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Fair Value Measurements | 12 Months Ended
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Jun. 29, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 8. Fair Value Measurements Fair Value Measurements 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. Other Fair Value Measures Fair Value of Debt: If measured at fair value on the Consolidated Balance Sheets, the Company’s 3.75% Senior Notes (2029 Notes), 1.625% Senior Convertible Notes (2026 Notes) and 1.00% Senior Convertible Notes (2024 Notes) would be classified in Level 2 of the fair value hierarchy as they are not actively traded in the markets. 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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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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