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Financial Statement Details | 3 Months Ended
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Sep. 24, 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) | September 24, 2023 |  | June 25, 2023
Billed trade receivables | $150.6 |  |  | $152.1 |
Unbilled contract receivables | 3.1 |  |  | 2.3 |
Royalties | 1.2 |  |  | 1.1 |
| 154.9 |  |  | 155.5 |
Allowance for bad debts | (0.7) |  |  | (0.7) |
Accounts receivable, net | $154.2 |  |  | $154.8 |
Inventories Inventories consisted of the following:
(in millions of U.S. Dollars) | September 24, 2023 |  | June 25, 2023
Raw material | $105.2 |  |  | $90.7 |
Work-in-progress | 218.9 |  |  | 183.2 |
Finished goods | 16.8 |  |  | 14.9 |
Inventories | $340.9 |  |  | $288.8 |
In addition to inventory held by the Company associated with the power and materials product lines, the Company holds inventory related to a master supply agreement that will be entered into in connection with the RF Business Divestiture (the Master Supply Agreement). Of the total inventory noted above, $30.7 million and $29.7 million relates to the future Master Supply Agreement as of September 24, 2023 and June 25, 2023, respectively. Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | September 24, 2023 |  | June 25, 2023
Reimbursement receivable on long-term incentive agreement | $99.5 |  |  | $91.3 |
Accrued interest receivable | 13.3 |  |  | 10.1 |
Other receivables | 11.0 |  |  | 2.2 |
Short-term deposit on long-term incentive agreement | 10.0 |  |  | 10.0 |
VAT receivables | 9.8 |  |  | 4.8 |
Insurance deposit | 4.2 |  |  | 6.3 |
Inventory related to the Wafer Supply Agreement | 3.6 |  |  | 3.9 |
Receivable on the Wafer Supply Agreement | 0.9 |  |  | 1.3 |
Other | 1.4 |  |  | 1.6 |
Other current assets | $153.7 |  |  | $131.5 |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | September 24, 2023 |  | June 25, 2023
Accounts payable, trade | $64.9 |  |  | $44.9 |
Accrued salaries and wages | 89.6 |  |  | 63.9 |
Accrued property and equipment | 340.2 |  |  | 328.4 |
Accrued expenses | 54.2 |  |  | 97.3 |
Accounts payable and accrued expenses | $548.9 |  |  | $534.5 |
Other Operating Expense Other operating expense consisted of the following:
|  |  | Three months ended
(in millions of U.S. Dollars) |  |  |  |  | September 24, 2023 |  | September 25, 2022
Project, transformation and transaction costs |  |  |  |  | $2.6 |  |  | $0.9 |
Executive severance costs |  |  |  |  | — |  |  | 1.0 |
Other operating expense |  |  |  |  | $2.6 |  |  | $1.9 |
Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $23.2 million and $25.1 million of net unrealized losses on available-for-sale securities as of September 24, 2023 and June 25, 2023, 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 less than $0.1 million gain for both the three months ended September 24, 2023 and the three months ended September 25, 2022. Amounts were reclassified to non-operating expense (income), net on the consolidated statements of operations. Non-Operating Expense (Income), net The following table summarizes the components of non-operating expense (income), net:
|  |  | Three months ended
(in millions of U.S. Dollars) |  |  |  |  | September 24, 2023 |  | September 25, 2022
Interest income |  |  |  |  | (40.6) |  |  | (4.3) |
Interest expense, net of capitalized interest |  |  |  |  | 61.7 |  |  | 4.8 |
Gain on arbitration proceedings (1) |  |  |  |  | — |  |  | (49.4) |
Loss (gain) on Wafer Supply Agreement |  |  |  |  | 6.9 |  |  | (0.1) |
Other, net |  |  |  |  | 0.5 |  |  | (0.5) |
Non-operating expense (income), net |  |  |  |  | $28.5 |  |  | ($49.5) |
(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. The arbitration award is recognized as non-operating income, net of legal fees incurred. Statements of Cash Flows - non-cash activities
| Three months ended
(in millions of U.S. Dollars) | September 24, 2023 |  | September 25, 2022
Lease asset and liability additions | $1.0 |  |  | $0.4 |
Lease asset and liability modifications, net | 1.8 |  |  | — |
Decrease in property, plant and equipment from investment tax credit receivables | 73.5 |  |  | — |
Decrease in property, plant and equipment from long-term incentive related receivables | 47.7 |  |  | 22.1 |
Accrued property and equipment as of September 24, 2023 and September 25, 2022 was $340.2 million and $146.3 million, respectively.

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