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Balance Sheet and Other Details | 3 Months Ended
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Sep. 30, 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 September 30, 2023, and July 1, 2023, the Company had total unbilled receivables of $12.8 million and $13.7 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):
|  |  | September 30, 2023 |  |
|  |  | Three Months Ended |  |
Deferred revenue: |  |  |  |  |
Balance at beginning of period |  |  | $ | 102.0 |  |  |
Revenue deferrals for new contracts (1) |  |  | 20.2 |  |  |
Revenue recognized during the period (2) |  |  | (31.7) |  |  |
Balance at end of period |  |  | $ | 90.5 |  |  |
(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. 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 September 30, 2023, was $226.6 million. The Company expects to recognize approximately 88% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter. Accounts receivable allowances - Credit losses The following table presents the activities and balances for allowance for credit losses (in millions):
| July 1, 2023 |  |  |  | Charged to Costs and Expenses |  | Deductions (1) |  | September 30, 2023
Allowance for credit losses | $ | 1.0 |  |  |  |  | $ | 0.4 |  |  | $ | (0.1) |  |  | $ | 1.3 |
(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):
| September 30, 2023 |  | July 1, 2023
Finished goods | $ | 51.7 |  |  | $ | 49.0 |
Work in process | 15.2 |  |  | 17.7 |
Raw materials | 46.6 |  |  | 49.4 |
Inventories, net | $ | 113.5 |  |  | $ | 116.1 |
Prepayments and other current assets The following table presents the components of prepayments and other current assets (in millions):
| September 30, 2023 |  | July 1, 2023
Refundable income taxes | $ | 27.7 |  |  | $ | 27.6 |
Prepayments | 15.2 |  |  | 16.5 |
Advances to contract manufacturers | 10.2 |  |  | 9.8 |
Transaction tax receivables | 3.9 |  |  | 5.1 |
Asset held for sale | 2.5 |  |  | 2.5 |
Fair value of forward contracts | 1.6 |  |  | 3.5 |
Other current assets | 6.1 |  |  | 7.1 |
Prepayments and other current assets | $ | 67.2 |  |  | $ | 72.1 |
Other non-current assets The following table presents the components of other non-current assets (in millions):
| September 30, 2023 |  | July 1, 2023
Operating ROU assets (Note 12) | $ | 38.1 |  |  | $ | 40.4 |
Long-term restricted cash | 4.0 |  |  | 4.6 |
Deferred contract cost | 2.5 |  |  | 2.9 |
Debt issuance cost - Revolving Credit Facility | 2.5 |  |  | 2.8 |
Deposits | 2.1 |  |  | 2.3 |
Other non-current assets | 9.3 |  |  | 8.7 |
Other non-current assets | $ | 58.5 |  |  | $ | 61.7 |
Other current liabilities The following table presents the components of other current liabilities (in millions):
| September 30, 2023 |  | July 1, 2023
Operating lease liabilities (Note 12) | $ | 10.0 |  |  | $ | 10.1 |
Fair value of forward contracts | 5.2 |  |  | 2.4 |
Income tax payable | 4.3 |  |  | 4.4 |
Acquisition related holdback and related accruals | 4.4 |  |  | 4.1 |
Warranty accrual | 4.1 |  |  | 4.2 |
Transaction tax payable | 2.9 |  |  | 4.3 |
Restructuring accrual (Note 13) | 1.5 |  |  | 5.8 |
Fair value of contingent consideration (Note 5) | 0.9 |  |  | 1.1 |
Interest payable | 0.4 |  |  | 5.5 |
Other | 7.5 |  |  | 7.9 |
Other current liabilities | $ | 41.2 |  |  | $ | 49.8 |
Other non-current liabilities The following table presents components of other non-current liabilities (in millions):
| September 30, 2023 |  | July 1, 2023
Pension and post-employment benefits | $ | 52.0 |  |  | $ | 53.2 |
Operating lease liabilities (Note 12) | 27.6 |  |  | 29.4 |
Long-term deferred revenue | 23.5 |  |  | 23.4 |
Fair value of contingent consideration (Note 5) | 17.4 |  |  | 18.6 |
Deferred tax liability | 16.8 |  |  | 13.9 |
Financing obligation | 15.7 |  |  | 15.8 |
Uncertain tax position | 15.5 |  |  | 15.8 |
Warranty accrual | 4.7 |  |  | 4.8 |
Asset retirement obligations | 3.8 |  |  | 3.8 |
Other | 7.9 |  |  | 8.0 |
Other non-current liabilities | $ | 184.9 |  |  | $ | 186.7 |

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