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Financial Statement Details (Tables)

6 Months Ended

Dec. 26, 2021

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)			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

Schedule of Allowance for Bad Debts

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

Schedule of 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

Schedule of 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

Schedule of 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

Schedule of 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

Schedule of Non-Operating Expense (Income), 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.

Schedule of Noncash Operating 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.

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