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Balance Sheet and Other Details | 9 Months Ended
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Apr. 01, 2023
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 (including Contract assets). As of April 1, 2023, and July 2, 2022, the Company had total unbilled receivables of $11.9 million and $7.3 million, respectively. The Company also has short-term and long-term deferred revenues related to undelivered product 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):
| April 1, 2023 |  |
| Three Months Ended |  | Nine Months Ended |  |
Deferred revenue: |  |  |  |  |
Balance at beginning of period | $ | 94.6 |  |  | $ | 100.4 |  |  |
Revenue deferrals for new contracts (1) | 32.4 |  |  | 95.5 |  |  |
Revenue recognized during the period (2) | (29.6) |  |  | (98.5) |  |  |
Balance at end of period | $ | 97.4 |  |  | $ | 97.4 |  |  |
(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. 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 April 1, 2023, was $244.2 million. The Company expects to recognize approximately 91% 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 2, 2022 |  |  |  | Charged to Costs and Expenses |  | Deductions (1) |  | April 1, 2023
Allowance for credit losses | $ | 1.4 |  |  |  |  | $ | 0.4 |  |  | $ | (0.8) |  |  | $ | 1.0 |
(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):
| April 1, 2023 |  | July 2, 2022
Finished goods | $ | 49.6 |  |  | $ | 41.6 |
Work in process | 19.0 |  |  | 17.7 |
Raw materials | 57.3 |  |  | 50.8 |
Inventories, net | $ | 125.9 |  |  | $ | 110.1 |
Prepayments and other current assets The following table presents the components of prepayments and other current assets (in millions):
| April 1, 2023 |  | July 2, 2022
Refundable income taxes | $ | 30.7 |  |  | $ | 14.5 |
Prepayments | 12.7 |  |  | 16.0 |
Advances to contract manufacturers | 9.4 |  |  | 11.8 |
Transaction tax receivables | 6.6 |  |  | 10.4 |
Asset held for sale | 2.5 |  |  | 2.5 |
Other current assets | 8.5 |  |  | 14.0 |
Prepayments and other current assets | $ | 70.4 |  |  | $ | 69.2 |
Other current liabilities The following table presents the components of other current liabilities (in millions):
| April 1, 2023 |  | July 2, 2022
Income tax payable | $ | 10.2 |  |  | $ | 9.6 |
Operating lease liabilities (Note 12) | 10.1 |  |  | 10.1 |
Interest payable | 8.4 |  |  | 4.6 |
Restructuring accrual (Note 13) | 7.4 |  |  | — |
Acquisition related holdback and related accruals | 4.5 |  |  | 0.1 |
Transaction tax payable | 4.5 |  |  | 11.5 |
Warranty accrual | 4.2 |  |  | 4.4 |
Fair value of forward contracts | 1.5 |  |  | 8.4 |
Fair value of contingent consideration | 1.1 |  |  | 1.8 |
Other | 8.3 |  |  | 5.8 |
Other current liabilities | $ | 60.2 |  |  | $ | 56.3 |
Other non-current liabilities The following table presents components of other non-current liabilities (in millions):
| April 1, 2023 |  | July 2, 2022
Pension and post-employment benefits | $ | 55.0 |  |  | $ | 59.6 |
Operating lease liabilities (Note 12) | 29.4 |  |  | 33.5 |
Fair value of contingent consideration | 23.5 |  |  | 0.7 |
Long-term deferred revenue | 21.9 |  |  | 19.4 |
Financing obligation | 15.8 |  |  | 16.0 |
Deferred tax liability | 15.3 |  |  | 9.5 |
Uncertain tax position | 14.8 |  |  | 12.9 |
Warranty accrual | 5.2 |  |  | 6.2 |
Other | 13.7 |  |  | 12.6 |
Other non-current liabilities | $ | 194.6 |  |  | $ | 170.4 |

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