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Financial Statement Details (Tables)

9 Months Ended

Mar. 26, 2023

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)			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

Schedule of Allowance for Bad Debts

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

Schedule of 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

Schedule of 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

Schedule of 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

Schedule of 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.

Schedule of 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.

Schedule of Noncash Operating 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.

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