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Financial Statement Details | 6 Months Ended
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Dec. 31, 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) | December 31, 2023 |  | June 25, 2023
Billed trade receivables | $129.5 |  |  | $152.1 |
Unbilled contract receivables | 2.6 |  |  | 2.3 |
Royalties | 1.1 |  |  | 1.1 |
| 133.2 |  |  | 155.5 |
Allowance for bad debts | (0.6) |  |  | (0.7) |
Accounts receivable, net | $132.6 |  |  | $154.8 |
Expected credit losses for the Company's receivables are evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools are reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses, including broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults. Inventories Inventories consisted of the following:
(in millions of U.S. Dollars) | December 31, 2023 |  | June 25, 2023
Raw material | $110.6 |  |  | $90.7 |
Work-in-progress | 238.1 |  |  | 179.7 |
Finished goods | 21.5 |  |  | 14.5 |
Inventories | $370.2 |  |  | $284.9 |
In addition to inventory held by the Company associated with the power and materials product lines, the Company holds inventory associated with the Company's former RF product line (pursuant to the RF Master Supply Agreement). At the RF Closing, this inventory was reclassified to other current assets. As of June 25, 2023, $25.7 million of the total inventory in the above table was related to the RF Master Supply Agreement. Other Current Assets Other current assets consisted of the following:
(in millions of U.S. Dollars) | December 31, 2023 |  | June 25, 2023
Reimbursement receivable on long-term incentive agreement | $116.4 |  |  | $91.3 |
Receivables in connection with short-term investment maturities | 40.0 |  |  | — |
Inventory related to the RF Master Supply Agreement | 27.5 |  |  | — |
Accrued interest receivable | 14.2 |  |  | 10.1 |
Short-term deposit on long-term incentive agreement | 10.0 |  |  | 10.0 |
Other | 20.8 |  |  | 20.1 |
Other current assets | $228.9 |  |  | $131.5 |
Other Assets Other assets consisted of the following:
(in millions of U.S. Dollars) | December 31, 2023 |  | June 25, 2023
Investment tax credit receivable | $378.4 |  |  | $167.4 |
Right-of-use assets | 95.4 |  |  | 98.0 |
Long-term advances to suppliers | 36.3 |  |  | 8.7 |
Cloud computing assets, net | 16.4 |  |  | 17.6 |
Other | 14.6 |  |  | 11.6 |
Other assets | $541.1 |  |  | $303.3 |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars) | December 31, 2023 |  | June 25, 2023
Accounts payable, trade | $46.1 |  |  | $44.9 |
Accrued salaries and wages | 77.9 |  |  | 63.9 |
Accrued property and equipment | 368.0 |  |  | 328.4 |
Accrued expenses | 32.0 |  |  | 97.3 |
Accounts payable and accrued expenses | $524.0 |  |  | $534.5 |
Other Operating Expense Other operating expense consisted of the following:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 31, 2023 |  | December 25, 2022 |  | December 31, 2023 |  | December 25, 2022
Project, transformation and transaction costs | 4.6 |  |  | 1.1 |  |  | $7.2 |  |  | $2.0 |
Executive severance costs | — |  |  | 0.3 |  |  | — |  |  | 1.3 |
Restructuring costs | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Other operating expense | $4.6 |  |  | $1.6 |  |  | $7.2 |  |  | $3.5 |
Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $12.2 million and $25.1 million of net unrealized losses on available-for-sale securities as of December 31, 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 were immaterial for all periods presented. Non-Operating Expense (Income), net The following table summarizes the components of non-operating expense (income), net:
| Three months ended |  | Six months ended
(in millions of U.S. Dollars) | December 31, 2023 |  | December 25, 2022 |  | December 31, 2023 |  | December 25, 2022
Interest income | (38.2) |  |  | (11.6) |  |  | (78.8) |  |  | (15.9) |
Interest expense, net of capitalized interest | 64.3 |  |  | 7.8 |  |  | 126.0 |  |  | 12.6 |
Gain on arbitration proceedings (1) | — |  |  | (0.9) |  |  | — |  |  | (50.3) |
Loss on Wafer Supply Agreement | 6.6 |  |  | 2.6 |  |  | 13.5 |  |  | 2.5 |
Gain on equity investment | (5.4) |  |  | — |  |  | (5.4) |  |  | — |
Other, net | 0.5 |  |  | 1.1 |  |  | 1.0 |  |  | 0.6 |
Non-operating expense (income), net | $27.8 |  |  | ($1.0) |  |  | $56.3 |  |  | ($50.5) |
(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. 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. Statements of Cash Flows - non-cash activities
| Six months ended
(in millions of U.S. Dollars) | December 31, 2023 |  | December 25, 2022
Decrease in property, plant and equipment from investment tax credit receivables | $211.0 |  |  | $24.3 |
Decrease in property, plant and equipment from long-term incentive related receivables | 104.3 |  |  | 49.8 |
Proceeds on sale of business received in US corporation common stock | 60.8 |  |  | — |
Receivables in connection with short-term investment maturities | 40.0 |  |  | — |
Lease asset and liability additions | 1.2 |  |  | 12.7 |
Lease asset and liability modifications, net | 1.9 |  |  | 0.2 |
Lease terminations | (1.4) |  |  | — |
Accrued property and equipment as of December 31, 2023 and December 25, 2022 was $368.0 million and $156.8 million, respectively.

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