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Financial Statement Details | 6 Months Ended
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Dec. 25, 2022
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 25, 2022 |  | June 26, 2022
Billed trade receivables | $166.6 |  |  | $148.0 |
Unbilled contract receivables | 2.6 |  |  | 2.7 |
Royalties | 0.8 |  |  | 0.7 |
| 170.0 |  |  | 151.4 |
Allowance for bad debts | (0.7) |  |  | (1.2) |
Accounts receivable, net | $169.3 |  |  | $150.2 |
Changes in the Company’s allowance for bad debts were as follows:
(in millions of U.S. Dollars) | December 25, 2022
Balance at beginning of period | $1.2 |
Current period provision change | (0.5) |
Write-offs, net of recoveries | — |
Balance at end of period | $0.7 |
Inventories Inventories consisted of the following:
(in millions of U.S. Dollars) | December 25, 2022 |  | June 26, 2022
Raw material | $84.0 |  |  | $60.2 |
Work-in-progress | 146.8 |  |  | 135.9 |
Finished goods | 35.8 |  |  | 30.9 |
Inventories | $266.6 |  |  | $227.0 |
Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | December 25, 2022 |  | June 26, 2022
Reimbursement receivable on long-term incentive agreement | $111.6 |  |  | $132.5 |
Accrued interest receivable | 11.2 |  |  | 5.9 |
Receivable on Wafer Supply Agreement | 1.6 |  |  | 2.7 |
Inventory related to Wafer Supply Agreement | 2.8 |  |  | 3.9 |
Deferred product costs | 0.3 |  |  | 2.5 |
Other | 5.9 |  |  | 3.9 |
Other current assets | $133.4 |  |  | $151.4 |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | December 25, 2022 |  | June 26, 2022
Accounts payable, trade | $132.2 |  |  | $57.8 |
Accrued salaries and wages | 54.9 |  |  | 80.6 |
Accrued property and equipment | 156.8 |  |  | 132.1 |
Accrued expenses and other | 45.2 |  |  | 37.2 |
Accounts payable and accrued expenses | $389.1 |  |  | $307.7 |
Other Operating Expense Other operating expense consisted of the following:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 25, 2022 |  | December 26, 2021 |  | December 25, 2022 |  | December 26, 2021
Factory start-up costs | 37.6 |  |  | 11.0 |  |  | 76.0 |  |  | 19.6 |
Project, transformation and transaction costs | 4.5 |  |  | 2.5 |  |  | 7.5 |  |  | 4.1 |
Restructuring costs | 0.2 |  |  | 2.1 |  |  | 0.2 |  |  | 4.7 |
Non-restructuring related executive severance | 0.3 |  |  | — |  |  | 1.3 |  |  | — |
Other operating expense | $42.6 |  |  | $15.6 |  |  | $85.0 |  |  | $28.4 |
Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $28.6 million and $25.3 million of net unrealized losses on available-for-sale securities as of December 25, 2022 and June 26, 2022, 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 Reclassifications out of accumulated other comprehensive loss was a loss of less than $0.1 million for both the three and six months ended December 25, 2022 and a $0.1 million and $0.3 million gain for the three and six months ended December 26, 2021, respectively. Amounts were reclassified to non-operating (income) expense, net on the consolidated statements of operations. Non-Operating (Income) Expense, net The following table summarizes the components of non-operating (income) expense, net:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 25, 2022 |  | December 26, 2021 |  | December 25, 2022 |  | December 26, 2021
Gain on arbitration proceedings (1) | (0.9) |  |  | — |  |  | (50.3) |  |  | — |
Loss on debt extinguishment (2) | — |  |  | 24.8 |  |  | — |  |  | 24.8 |
Interest income | (11.6) |  |  | (2.4) |  |  | (15.9) |  |  | (5.0) |
Interest expense, net of capitalized interest | 7.8 |  |  | 5.3 |  |  | 12.6 |  |  | 12.0 |
Loss on Wafer Supply Agreement | 2.6 |  |  | 0.1 |  |  | 2.5 |  |  | 0.9 |
Gain on sale of investments, net | — |  |  | (0.1) |  |  | — |  |  | (0.3) |
Other, net | 1.3 |  |  | 0.1 |  |  | 0.6 |  |  | (0.5) |
Non-operating (income) expense, net | ($0.8) |  |  | $27.8 |  |  | ($50.5) |  |  | $31.9 |
(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 9, "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. Statements of Cash Flows - non-cash activities
| Six months ended
(in millions of U.S. Dollars) | December 25, 2022 |  | December 26, 2021
Lease asset and liability additions | $12.7 |  |  | $5.6 |
Lease asset and liability modifications, net | 0.6 |  |  | 2.9 |
Lease terminations | — |  |  | (0.2) |
Settlement of 2023 Notes in shares of common stock (1) | — |  |  | 416.1 |
Decrease in property, plant and equipment from investment tax credit receivables | 24.3 |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 49.8 |  |  | 81.1 |
(1) 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 25, 2022 and December 26, 2021 was $156.8 million and $135.7 million, respectively.

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