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Financial Statement Details
 12 Months Ended
Jun. 30, 2019
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)
June 30, 2019
 
June 24, 2018
Billed trade receivables

$125.8

 

$128.9

Unbilled contract receivables
0.7

 
1.0

Royalties
2.8

 
—

 
129.3

 
129.9

Allowance for sales returns, discounts and other incentives
—

 
(42.7
)
Allowance for bad debts
(0.4
)
 
(0.8
)
Accounts receivable, net

$128.9

 

$86.4


Changes in the Company’s allowance for sales returns, discounts and other incentives were as follows:
 
Fiscal Years Ended
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
 
June 25, 2017
Balance at beginning of period

$42.7

 

$36.7

 

$36.2

Current period claims
—

 
(145.0
)
 
(153.6
)
Provision for sales returns, discounts and other incentives
—

 
151.0

 
154.1

Reclassification to contract liabilities
(42.7
)
 
—

 
—

Balance at end of period

$—

 

$42.7

 

$36.7


Changes in the Company’s allowance for bad debts were as follows: 
 
Fiscal Years Ended
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
 
June 25, 2017
Balance at beginning of period

$0.8

 

$1.6

 

$1.5

Current period provision change
(0.3
)
 
0.4

 
0.1

Write-offs, net of recoveries
(0.1
)
 
(1.2
)
 
—

Balance at end of period

$0.4

 

$0.8

 

$1.6


Inventories
Inventories consisted of the following: 
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
Raw material

$42.4

 

$35.1

Work-in-progress
101.1

 
86.2

Finished goods
43.9

 
30.3

Inventories

$187.4

 

$151.6


Property and Equipment, net
Property and equipment, net consisted of the following:
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
Furniture and fixtures

$9.7

 

$11.9

Land and buildings
416.5

 
389.5

Machinery and equipment
1,110.3

 
1,140.6

Vehicles
0.9

 
0.9

Computer hardware/software
48.6

 
42.5

Leasehold improvements and other
4.2

 
5.5

Construction in progress
231.7

 
207.2

Property and equipment, gross
1,821.9

 
1,798.1

Accumulated depreciation
(1,196.7
)
 
(1,209.0
)
Property and equipment, net

$625.2

 

$589.1


Depreciation of property and equipment totaled $97.0 million, $94.8 million and $89.7 million for the years ended June 30, 2019, June 24, 2018 and June 25, 2017, respectively.
During the years ended June 30, 2019, June 24, 2018 and June 25, 2017, the Company recognized approximately $1.5 million, $6.3 million and $0.9 million, respectively, as losses on disposals or impairments of property and equipment. These charges are reflected in loss on disposal or impairment of other assets in the consolidated statements of operations.
Accrued property and equipment as of June 30, 2019, June 24, 2018 and June 25, 2017 was $21.3 million, $15.0 million and $10.2 million, respectively.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
Accounts payable, trade

$90.7

 

$68.4

Accrued salaries and wages
70.9

 
41.9

Accrued expenses
34.0

 
32.8

Other
5.3

 
5.4

Accounts payable and accrued expenses

$200.9

 

$148.5


Accumulated Other Comprehensive Income, net of taxes
Accumulated other comprehensive income, net of taxes consisted of the following:
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
Currency translation gain

$9.5

 

$5.1

Net unrealized loss on available-for-sale securities
—

 
(4.5
)
Accumulated other comprehensive income, net of taxes

$9.5

 

$0.6


Other Operating Expense (Income)
The following table summarizes the components of other operating expense (income):
 
Fiscal Years Ended
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
 
June 25, 2017
Factory optimization restructuring

$4.1

 

$—

 

$—

Severance and other restructuring
4.2

 
3.8

 
—

Total restructuring costs
8.3

 
3.8

 
—

Project and transaction costs
16.9

 
8.5

 
—

Executive severance
1.3

 
4.5

 
2.2

Factory optimization start up costs
1.5

 
—

 
—

Gain from termination of Wolfspeed transaction, net
—

 
—

 
(2.8
)
Other operating expense (income)

$28.0

 

$16.8

 

($0.6
)

In February 2017, the Company announced that an Asset Purchase Agreement (the APA) from July 2016 with Infineon Technologies AG (Infineon), in which Infineon agreed to purchase the assets comprising the Company's power and RF product lines and certain other assets and liabilities, would be terminated due to the inability to address the national safety concerns of, and obtain approval from, the Committee on Foreign Investment in the United States, one of the closing conditions under the APA. The Company received a termination fee of $12.5 million in cash from Infineon in March 2017. The Company recognized $9.7 million of expenses relating to the APA before the termination.
See Note 21, "Restructuring" for more details on the Company's restructuring costs.
Non-Operating Expense (Income), net
The following table summarizes the components of non-operating expense (income), net:
 
Fiscal Years Ended
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
 
June 25, 2017
Loss (gain) on sale of investments, net

$0.1

 

$0.1

 

($0.1
)
Loss (gain) on equity investment
16.2

 
(7.1
)
 
(7.5
)
Interest expense (income), net
12.0

 
(1.8
)
 
(3.7
)
Foreign currency loss (gain), net
1.3

 
(1.8
)
 
(2.3
)
Other, net
(0.3
)
 
0.2

 
0.6

Non-operating expense (income), net

$29.3

 

($10.4
)
 

($13.0
)

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
The Company reclassified a net loss of $0.1 million and $0.1 million, and a net gain of $0.1 million, on available for sale securities out of accumulated other comprehensive (loss) income for the fiscal years ended June 30, 2019, June 24, 2018, and June 25, 2017, respectively. There was no tax impact for the fiscal years ended June 30, 2019, June 24, 2018, June 25, 2017, respectively, due to a full valuation allowance on U.S. operations. Amounts were reclassified to non-operating expense (income), net on the consolidated statements of operations.
Additionally, the Company reclassified $5.2 million of currency translation loss out of accumulated other comprehensive (loss) income for the fiscal year ended June 30, 2019 as a result of the sale of the Lighting Products business unit. Amounts were reclassified to net loss from discontinued operations on the consolidated statement of operations.