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Acquisitions (Tables) | 3 Months Ended
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Sep. 30, 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 in the third quarter of fiscal 2023.
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 Fair Value of Level 3 Liabilities | 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 months ended September 30, 2023 and October 1, 2022 (in millions):
|  | Three Months Ended |  |
|  | September 30, 2023 |  | October 1, 2022 |  |  |  |
Beginning period balance |  | $ | 19.7 |  |  | $ | 2.5 |  |  |  |  |
Fair value adjustment of earn-out liabilities |  | (1.4) |  |  | 0.5 |  |  |  |  |
Currency translation adjustment |  | — |  |  | (0.1) |  |  |  |  |
Ending period balance |  | $ | 18.3 |  |  | $ | 2.9 |  |  |  |  |

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- 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
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- 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
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- 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
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