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Financial Statement Details (Tables) | 12 Months Ended
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Jun. 25, 2023
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 25, 2023 |  | June 26, 2022
Billed trade receivables | $152.1 |  |  | $148.0 |
Unbilled contract receivables | 2.3 |  |  | 2.7 |
Royalties | 1.1 |  |  | 0.7 |
| 155.5 |  |  | 151.4 |
Allowance for bad debts | (0.7) |  |  | (1.2) |
Accounts receivable, net | $154.8 |  |  | $150.2 |
Changes in the Company’s allowance for bad debts were as follows:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 25, 2023 |  | June 26, 2022 |  | June 27, 2021
Balance at beginning of period | $1.2 |  |  | $0.8 |  |  | $0.7 |
Current period provision change | (0.5) |  |  | 0.4 |  |  | 0.1 |
Write-offs, net of recoveries | — |  |  | — |  |  | — |
Balance at end of period | $0.7 |  |  | $1.2 |  |  | $0.8 |
Schedule of Inventories | Inventories consisted of the following:
(in millions of U.S. Dollars) | June 25, 2023 |  | June 26, 2022
Raw material | $101.8 |  |  | $60.2 |
Work-in-progress | 200.4 |  |  | 135.9 |
Finished goods | 25.3 |  |  | 30.9 |
Inventories | $327.5 |  |  | $227.0 |
Schedule of Other Current Assets | Other current assets consisted of the following:
(in millions of U.S. Dollars) | June 25, 2023 |  | June 26, 2022
Reimbursement receivable on long-term incentive agreement | $91.3 |  |  | $132.5 |
Accrued interest receivable | 10.1 |  |  | 5.9 |
Short-term deposit on long-term incentive agreement | 10.0 |  |  | — |
Insurance deposit | 6.3 |  |  | — |
VAT receivables | 4.8 |  |  | 0.2 |
Inventory related to the Wafer Supply Agreement | 3.9 |  |  | 3.9 |
Other receivables | 2.2 |  |  | 2.2 |
Receivable on the Wafer Supply Agreement | 1.3 |  |  | 2.7 |
Other | 1.8 |  |  | 4.0 |
Other current assets | $131.7 |  |  | $151.4 |
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 to 5 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 25, 2023 |  | June 26, 2022
Machinery and equipment | $1,333.4 |  |  | $1,167.3 |
Land and buildings | 966.4 |  |  | 407.4 |
Computer hardware/software | 76.5 |  |  | 61.9 |
Furniture and fixtures | 8.1 |  |  | 8.0 |
Leasehold improvements and other | 14.5 |  |  | 11.0 |
Vehicles | 0.6 |  |  | 0.6 |
Finance lease assets | 9.6 |  |  | 10.3 |
Construction in progress | 873.5 |  |  | 802.3 |
Property and equipment, gross | 3,282.6 |  |  | 2,468.8 |
Accumulated depreciation | (1,091.2) |  |  | (987.7) |
Property and equipment, net | $2,191.4 |  |  | $1,481.1 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | June 25, 2023 |  | June 26, 2022
Accounts payable, trade | $44.9 |  |  | $57.8 |
Accrued salaries and wages | 66.3 |  |  | 80.6 |
Accrued property and equipment | 328.4 |  |  | 132.1 |
Accrued expenses | 97.3 |  |  | 37.2 |
Accounts payable and accrued expenses | $536.9 |  |  | $307.7 |
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 25, 2023 |  | June 26, 2022 |  | June 27, 2021
Project, transformation and transaction costs | 22.9 |  |  | 6.6 |  |  | 7.3 |
Factory optimization restructuring costs (1) | — |  |  | 6.1 |  |  | 7.6 |
Severance costs | 3.4 |  |  | 1.2 |  |  | 6.2 |
Other operating expense | $26.3 |  |  | $13.9 |  |  | $21.1 |
(1) Factory optimization restructuring costs relate to the Company's multi-year factory optimization restructuring plan, which was implemented in connection with the Company's expansion activities between fiscal 2019 and fiscal 2022. As part of the factory optimization restructuring plan, the Company incurred restructuring charges associated with the movement of equipment as well as disposals on certain long-lived assets. The factory optimization restructuring plan concluded in fiscal 2022.
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 25, 2023 |  | June 26, 2022 |  | June 27, 2021
Interest income | ($58.2) |  |  | ($11.8) |  |  | ($10.1) |
Interest expense, net of capitalized interest | 42.6 |  |  | 25.1 |  |  | 45.4 |
Gain on arbitration proceedings (1) | (50.3) |  |  | — |  |  | — |
Loss on debt extinguishment (2) | — |  |  | 24.8 |  |  | — |
Gain on equity investment | — |  |  | — |  |  | (8.3) |
Loss on Wafer Supply Agreement | 13.6 |  |  | 0.8 |  |  | 0.8 |
Gain on sale of investments, net | — |  |  | (0.3) |  |  | (0.4) |
Other, net | 0.2 |  |  | (0.3) |  |  | (1.1) |
Non-operating (income) expense, net | ($52.1) |  |  | $38.3 |  |  | $26.3 |
(1) In the first quarter of fiscal 2023, the Company received an arbitration award in relation to a former customer failing to fulfill contractual obligations to purchase a certain amount of product over a period of time. In the second quarter of fiscal 2023, a final payment, net of legal fees, was received. The arbitration award is recognized as non-operating income, net of legal fees incurred. (2) As discussed further in Note 10, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 2023 Notes (as defined below) were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash.
Schedule of Non-cash Operating Activities | Statements of Cash Flows - non-cash activities
| Fiscal Years Ended
| June 25, 2023 |  | June 26, 2022 |  | June 27, 2021
Lease asset and liability additions | $63.8 |  |  | $39.0 |  |  | $7.9 |
Lease asset and liability modifications, net | 0.5 |  |  | 8.6 |  |  | 1.7 |
Transfer of finance lease liability to accounts payable and accrued expenses (1) | — |  |  | — |  |  | 4.2 |
Receivables for property, plant and equipment related insurance proceeds | — |  |  | — |  |  | 1.9 |
Settlement of 2023 Notes in shares of common stock (2) | — |  |  | 416.1 |  |  | — |
Decrease in property, plant and equipment from investment tax credit receivables | 167.4 |  |  | — |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 114.0 |  |  | 119.0 |  |  | 16.4 |
Accrued property and equipment as of the fiscal year end date | 328.4 |  |  | 132.1 |  |  | 248.3 |
(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 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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