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Financial Statement Details
 9 Months Ended
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, 2023June 26, 2022
Billed trade receivables$161.0 $148.0 
Unbilled contract receivables2.8 2.7 
Royalties0.9 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, 2023June 26, 2022
Raw material$87.3 $60.2 
Work-in-progress172.9 135.9 
Finished goods28.7 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, 2023June 26, 2022
Reimbursement receivable on long-term incentive agreement$86.9 $132.5 
Accrued interest receivable12.0 5.9 
Inventory related to Wafer Supply Agreement4.0 3.9 
VAT receivables3.3 0.2 
Receivable on Wafer Supply Agreement2.0 2.7 
Other receivables1.6 2.2 
Deferred product costs0.4 2.5 
Other1.8 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, 2023June 26, 2022
Accounts payable, trade$45.3 $57.8 
Accrued salaries and wages71.4 80.6 
Accrued property and equipment306.0 132.1 
Accrued expenses and other99.5 37.2 
Accounts payable and accrued expenses$522.2 $307.7 
Other Operating Expense
Other operating expense consisted of the following:
Three months endedNine months ended
(in millions of U.S. Dollars)March 26, 2023March 27, 2022March 26, 2023March 27, 2022
Factory start-up costs44.7 21.4 120.7 41.0 
Project, transformation and transaction costs3.9 1.2 11.4 5.3 
Factory optimization restructuring (1)
— 0.8 — 5.5 
Severance costs0.5 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 endedNine months ended
(in millions of U.S. Dollars)March 26, 2023March 27, 2022March 26, 2023March 27, 2022
Interest income(22.2)(2.8)(38.1)(7.8)
Interest expense, net of capitalized interest14.1 5.1 26.7 17.1 
Gain on arbitration proceedings (1)
— — (50.3)— 
Loss on debt extinguishment (2)
— — — 24.8 
Loss on Wafer Supply Agreement4.8 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, net0.4 (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, 2023March 27, 2022
Lease asset and liability additions$26.7 $6.3 
Lease asset and liability modifications, net0.5 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 receivables106.0 — 
Decrease in property, plant and equipment from long-term incentive related receivables85.2 137.3 
(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.