset and liability additions	1.8	26.7
Lease asset and liability modifications, net	$ 0.9	$ 0.2

Investments - Short-term Invest

Investments - Short-term Investments by Type (Details) - USD ($)	Mar. 31, 2024	Jun. 25, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,418,800,000	$ 1,220,600,000
Gross Unrealized Gains	600,000	0
Gross Unrealized Losses	(10,900,000)	(22,700,000)
Credit Loss Allowance	0	0
Estimated Fair Value	1,408,500,000	1,197,900,000
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	716,500,000	261,800,000
Gross Unrealized Gains	100,000	0
Gross Unrealized Losses	(500,000)	(1,400,000)
Credit Loss Allowance	0	0
Estimated Fair Value	716,100,000	260,400,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	456,400,000	512,300,000
Gross Unrealized Gains	400,000	0
Gross Unrealized Losses	(8,000,000)	(16,700,000)
Credit Loss Allowance	0	0
Estimated Fair Value	448,800,000	495,600,000
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	113,000,000	179,700,000
Gross Unrealized Gains	100,000	0
Gross Unrealized Losses	(2,400,000)	(4,400,000)
Credit Loss Allowance	0	0
Estimated Fair Value	110,700,000	175,300,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,200,000	50,200,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	53,200,000	50,200,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,500,000	112,300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	37,500,000	112,300,000
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,000,000	77,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(200,000)
Credit Loss Allowance	0	0
Estimated Fair Value	15,000,000	76,800,000
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,200,000	27,300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	$ 27,200,000	$ 27,300,000

Investments - Investment Securi

Investments - Investment Securities, Aggregated by Investment Type and Length of Time (Details) $ in Millions	Mar. 31, 2024 USD ($) security	Jun. 25, 2023 USD ($) security
Fair Value
Less than 12 Months	$ 580.3	$ 520.9
Greater than 12 Months	322.1	463.1
Total	902.4	984
Unrealized Loss
Less than 12 Months	(0.5)	(1.6)
Greater than 12 Months	(10.4)	(21.1)
Total	$ (10.9)	$ (22.7)
Number of securities with an unrealized loss
Less than 12 Months \| security	146	95
Greater than 12 Months \| security	77	234
Total \| security	223	329
Corporate bonds
Fair Value
Less than 12 Months	$ 82.7	$ 151.5
Greater than 12 Months	219.5	324.1
Total	302.2	475.6
Unrealized Loss
Less than 12 Months	(0.2)	(0.5)
Greater than 12 Months	(7.8)	(16.2)
Total	(8)	(16.7)
U.S. treasury securities
Fair Value
Less than 12 Months	464	229.3
Greater than 12 Months	15.7	31.1
Total	479.7	260.4
Unrealized Loss
Less than 12 Months	(0.3)	(0.5)
Greater than 12 Months	(0.2)	(0.9)
Total	(0.5)	(1.4)
Municipal bonds
Fair Value
Less than 12 Months	13.9	61.4
Greater than 12 Months	76.9	105.9
Total	90.8	167.3
Unrealized Loss
Less than 12 Months	0	(0.4)
Greater than 12 Months	(2.4)	(4)
Total	(2.4)	(4.4)
U.S. agency securities
Fair Value
Less than 12 Months	19.7	74.8
Greater than 12 Months	10	2
Total	29.7	76.8
Unrealized Loss
Less than 12 Months	0	(0.2)
Greater than 12 Months	0	0
Total	$ 0	(0.2)
Commercial paper
Fair Value
Less than 12 Months		3.9
Greater than 12 Months		0
Total		3.9
Unrealized Loss
Less than 12 Months		0
Greater than 12 Months		0
Total		$ 0

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
Investments - Narrative (Details)	Mar. 31, 2024 USD ($) security	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($) security	Mar. 26, 2023 USD ($)	Jun. 25, 2023 USD ($) security
Net Investment Income [Line Items]
Number of instruments in loss position \| security	146		146		95
Fair value of instruments in loss position	$ 580,300,000		$ 580,300,000		$ 520,900,000
Unrealized loss	500,000		500,000		1,600,000
Accrued interest receivable	12,700,000		12,700,000		10,100,000
Writeoffs	0	$ 0	0	$ 0
Allowance for credit losses	$ 0		$ 0		$ 0
Cash and Cash Equivalents
Net Investment Income [Line Items]
Number of instruments in loss position \| security					2
Fair value of instruments in loss position					$ 18,500,000
Unrealized loss					$ 100,000

Investments - Contractual Matur

Investments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 1,071.1
After One, Within Five Years	307.8
After Five, Within Ten Years	10.7
After Ten Years	18.9
Total	1,408.5	$ 1,197.9
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	686.9
After One, Within Five Years	29.2
After Five, Within Ten Years	0
After Ten Years	0
Total	716.1	260.4
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	237.8
After One, Within Five Years	211
After Five, Within Ten Years	0
After Ten Years	0
Total	448.8	495.6
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	40.7
After One, Within Five Years	67.6
After Five, Within Ten Years	0
After Ten Years	2.4
Total	110.7	175.3
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within One Year	53.2
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	53.2
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	15
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	15	76.8
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within One Year	37.5
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	37.5	112.3
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Within One Year	0
After One, Within Five Years	0
After Five, Within Ten Years	10.7
After Ten Years	16.5
Total	$ 27.2	$ 27.3

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 447	$ 258.1
Total short-term investments	1,408.5	1,197.9
US corporation common stock	68.1	0
Total assets	1,923.6	1,456
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	716.1	260.4
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	448.8	495.6
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	110.7	175.3
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	53.2	50.2
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	15	76.8
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	37.5	112.3
Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	27.2	27.3
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	342.4	230.4
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	104.6	20.7
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	7
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	447	251.1
Total short-term investments	716.1	260.4
US corporation common stock	68.1	0
Total assets	1,231.2	511.5
Level 1 \| U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	716.1	260.4
Level 1 \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	342.4	230.4
Level 1 \| U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	104.6	20.7
Level 1 \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	7
Total short-term investments	692.4	937.5
US corporation common stock	0	0
Total assets	692.4	944.5
Level 2 \| U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 2 \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	448.8	495.6
Level 2 \| Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	110.7	175.3
Level 2 \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	53.2	50.2
Level 2 \| U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	15	76.8
Level 2 \| Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	37.5	112.3
Level 2 \| Variable rate demand notes
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	27.2	27.3
Level 2 \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 \| U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 7

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Finite-Lived Intangible Assets [Line Items]
Changes in goodwill			$ 0
Amortization of acquisition-related intangibles	$ 300,000	$ 200,000	900,000	$ 1,300,000
Patent and licensing rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,000,000	$ 1,100,000	$ 3,300,000	$ 3,200,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 72.4	$ 79.5
Accumulated Amortization	(48.7)	(55.6)
Total future amortization expense	23.7	23.9
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	24	24
Accumulated Amortization	(22.6)	(21.7)
Total future amortization expense	1.4	2.3
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	48.4	55.5
Accumulated Amortization	(26.1)	(33.9)
Total future amortization expense	$ 22.3	$ 21.6

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal year	$ 1.3
Year one	4.5
Year two	2.1
Year three	1.6
Year four	1.7
Thereafter	12.5
Total future amortization expense	23.7	$ 23.9
Acquisition Related Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal year	0.3
Year one	1.1
Year two	0
Year three	0
Year four	0
Thereafter	0
Total future amortization expense	1.4
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal year	1
Year one	3.4
Year two	2.1
Year three	1.6
Year four	1.7
Thereafter	12.5
Total future amortization expense	$ 22.3	$ 21.6

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 27, 2024 USD ($)

Jun. 23, 2023 USD ($)

Nov. 21, 2022 USD ($)

Feb. 03, 2022 USD ($)

Apr. 21, 2020 USD ($)

Jul. 31, 2023 USD ($)

Apr. 30, 2020 USD ($)

Mar. 31, 2024 USD ($)

Mar. 26, 2023 USD ($)

Mar. 31, 2024 USD ($) day

Mar. 26, 2023 USD ($)

Jun. 25, 2023 USD ($)

Nov. 16, 2022 $ / shares

Jun. 27, 2022

Jan. 31, 2022 $ / shares

Aug. 24, 2018

Debt Instrument [Line Items]

Cash paid for capped call transactions

$ 0

$ 273,900,000

Cap price (in USD per share) | $ / shares

$ 202.538

$ 212.04

Capped call premium (as a percent)

130%

125%

2030 senior notes, interest term, period one

3 years

Supply agreement, term

10 years

Convertible Notes

Debt Instrument [Line Items]

Threshold percentage of stock price trigger (as a percent)

130%

Threshold trading days | day

Threshold consecutive trading days | day

Discount and issuance costs capitalized

$ 42,400,000

$ 49,400,000

Interest expense capitalized

8,600,000

$ 200,000

16,100,000

200,000

Discount and issuance costs capitalized

1,100,000

$ 100,000

2,100,000

$ 100,000

Convertible Notes | Convertible Notes Due 2023

Debt Instrument [Line Items]

Stated interest rate (as a percent)

0.875%

Repurchase of aggregate principal amount of debt instrument

$ 150,200,000

Decrease in accrued interest from repurchase of debt

200,000

Convertible Notes | Convertible Notes Due 2026

Debt Instrument [Line Items]

Stated interest rate (as a percent)

1.75%

Proceeds from issuance of long-term debt

$ 561,400,000

Proceeds from Notes used to repurchase debt

$ 144,300,000

Effective interest rate (as a percent)

2.20%

Convertible Notes | Convertible Notes Due 2028

Debt Instrument [Line Items]

Aggregate principal amount

$ 650,000,000

Stated interest rate (as a percent)

0.25%

Proceeds from issuance of long-term debt

$ 732,300,000

Cash paid for capped call transactions

108,200,000

Effective interest rate (as a percent)

0.60%

Convertible Notes | Convertible Notes Due 2028 | Underwriters

Debt Instrument [Line Items]

Aggregate principal amount

$ 100,000,000

Convertible Notes | Convertible Notes Due 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,525,000,000

Stated interest rate (as a percent)

1.875%

Proceeds from issuance of long-term debt

$ 1,718,600,000

Cash paid for capped call transactions

273,900,000

Effective interest rate (as a percent)

2.10%

Convertible Notes | Convertible Notes Due 2029 | Underwriters

Debt Instrument [Line Items]

Aggregate principal amount

$ 225,000,000

Convertible Notes | Convertible Notes Due May 1, 2026, Over-Allotment Option

Debt Instrument [Line Items]

Aggregate principal amount

75,000,000

Convertible Notes | Convertible Notes Due May 1, 2026, Excluding Over-Allotment Option

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Senior Notes

Debt Instrument [Line Items]

Discount and issuance costs capitalized

118,300,000

$ 100,500,000

Senior Notes | Senior Notes Due 2030

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,250,000,000

Proceeds from issuance of long-term debt

1,149,300,000

Effective interest rate (as a percent)

12.40%

Discount and issuance costs capitalized

$ 50,000,000

2030 senior notes, interest term, period one

3 years

2030 senior notes, matures after September 2029

$ 175,000,000

2030 senior notes, additional issuance available, maximum

$ 750,000,000

2030 senior notes, cash repurchase offer requirement

2030 senior notes, asset sales and casualty events, minimum amount

$ 25,000,000

2030 senior notes amount purchased requirement, percentage

0.0300

2030 senior notes, optional redemption price maximum of debt

0.35

2030 senior notes, redemption price prior to third year, percentage

1.09875

2030 senior notes, unrestricted cash and cash equivalents minimum requirement

$ 500,000,000

2030 senior notes, material fabrication utilization requirement

0.30

2030 senior notes, revenue generated minimum requirement

$ 240,000,000

2030 senior notes, liquid covenant requirement reduction term

6 months

2030 senior notes, liquidity covenant requirement

$ 325,000,000

2030 senior notes, material fabrication utilization achievement two

0.50

2030 senior notes, revenue generated minimum requirement, achievement two

$ 450,000,000

2030 senior notes, liquidity covenant minimum requirement

$ 0

Senior Notes | Senior Notes Due 2030 | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Redemption price (as a percent)

109.875%

Senior Notes | Senior Notes Due 2030 | Debt Instrument, Redemption, Period Two

Debt Instrument [Line Items]

Redemption price (as a percent)

109.40625%

Senior Notes | Senior Notes Due 2030 | Debt Instrument, Redemption, Period Three

Debt Instrument [Line Items]

Redemption price (as a percent)

104.9375%

Senior Notes | Senior Notes Due 2030 | Debt Instrument, Redemption, Period Four

Debt Instrument [Line Items]

Redemption price (as a percent)

100%

Senior Notes | Senior Notes Due 2030 | Interest Period One

Debt Instrument [Line Items]

Stated interest rate (as a percent)

9.875%

Senior Notes | Senior Notes Due 2030 | Interest Period Two

Debt Instrument [Line Items]

Stated interest rate (as a percent)

10.875%

Senior Notes | Senior Notes Due 2030 | Interest Period Three

Debt Instrument [Line Items]

Stated interest rate (as a percent)

11.875%

Unsecured Promissory Note | Customer Refundable Deposit Agreement

Debt Instrument [Line Items]

Proceeds from issuance of long-term debt

$ 1,000,000,000

Effective interest rate (as a percent)

6.30%

Maximum borrowing capacity

$ 2,000,000,000

Remaining borrowing capacity

$ 1,000,000,000

Repayment of prepaid deposits, percentage

1.06

Unamortized debt Issuance expense

11,400,000

Unsecured Promissory Note | Customer Refundable Deposit Agreement | Minimum | Variable Rate Component Two

Debt Instrument [Line Items]

Basis spread on variable rate of debt instrument (as a percent)

10%

Unsecured Promissory Note | Customer Refundable Deposit Agreement | Maximum | Variable Rate Component Two

Debt Instrument [Line Items]

Basis spread on variable rate of debt instrument (as a percent)

15%

Unsecured Promissory Note | Customer Refundable Deposit Agreement | Base Rate | Variable Rate Component One

Debt Instrument [Line Items]

Basis spread on variable rate of debt instrument (as a percent)

Unsecured Promissory Note | Customer Refundable Deposit Agreement, Second Draw

Debt Instrument [Line Items]

Proceeds from issuance of long-term debt

$ 500,000,000

Unamortized debt Issuance expense

$ 11,400,000

Long-term Debt - Liability Comp

Long-term Debt - Liability Component of Convertible Notes (Details) - Convertible Notes - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Liability Component:
Principal	$ 3,075	$ 3,075
Unamortized discount and issuance costs	(42.4)	(49.4)
Net carrying amount	$ 3,032.6	$ 3,025.6

Long-term Debt - Liability Co_2

Long-term Debt - Liability Component of Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Liability Component:
Principal	$ 2,750	$ 1,250
Unamortized discount and issuance costs	(118.3)	(100.5)
Net carrying amount	$ 2,631.7	$ 1,149.5

Long-term Debt - Interest Expen

Long-term Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Debt Instrument [Line Items]
Amortization of discount and debt issuance costs, net of capitalized interest			$ 21.7	$ 5.2
Convertible Notes
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	$ 51.7	$ 11	161.4	19.7
Amortization of discount and debt issuance costs, net of capitalized interest	7	2.3	21.6	5.2
Total interest expense, net	$ 58.7	$ 13.3	$ 183	$ 24.9

Long-term Debt - Phantom (Detai

Long-term Debt - Phantom (Details) - Convertible Notes	Nov. 21, 2022	Feb. 03, 2022
Convertible Notes Due 2028
Debt Instrument [Line Items]
Conversion ratio (as a percent)		0.0078602
Convertible Notes Due 2029
Debt Instrument [Line Items]
Conversion ratio (as a percent)	0.0084118

Loss Per Share - Summary (Detai

Loss Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (148.9)	$ (83.1)	$ (398.7)	$ (169.3)
Net loss from discontinued operations	$ 0	$ (16.4)	$ (290.6)	$ (47.3)
Weighted average shares - basic (shares)	125,830	124,439	125,514	124,273
Weighted average shares - diluted (shares)	125,830	124,439	125,514	124,273
Loss per share - basic and diluted:
Continuing operations - basic (USD per share)	$ (1.18)	$ (0.67)	$ (3.18)	$ (1.36)
Continuing operations - diluted (USD per share)	(1.18)	(0.67)	(3.18)	(1.36)
Discontinuing operations - basic (USD per share)	0	(0.13)	(2.32)	(0.38)
Discontinuing operations - diluted (USD per share)	$ 0	$ (0.13)	$ (2.32)	$ (0.38)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	4	2.9	3.9	2.9

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	3 Months Ended	9 Months Ended
Stock-Based Compensation - Narrative (Details)	Mar. 31, 2024 compensationPlan	Mar. 31, 2024 stockPurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans \| compensationPlan	1
Duration of purchase period for ESPP (in months)		12 months
Duration of single purchase period for ESPP (in months)		6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contribution of employee's compensation (as a percent)	15%	15%
Employee stock plan purchase price of fair value (as a percent)		15%
Number of times employees can purchase stock per year \| stockPurchase		2
Discount from market price, beginning of participation period or purchase date (as a percent)		15%

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Shares of Restricted Stock Awards and Restricted Stock Units Outstanding (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Nonvested at beginning of period (shares) \| shares	2,340
Granted (shares) \| shares	2,119
Vested (shares) \| shares	(973)
Forfeited (shares) \| shares	(371)
Nonvested at end of period (shares) \| shares	3,115
Weighted Average Grant-Date Fair Value
Nonvested at beginning of period (USD per share) \| $ / shares	$ 85.32
Granted (USD per share) \| $ / shares	61.55
Vested (USD per share) \| $ / shares	78.33
Forfeited (USD per share) \| $ / shares	77.25
Nonvested at end of period (USD per share) \| $ / shares	$ 72.29

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 21.8	$ 17.4	$ 63.9	$ 56.3
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7.6	5.5	20	16.8
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3	2.3	9.1	8.8
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11.2	$ 9.6	$ 34.8	$ 30.7

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 25, 2023
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Unrecognized tax benefits	$ 9	$ 9.8
Reduction in unrecognized tax benefits resulting from statute expiration	1.3
Unrecognized tax benefits, increase resulting from current period tax positions	0.5
Estimated change in gross unrecognized tax benefits	$ 0.8

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		9 Months Ended		45 Months Ended
Commitments and Contingencies - Narrative (Details)	Mar. 31, 2024 USD ($)	Jun. 28, 2020 endowedFacultyChair	Mar. 31, 2024 USD ($)	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
GDA term		13 years
Duration of annual commitment fee payment of GDA		6 years
Number of endowed faculty chairs created \| endowedFacultyChair		2
Reduction in property, plant, and equipment			$ 500,000,000
Reimbursement of property and equipment purchases from long-term incentive agreement			178,400,000	$ 131,000,000	$ 425,400,000
Reimbursement of property and equipment purchases from long-term incentive agreement, receivables			74,600,000
Purchase Commitment 2023
Loss Contingencies [Line Items]
Purchase commitment, amount committed				$ 200,000,000
Current purchases under agreement	$ 3,400,000		16,000,000
Product purchases year two	26,800,000		26,800,000		26,800,000
Product purchases year three	36,000,000		36,000,000		36,000,000
Product purchases year four	50,100,000		50,100,000		50,100,000
Product purchases year five	73,700,000		73,700,000		73,700,000
Capacity reserve deposit	60,000,000		60,000,000		60,000,000
Prepaid supplies	31,900,000		31,900,000		31,900,000
Purchase Commitment 2024
Loss Contingencies [Line Items]
Purchase commitment, amount committed	86,400,000		86,400,000		86,400,000
Current purchases under agreement	7,200,000		12,000,000
Product purchases year two	28,800,000		28,800,000		28,800,000
Product purchases year three	28,800,000		28,800,000		28,800,000
Product purchases year four	9,600,000		9,600,000		9,600,000
Product purchases year one	7,200,000		7,200,000		7,200,000
Minimum
Loss Contingencies [Line Items]
Annual cost of GDA			2,700,000
Maximum
Loss Contingencies [Line Items]
Potential total grant amount of GDA	$ 500,000,000		500,000,000		$ 500,000,000
Annual cost of GDA			$ 5,200,000