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Financial Statement Details
 6 Months Ended
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, 2023June 25, 2023
Billed trade receivables$129.5 $152.1 
Unbilled contract receivables2.6 2.3 
Royalties1.1 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, 2023June 25, 2023
Raw material$110.6 $90.7 
Work-in-progress238.1 179.7 
Finished goods21.5 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, 2023June 25, 2023
Reimbursement receivable on long-term incentive agreement$116.4 $91.3 
Receivables in connection with short-term investment maturities40.0 — 
Inventory related to the RF Master Supply Agreement27.5 — 
Accrued interest receivable14.2 10.1 
Short-term deposit on long-term incentive agreement10.0 10.0 
Other20.8 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, 2023June 25, 2023
Investment tax credit receivable$378.4 $167.4 
Right-of-use assets95.4 98.0 
Long-term advances to suppliers36.3 8.7 
Cloud computing assets, net16.4 17.6 
Other14.6 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, 2023June 25, 2023
Accounts payable, trade$46.1 $44.9 
Accrued salaries and wages77.9 63.9 
Accrued property and equipment368.0 328.4 
Accrued expenses32.0 97.3 
Accounts payable and accrued expenses$524.0 $534.5 
Other Operating Expense
Other operating expense consisted of the following:
Three months endedSix months ended
(in millions of U.S. Dollars)December 31, 2023December 25, 2022December 31, 2023December 25, 2022
Project, transformation and transaction costs4.6 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 endedSix months ended
(in millions of U.S. Dollars)December 31, 2023December 25, 2022December 31, 2023December 25, 2022
Interest income(38.2)(11.6)(78.8)(15.9)
Interest expense, net of capitalized interest64.3 7.8 126.0 12.6 
Gain on arbitration proceedings (1)
— (0.9)— (50.3)
Loss on Wafer Supply Agreement6.6 2.6 13.5 2.5 
Gain on equity investment(5.4)— (5.4)— 
Other, net0.5 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, 2023December 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 receivables104.3 49.8 
Proceeds on sale of business received in US corporation common stock60.8 — 
Receivables in connection with short-term investment maturities40.0 — 
Lease asset and liability additions1.2 12.7 
Lease asset and liability modifications, net1.9 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.