
(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
Billed trade receivables	$95.6	$71.5
Unbilled contract receivables	0.6	1.2
Royalties	0.5	0.4
	96.7	73.1

Allowance for bad debts	(0.8)	(0.7)
Accounts receivable, net	$95.9	$72.4


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020	June 30, 2019
Balance at beginning of period	$0.7	$0.2	$0.2
Current period provision change	0.1	0.6	—
Write-offs, net of recoveries	—	(0.1)	—
Balance at end of period	$0.8	$0.7	$0.2


(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
Raw material	$43.3	$36.9
Work-in-progress	109.5	73.9
Finished goods	13.8	11.1
Inventories	$166.6	$121.9

In addition to inventory held by the Company associated with the Wolfspeed business, the Company holds inventory related to the Wafer Supply Agreement entered into in connection with the LED Business Divestiture as well as unallocated inventoried costs consisting primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation, matching contributions under the Company’s 401(k) plan, and acquisition related costs.


	June 27, 2021	June 28, 2020
Wolfspeed	$159.2	$97.3
Wafer Supply Agreement inventory (1)	—	19.0
Unallocated inventories	7.4	5.6
Consolidated inventories	$166.6	$121.9

(1) Inventory related to the Wafer Supply Agreement as of June 27, 2021 is recorded within other current assets in the consolidated balance sheets.


(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
Machinery and equipment	$988.6	$859.9
Land and buildings	383.9	363.1
Computer hardware/software	51.5	46.8
Furniture and fixtures	8.0	8.1
Leasehold improvements and other	9.6	9.7
Vehicles	0.7	0.6
Finance lease assets	15.5	15.4
Construction in progress	767.8	366.8
Property and equipment, gross	2,225.6	1,670.4
Accumulated depreciation	(933.3)	(899.6)
Property and equipment, net	$1,292.3	$770.8

Depreciation of property and equipment totaled $100.5 million, $76.7 million and $64.9 million for the years ended June 27, 2021, June 28, 2020 and June 30, 2019, respectively.

During the years ended June 27, 2021, June 28, 2020 and June 30, 2019, the Company recognized approximately $4.3 million, $3.3 million and $0.2 million, respectively, as losses on disposals or impairments of property and equipment of which $3.4 million and $3.0 million are related to the Company's factory optimization plan and are reflected in other operating expense for the years ended June 27, 2021 and June 28, 2020, respectively. The remaining amount of these charges are reflected in loss on disposal or impairment of other assets in the consolidated statements of operations.

In the fourth quarter of fiscal 2021, the Company modified its long-range plan regarding a portion of its Durham, North Carolina campus. As a result, the Company has decided it will no longer complete the construction of certain buildings on the Durham campus. The carrying value of the abandoned assets has been reduced to an estimated salvage value of approximately $20.0 million as of June 27, 2021.


(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
United States	$1,258.1	$758.2
China	2.3	2.6
Other	31.9	10.0
Total	$1,292.3	$770.8


(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
Accounts payable, trade	$44.2	$88.1
Accrued salaries and wages	69.5	42.3
Accrued expenses	265.7	55.3
Other	1.7	4.1
Accounts payable and accrued expenses	$381.1	$189.8

Accounts payable and accrued expenses as of June 27, 2021 and June 28, 2020 includes accrued property and equipment of $248.3 million and $79.4 million, respectively. Accrued property and equipment as of June 30, 2019 was $20.1 million.


(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020
Currency translation gain	$—	$9.5
Net unrealized gain on available-for-sale securities (1)	2.7	6.5
Accumulated other comprehensive income, net of taxes	$2.7	$16.0

(1) Amounts as of June 27, 2021 and June 28, 2020 include a $2.4 million loss related to tax on the net unrealized gain on available-for-sale securities.


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020	June 30, 2019
Factory optimization restructuring	$7.6	$8.5	$4.1
Severance and other restructuring	3.4	0.6	2.8
Total restructuring costs	11.0	9.1	6.9
Project, transformation and transaction costs	7.3	12.2	16.9
Factory optimization start-up costs	8.0	9.5	1.5

Non-restructuring related executive severance	2.8	2.1	1.3

Other operating expense	$29.1	$32.9	$26.6


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 27, 2021	June 28, 2020	June 30, 2019
(Gain) loss on sale of investments, net	($0.4)	($1.5)	$0.1
(Gain) loss on equity investment	(8.3)	(14.2)	16.2
Gain on partial debt extinguishment	—	(11.0)	—
Gain on arbitration proceedings	—	(7.9)	—
Interest income	(10.1)	(16.3)	(13.9)
Interest expense	45.4	34.9	26.0
Foreign currency (gain) loss, net	(1.3)	(2.0)	1.3
Loss on Wafer Supply Agreement	0.8	—	—
Other, net	0.2	(0.5)	(0.3)
Non-operating expense (income), net	$26.3	($18.5)	$29.4

The Company reclassified a net gain of $0.4 million and $1.5 million and a net loss of $0.1 million, on available for sale securities out of accumulated other comprehensive income for the fiscal years ended June 27, 2021, June 28, 2020, and June 30, 2019, respectively. For the fiscal year ended June 28, 2020, an additional net gain of $0.5 million was reclassified to net (loss) income from discontinued operations on the consolidated statements of operations. There was no tax impact on any reclassifications 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, in fiscal 2019, $5.2 million of currency translation loss related to the former Lighting Products business unit was reclassified out of accumulated other comprehensive income and recognized in the consolidated statements of operations as part of the loss on sale of discontinued operations. In fiscal 2021, $9.5 million of currency translation gain related to the former LED Products segment was reclassified out of accumulated other comprehensive income and recognized in the consolidated statements of operations as part of the loss on sale of discontinued operations.


	Fiscal Years Ended
	June 27, 2021	June 28, 2020	June 30, 2019
Lease asset and liability additions (1)	$7.9	$28.3	$—
Lease asset and liability modifications, net	1.7	4.8	—
Transfer of finance lease liability to accounts payable and accrued expenses (2)	4.2	—	—
Receivables for property, plant and equipment related insurance proceeds	1.9	—	—
Decrease in property, plant and equipment from long-term incentive related receivables	16.4	—	—

(1) $11.0 million of the lease asset and liability additions for the year ended June 28, 2020 related to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 5, "Leases", for further information.

(2) In the first quarter of fiscal 2021, the Company executed the available bargain purchase option for certain finance leases relating to property and equipment, net, in order to purchase the assets.