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Investments, Forward Contracts and Fair Value Measurements (Tables)

3 Months Ended

Sep. 28, 2019

Fair Value Disclosures [Abstract]

Schedule of available-for-sale securities

The following table presents the Company’s available-for-sale securities as of September 28, 2019 (in millions):

	Amortized Cost/ Carrying Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available-for-sale debt securities:
Asset-backed securities	$	0.9			$	—			$	(0.3	)		$	0.6
Total available-for-sale debt securities	$	0.9			$	—			$	(0.3	)		$	0.6

The following table presents the Company’s available-for-sale securities as of June 29, 2019, (in millions):

	Amortized Cost/ Carrying Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available-for-sale securities:
Asset-backed securities	$	0.9			$	—			$	(0.3	)		$	0.6
Total available-for-sale securities	$	0.9			$	—			$	(0.3	)		$	0.6

Schedule of contractual maturities of available-for-sale securities

The following table presents contractual maturities of the Company’s debt securities classified as available-for-sale as of September 28, 2019, (in millions):

	Amortized Cost/ Carrying Cost				Estimated Fair Value
Amounts maturing in more than 5 years	$	0.9			$	0.6
Total debt available-for-sale securities	$	0.9			$	0.6

Schedule of assets measured at fair value

The following table presents assets and liabilities measured at fair value as of September 28, 2019 and June 29, 2019, (in millions):

	September 28, 2019																June 29, 2019
	Total				Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3
Assets:
Debt available-for-sale securities
Asset-backed securities	$	0.6			$	—			$	0.6			$	—			$	0.6			$	—			$	0.6			$	—
Total debt available-for-sale securities	0.6				—				0.6				—				0.6				—				0.6				—
Money market funds	336.1				336.1				—				—				322.9				322.9				—				—
Trading securities	1.5				1.5				—				—				1.5				1.5				—				—
Foreign currency forward contract (1)	2.0				—				2.0				—				1.2				—				1.2				—
Total assets (2)	$	340.2			$	337.6			$	2.6			$	—			$	326.2			$	324.4			$	1.8			$	—
Liability:
Foreign currency forward contract (3)	$	4.6			$	—			$	4.6			$	—			$	4.0			$	—			$	4.0			$	—
Contingent consideration (4)	40.1				—				—				40.1				38.4				—				—				38.4
Total liabilities	$	44.7			$	—			$	4.6			$	40.1			$	42.4			$	—			$	4.0			$	38.4

⁽¹⁾  $2.0 million and $1.2 million in prepayments and other current assets on the Company’s Consolidated Balance Sheets as of September 28, 2019 and June 29, 2019, respectively.

⁽²⁾   $328.7 million in cash and cash equivalents, $1.5 million in short-term investments, $3.5 million in restricted cash, $2.0 million in prepayments and other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of September 28, 2019. $315.5 million in cash and cash equivalents, $1.5 million in short-term investments, $3.5 million in restricted cash, $1.2 million in other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of June 29, 2019.

⁽³⁾  $4.6 million and $4.0 million in other current liabilities on the Company’s Consolidated Balance Sheets as of September 28, 2019 and June 29, 2019, respectively.

⁽⁴⁾ 

$1.7 million and $0.7 million in Other current liabilities on the Company’s Consolidated Balance Sheets as of September 28, 2019 and June 29, 2019, respectively. $38.4 million and $37.7 million in Other non-current liabilities on the Company’s Consolidated Balance Sheets as of September 28, 2019 and June 29, 2019, respectively. Refer to “Note 6. Acquisitions” of the Notes to Consolidated Financial Statements for more detail.

Schedule of reconciliation of changes in fair value of Level 3 liabilities

The following table provides a reconciliation of changes in fair value of the Company’s Level 3 liabilities for the three months ended September 28, 2019 (in millions):

	Contingent Consideration
Balance as of June 29, 2019	$	38.4
Change in fair value of contingent consideration liabilities	1.7
Balance as of September 28, 2019	$	40.1

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Section 50
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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