XML 55 R38.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Fair Value Measurements (Tables)

12 Months Ended

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.

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration