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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | . For the three months ended December 31, 2021, our effective tax rate differs from the Canadian statutory rate primarily due to the full-year forecasted effective tax rate taking into account income taxed at rates that differ from the 25% Canadian rate, including withholding taxes and changes to the Brazilian real foreign exchange rate, offset by income not subject to tax, and tax credits. For the nine months ended December 31, 2021, our effective tax rate differs from the Canadian statutory rate primarily due to the full-year forecasted effective tax rate taking into account income taxed at rates that differ from the 25% Canadian rate, including withholding taxes and changes to the Brazilian real foreign exchange rate, offset by tax credits, income not subject to tax, and the enacted rate change in the United Kingdom. The enacted rate change in the United Kingdom provided a benefit of approximately $8 million. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | As of December 31, 2022, we had a net deferred tax liability of $155 million. This amount included gross deferred tax assets of approximately $1.4 billion and a valuation allowance of $724 million. It is reasonably possible that our estimates of future taxable income may change within the next twelve months resulting in a change to the valuation allowance in one or more jurisdictions. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | We are party to, and may in the future be involved in or subject to, disputes, claims, and proceedings arising in the ordinary course of our business, including some we assert against others, such as environmental, health and safety, product liability, employee, tax, personal injury, and other matters. For certain matters in which the Company is involved for which a loss is reasonably possible, we are unable to estimate a loss. For certain other matters for which a loss is reasonably possible and the loss is estimable, we have estimated the aggregated range of loss as $0 to $66 million. This estimated aggregate range of reasonably possible losses is based upon currently available information. The Company's estimates involve significant judgment. Therefore, the estimate will change from time to time and actual losses may differ from the current estimate. We review the status of, and estimated liability related to, pending claims and civil actions on a quarterly basis. The evaluation model includes all asserted and unasserted claims that can be reasonably identified, including claims relating to our responsibility for compliance with environmental, health and safety laws and regulations in the jurisdictions in which we operate or formerly operated. The estimated costs in respect of such reported liabilities are not offset by amounts related to insurance or indemnification arrangements unless otherwise noted. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | We have established liabilities based on our estimates for currently anticipated costs associated with environmental matters. We estimate that the costs related to our environmental liabilities as of December 31, 2022, and March 31, 2022, were $32 million and $35 million, respectively. Of the total $32 million as of December 31, 2022, $15 million is associated with an environmental reserve, $14 million is associated with undiscounted environmental clean-up costs, and $3 million is associated with restructuring actions. As of December 31, 2022, $19 million is included in accrued expenses and other current liabilities and the remainder is within other long-term liabilities in our accompanying condensed consolidated balance sheets. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Under a federal tax dispute settlement program established by the Brazilian government, we have settled several disputes with Brazil's tax authorities regarding various forms of manufacturing taxes and social security contributions. In most cases, we are paying the settlement amounts over a period of 180 months, however, in some cases we pay the settlement amounts over a shorter period. Total settlement liabilities as of December 31, 2022, and March 31, 2022, were $12 million and $18 million, respectively. As of December 31, 2022, $7 million is included in accrued expenses and other current liabilities and the remainder is within other long-term liabilities in our accompanying condensed consolidated balance sheets. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | In addition to the disputes we have settled under the federal tax dispute settlement program, we are involved in several other unresolved tax and other legal claims in Brazil. Total liabilities for other disputes and claims were $36 million as of December 31, 2022, and $38 million as of March 31, 2022. As of December 31, 2022, $2 million is included in accrued expenses and other current liabilities and the remainder is within other long-term liabilities in our accompanying condensed consolidated balance sheets. Additionally, we have included in the range of reasonably possible losses disclosed above any unresolved tax disputes or other contingencies for which a loss is reasonably possible and estimable. The interest cost recorded on these settlement liabilities offset by interest earned on the cash deposits is reported in other expenses (income), net on the condensed consolidated statement of operations. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | However, during the first quarter of fiscal 2022, the Brazilian Supreme Court ruled that the credit should be calculated using the gross methodology for lawsuits filed prior to March 2017. As such, Novelis recorded additional income of $76 million in other expenses (income), net, $48 million of which is principal and $29 million is interest, related to PIS and COFINS for the years 2009 to 2017, net of $1 million in litigation expense. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Headquartered in Atlanta, Georgia, this segment operates 17 plants, including seven with recycling operations, in two countries. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Headquartered in Küsnacht, Switzerland, this segment operates 10 plants, including five with recycling operations, in four countries. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Headquartered in Seoul, South Korea, this segment operates four plants, including two with recycling operations, in two countries. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Headquartered in São Paulo, Brazil, this segment operates two plants in Brazil, including one with recycling operations. | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | Gain on sale of business relates to Novelis' sale of 90% of its equity ownership in Saras Micro Devices, Inc. See | [
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10-Q | 0001304280-23-000013 | 20230206104013 | 20221231 | Novelis Inc. | For the nine months ended December 31, 2021, other, net includes $36 million of interest income recognized as a result of Brazilian tax litigation settlements and interest income, partially offset by $18 million from the release of certain outstanding receivables. | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | credit losses on accounts receivable was $0.7 million and $0.1 million as of December 31, 2022 and June 30, 2022. | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | , 2022 and June 30, 2022, respectively. The total allowance for credit losses and revenue reserve was $2.0 million and $1.5 million as of | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | In the first quarter of fiscal year 2021, the Company completed the acquisition of Modernize, a leading home improvement performance marketing company in the home services client vertical, to broaden its customer and media relationships. In exchange for all the outstanding shares of Modernize, the Company paid $43.9 million in cash upon closing (including $3.9 million cash for net assets acquired subject to post-closing adjustments) and will make $27.5 million in | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | will make $2.0 million in post-closing payments, payable in equal annual installments over a two-year period, | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | In the fourth quarter of fiscal year 2022, the Company completed another immaterial acquisition within the home services client vertical. The Company paid $1.0 million in cash upon closing and will make $1.0 million in post-closing payments, payable in equal annual installments over a two-year period, with the first installment payable twelve months following the date of closing. | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | of intangible assets was $2.8 million and $5.6 million for the three and six months ended December 31, 2022, and $2.9 million and $6.0 million for the three and six months ended | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | The Company recorded a benefit from income taxes of $1.4 million and $2.0 million for the three and six months ended | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | 2022, and a benefit from income taxes of $2.2 million and $1.6 million for the three and six months ended | [
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10-Q | 0001564590-23-001636 | 20230209123958 | 20221231 | QUINSTREET, INC | In April 2022, the Board of Directors canceled the prior stock repurchase program that commenced in July 2017 and authorized a new stock repurchase program allowing the repurchase of up to $40.0 million worth of common stock. During the six months ended December 31, 2022, the Company repurchased and retired 285,644 shares of its common stock at an average price of $10.65 per share, at a total cost of $3.1 million (including a broker commission of $0.03 per share). Repurchases under this program took place in the open market and were made under a Rule 10b5-1 plan. The repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. As of December 31, 2022, approximately $20.0 million remained available for stock repurchases pursuant to the board authorization. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | On December 7, 2021, the Company executed a Purchase Agreement (the “Agreement”) with Beige Key, LLC (the “Assignee”) for the sale of all of the Company’s worldwide right, title and interest in and to company names and tradenames including Meta and other "Meta" formative names including MetaBank and Meta Financial Group, and the domain names, social media accounts and goodwill associated with the foregoing (collectively, the “Meta” tradenames) in exchange for $60.0 million in cash. Subject to the terms and conditions set forth in the Agreement, the Company had one year from the Agreement execution date to phase out and cease all use of the Meta tradenames. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company received $50.0 million upon execution and delivery of the Agreement, at which time the Meta tradenames were assigned to the Assignee. The remaining $10.0 million was released to the Company upon completion of phase out activities and recognized as noninterest income during the three months ended December 31, 2022. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company recognized $3.7 million and zero of noninterest expense related to rebranding efforts during the three months ended December 31, 2022 and 2021, respectively. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | At December 31, 2022, there were 194 securities AFS in an unrealized loss position. All of the mortgage-backed securities ("MBS") in an unrealized loss position at December 31, 2022 were government guaranteed. Management assessed each investment security with unrealized losses for credit loss and determined substantially all unrealized losses on these securities were due to credit spreads and interest rates versus credit loss. As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Company will not be required and does not intend to sell any of the securities prior to recovery of the amortized cost. At December 31, 2022, there was no allowance for credit losses ("ACL") for debt securities AFS. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company held $3.4 million at December 31, 2022 and $2.9 million at September 30, 2022 in marketable equity securities. The Company recognized zero and $2.3 million in unrealized loss on marketable equity securities during the three months ended December 31, 2022 and 2021, respectively, which is attributable to an investee becoming publicly traded during fiscal year 2021. All other marketable equity securities and related activity were insignificant for the three months ended December 31, 2022 and 2021. No such securities were sold during the three months ended December 31, 2022. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | Non-marketable equity securities with a readily determinable fair value totaled $7.8 million at December 31, 2022 and $7.2 million at September 30, 2022. The Company recognized $0.1 million in unrealized gains and $0.3 million in unrealized losses | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | Non-marketable equity securities without readily determinable fair value totaled $18.2 million at December 31, 2022 and $18.2 million at September 30, 2022. No such securities were sold during the three months ended December 31, 2022 | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | During the three months ended December 31, 2022 and 2021, the Company originated $398.8 million and $385.6 million of consumer finance and SBA/USDA as held for sale, respectively. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | and gain on sale of $0.1 million during the three months ended December 31, 2022. The Company sold held for sale loans resulting in proceeds of $562.7 million | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | Management has identified certain structured finance credits for alternative energy projects in which a substantial cash collateral account has been established to mitigate credit risk. Due to the nature of the transactions and significant cash collateral positions, these credits are evaluated individually. The balance of these pass rated cash collateral loans totaled $153.0 million and $120.7 million at December 31, 2022 and at September 30, 2022, respectively. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company has various portfolios of consumer finance and tax services loans that present unique risks that are statistically managed. Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in their evaluation of the appropriateness of the allowance for credit losses on these portfolios, and as such, these loans are not included in the asset classification table below. The outstanding balances of consumer finance loans and tax services loans were $186.9 million and $30.4 million at December 31, 2022, respectively, and $169.7 million and $9.1 million at September 30, 2022, respectively. The amortized cost basis of loans and leases by asset classification and year of origination was as follows: | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company’s troubled debt restructurings ("TDRs") typically involve forgiving a portion of interest or principal on existing loans, making loans at a rate materially less than current market rates, or extending the term of the loan. No loans were modified in a TDR during the three months ended December 31, 2022. There were $10.1 million of commercial finance loans and $0.1 million of consumer finance loans that were modified in a TDR during the three months ended December 31, 2021, all of which were modified to extend the term of the loan. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | During the three months ended December 31, 2022, the Company had $0.1 million of commercial finance loans that were modified in a TDR within the previous 12 months and for which there was a payment default. During the three months ended December 31, 2021, the Company had $2.3 million of commercial finance loans and $0.5 million of consumer finance loans that were modified in a TDR within the previous 12 months and for which there was a payment default. TDR net charge-offs and the impact of TDRs on the Company's allowance for credit losses were insignificant during the three months ended December 31, 2022 and December 31, 2021. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company held a total of $309.5 million of goodwill at December 31, 2022. The recorded goodwill is a result of multiple business combinations that occurred from 2015 to 2018. There have been no changes to the carrying amount of goodwill during the three months ended December 31, 2022. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | Operating lease liabilities, included in accrued expenses and other liabilities, were $31.2 million and $34.5 million at December 31, 2022 and 2021, respectively. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company's Board of Directors authorized the September 3, 2021 share repurchase program to repurchase up to 6,000,000 shares of the Company's outstanding common stock. This authorization is effective from September 3, 2021 through September 30, 2024. During the three months ended December 31, 2022, and 2021, the Company repurchased 653,994 and 1,711,501 shares, respectively, as part of the share repurchase programs. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | Under the repurchase programs, repurchased shares were retired and designated as authorized but unissued shares. The Company accounts for repurchased shares using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. As of December 31, 2022, 3,640,983 shares of common stock remained available for repurchase. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | For the three months ended December 31, 2022, and 2021, the Company also repurchased 57,291 and 61,172 shares, or $2.0 million and $3.4 million of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The following tables show the activity of nonvested (restricted) shares and PSUs granted, vested, or forfeited under the 2002 Omnibus Incentive Plan for the three months ended December 31, 2022. There were no options granted, exercised, or forfeited under this plan during the three months ended December 31, 2022. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | At December 31, 2022, stock-based compensation expense not yet recognized in income totaled $10.9 million, which is expected to be recognized over a weighted average remaining period of 1.73 years. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company reports its results of operations through the following three business segments: Consumer, Commercial, and Corporate Services/Other. The BaaS business line is reported in the Consumer segment. The Commercial Finance business line is reported in the Commercial segment. The Corporate Services/Other segment includes certain shared services as well as treasury related functions such as the investment portfolio, warehouse finance, wholesale deposits and borrowings. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company does not record loans and leases at fair value on a recurring basis. However, if a loan or lease is individually evaluated for risk of credit loss and repayment is expected to be solely provided by the values of the underlying collateral, the Company measures fair value on a nonrecurring basis. Fair value is determined by the fair value of the underlying collateral less estimated costs to sell. The fair value of the collateral is determined based on the internal estimates and/or assessment provided by third-party appraisers and the valuation relies on discount rates ranging from 4% to 35%. | [
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10-Q | 0000907471-23-000018 | 20230207161823 | 20221231 | PATHWARD FINANCIAL, INC. | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs and other inputs in a range of 15% to 59%. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The number of shares outstanding of the registrant’s common stock, par value $0.00125 per share, as of January 20, 2023, was 124,416,688. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The Company adopted this standard on June 27, 2022, the first day of its 2023 fiscal year, under the modified retrospective approach. The adoption resulted in (i) a reduction of additional paid in capital by $333.0 million for the recombination of the equity conversion component of the convertible notes outstanding, which was initially separated and recorded in equity, (ii) an increase in the cumulative convertible note carrying value of $277.9 million as a result of removing previously recorded debt discounts, (iii) a decrease in property, plant and equipment for previously capitalized non-cash interest of $25.4 million and (iv) a decrease to beginning accumulated deficit as of June 27, 2022 of $29.7 million to recognize the cumulative gain on adoption. The Company did not recognize a discrete tax impact related to the opening deferred tax balances as of June 27, 2022 due to a full U.S. valuation allowance. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The purchase price for the LED Business consisted of (i) a payment of $50 million in cash, subject to customary adjustments, (ii) an unsecured promissory note issued to the Company by SGH in the amount of $125 million (the Purchase Price Note), (iii) the potential to receive an earn-out payment between $2.5 million and $125 million based on the revenue and gross profit performance of the LED Business in the first four full fiscal quarters following the closing (the Earnout Period), also payable in the form of an unsecured promissory note (the Earnout Note), and (iv) the assumption of certain liabilities. The Purchase Price Note had a maturity date of August 15, 2023, and as explained further below, was prepaid by SGH in full pursuant to its terms, along with outstanding accrued and unpaid interest as of the payment date, in the third quarter of fiscal 2022. The Earnout Note was issued by CreeLED in the fourth quarter of 2022, had a maturity date of March 27, 2025 and as explained further below, was prepaid by CreeLED in full pursuant to its terms, in connection with the forgiveness by the Company of outstanding accrued and unpaid interest as of the payment date, in the first quarter of fiscal 2023. In fiscal 2021, the Company recognized a loss on sale of the LED Business of $29.1 million. The cost of selling the LED Business was $27.4 million, which was recognized throughout fiscal 2020 and 2021. | [
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"Start date for period": "2021-03-01",
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"Start date for period": "2021-06-28",
"Value": -29100000
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"Start character": 1352,
"Start date for period": "2021-06-28",
"Value": 27400000
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] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | In the third quarter of fiscal 2022, the Company received an early payment for the Purchase Price Note. The principal amount of $125.0 million was paid in full, along with outstanding accrued interest as of the payment date. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | In the first quarter of fiscal 2023, the Company received an early payment for the Earnout Note. The principal amount of $101.8 million was paid in full and the Company agreed to forgo payment by CreeLED of the outstanding accrued interest as of the payment date. | [
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"Start character": 122,
"Start date for period": "2022-09-25",
"Value": 101800000
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | For the three and six months ended December 25, 2022, the Company recognized $0.9 million and $1.8 million in administrative fees related to the LED RELA, respectively, of which $0.3 million is included in accounts receivable, net in the consolidated balance sheet as of December 25, 2022. For the three and six months ended December 26, 2021, the Company recognized $0.9 million and $1.8 million in administrative fees related to the LED RELA, respectively. Fees related to the LED RELA were recorded as lease income, see Note 4, "Leases." | [
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"Start date for period": "2022-09-26",
"Value": 900000
},
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"Start date for period": "2022-06-27",
"Value": 1800000
},
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"Start date for period": "2022-06-27",
"Value": 300000
},
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"Start character": 368,
"Start date for period": "2022-09-26",
"Value": 900000
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"Start character": 385,
"Start date for period": "2022-06-27",
"Value": 1800000
}
] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | For the three and six months ended December 25, 2022, the Company recognized $1.8 million and $3.7 million in administrative fees related to the LED TSA, respectively, of which $0.6 million is included in accounts receivable, net in the consolidated balance sheet as of December 25, 2022. For the three and six months ended December 26, 2021, the Company recognized $2.4 million and $5.3 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. | [
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"Start date for period": "2022-09-26",
"Value": 1800000
},
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"Start date for period": "2022-06-27",
"Value": 3700000
},
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},
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"Start date for period": "2021-09-27",
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},
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"Start character": 384,
"Start date for period": "2021-06-28",
"Value": 5300000
}
] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 December 25, 2022. | [
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"Start date for period": "2021-03-01",
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"Start date for period": "2022-12-25",
"Value": 0
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | For the three and six months ended December 25, 2022, the Company recognized a net loss of $2.6 million and $2.5 million, respectively, in non-operating income, net related to the Wafer Supply Agreement, of which a receivable of $1.6 million is included in other assets in the consolidated balance sheet as of December 25, 2022. For the three and six months ended December 26, 2021, the Company recognized a net loss of $0.1 million and $0.9 million, respectively, in non-operating income, net related to the Wafer Supply Agreement. | [
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"Start date for period": "2022-09-26",
"Value": -2600000
},
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"End character": 112,
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"Value": -2500000
},
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"Start character": 230,
"Start date for period": "2022-12-25",
"Value": 1600000
},
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"End character": 424,
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"Start character": 421,
"Start date for period": "2021-09-27",
"Value": -100000
},
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"Start character": 438,
"Start date for period": "2021-06-28",
"Value": -900000
}
] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 $45.6 million as of December 25, 2022 and $47.8 million as of June 26, 2022. The decrease was primarily due to decreases in ship and debit reserves and product exchange reserves. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the consolidated balance sheets. | [
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"Label": "us-gaap:ContractWithCustomerLiability",
"Start character": 178,
"Start date for period": "2022-12-25",
"Value": 45600000
},
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"End character": 224,
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"Label": "us-gaap:ContractWithCustomerLiability",
"Start character": 220,
"Start date for period": "2022-06-26",
"Value": 47800000
}
] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Operating lease expense was $2.5 million and $4.7 million for the three and six months ended December 25, 2022, respectively, and $3.3 million and $4.8 million for the three and six months ended December 26, 2021, respectively. | [
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"Start character": 29,
"Start date for period": "2022-09-26",
"Value": 2500000
},
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"Start date for period": "2022-06-27",
"Value": 4700000
},
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"Start character": 131,
"Start date for period": "2021-09-27",
"Value": 3300000
},
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"End date for period": "2021-12-26",
"Label": "us-gaap:OperatingLeaseExpense",
"Start character": 148,
"Start date for period": "2021-06-28",
"Value": 4800000
}
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Finance lease amortization was $0.2 million and $0.4 million and interest expense was less than $0.1 million and $0.1 million for the three and six months ended December 25, 2022, respectively. Finance lease amortization was $0.3 million and $0.7 million and interest expense was $0.1 million and $0.2 million for the three and six months ended December 26, 2021, respectively. | [
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"Start date for period": "2022-09-26",
"Value": 200000
},
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"Start date for period": "2022-06-27",
"Value": 400000
},
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"Start character": 97,
"Start date for period": "2022-09-26",
"Value": 100000
},
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"Start date for period": "2022-09-26",
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},
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"Value": 300000
},
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"Start date for period": "2021-06-28",
"Value": 700000
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"Value": 100000
},
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"Value": 200000
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] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As mentioned in Note 2, "Discontinued Operations", on March 1, 2021 and in connection with the sale of its LED Business, the Company entered into the LED RELA pursuant to which the Company leases 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 is 24 months and expires on February 26, 2023. Subject to certain provisions in the LED RELA, CreeLED may terminate its rights or a portion of its rights under the agreement at any time with sixty days written notice. A notice of thirty days is permitted under certain circumstances as defined in the agreement. The agreement does not contain any renewal provisions. | [
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"Start character": 221,
"Start date for period": "2022-12-25",
"Value": 58000
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"Label": "wolf:LessorOperatingLeaseAnnualPayments",
"Start character": 331,
"Start date for period": "2022-12-25",
"Value": 3600000
}
] |
10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The Company recognized lease income of $0.9 million and $1.8 million for the three and six months ended December 25, 2022, respectively. The Company recognized lease income of $0.9 million and $1.8 million for the three and six months ended December 26, 2021, respectively. | [
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"Start character": 40,
"Start date for period": "2022-09-26",
"Value": 900000
},
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"Start character": 57,
"Start date for period": "2022-06-27",
"Value": 1800000
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"End character": 180,
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"Start character": 177,
"Start date for period": "2022-09-26",
"Value": 900000
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"End character": 197,
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"Label": "us-gaap:OperatingLeaseLeaseIncomeLeasePayments",
"Start character": 194,
"Start date for period": "2022-06-27",
"Value": 1800000
}
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Accumulated other comprehensive loss, net of taxes, consisted of $28.6 million and $25.3 million of net unrealized losses on available-for-sale securities as of December 25, 2022 and June 26, 2022, respectively. Amounts for both periods include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities. | [
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"Label": "us-gaap:AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax",
"Start character": 66,
"Start date for period": "2022-12-25",
"Value": -28600000
},
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"Start character": 84,
"Start date for period": "2022-06-26",
"Value": -25300000
}
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Reclassifications out of accumulated other comprehensive loss was a loss of less than $0.1 million for both the three and six months ended December 25, 2022 and a $0.1 million and $0.3 million gain for the three and six months ended December 26, 2021, respectively. Amounts were reclassified to non-operating (income) expense, net on the consolidated statements of operations. | [
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"Start character": 87,
"Start date for period": "2021-09-27",
"Value": 100000
},
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"End character": 167,
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"Start character": 164,
"Start date for period": "2021-09-27",
"Value": 100000
},
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"End character": 184,
"End date for period": "2021-12-26",
"Label": "us-gaap:NonoperatingIncomeExpense",
"Start character": 181,
"Start date for period": "2021-06-28",
"Value": 300000
}
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Accrued property and equipment as of December 25, 2022 and December 26, 2021 was $156.8 million and $135.7 million, respectively. | [
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"Start character": 82,
"Start date for period": "2022-06-27",
"Value": 156800000
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"Start character": 101,
"Start date for period": "2021-06-28",
"Value": 135700000
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Additionally, the Company held cash equivalent securities in unrealized loss positions as of December 25, 2022 and June 26, 2022. As of December 25, 2022, the Company held ten cash equivalent securities in unrealized loss positions with an aggregate fair value of $104.7 million and an aggregate unrealized loss of less than $0.1 million. As of June 26, 2022, the Company held six cash equivalent securities in unrealized loss positions with an aggregate fair value of $69.0 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of December 25, 2022 and June 26, 2022 have been in unrealized loss positions for less than 12 months. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 $11.2 million and $5.9 million as of December 25, 2022 and June 26, 2022, 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 six months ended December 25, 2022 and December 26, 2021. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 December 25, 2022 until the investments fully recover in market value. No allowance for credit losses was recorded as of December 25, 2022. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Total amortization of acquisition-related intangibles assets was $2.8 million and $5.7 million for the three and six months ended December 25, 2022, respectively, and $3.6 million and $7.2 million for the three and six months ended December 26, 2021, respectively. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Total amortization of patents and licensing rights was $1.3 million and $2.5 million for the three and six months ended December 25, 2022, respectively, and $1.5 million and $2.8 million for the three and six months ended December 26, 2021, respectively. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As of December 25, 2022, the Company had a $125.0 million secured revolving line of credit (the Credit Agreement) under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2026. The Credit Agreement requires the Company to maintain a ratio of certain cash equivalents and marketable securities to outstanding loans and letter of credit obligations greater than 1.25:1, with no other financial covenants. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The Company classifies balances outstanding under the Credit Agreement as long-term debt in the consolidated balance sheets. As of December 25, 2022, the Company had no outstanding borrowings under the Credit Agreement, $125.0 million in available commitments under the Credit Agreement and $125.0 million available for borrowing. For the three and six months ended December 25, 2022, the average interest rate was 0.00% due to no borrowings. As of December 25, 2022, the unused line fee on available borrowings is 25 basis points. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | On August 24, 2018, the Company sold $500.0 million aggregate principal amount of 0.875% convertible senior notes due September 1, 2023 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 (collectively, the 2023 Notes). The total net proceeds from the 2023 Notes offering was approximately $562.1 million. As discussed further below, the Company repurchased approximately $150.2 million aggregate principal amount of the 2023 Notes using a portion of net proceeds from the sale of an additional convertible note offering (the 2026 Notes, as defined and explained below) in April 2020. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As of the Redemption Notice Date, the conversion rate of the 2023 Notes was 16.6745 shares of the Company's common stock per $1,000 principal amount of such notes. However, in accordance with the Indenture, dated as of August 24, 2018, between the Company and U.S. Bank National Association, as trustee, which governed the terms of the 2023 Notes, the conversion rate for 2023 Notes that were converted after the Redemption Notice Date was increased to 16.7769 shares of the Company's common stock per $1,000 principal amount of such notes. Before the Redemption Date, all outstanding 2023 Notes were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in approximately 7.1 million shares of the Company's common stock, with cash in lieu of any fractional shares. The fair value of shares issued upon conversion of all outstanding 2023 Notes was $788.0 million. The amount of cash paid for fractional shares was immaterial. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The conversion rate will initially be 21.1346 shares of common stock per one thousand dollars in principal amount of 2026 Notes (equivalent to an initial conversion price of approximately $47.32 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2026 Notes in connection with such a corporate event, or who elects to convert any 2026 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2026 Notes prior to May 1, 2023. The Company may redeem for cash all or any portion of the 2026 Notes, at its option, on a redemption date occurring on or after May 1, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portions of their 2026 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Holders may convert their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding November 3, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2026 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 3, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 2023 Notes, including approximately $0.2 million of accrued interest on such notes, in privately negotiated transactions. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The conversion rate will initially be 7.8602 shares of common stock per one thousand dollars in principal amount of 2028 Notes (equivalent to an initial conversion price of approximately $127.22 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2028 Notes in connection with such a corporate event, or who elects to convert any 2028 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2028 Notes prior to February 18, 2025. The Company may redeem for cash all or any portion of the 2028 Notes, at its option, on a redemption date occurring on or after February 18, 2025 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portions of their 2028 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Holders may convert their 2028 Notes at their option at any time prior to the close of business on the business day immediately preceding August 16, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2028 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2028 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after August 16, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2028 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 our common stock on January 31, 2022, subject to certain adjustments under the terms of the 2028 Notes Capped Call Transactions. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The conversion rate will initially be 8.4118 shares of common stock per one thousand dollars in principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $118.88 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event, or who elects to convert any 2029 Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the 2029 Notes prior to December 4, 2026. The Company may redeem for cash all or any portion of the 2029 Notes, at its option, on a redemption date occurring on or after December 4, 2026 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portions of their 2029 Notes at a fundamental repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | Holders may convert their 2029 Notes at their option at any time prior to the close of business on the business day immediately preceding June 1, 2029 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending March 31, 2023 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1.0 thousand principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of its common stock and the conversion rate on each such trading day; (3) if the Company calls such 2029 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after June 1, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2029 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | In accounting for the issuance of the 2023 Notes, 2026 Notes and 2028 Notes, the Company separated such notes into liability and equity components. The carrying amount of the equity component representing the conversion option was $110.6 million, $145.4 million and $187.6 million for the 2023 Notes, 2026 Notes and 2028 Notes, respectively. The amounts were determined by deducting the fair value of the liability component from the par value of each of the 2023 Notes, 2026 Notes and 2028 Notes. Due to the partial extinguishment of the 2023 Notes in connection with the issuance of the 2026 Notes, the equity component of the 2023 Notes was reduced by $27.7 million during the fourth quarter of fiscal 2020. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As a result of the full conversion of all outstanding 2023 Notes, the Company remeasured the outstanding liability for the 2023 Notes using a market rate for debt without a conversion option (the Market Rate) as of the Redemption Notice Date. The Company performed a present value calculation using the Market Rate and determined the fair value of the debt as of the Redemption Notice Date was $416.1 million, $24.7 million higher than the carrying value of the 2023 Notes as of the Redemption Notice Date. As a result, the Company recorded a loss on extinguishment of $24.8 million, which included a $0.1 million loss on extinguishment expense related to third party fees. Additionally, the equity component of the 2023 Notes was reduced to zero. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The Company did not capitalize interest expense for the three and six months ended December 25, 2022. For the three and six months ended December 26, 2021, the Company capitalized $2.6 million and $4.9 million of interest expense, respectively, and $5.8 million and $11.2 million of amortization of discount and issuance costs, respectively, in connection with the building of a new Silicon Carbide device fabrication facility in New York. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The last reported sale price of the Company's common stock was greater than or equal to 130% of the applicable conversion price for the 2026 Notes for at least 20 trading days in the 30 consecutive trading days ended on December 31, 2022. As a result, the 2026 Notes are convertible at the option of the holders through March 31, 2023. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As of December 25, 2022, the if-converted value of the 2026 Notes exceeded their respective principal amounts by $303.3 million. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The estimated fair value of the Outstanding Notes is $3.3 billion as of December 25, 2022, as determined by a Level 2 valuation. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | For the three and six months ended December 25, 2022, 2.8 million and 2.8 million, respectively, of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For the three and six months ended December 26, 2021, 3.1 million and 3.3 million, respectively, of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. | [
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"Start date for period": "2021-06-28",
"Value": 3300000
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | The Company currently has one equity-based compensation plan, the 2013 Long-Term Incentive Compensation Plan (2013 LTIP), from which stock-based compensation awards can be granted to employees and directors. The 2013 LTIP provides for 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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 plan) and allows employees to purchase shares at a 15% discount to the fair market value of common stock on the purchase date two times per year. The ESPP provides for a twelve-month participation period, divided into two equal six-month purchase | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | periods, and also provides for a look-back feature. At the end of each six-month period in April and October, participants 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 plan 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As of June 26, 2022, the Company's liability for unrecognized tax benefits was $7.2 million. During the six months ended December 25, 2022, the Company did not record any material movement in its unrecognized tax benefits. As a result, the total liability for unrecognized tax benefits as of December 25, 2022 was $7.2 million. If any portion of this $7.2 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 $1.7 million of gross unrecognized tax benefits will change in the next 12 months as a result of statutory requirements or settlement with tax authorities. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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"Start date for period": "2020-03-30",
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | 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. | [
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10-Q | 0000895419-23-000013 | 20230126160459 | 20221225 | WOLFSPEED, INC. | As of December 25, 2022, the Company has reduced property and equipment, net by a total of $334.9 million as a result of GDA reimbursements, of which $220.4 million has been received in cash and an additional $114.5 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. | [
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Subsets and Splits