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Financial Statement Details (Tables) | 6 Months Ended
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Dec. 31, 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) | 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 |
Schedule of 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 |
Schedule of 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 |
Schedule of Other Noncurrent Assets | 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 |
Schedule of 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 |
Schedule of 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 |
Schedule of 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.
Schedule of Noncash Operating 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) |  |  | — |

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