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Financial Statement Details
 12 Months Ended
Jun. 30, 2024
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)June 30, 2024June 25, 2023
Billed trade receivables$143.3 $152.1 
Unbilled contract receivables3.5 2.3 
Royalties1.3 1.1 
148.1 155.5 
Allowance for bad debts(0.7)(0.7)
Accounts receivable, net$147.4 $154.8 
Changes in the Company’s allowance for bad debts were as follows:
 Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 26, 2022
Balance at beginning of period$0.7 $1.2 $0.8 
Current period provision change0.3 (0.5)0.4 
Write-offs, net of recoveries(0.3)— — 
Balance at end of period$0.7 $0.7 $1.2 
Inventories
Inventories consisted of the following:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Raw material$138.7 $90.7 
Work-in-progress290.5 179.6 
Finished goods11.5 14.6 
Inventories$440.7 $284.9 
Other Current Assets
Other current assets consisted of the following:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Reimbursement receivable on long-term incentive agreement$85.8 $91.3 
Non-trade receivables30.6 2.2 
Inventory related to the RF Master Supply Agreement17.6 — 
Accrued interest receivable11.6 10.1 
Short-term deposit on long-term incentive agreement10.0 10.0 
VAT receivables8.7 4.8 
Insurance deposit6.0 6.3 
Receivable on RF Master Supply Agreement4.6 — 
Inventory related to the Wafer Supply Agreement2.9 3.9 
Other1.4 1.6 
Receivable on the Wafer Supply Agreement0.6 1.3 
Other current assets$179.8 $131.5 
Property and Equipment, net
Property and equipment, net consisted of the following:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Machinery and equipment$1,500.9 $1,275.3 
Land and buildings997.3 966.4 
Computer hardware/software67.8 72.3 
Furniture and fixtures8.3 7.9 
Leasehold improvements and other148.9 11.6 
Vehicles0.7 0.6 
Finance lease assets9.1 9.5 
Construction in progress2,092.1 873.1 
Property and equipment, gross4,825.1 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.
Other Assets
Other assets consisted of the following:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Investment tax credit receivable(1)
$641.8 $167.4 
Right-of-use assets99.2 98.0 
Long-term advances to suppliers50.1 8.7 
Cloud computing assets, net13.5 17.6 
Other62.3 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.

Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Accounts payable, trade$53.0 $44.9 
Accrued salaries and wages64.2 63.9 
Accrued property and equipment366.0 328.4 
Accrued expenses40.4 97.3 
Accounts payable and accrued expenses$523.6 $534.5 
Other Operating Expense
The following table summarizes the components of other operating expense:
Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 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.
Non-Operating Expense (Income), net
The following table summarizes the components of non-operating expense (income), net:
Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 26, 2022
Interest income($135.0)($58.2)($11.3)
Interest expense, net of capitalized interest246.3 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 Agreement25.3 13.6 0.8 
Other expense, net1.4 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
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.
Statements of Cash Flows - non-cash activities
Fiscal Years Ended
June 30, 2024June 25, 2023June 26, 2022
Lease asset and liability additions$5.6 $63.8 $38.4 
Lease asset and liability modifications, net4.4 0.4 3.8 
Receivables for property, plant and equipment related insurance proceeds2.2 — — 
Settlement of 2023 Notes in shares of common stock (1)
— — 416.1 
Decrease in property, plant and equipment from investment tax credit receivables474.4 167.4 — 
Proceeds from sale of business received in common stock60.8 — — 
Receivable in connection with short-term investment maturities25.0 — — 
Decrease in property, plant and equipment from long-term incentive related receivables114.3 114.0 119.0 
Accrued property and equipment as of the fiscal year end date366.0 328.4 132.1 
(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.