XML 24 R12.htm IDEA: XBRL DOCUMENT v3.22.4
Financial Statement Details
 6 Months Ended
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, 2022June 26, 2022
Billed trade receivables$166.6 $148.0 
Unbilled contract receivables2.6 2.7 
Royalties0.8 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, 2022June 26, 2022
Raw material$84.0 $60.2 
Work-in-progress146.8 135.9 
Finished goods35.8 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, 2022June 26, 2022
Reimbursement receivable on long-term incentive agreement$111.6 $132.5 
Accrued interest receivable11.2 5.9 
Receivable on Wafer Supply Agreement1.6 2.7 
Inventory related to Wafer Supply Agreement2.8 3.9 
Deferred product costs0.3 2.5 
Other5.9 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, 2022June 26, 2022
Accounts payable, trade$132.2 $57.8 
Accrued salaries and wages54.9 80.6 
Accrued property and equipment156.8 132.1 
Accrued expenses and other45.2 37.2 
Accounts payable and accrued expenses$389.1 $307.7 
Other Operating Expense
Other operating expense consisted of the following:
Three months endedSix months ended
(in millions of U.S. Dollars)December 25, 2022December 26, 2021December 25, 2022December 26, 2021
Factory start-up costs37.6 11.0 76.0 19.6 
Project, transformation and transaction costs4.5 2.5 7.5 4.1 
Restructuring costs0.2 2.1 0.2 4.7 
Non-restructuring related executive severance0.3 — 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 endedSix months ended
(in millions of U.S. Dollars)December 25, 2022December 26, 2021December 25, 2022December 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 interest7.8 5.3 12.6 12.0 
Loss on Wafer Supply Agreement2.6 0.1 2.5 0.9 
Gain on sale of investments, net— (0.1)— (0.3)
Other, net1.3 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, 2022December 26, 2021
Lease asset and liability additions$12.7 $5.6 
Lease asset and liability modifications, net0.6 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 receivables24.3 — 
Decrease in property, plant and equipment from long-term incentive related receivables49.8 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.