XML 50 R37.htm IDEA: XBRL DOCUMENT
v3.23.2

Acquisitions (Tables) | 12 Months Ended
--- | ---
Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Preliminary Allocation of Purchase Price | The following table presents the allocation of the purchase price (in millions):
|  |  | Amount |  |
Cash and cash equivalents |  |  | $ | 1.1 |  |  |
Accounts receivable, net |  |  | 2.3 |  |  |
Inventory, net |  |  | 3.2 |  |  |
Goodwill (1) |  |  | 48.3 |  |  |
Identified intangible assets acquired |  |  | 30.6 |  |  |
Other non-current assets |  |  | 0.1 |  |  |
Accounts payable |  |  | (0.6) |  |  |
Accrued expenses |  |  | (3.4) |  |  |
Deferred revenue |  |  | (2.1) |  |  |
Other current liabilities |  |  | (0.5) |  |  |
Total purchase consideration |  |  | $ | 79.0 |  |  |
1) Goodwill at acquisition date of $48.8 million reduced by measurement period adjustment of $0.5 million.
Schedule of Identifiable Intangible Assets Acquired and Estimated Useful Lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except useful life):
| Estimated Useful Life |  | Amount |  |
Developed technology | 6 years |  | $ | 25.0 |  |  |
Customer relationship | 3 years |  | 2.7 |  |  |
Tradename | 2 years |  | 0.5 |  |  |
Backlog | 1 year |  | 2.4 |  |  |
Total identifiable assets acquired |  |  | $ | 30.6 |  |  |
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 1, 2023 and July 2, 2022, as follows (in millions):
|  |  |  |  | Total
Balance July 3, 2021 |  |  |  |  | $ | 4.0 |
Additions to Contingent Consideration |  |  |  |  | 2.5 |
Change in Fair Value measurement |  |  |  |  | 0.3 |
Currency translation adjustment |  |  |  |  | 0.1 |
Payments of Contingent Consideration |  |  |  |  | (4.4) |
Balance July 2, 2022(1) |  |  |  |  | $ | 2.5 |
Additions to Contingent Consideration |  |  |  |  | 29.4 |
Change in Fair Value measurement |  |  |  |  | (4.6) |
Payments of Contingent Consideration |  |  |  |  | (7.6) |
Balance July 1, 2023(2) |  |  |  |  | $ | 19.7 |
(1) Includes $1.8 million in Other current liabilities and $0.7 million in Other non-current liabilities on the Consolidated Balance Sheets. (2) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets. The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):
| July 1, 2023 |  | July 2, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities(1) | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |
Total debt available-for-sale securities | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Money market funds(2) | 344.8 |  |  | 344.8 |  |  | — |  |  | — |  |  | 313.2 |  |  | 313.2 |  |  | — |  |  | — |
Trading securities(3) | 1.5 |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.4 |  |  | 1.4 |  |  | — |  |  | — |
Foreign currency forward contracts(4) | 3.5 |  |  | — |  |  | 3.5 |  |  | — |  |  | 3.8 |  |  | — |  |  | 3.8 |  |  | — |
Total assets | $ | 350.1 |  |  | $ | 346.3 |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | 319.0 |  |  | $ | 314.6 |  |  | $ | 4.4 |  |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(5) | 2.4 |  |  | $ | — |  |  | 2.4 |  |  | — |  |  | 8.4 |  |  | — |  |  | 8.4 |  |  | $ | — |
Contingent consideration(6) | 19.7 |  |  | — |  |  | — |  |  | 19.7 |  |  | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Total liabilities | $ | 22.1 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 19.7 |  |  | $ | 10.9 |  |  | $ | — |  |  | $ | 8.4 |  |  | $ | 2.5 |
(1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.

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

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration