Unbilled Receivables: The Company records a receivable when an unconditional right to consideration exists and transfer of control has occurred, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of customer invoicing. Payment terms vary based on product or service offerings and payment is generally required within 30 to 90 days from date of invoicing. Certain performance obligations may require payment before delivery of the service to the customer.

Contract assets: A Contract Asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract Assets include fixed fee professional services, where the transfer of services has occurred in advance of the Company's right to invoice. Contract Assets, included in accounts receivable, net, on the Consolidated Balance Sheets, are not material to the Consolidated Financial Statements. Contract Asset balances will fluctuate based upon the timing of transfer of services, billings and customers’ acceptance of contractual milestones.

Gross receivables include both billed and Unbilled Receivables/Contract Assets. As of July 3, 2021 and June 27, 2020, the Company had total Unbilled Receivables/Contract Assets of $6.2 million and $3.8 million, respectively.

Deferred revenue: Deferred revenue consists of contract liabilities primarily related to support, solution deployment services, software maintenance, product, professional services, and training when the Company has a right to invoice or payments have been received and transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term. Contract liabilities are included in other current liabilities on the Consolidated Balance Sheets.

The Company also has short-term and long-term deferred revenues related to undelivered hardware and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer.

The following tables summarize the activity related to deferred revenue, for the year ended July 3, 2021 (in millions):


	July 3, 2021

Deferred revenue:
Balance at beginning of period	$	74.6
Revenue deferrals for new contracts (1)	125.7
Revenue recognized during the period (2)	(110.8)
Balance at end of period (3)	$	89.5

Short-term deferred revenue	$	69.7
Long-term deferred revenue	$	19.8

(2)Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the following period quarter-end deferrals.

Remaining performance obligations: Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered or are incomplete, as of July 3, 2021. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded. The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancellable contracts where there is no substantive termination penalty.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that has not materialized, and adjustments for currency.

The value of the transaction price allocated to remaining performance obligations as of July 3, 2021, was $283.1 million. The Company expects to recognize 92% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter.


	Balance at Beginning of Period		Charged to Costs and Expenses		Deduction (1)		Balance at End of Period
Year Ended July 3, 2021	$	3.0	$	1.1	$	(2.1)	$	2.0
Year Ended June 27, 2020	2.0		2.0		(1.0)		3.0
Year Ended June 29, 2019	2.4		1.4		(1.8)		2.0

(1)Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.


	July 3, 2021		June 27, 2020
Finished goods	$	41.0	$	30.0
Work in process	16.6		22.5
Raw materials	37.3		30.8
Inventories, net	$	94.9	$	83.3


	July 3, 2021		June 27, 2020
Prepayments	$	13.4	$	10.9
Assets held for sale	6.5		2.5
Advances to contract manufacturers	10.1		7.3
Refundable income taxes	5.9		10.8
Transaction tax receivables	13.2		10.6
Other current assets	7.9		8.7
Prepayments and other current assets	$	57.0	$	50.8


	July 3, 2021		June 27, 2020
Land	$	19.9	$	16.8
Buildings and improvements	34.8		22.9
Machinery and equipment	325.3		298.5
Furniture, fixtures, software and office equipment	74.3		74.3
Leasehold improvements	69.5		66.8
Construction in progress	30.1		15.6
Property, plant and equipment, gross	553.9		494.9
Less: Accumulated depreciation and amortization	(357.9)		(322.4)
Property, plant and equipment, net	$	196.0	$	172.5


	July 3, 2021		June 27, 2020
Customer prepayments	$	0.4	$	0.5
Restructuring accrual	0.5		6.5
Income tax payable	22.6		10.7
Warranty accrual	4.3		4.6
Transaction tax payable	4.9		3.2
Operating lease liabilities (Note 12)	11.6		11.7

Other	12.8		11.2
Other current liabilities	$	57.1	$	48.4


	July 3, 2021		June 27, 2020
Pension and post-employment benefits	$	97.0	$	102.7
Deferred tax liability	24.3		23.9
Financing obligation	16.1		16.2
Fair value of contingent consideration (1)	—		9.4
Long-term deferred revenue	19.8		20.0
Operating lease liabilities (Note 12)	30.8		28.1
Uncertain tax position	18.3		11.6
Warranty accrual	5.4		4.8
Other	14.3		14.5
Other non-current liabilities	$	226.0	$	231.2

(1)See “Note 5. Acquisitions” and “Note 8. Fair Value Measurements” of the Notes to the Company’s Consolidated Financial Statements for more detail.


	Years Ended
	July 3, 2021		June 27, 2020		June 29, 2019
Interest income	$	2.9	$	7.1	$	8.1
Foreign exchange gain (loss), net	—		2.1		(2.9)


Other income, net	0.4		0.5		1.5
Loss on sale of investments	—		(0.1)		(0.5)
Interest income and other income, net	$	3.3	$	9.6	$	6.2