
(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Billed trade receivables	$143.3	$152.1
Unbilled contract receivables	3.5	2.3
Royalties	1.3	1.1
	148.1	155.5

Allowance for bad debts	(0.7)	(0.7)
Accounts receivable, net	$147.4	$154.8


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023	June 26, 2022
Balance at beginning of period	$0.7	$1.2	$0.8
Current period provision change	0.3	(0.5)	0.4
Write-offs, net of recoveries	(0.3)	—	—
Balance at end of period	$0.7	$0.7	$1.2


(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Raw material	$138.7	$90.7
Work-in-progress	290.5	179.6
Finished goods	11.5	14.6
Inventories	$440.7	$284.9


(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Reimbursement receivable on long-term incentive agreement	$85.8	$91.3
Non-trade receivables	30.6	2.2
Inventory related to the RF Master Supply Agreement	17.6	—
Accrued interest receivable	11.6	10.1
Short-term deposit on long-term incentive agreement	10.0	10.0
VAT receivables	8.7	4.8
Insurance deposit	6.0	6.3
Receivable on RF Master Supply Agreement	4.6	—
Inventory related to the Wafer Supply Agreement	2.9	3.9
Other	1.4	1.6
Receivable on the Wafer Supply Agreement	0.6	1.3
Other current assets	$179.8	$131.5


(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Machinery and equipment	$1,500.9	$1,275.3
Land and buildings	997.3	966.4
Computer hardware/software	67.8	72.3
Furniture and fixtures	8.3	7.9
Leasehold improvements and other	148.9	11.6
Vehicles	0.7	0.6
Finance lease assets	9.1	9.5
Construction in progress	2,092.1	873.1
Property and equipment, gross	4,825.1	3,216.7
Accumulated depreciation	(1,172.8)	(1,051.2)
Property and equipment, net	$3,652.3	$2,165.5

Depreciation of property and equipment totaled $175.5 million, $139.7 million and $94.5 million for the years ended June 30, 2024, June 25, 2023 and June 26, 2022, respectively.

During the years ended June 30, 2024, June 25, 2023 and June 26, 2022, the Company recognized approximately $0.8 million, $3.7 million and $1 million, respectively, as losses on disposals or impairments of property and equipment of which $1.8 million, and $1.3 million are related to the Company's start-up and factory optimization activities and are reflected in other operating expense for the years ended June 25, 2023 and June 26, 2022, respectively. There were no losses recognized for disposals of property and equipment related to the Company's start-up and factory optimization activities for the year ended June 30, 2024. The remaining amount of these charges are reflected in loss on disposal or impairment of other assets in the consolidated statements of operations.

The majority of the Company's property and equipment, net is in the United States. As of June 30, 2024 and June 25, 2023, the Company held $162.0 million and $55.8 million, respectively, of property and equipment, net outside of the United States, primarily related to assets held at contract manufacturing space in Malaysia.


(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Investment tax credit receivable(1)	$641.8	$167.4
Right-of-use assets	99.2	98.0
Long-term advances to suppliers	50.1	8.7
Cloud computing assets, net	13.5	17.6
Other	62.3	11.6
Other assets	$866.9	$303.3

(1) The Company expects to receive refundable federal investment tax credits through the CHIPS Act in connection with ongoing expansion projects. The Company has reduced property and equipment by $641.8 million and $167.4 million as of June 30, 2024 and June 25, 2023, respectively. The receivable recorded is an estimate based on the Company's interpretation of the Section 48D Advanced Manufacturing Investment Credit under the CHIPS Act. The final guidance from the Internal Revenue Service and Department of Treasury may update the definition of qualifying capital expenditures to either exclude certain qualified property included in the estimate or include additional such property not currently reflected in the estimate. The Company may record a change in estimate in the period when final guidance is issued.


(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023
Accounts payable, trade	$53.0	$44.9
Accrued salaries and wages	64.2	63.9
Accrued property and equipment	366.0	328.4
Accrued expenses	40.4	97.3

Accounts payable and accrued expenses	$523.6	$534.5


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023	June 26, 2022




Project, transformation and transaction costs	$18.3	$7.4	$6.4
Factory optimization restructuring costs (1)	—	—	6.1
Severance costs	—	3.4	1.2

Other operating expense	$18.3	$10.8	$13.7

(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.


	Fiscal Years Ended
(in millions of U.S. Dollars)	June 30, 2024	June 25, 2023	June 26, 2022
Interest income	($135.0)	($58.2)	($11.3)
Interest expense, net of capitalized interest	246.3	42.6	25.1
Loss (gain) on legal proceedings (1)(2)	7.7	(50.3)	—
Loss on debt extinguishment (3)	—	—	24.8
Gain on equity investment	(18.5)	—	—
Loss on Wafer Supply Agreement	25.3	13.6	0.8




Other expense, net	1.4	0.3	(0.6)
Non-operating expense (income), net	$127.2	($52.0)	$38.8

(1) In fiscal 2024, the Company recognized customs duties totaling approximately $7.7 million for alleged undervaluation of duties related to transactions by the Company's former Lighting Products business unit from 2012 to 2017.

(2) In 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.

(3) As discussed further in Note 10, "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.

Accumulated other comprehensive loss, net of taxes, consisted of $11.6 million and $25.1 million of net unrealized losses on available-for-sale securities as of June 30, 2024 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.


	Fiscal Years Ended
	June 30, 2024	June 25, 2023	June 26, 2022
Lease asset and liability additions	$5.6	$63.8	$38.4
Lease asset and liability modifications, net	4.4	0.4	3.8

Receivables for property, plant and equipment related insurance proceeds	2.2	—	—
Settlement of 2023 Notes in shares of common stock (1)	—	—	416.1
Decrease in property, plant and equipment from investment tax credit receivables	474.4	167.4	—
Proceeds from sale of business received in common stock	60.8	—	—
Receivable in connection with short-term investment maturities	25.0	—	—
Decrease in property, plant and equipment from long-term incentive related receivables	114.3	114.0	119.0
Accrued property and equipment as of the fiscal year end date	366.0	328.4	132.1

(1) As discussed further in Note 10, "Long-term Debt," in the second quarter of fiscal 2022, all outstanding 0.875% convertible senior notes due September 1, 2023 were surrendered for conversion, resulting in the settlement of all outstanding 2023 Notes in shares, with fractional shares paid in cash.