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Balance Sheet and Other Details | 3 Months Ended
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Oct. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet and Other Details | Note 6. Balance Sheet and Other Details Contract Balances Gross receivables include both billed and unbilled receivables (Unbilled Receivables and Contract Assets). As of October 2, 2021, and July 3, 2021, the Company had total unbilled receivables of $6.5 million and $6.2 million, respectively. 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 (in millions):
| October 2, 2021 |  |
| Three months ended |  |  |  |
Deferred revenue: |  |  |  |  |
Balance at beginning of period | $ | 89.5 |  |  |  |  |
Revenue deferrals for new contracts (1) | 27.0 |  |  |  |  |
Revenue recognized during the period (2) | (31.4) |  |  |  |  |
Balance at end of period (3) | $ | 85.1 |  |  |  |  |
Short-term deferred revenue | $ | 66.6 |  |  |  |  |
Long-term deferred revenue | $ | 18.5 |  |  |  |  |
(1) Included in these amounts is the impact from foreign currency exchange rate fluctuations. (2) Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the current period deferrals. (3) The long-term portion of deferred revenue is included as a component of other non-current liabilities, on the Consolidated Balance Sheets. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that have not materialized, and adjustments for currency. The value of the transaction price allocated to remaining performance obligations as of October 2, 2021, was $250.3 million. The Company expects to recognize approximately 92% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter. Accounts receivable allowance - Credit losses The following table presents the activities and balances for allowance for credit losses (in millions):
| July 3, 2021 |  |  |  | Charged to Costs and Expenses |  | Deductions (1) |  | October 2, 2021
Allowance for credit losses | $ | 2.0 |  |  |  |  | $ | 0.2 |  |  | $ | (0.2) |  |  | $ | 2.0 |
(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. Inventories, net The following table presents the components of inventories, net (in millions):
| October 2, 2021 |  | July 3, 2021
Finished goods | $ | 40.9 |  |  | $ | 41.0 |
Work in process | 15.3 |  |  | 16.6 |
Raw materials | 46.6 |  |  | 37.3 |
Inventories, net | $ | 102.8 |  |  | $ | 94.9 |
Prepayments and other current assets The following table presents the components of prepayments and other current assets (in millions):
| October 2, 2021 |  | July 3, 2021
Prepayments | $ | 13.1 |  |  | $ | 13.4 |
Asset held for sale | 6.5 |  |  | 6.5 |
Advances to contract manufacturers | 13.0 |  |  | 10.1 |
Refundable income taxes | 7.4 |  |  | 5.9 |
Transaction tax receivables | 17.9 |  |  | 13.2 |
Other current assets | 7.1 |  |  | 7.9 |
Prepayments and other current assets | $ | 65.0 |  |  | $ | 57.0 |
Other current liabilities The following table presents the components of other current liabilities (in millions):
| October 2, 2021 |  | July 3, 2021
Customer prepayments | $ | 0.8 |  |  | $ | 0.4 |
Restructuring accrual | 0.2 |  |  | 0.5 |
Income tax payable | 22.5 |  |  | 22.6 |
Warranty accrual, current | 4.5 |  |  | 4.3 |
Transaction tax payable | 4.8 |  |  | 4.9 |
Operating lease liabilities (Note 12) | 10.4 |  |  | 11.6 |
Other | 14.2 |  |  | 12.8 |
Other current liabilities | $ | 57.4 |  |  | $ | 57.1 |
Other non-current liabilities The following table presents components of other non-current liabilities (in millions):
| October 2, 2021 |  | July 3, 2021
Pension and post-employment benefits | $ | 94.5 |  |  | $ | 97.0 |
Financing obligation | 16.5 |  |  | 16.1 |
Deferred tax liability | 21.8 |  |  | 24.3 |
Long-term deferred revenue | 18.5 |  |  | 19.8 |
Warranty accrual, non-current | 5.8 |  |  | 5.4 |
Operating lease liabilities (Note 12) | 28.4 |  |  | 30.8 |
Uncertain tax position | 18.4 |  |  | 18.3 |
Other | 13.8 |  |  | 14.3 |
Other non-current liabilities | $ | 217.7 |  |  | $ | 226.0 |

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