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Financial Statement Details (Tables)

12 Months Ended

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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