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Acquisitions (Tables)

12 Months Ended

Jul. 03, 2021

Business Combination and Asset Acquisition [Abstract]

Fair Value of Consideration Transferred

The fair value of consideration transferred for the 3Z acquisition consists of the following (in millions):

Cash consideration paid at closing						$	18.9
Escrow payments						4.3
Fair value of contingent consideration						5.5
Total purchase consideration						$	28.7

The fair value of consideration transferred for the RPC acquisition consists of the following (in millions):

Cash consideration paid at closing						$	29.9
Escrow payments						3.5
Fair value of contingent consideration						36.2
Total purchase consideration						$	69.6

Preliminary Identified Intangible Assets Acquired

The identified tangible and intangible assets acquired, on the acquisition date, were as follows (in millions):

Tangible assets acquired						$	4.1
Intangible assets acquired:
Developed technology						4.4
Customer relationships						7.9
Customer backlog						0.1
Goodwill						12.2
Total consideration transferred						$	28.7

The identified tangible and intangible assets, on the acquisition date, were as follows (in millions):

Tangible assets acquired:						$	5.7
Intangible assets acquired:
Developed technology						15.7
Customer relationships						14.0
Customer backlog						0.3
Goodwill						33.9
Total consideration transferred						$	69.6

Preliminary Allocation of Purchase Price

The allocation of the purchase price to tangible assets, based on the estimated fair values of assets acquired and liabilities assumed, was as follows (in millions):

Cash						$	2.2
Total other assets						3.6
Total liabilities						(1.7)
Net tangible assets acquired						$	4.1

The allocation of the purchase price to tangible assets, based on the estimated fair values of assets acquired and liabilities assumed, was as follows (in millions):

Cash						$	1.8
Other current assets						1.8
Property and equipment						2.6
Total liabilities						(0.5)
Net tangible assets acquired						$	5.7

Schedule of Changes in Earn-out Liabilities

The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended July 3, 2021 and June 27, 2020, as follows (in millions):

			RPC						Other (1)						Total
Balance: June 29, 2019			$	30.3					$	8.1					$	38.4
Additions to Contingent Consideration			—						3.7						3.7
Change in Fair Value measurement			(29.6)						(1.9)						(31.5)
Payments of Contingent Consideration			(0.7)						—						(0.7)
Balance: June 27, 2020			$	—					$	9.9					$	9.9
Change in Fair Value measurement			—						(4.7)						(4.7)
Payments of Contingent Consideration			—						(1.2)						(1.2)
Balance July 3, 2021			$	—					$	4.0					$	4.0

(1)See Note 5. Acquisitions and of the Notes to the Company’s Consolidated Financial Statements for more detail.

The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):

			July 3, 2021																								June 27, 2020
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Assets:
Debt available-for-sale securities:
Asset-backed securities			$	0.4					$	—					$	0.4					$	—					$	0.5					$	—					$	0.5					$	—
Total debt available-for-sale securities			0.4						—						0.4						—						0.5						—						0.5						—
Money market funds			408.9						408.9						—						—						334.6						334.6						—						—
Trading securities			1.6						1.6						—						—						1.4						1.4						—						—
Foreign currency forward contracts (1)			2.6						—						2.6						—						2.2						—						2.2						—
Total assets (2)			$	413.5					$	410.5					$	3.0					$	—					$	338.7					$	336.0					$	2.7					$	—
Liability:
Foreign currency forward contracts (3)			$	1.4					$	—					$	1.4					$	—					$	1.5					$	—					$	1.5					$	—
Contingent consideration (4)			4.0						—						—						4.0						9.9						—						—						9.9
Total liabilities			$	5.4					$	—					$	1.4					$	4.0					$	11.4					$	—					$	1.5					$	9.9

(1)$2.6 million and $2.2 million in prepayments and other current assets on the Company’s Consolidated Balance Sheets as of July 3, 2021 and June 27, 2020, respectively.

(2)Includes as of July 3, 2021, $401.0 million in cash and cash equivalents, $1.6 million in short-term investments, $2.7 million in restricted cash, $2.6 million in prepayments and other current assets, and $5.6 million in other non-current assets on the Company’s Consolidated Balance Sheets. Includes as of June 27, 2020, $327.2 million in cash and cash equivalents, $1.4 million in short-term investments, $3.4 million in restricted cash, $2.2 million in prepayments and other current assets and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets.

(3)Includes $1.4 million and $1.5 million in other current liabilities on the Company’s Consolidated Balance Sheets as of July 3, 2021 and June 27, 2020, respectively.

(4)Includes $0.0 million and $9.4 million in other non-current liabilities and $4.0 million and $0.5 million in other current liabilities as of July 3, 2021 and June 27, 2020, respectively.

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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.

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