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Fair Value Measurements (Tables) | 12 Months Ended
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Jun. 29, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):
| June 29, 2024 |  | July 1, 2023
| 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 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Total debt available-for-sale securities | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Money market funds(2) | 295.3 |  |  | 295.3 |  |  | — |  |  | — |  |  | 344.8 |  |  | 344.8 |  |  | — |  |  | — |
Trading securities(3) | 1.5 |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |  |  | 1.5 |  |  | — |  |  | — |
Foreign currency forward contracts(4) | 1.7 |  |  | — |  |  | 1.7 |  |  | — |  |  | 3.5 |  |  | — |  |  | 3.5 |  |  | — |
Total assets | $ | 298.8 |  |  | $ | 296.8 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 350.1 |  |  | $ | 346.3 |  |  | $ | 3.8 |  |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(5) | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | — |
Contingent consideration(6) | 9.5 |  |  | — |  |  | — |  |  | 9.5 |  |  | 19.7 |  |  | — |  |  | — |  |  | 19.7 |
Total liabilities | $ | 11.0 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 9.5 |  |  | $ | 22.1 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 19.7 |
(1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of June 29, 2024, $286.7 million in Cash and cash equivalents, $4.9 million in Restricted cash and $3.7 million in Other non-current assets on the Consolidated Balance Sheets. 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. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Prepayments and other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of June 29, 2024, included in Other non-current liabilities on the Consolidated Balance Sheets. As of July 1, 2023, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Schedule of Changes in Fair Value of Level 3 Liabilities | The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended June 29, 2024 and July 1, 2023, as follows (in millions):
|  |  |  |  | Total
Balance July 2, 2022 |  |  |  |  | $ | 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(1) |  |  |  |  | $ | 19.7 |
Change in Fair Value measurement |  |  |  |  | (9.5) |
Payments of Contingent Consideration |  |  |  |  | (0.7) |
Balance June 29, 2024(2) |  |  |  |  | $ | 9.5 |
(1) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets. (2) Included 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):
| June 29, 2024 |  | July 1, 2023
| 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 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Total debt available-for-sale securities | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Money market funds(2) | 295.3 |  |  | 295.3 |  |  | — |  |  | — |  |  | 344.8 |  |  | 344.8 |  |  | — |  |  | — |
Trading securities(3) | 1.5 |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |  |  | 1.5 |  |  | — |  |  | — |
Foreign currency forward contracts(4) | 1.7 |  |  | — |  |  | 1.7 |  |  | — |  |  | 3.5 |  |  | — |  |  | 3.5 |  |  | — |
Total assets | $ | 298.8 |  |  | $ | 296.8 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 350.1 |  |  | $ | 346.3 |  |  | $ | 3.8 |  |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(5) | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | — |
Contingent consideration(6) | 9.5 |  |  | — |  |  | — |  |  | 9.5 |  |  | 19.7 |  |  | — |  |  | — |  |  | 19.7 |
Total liabilities | $ | 11.0 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 9.5 |  |  | $ | 22.1 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 19.7 |
(1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of June 29, 2024, $286.7 million in Cash and cash equivalents, $4.9 million in Restricted cash and $3.7 million in Other non-current assets on the Consolidated Balance Sheets. 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. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Prepayments and other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of June 29, 2024, included in Other non-current liabilities on the Consolidated Balance Sheets. As of July 1, 2023, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Schedule of Debt Measures at Fair Value | The Company’s debt measured at fair value for the periods presented are as follows (in millions):
| June 29, 2024 |  | July 1, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.75% Senior Notes | $ | 338.9 |  |  | $ | — |  |  | $ | 338.9 |  |  | $ | — |  |  | $ | 341.8 |  |  | $ | — |  |  | $ | 341.8 |  |  | $ | — |
1.625% Senior Convertible Notes | 238.1 |  |  | — |  |  | 238.1 |  |  | — |  |  | 262.7 |  |  | — |  |  | 262.7 |  |  | — |
1.00% Senior Convertible Notes(1) | — |  |  | — |  |  | — |  |  | — |  |  | 95.6 |  |  | — |  |  | 95.6 |  |  | — |
Total liabilities | $ | 577.0 |  |  | $ | — |  |  | $ | 577.0 |  |  | $ | — |  |  | $ | 700.1 |  |  | $ | — |  |  | $ | 700.1 |  |  | $ | — |
(1) The 2024 Notes were retired upon maturity on March 1, 2024. See “Note 11. Debt” for further discussion of the Company’s debt.

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