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Financial Statement Details (Tables)

6 Months Ended

Dec. 25, 2022

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 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

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 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

Schedule of 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

Schedule of 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

Schedule of 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

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 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

Schedule of 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.

Schedule of Noncash Operating 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.

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