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Financial Statement Details | 9 Months Ended
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Mar. 26, 2023
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) | March 26, 2023 |  | June 26, 2022
Billed trade receivables | $161.0 |  |  | $148.0 |
Unbilled contract receivables | 2.8 |  |  | 2.7 |
Royalties | 0.9 |  |  | 0.7 |
| 164.7 |  |  | 151.4 |
Allowance for bad debts | (0.7) |  |  | (1.2) |
Accounts receivable, net | $164.0 |  |  | $150.2 |
Changes in the Company’s allowance for bad debts were as follows:
(in millions of U.S. Dollars) | March 26, 2023
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) | March 26, 2023 |  | June 26, 2022
Raw material | $87.3 |  |  | $60.2 |
Work-in-progress | 172.9 |  |  | 135.9 |
Finished goods | 28.7 |  |  | 30.9 |
Inventories | $288.9 |  |  | $227.0 |
Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | March 26, 2023 |  | June 26, 2022
Reimbursement receivable on long-term incentive agreement | $86.9 |  |  | $132.5 |
Accrued interest receivable | 12.0 |  |  | 5.9 |
Inventory related to Wafer Supply Agreement | 4.0 |  |  | 3.9 |
VAT receivables | 3.3 |  |  | 0.2 |
Receivable on Wafer Supply Agreement | 2.0 |  |  | 2.7 |
Other receivables | 1.6 |  |  | 2.2 |
Deferred product costs | 0.4 |  |  | 2.5 |
Other | 1.8 |  |  | 1.5 |
Other current assets | $112.0 |  |  | $151.4 |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | March 26, 2023 |  | June 26, 2022
Accounts payable, trade | $45.3 |  |  | $57.8 |
Accrued salaries and wages | 71.4 |  |  | 80.6 |
Accrued property and equipment | 306.0 |  |  | 132.1 |
Accrued expenses and other | 99.5 |  |  | 37.2 |
Accounts payable and accrued expenses | $522.2 |  |  | $307.7 |
Other Operating Expense Other operating expense consisted of the following:
| Three months ended |  | Nine months ended
(in millions of U.S. Dollars) | March 26, 2023 |  | March 27, 2022 |  | March 26, 2023 |  | March 27, 2022
Factory start-up costs | 44.7 |  |  | 21.4 |  |  | 120.7 |  |  | 41.0 |
Project, transformation and transaction costs | 3.9 |  |  | 1.2 |  |  | 11.4 |  |  | 5.3 |
Factory optimization restructuring (1) | — |  |  | 0.8 |  |  | — |  |  | 5.5 |
Severance costs | 0.5 |  |  | 0.5 |  |  | 2.0 |  |  | 0.5 |
Other operating expense | $49.1 |  |  | $23.9 |  |  | $134.1 |  |  | $52.3 |
(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. Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $23.1 million and $25.3 million of net unrealized losses on available-for-sale securities as of March 26, 2023 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 nine months ended March 26, 2023 and a less than $0.1 million gain and a $0.3 million gain for the three and nine months ended March 27, 2022, 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 |  | Nine months ended
(in millions of U.S. Dollars) | March 26, 2023 |  | March 27, 2022 |  | March 26, 2023 |  | March 27, 2022
Interest income | (22.2) |  |  | (2.8) |  |  | (38.1) |  |  | (7.8) |
Interest expense, net of capitalized interest | 14.1 |  |  | 5.1 |  |  | 26.7 |  |  | 17.1 |
Gain on arbitration proceedings (1) | — |  |  | — |  |  | (50.3) |  |  | — |
Loss on debt extinguishment (2) | — |  |  | — |  |  | — |  |  | 24.8 |
Loss on Wafer Supply Agreement | 4.8 |  |  | 0.5 |  |  | 7.3 |  |  | 1.4 |
Loss on early payment of transaction-related note receivable (3) | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Gain on sale of investments, net | — |  |  | — |  |  | — |  |  | (0.3) |
Other, net | 0.4 |  |  | (0.2) |  |  | 1.0 |  |  | (0.7) |
Non-operating (income) expense, net | ($2.9) |  |  | $3.8 |  |  | ($53.4) |  |  | $35.7 |
(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. (3) As discussed further in Note 2, "Discontinued Operations," in the third quarter of fiscal 2022, the Company recognized a loss of $1.2 million related to the early payment of the Purchase Price Note. Statements of Cash Flows - non-cash activities
| Nine months ended
(in millions of U.S. Dollars) | March 26, 2023 |  | March 27, 2022
Lease asset and liability additions | $26.7 |  |  | $6.3 |
Lease asset and liability modifications, net | 0.5 |  |  | 3.3 |
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 | 106.0 |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 85.2 |  |  | 137.3 |
(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 March 26, 2023 and March 27, 2022 was $306.0 million and $88.3 million, respectively.

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