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Balance Sheet and Other Details (Tables) | 12 Months Ended
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Jun. 29, 2024
Balance Sheet And Other Details |
Summary of Activity Related to Deferred Revenue and Financed Unearned Services Revenue | The following table summarizes the activity related to deferred revenue, for the year ended June 29, 2024 (in millions):
| June 29, 2024
Deferred revenue: |
Balance at beginning of period | $ | 102.0 |
Revenue deferrals for new contracts(1) | 102.4 |
Revenue recognized during the period(2) | (113.0) |
Balance at end of period(3) | $ | 91.4 |
Short-term deferred revenue | $ | 65.7 |
Long-term deferred revenue | $ | 25.7 |
(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 following period quarter-end deferrals. (3) The long-term portion of deferred revenue is included as a component of Other non-current liabilities on the Consolidated Balance Sheets.
Activities and Balances for Allowance for Doubtful Accounts | The table below presents the activities and balances for allowance for credit losses, as follows (in millions):
| Balance at Beginning of Period |  |  |  | Charged to Costs and Expenses |  | Deduction(1) |  | Balance at End of Period
Year Ended June 29, 2024 | $ | 1.0 |  |  |  |  | $ | 1.3 |  |  | $ | (0.7) |  |  | $ | 1.6 |
Year Ended July 1, 2023 | $ | 1.4 |  |  |  |  | $ | 0.4 |  |  | $ | (0.8) |  |  | $ | 1.0 |
Year Ended July 2, 2022 | $ | 2.0 |  |  |  |  | $ | 0.9 |  |  | $ | (1.5) |  |  | $ | 1.4 |
(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.
Schedule of Components of Inventories | The following table presents the components of inventories, net, as follo ws (in millions):
| June 29, 2024 |  | July 1, 2023
Finished goods | $ | 44.6 |  |  | $ | 49.0 |
Work in process | 15.4 |  |  | 17.7 |
Raw materials | 36.5 |  |  | 49.4 |
Inventories, net | $ | 96.5 |  |  | $ | 116.1 |
Schedule of Components of Prepayments and Other Current Assets | The following table presents the components of prepayments and other current assets, as follo ws (in millions):
| June 29, 2024 |  | July 1, 2023
Refundable income taxes | $ | 28.5 |  |  | $ | 27.6 |
Prepayments | 18.5 |  |  | 16.5 |
Advances to contract manufacturers | 5.7 |  |  | 9.8 |
Transaction tax receivables | 3.3 |  |  | 5.1 |
Assets held for sale | 2.5 |  |  | 2.5 |
Fair value of forward contracts | 1.7 |  |  | 3.5 |
Other current assets | 10.5 |  |  | 7.1 |
Prepayments and other current assets | $ | 70.7 |  |  | $ | 72.1 |
Schedule of Components of Property, Plant and Equipment | The following table presents the components of property, plant and equipment, net, as follows (in millions):
| June 29, 2024 |  | July 1, 2023
Land | $ | 19.5 |  |  | $ | 19.6 |
Buildings and improvements | 74.9 |  |  | 74.9 |
Machinery and equipment | 378.6 |  |  | 362.6 |
Furniture, fixtures, software and office equipment | 70.7 |  |  | 76.7 |
Leasehold improvements | 73.0 |  |  | 70.7 |
Construction in progress | 20.0 |  |  | 24.5 |
Property, plant and equipment, gross | 636.7 |  |  | 629.0 |
Less: Accumulated depreciation and amortization | (408.5) |  |  | (386.0) |
Property, plant and equipment, net | $ | 228.2 |  |  | $ | 243.0 |
Schedule of Components of Other Current Assets | The following table presents the components of other non-current assets, as follo ws (in millions):
| June 29, 2024 |  | July 1, 2023
Operating ROU assets | $ | 35.8 |  |  | $ | 40.4 |
Long-term restricted cash | 5.5 |  |  | 4.6 |
Deferred contract cost | 2.5 |  |  | 2.9 |
Deposits | 2.4 |  |  | 2.3 |
Debt issuance cost - Revolving Credit Facility | 1.9 |  |  | 2.8 |
Other non-current assets | 9.9 |  |  | 8.7 |
Other non-current assets | $ | 58.0 |  |  | $ | 61.7 |
Schedule of Components of Other Current Liabilities | The following table presents the components of other current liabilities, as follows (in millions):
| June 29, 2024 |  | July 1, 2023
Restructuring accrual (Note 13) | $ | 14.1 |  |  | $ | 5.8 |
Operating lease liabilities | 9.8 |  |  | 10.1 |
Income tax payable | 5.3 |  |  | 4.4 |
Interest payable | 5.1 |  |  | 5.5 |
Transaction tax payable | 4.0 |  |  | 4.3 |
Warranty accrual | 3.4 |  |  | 4.2 |
Fair value of forward contracts | 1.5 |  |  | 2.4 |
Acquisition related holdback and related accruals | — |  |  | 4.1 |
Fair value of contingent consideration (Note 5) | — |  |  | 1.1 |
Other | 14.3 |  |  | 7.9 |
Other current liabilities | $ | 57.5 |  |  | $ | 49.8 |
Schedule of Components of Other Non-current Liabilities | The following table presents the components of other non-current liabilities, as follo ws (in millions):
| June 29, 2024 |  | July 1, 2023
Pension and post-employment benefits | $ | 51.2 |  |  | $ | 53.2 |
Operating lease liabilities | 25.7 |  |  | 29.4 |
Long-term deferred revenue | 25.7 |  |  | 23.4 |
Uncertain tax position | 17.0 |  |  | 15.8 |
Financing obligation | 15.7 |  |  | 15.8 |
Deferred tax liability | 11.7 |  |  | 13.9 |
Fair value of contingent consideration (Note 5) | 9.5 |  |  | 18.6 |
Warranty accrual | 4.0 |  |  | 4.8 |
Asset retirement obligations | 3.0 |  |  | 3.8 |
Restructuring accrual (Note 13) | 0.8 |  |  | — |
Other | 7.3 |  |  | 8.0 |
Other non-current liabilities | $ | 171.6 |  |  | $ | 186.7 |
Schedule of Components of Interest and Other Income (Expense), Net | The following table presents the components of interest and other income, net, as follows (in millions):
| Years Ended
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Interest income | $ | 18.9 |  |  | $ | 10.2 |  |  | $ | 3.4 |
Foreign exchange (loss) gain, net | (3.1) |  |  | (2.2) |  |  | 1.4 |
Gain on litigation settlement | 7.3 |  |  | — |  |  | — |
Other (loss) income, net | (1.4) |  |  | (0.4) |  |  | 0.4 |
Interest and other income, net | $ | 21.7 |  |  | $ | 7.6 |  |  | $ | 5.2 |

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