Financial Statement Details

6 Months Ended

Dec. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, net

Accounts receivable, net consisted of the following:


(in millions of U.S. Dollars)	December 29, 2019	June 30, 2019
Billed trade receivables	$133.0	$125.8
Unbilled contract receivables	0.7	0.7
Royalties	3.9	2.8
	137.6	129.3

Allowance for bad debts	(0.4)	(0.4)
Accounts receivable, net	$137.2	$128.9

Inventories

Inventories consisted of the following:


(in millions of U.S. Dollars)	December 29, 2019	June 30, 2019
Raw material	$42.8	$42.4
Work-in-progress	81.4	101.1
Finished goods	41.1	43.9
Inventories	$165.3	$187.4

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


(in millions of U.S. Dollars)	December 29, 2019	June 30, 2019
Accounts payable, trade	$91.3	$90.7
Accrued salaries and wages	46.1	70.9
Accrued expenses	33.7	34.0
Other	5.6	5.3
Accounts payable and accrued expenses	$176.7	$200.9

Other Operating Expense

Other operating expense consisted of the following:


	Three months ended			Six months ended
(in millions of U.S. Dollars)	December 29, 2019	December 30, 2018	December 29, 2019	December 30, 2018
Factory optimization restructuring	$1.2	$—	$2.4	$—

Severance and other restructuring	—	—	0.8	2.6
Total restructuring costs	1.2	—	3.2	2.6
Project, transformation and transaction costs	10.8	0.2	13.4	0.6
Factory optimization start-up costs	1.5	—	2.9	—

Non-restructuring related executive severance	0.3	—	1.5	—

Other operating expense	$13.8	$0.2	$21.0	$3.2

Accumulated Other Comprehensive Income, net of taxes

Accumulated other comprehensive income, net of taxes, consisted of the following:


(in millions of U.S. Dollars)	December 29, 2019	June 30, 2019
Currency translation gain	$9.5	$9.5
Net unrealized gain on available-for-sale securities	0.2	—
Accumulated other comprehensive income, net of taxes	$9.7	$9.5

Reclassifications Out of Accumulated Other Comprehensive Income

The Company reclassified a net gain of $0.1 million out of accumulated other comprehensive income for the three and six months ended December 29, 2019 and reclassified a net loss of $0.1 million out of accumulated other comprehensive income for the three and six months ended December 30, 2018. Amounts were reclassified to non-operating (income) expense, net on the consolidated statements of operations.

Non-Operating (Income) Expense, net

The following table summarizes the components of non-operating (income) expense, net:


	Three months ended			Six months ended
(in millions of U.S. Dollars)	December 29, 2019	December 30, 2018	December 29, 2019	December 30, 2018
Foreign currency (gain) loss, net	($1.2)	$—	($1.1)	$0.6
(Gain) loss on sale of investments, net	(0.1)	0.1	(0.1)	0.1

(Gain) loss on equity investment, net	(6.4)	1.9	(9.9)	8.6
Interest expense, net	2.8	3.6	4.7	6.0
Other, net	(0.2)	—	(0.3)	—
Non-operating (income) expense, net	($5.1)	$5.6	($6.7)	$15.3

The change in (gain) loss on equity investment, net is due to the increase in the Lextar Electronics Corporation (Lextar) stock price.

Statements of Cash Flows - non-cash activities


	Six months ended
Non-cash operating activities	December 29, 2019	December 30, 2018
Increase of right-of-use assets and lease liabilities⁽¹⁾	$15.5	$—
Lease asset and liability modifications, net	4.6	—

⁽¹⁾ $12.2 million relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "Leases", for further information.

Accrued property and equipment as of December 29, 2019 and December 30, 2018 was $6.2 million and $16.3 million, respectively.