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Financial Statement Details | 6 Months Ended
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Dec. 26, 2021
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) | December 26, 2021 |  | June 27, 2021
Billed trade receivables | $107.5 |  |  | $95.6 |
Unbilled contract receivables | 3.1 |  |  | 0.6 |
Royalties | 0.3 |  |  | 0.5 |
| 110.9 |  |  | 96.7 |
Allowance for bad debts | (0.9) |  |  | (0.8) |
Accounts receivable, net | $110.0 |  |  | $95.9 |
Changes in the Company’s allowance for bad debts were as follows:
(in millions of U.S. Dollars) | December 26, 2021
Balance at beginning of period | $0.8 |
Current period provision change | 0.1 |
Write-offs, net of recoveries | — |
Balance at end of period | $0.9 |
Inventories Inventories consisted of the following:
(in millions of U.S. Dollars) | December 26, 2021 |  | June 27, 2021
Raw material | $48.0 |  |  | $43.3 |
Work-in-progress | 133.8 |  |  | 109.5 |
Finished goods | 16.8 |  |  | 13.8 |
Inventories | $198.6 |  |  | $166.6 |
Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | December 26, 2021 |  | June 27, 2021
Reimbursement receivable on long-term incentive agreement | $97.5 |  |  | $4.6 |
Accrued interest receivable | 3.9 |  |  | 5.5 |
Receivable on Wafer Supply Agreement | 2.2 |  |  | 7.0 |
Inventory related to Wafer Supply Agreement | 2.8 |  |  | 3.9 |
Deferred product costs | 2.2 |  |  | 1.8 |
Other | 3.4 |  |  | 5.1 |
Other current assets | $112.0 |  |  | $27.9 |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | December 26, 2021 |  | June 27, 2021
Accounts payable, trade | $46.8 |  |  | $44.2 |
Accrued salaries and wages | 57.9 |  |  | 69.5 |
Accrued property and equipment | 135.7 |  |  | 248.3 |
Accrued expenses | 20.5 |  |  | 17.4 |
Other | 4.6 |  |  | 1.7 |
Accounts payable and accrued expenses | $265.5 |  |  | $381.1 |
Other Operating Expense Other operating expense consisted of the following:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 26, 2021 |  | December 27, 2020 |  | December 26, 2021 |  | December 27, 2020
Factory optimization restructuring | $2.1 |  |  | $1.3 |  |  | $4.7 |  |  | $2.9 |
Severance and other restructuring | — |  |  | — |  |  | — |  |  | 2.8 |
Total restructuring costs | 2.1 |  |  | 1.3 |  |  | 4.7 |  |  | 5.7 |
Project, transformation and transaction costs | 2.5 |  |  | 0.1 |  |  | 4.1 |  |  | 1.3 |
Factory optimization start-up costs | 11.0 |  |  | 1.2 |  |  | 19.6 |  |  | 4.2 |
Other operating expense | $15.6 |  |  | $2.6 |  |  | $28.4 |  |  | $11.2 |
Accumulated Other Comprehensive (Loss) Income, net of taxes Accumulated other comprehensive (loss) income, net of taxes, consisted of $1.7 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 December 26, 2021 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 (Loss) Income Reclassifications out of accumulated other comprehensive (loss) income were a $0.1 million gain and a $0.3 million gain for the three and six months ended December 26, 2021, respectively, and gains of $0.2 million for each of the three and six months ended December 27, 2020, respectively. Amounts were reclassified to non-operating expense, net on the consolidated statements of operations. Non-Operating Expense, net The following table summarizes the components of non-operating expense, net:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 26, 2021 |  | December 27, 2020 |  | December 26, 2021 |  | December 27, 2020
Foreign currency gain, net | ($0.2) |  |  | ($2.2) |  |  | ($0.3) |  |  | ($2.4) |
Gain on sale of investments, net | (0.1) |  |  | (0.2) |  |  | (0.3) |  |  | (0.2) |
Loss on debt extinguishment (1) | 24.8 |  |  | — |  |  | 24.8 |  |  | — |
Gain on equity investment, net | — |  |  | (10.4) |  |  | — |  |  | (7.0) |
Interest income | (2.4) |  |  | (2.2) |  |  | (5.0) |  |  | (4.9) |
Interest expense, net of capitalized interest | 5.3 |  |  | 11.9 |  |  | 12.0 |  |  | 25.0 |
Loss on Wafer Supply Agreement | 0.1 |  |  | — |  |  | 0.9 |  |  | — |
Other, net | 0.3 |  |  | — |  |  | (0.2) |  |  | 0.3 |
Non-operating expense, net | $27.8 |  |  | ($3.1) |  |  | $31.9 |  |  | $10.8 |
(1) As discussed further in Note 9, "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. Statements of Cash Flows - non-cash activities
| Six months ended
| December 26, 2021 |  | December 27, 2020
Lease asset and liability additions | $5.6 |  |  | $1.2 |
Lease asset and liability modifications, net | 2.9 |  |  | 0.2 |
Lease terminations | (0.2) |  |  | — |
Transfer of finance lease liability to accounts payable and accrued expenses (1) | — |  |  | 4.2 |
Settlement of 2023 Notes in shares of common stock (2) | 416.1 |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 81.1 |  |  | — |
(1) 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. (2) As discussed further in Note 9, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash. Accrued property and equipment as of December 26, 2021 and December 27, 2020 was $135.7 million and $145.0 million, respectively.

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