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v3.22.2.2

Financial Statement Details (Tables) | 12 Months Ended
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Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of 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 |
Schedule of 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 |
Schedule of 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, Plant and Equipment | In general, the Company’s policy for useful lives is as follows:
Furniture and fixtures | 5 years
Buildings and building improvements | 5 to 40 years
Machinery and equipment | 3 to 15 years
Vehicles | 5 years
Computer hardware/software | 3 years
Leasehold improvements | Shorter of estimated useful life or lease term
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 |
Schedule of 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 |
Schedule of Other Operating Expense (Income) | 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 |
Schedule of 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) |
Schedule of Non-cash Operating Activities | 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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