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Acquisitions | 6 Months Ended
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Jan. 01, 2022
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Note 5. Acquisitions Prior Year Acquisitions RPC Photonics, Inc. Acquisition During the second quarter of fiscal year 2019, the Company acquired all of the equity interest of RPC Photonics, Inc. (RPC). The consideration paid for RPC was 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. The acquisition of RPC expands the Company’s 3D Sensing offerings. Other Acquisitions During the first quarter of fiscal year 2022, the Company acquired all of the equity of one business for approximately $1.6 million cash consideration, of which $1.2 million was paid with cash on hand and $0.4 million remains in current liabilities. The acquisition was accounted for as an asset purchase under the authoritative guidance. The developed technology will be amortized over its estimated useful life of 5 years. During the fourth quarter of fiscal year 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. Acquisition-related Contingent Consideration The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisitions for the three and six months ended January 1, 2022 and January 2, 2021 (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | January 1, 2022 |  | January 2, 2021 |  | January 1, 2022 |  | January 2, 2021
Beginning period balance |  | $ | 4.3 |  |  | $ | 9.9 |  |  | $ | 4.0 |  |  | $ | 9.9 |
Payments of Contingent Consideration |  | (1.2) |  |  | — |  |  | (1.2) |  |  | — |
Fair value adjustment of earn-out liabilities |  | — |  |  | (1.5) |  |  | 0.3 |  |  | (1.5) |
Currency translation adjustment |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Ending period balance |  | $ | 3.1 |  |  | $ | 8.9 |  |  | $ | 3.1 |  |  | $ | 8.9 |

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- References No definition available. + Details
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- 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
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