XML 28 R13.htm IDEA: XBRL DOCUMENT
v3.21.1

Acquisitions | 9 Months Ended
--- | ---
Apr. 03, 2021
Business Combinations [Abstract] |
Acquisitions | Note 5. Acquisitions 3Z Telecom, Inc. Acquisition On May 31, 2019 (3Z Close Date), the Company acquired all of the equity of 3Z Telecom, Inc. (3Z) for approximately $23.2 million in cash and contingent consideration (earn-out) liability of up to $7.0 million in cash based on the achievement of certain net revenue targets over approximately a two year period subsequent to the 3Z Close Date. The acquisition of 3Z expands the Company’s Field Instrument offerings. RPC Photonics, Inc. Acquisition On October 30, 2018 (RPC Close Date), the Company acquired all of the equity interest of RPC Photonics, Inc. (RPC) for approximately $33.4 million in cash and an additional earn-out of up to $53.0 million in cash to be paid based on the achievement of certain gross profit targets over approximately a four year period, subsequent to the RPC Close Date. The acquisition of RPC expands the Company’s 3D Sensing offerings. Other Acquisition During the twelve months ended June 27, 2020, the Company completed a business acquisition for total consideration of approximately $5.2 million in cash paid at close and an earn-out liability of up to $5.5 million in cash to be paid based on the occurrence or achievement of certain agreed upon targets. In connection with this acquisition, the Company recorded approximately $6.2 million of developed technology and customer relationships and $1.4 million of deferred tax liability resulting from the acquisitions. The acquired developed technology and customer relationship assets are being amortized over their estimated useful lives of six years. The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with Company’s acquisitions for the three and nine months ended April 3, 2021 and March 28, 2020 (in millions):
|  | Three Months Ended |  | Nine Months Ended
|  | April 3, 2021 |  | March 28, 2020 |  | April 3, 2021 |  | March 28, 2020
Beginning period balance |  | $ | 8.9 |  |  | $ | 34.1 |  |  | $ | 9.9 |  |  | $ | 38.4 |
Fair value adjustment of earn-out liabilities |  | (2.3) |  |  | — |  |  | (3.8) |  |  | (4.3) |
Currency translation adjustment |  | 0.1 |  |  | — |  |  | 0.6 |  |  | — |
Ending period balance |  | $ | 6.7 |  |  | $ | 34.1 |  |  | $ | 6.7 |  |  | $ | 34.1 |
No payments were made in connection with the Company’s earn-out liabilities during the three and nine months ended April 3, 2021 and March 28, 2020.

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration