v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 28, 2026
Accounting Policies [Abstract]  
Schedule of Accounts Receivable, Net
Accounts receivable, net consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Billed trade receivables$96.9 $176.1 
Unbilled contract receivables0.1 2.8 
Royalties1.2 0.7 
98.2 179.6 
Allowance for credit losses— (0.8)
Accounts receivable, net$98.2 $178.8 
Schedule of Other Current Assets
Other current assets consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Short-term spares$20.9 $— 
Insurance deposit5.3 7.4 
Accrued interest receivable4.8 5.4 
Assets held for sale(2)
1.7 24.4 
VAT receivables0.7 9.1 
Reimbursement receivable on long-term incentive agreement0.5 33.1 
MACOM shares(1)
— 102.0 
Inventory related to the RF Master Supply Agreement— 15.8 
Receivable on RF Master Supply Agreement— 5.3 
Other11.3 19.5 
Other current assets$45.2 $222.0 
(1) Refer to Note 9, "Fair Value of Financial Instruments," to the consolidated financial statements included herein for additional information.
(2) During the third quarter of fiscal 2025, the Company determined three facilities met the held-for-sale criteria under Accounting Standards Codification (ASC) 360, of which two were sold during the fourth quarter of fiscal 2025 and the third was sold during the second quarter of fiscal 2026. The assets included in each of the disposal groups were measured at the lower of their carrying value or fair value less costs to sell. The remaining balance is equipment that meet the held-for-sale criteria under ASC 360.
Schedule of Inventories
Inventories consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Raw material$126.1 $144.5 
Work-in-progress105.7 284.6 
Finished goods2.4 6.3 
Inventories$234.2 $435.4 
Schedule of Property and Equipment In general, the Company’s policy for useful lives is as follows:
Buildings and building improvements
5 to 40 years
Machinery and equipment
3 to 10 years
Furniture and fixtures
5 years
Vehicles
5 years
Computer hardware/software
3 to 10 years
Tooling
5 to 10 years
Leasehold improvementsShorter of estimated useful life or lease term
Property and equipment, net consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Machinery and equipment$106.0 $1,614.8 
Land and buildings457.3 1,080.5 
Computer hardware/software4.2 75.4 
Furniture and fixtures0.6 8.7 
Leasehold improvements and other10.3 139.1 
Vehicles— 0.5 
Finance lease assets2.1 8.3 
Construction in progress146.2 2,268.0 
Property and equipment, gross726.7 5,195.3 
Accumulated depreciation(35.3)(1,278.8)
Property and equipment, net$691.4 $3,916.5 
Schedule of Beginning and Ending Carrying Amounts of Goodwill A reconciliation of the beginning and ending carrying amounts of goodwill is as follows:
Amount
(In millions)
Balance as of June 30, 2024 (Predecessor)$359.2 
Goodwill impairment(359.2)
Balance as of June 29, 2025 (Predecessor)$— 
Schedule of Other Assets, Noncurrent
Other assets consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Right-of-use assets$96.8 $123.1 
Long-term advances to suppliers65.8 69.8 
Long-term deposits24.3 24.3 
Long-term spares19.3 28.5 
Cloud computing assets, net3.1 10.4 
Other6.1 10.8 
Other assets$215.4 $266.9 
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Accounts payable, trade$17.4 $30.6 
Accrued salaries and wages53.8 79.2 
Accrued property and equipment10.1 124.7 
Accrued expenses37.2 45.7 
Accounts payable and accrued expenses$118.5 $280.2 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Accrued interest$6.0 $90.7 
RF business divestiture liabilities(1)
12.6 76.9 
Short-term unfavorable supply agreement7.7 — 
Short-term lease liabilities7.4 9.9 
Other17.4 43.0 
Other current liabilities$51.1 $220.5 
(1) Refer to Note 5, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Schedule of Other Long-term Liabilities
Other Long-term Liabilities
SuccessorPredecessor
(in millions of U.S. Dollars)June 28, 2026June 29, 2025
Long-term lease liabilities$99.2 $139.5 
Long-term RF supply agreement liabilities(1)
47.0 44.5 
Long-term customer deposits4.3 15.6 
Other3.2 3.5 
Other long-term liabilities$153.7 $203.1 
(1): Refer to Note 5, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Schedule of Restructuring and Other Operating Expenses
The following table summarizes the components of Restructuring and other operating expenses:
SuccessorPredecessor
Period from September 30, 2025 to June 28, 2026Period from June 30, 2025 to September 29, 2025Fiscal Year EndedFiscal Year Ended
(in millions of U.S. Dollars)June 29, 2025June 30, 2024
Pre-petition charges$— $— $55.8 $— 
Impairment losses on abandoned assets2.6 0.1 176.5 1.2 
Legal settlements— — 17.0 — 
Restructuring and other exit costs15.0 3.6 134.9 — 
Project, transformation and transaction costs25.2 13.8 29.5 18.3 
Amortization of fresh start accounting and acquisition-related intangibles11.9 — 1.1 1.1 
Executive severance costs— — 1.4 — 
Other— 2.9 1.4 — 
Restructuring and other expenses$54.7 $20.4 $417.6 $20.6 
Schedule of Non-Operating Income, Net
The following table summarizes the components of non-operating income, net:
SuccessorPredecessor
Period from September 30, 2025 to June 28, 2026Period from June 30, 2025 to September 29, 2025Fiscal Year EndedFiscal Year Ended
(in millions of U.S. Dollars)June 29, 2025June 30, 2024
Changes in fair value of liability classified derivative contracts($87.8)$— $— $— 
Gain on RTP Fab Transfer— (25.4)— — 
Gain on contingent cash(10.0)— — — 
Interest income(30.3)(8.9)(67.6)(135.0)
Loss on debt extinguishment3.3 — — — 
Realized loss (gain) on equity investment— 10.9 (22.6)(18.5)
Loss on customs matter(1)
— — — 7.7 
Loss on Wafer Supply Agreement— — 9.2 25.3 
Write-off of deferred financing costs— — 54.7 — 
Other expense, net1.3 1.0 0.8 1.4 
Non-operating income, net($123.5)($22.4)($25.5)($119.1)
(1) In fiscal 2024, the Company recognized customs duties totaling approximately $7.7 million for alleged undervaluation of duties related to transactions by the Company's former Lighting Products business unit from 2012 to 2017.
Schedule of Non-cash Operating Activities
Statements of Cash Flows - non-cash activities
SuccessorPredecessor
Period from September 30, 2025 to June 28, 2026Period from June 30, 2025 to September 29, 2025Fiscal Year EndedFiscal Year Ended
June 29, 2025June 30, 2024
Lease asset and liability additions$3.6 $19.1 $35.2 $5.6 
Lease asset and liability modifications, net0.2 (0.2)3.2 4.4 
Lease termination(5.0)(0.1)— — 
Lease impairment— — (4.8)— 
Proceeds from sale of business received in common stock— — — 60.8 
Decrease in property, plant and equipment from investment tax credit receivables64.2 76.8 303.3 474.4 
Receivable in connection with short-term investment maturities— — — 25.0 
Decrease in property, plant and equipment from long-term incentive related receivables— — — 114.3 
(Decrease) increase in accrued property, plant and equipment(32.1)(82.4)(241.0)37.3