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Financial Statement Details | 12 Months Ended
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Jun. 26, 2022
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 26, 2022 |  | June 27, 2021
Billed trade receivables | $148.0 |  |  | $95.6 |
Unbilled contract receivables | 2.7 |  |  | 0.6 |
Royalties | 0.7 |  |  | 0.5 |
| 151.4 |  |  | 96.7 |
Allowance for bad debts | (1.2) |  |  | (0.8) |
Accounts receivable, net | $150.2 |  |  | $95.9 |
Changes in the Company’s allowance for bad debts were as follows:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021 |  | June 28, 2020
Balance at beginning of period | $0.8 |  |  | $0.7 |  |  | $0.2 |
Current period provision change | 0.4 |  |  | 0.1 |  |  | 0.6 |
Write-offs, net of recoveries | — |  |  | — |  |  | (0.1) |
Balance at end of period | $1.2 |  |  | $0.8 |  |  | $0.7 |
Inventories Inventories consisted of the following:
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021
Raw material | $60.2 |  |  | $43.3 |
Work-in-progress | 135.9 |  |  | 109.5 |
Finished goods | 30.9 |  |  | 13.8 |
Inventories | $227.0 |  |  | $166.6 |
Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021
Reimbursement receivable on long-term incentive agreement | $132.5 |  |  | $4.6 |
Accrued interest receivable | 5.9 |  |  | 5.5 |
Receivable on the Wafer Supply Agreement | 2.7 |  |  | 7.0 |
Inventory related to the Wafer Supply Agreement | 3.9 |  |  | 3.9 |
Deferred product costs | 2.5 |  |  | 1.8 |
Other | 3.9 |  |  | 5.1 |
Other current assets | $151.4 |  |  | $27.9 |
Property and Equipment, net Property and equipment, net consisted of the following:
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021
Machinery and equipment | $1,167.3 |  |  | $988.6 |
Land and buildings | 407.4 |  |  | 383.9 |
Computer hardware/software | 61.9 |  |  | 51.5 |
Furniture and fixtures | 8.0 |  |  | 8.0 |
Leasehold improvements and other | 11.0 |  |  | 9.6 |
Vehicles | 0.6 |  |  | 0.7 |
Finance lease assets | 10.3 |  |  | 15.5 |
Construction in progress | 802.3 |  |  | 767.8 |
Property and equipment, gross | 2,468.8 |  |  | 2,225.6 |
Accumulated depreciation | (987.7) |  |  | (933.3) |
Property and equipment, net | $1,481.1 |  |  | $1,292.3 |
Depreciation of property and equipment totaled $100.4 million, $100.5 million and $76.7 million for the years ended June 26, 2022, June 27, 2021 and June 28, 2020, respectively. During the years ended June 26, 2022, June 27, 2021 and June 28, 2020, the Company recognized approximately $1.0 million, $4.3 million and $3.3 million, respectively, as losses on disposals or impairments of property and equipment of which $1.3 million, $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 26, 2022, 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 26, 2022 and June 27, 2021. The majority of the Company's property and equipment, net is in the United States. As of June 26, 2022 and June 27, 2021, the Company held $58.6 million and $34.2 million of property and equipment, net outside of the United States, primarily related to assets held at contract manufacturing space in Malaysia. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021
Accounts payable, trade | $57.8 |  |  | $44.2 |
Accrued salaries and wages | 80.6 |  |  | 69.5 |
Accrued property and equipment | 132.1 |  |  | 248.3 |
Accrued expenses | 30.7 |  |  | 17.4 |
Other | 6.5 |  |  | 1.7 |
Accounts payable and accrued expenses | $307.7 |  |  | $381.1 |
Other Operating Expense The following table summarizes the components of other operating expense:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 26, 2022 |  | June 27, 2021 |  | June 28, 2020
Factory optimization restructuring | $6.1 |  |  | $7.6 |  |  | $8.5 |
Severance and other restructuring | 1.2 |  |  | 3.4 |  |  | 0.6 |
Total restructuring costs | 7.3 |  |  | 11.0 |  |  | 9.1 |
Project, transformation and transaction costs | 6.6 |  |  | 7.3 |  |  | 12.2 |
Factory start-up costs | 70.0 |  |  | 8.0 |  |  | 9.5 |
Non-restructuring related executive severance | — |  |  | 2.8 |  |  | 2.1 |
Other operating expense | $83.9 |  |  | $29.1 |  |  | $32.9 |
See Note 18, "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 26, 2022 |  | June 27, 2021 |  | June 28, 2020
Gain on sale of investments, net | ($0.3) |  |  | ($0.4) |  |  | ($1.5) |
Gain on equity investment | — |  |  | (8.3) |  |  | (14.2) |
Loss (gain) on debt extinguishment | 24.8 |  |  | — |  |  | (11.0) |
Gain on arbitration proceedings | — |  |  | — |  |  | (7.9) |
Interest income | (11.8) |  |  | (10.1) |  |  | (16.3) |
Interest expense | 25.1 |  |  | 45.4 |  |  | 34.9 |
Other, net | 0.5 |  |  | (0.3) |  |  | (2.5) |
Non-operating expense (income), net | $38.3 |  |  | $26.3 |  |  | ($18.5) |
Accumulated Other Comprehensive (Loss) Income, net of taxes Accumulated other comprehensive (loss) income, net of taxes, consisted of $25.3 million of net unrealized losses on available-for-sale securities and $2.7 million of net unrealized gains on available-for-sale securities as of June 26, 2022 and June 27, 2021, respectively. Amounts for both periods include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities. Reclassifications Out of Accumulated Other Comprehensive Income The Company reclassified a net gain of $0.3 million, $0.4 million and $1.5 million on available for sale securities out of accumulated other comprehensive income for the fiscal years ended June 26, 2022, June 27, 2021, and June 28, 2020, 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 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. Statements of Cash Flows - non-cash activities
| Fiscal Years Ended
| June 26, 2022 |  | June 27, 2021 |  | June 28, 2020
Lease asset and liability additions (1) | $39.0 |  |  | $7.9 |  |  | $28.3 |
Lease asset and liability modifications, net | 8.6 |  |  | 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 |  |  | — |
Settlement of 2023 Notes in shares of common stock (3) | 416.1 |  |  | — |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 119.0 |  |  | 16.4 |  |  | — |
Accrued property and equipment as of the fiscal year end date | 132.1 |  |  | 248.3 |  |  | 79.4 |
(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. (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. (3) As discussed further in Note 10, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 0.875% convertible senior notes due September 1, 2023 (the 2023 Notes) were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash.

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