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Acquisitions (Tables) | 12 Months Ended
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Jun. 28, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table presents the preliminary allocation of the purchase price (in millions):
|  |  | Amount |  |
Cash and cash equivalents |  |  | $ | 16.5 |  |  |
Accounts receivable, net |  |  | 8.1 |  |  |
Inventory, net |  |  | 26.0 |  |  |
Prepayments and other current assets |  |  | 1.1 |  |  |
Property, plant and equipment, net |  |  | 1.9 |  |  |
Goodwill(1) |  |  | 130.3 |  |  |
Identified intangible assets acquired |  |  | 117.6 |  |  |
Other non-current assets |  |  | 1.9 |  |  |
Accounts payable |  |  | (1.4) |  |  |
Accrued payroll and related expenses |  |  | (0.5) |  |  |
Deferred revenue |  |  | (0.3) |  |  |
Accrued expenses |  |  | (3.5) |  |  |
Other non-current liabilities |  |  | (27.1) |  |  |
Total purchase consideration |  |  | $ | 270.6 |  |  |
(1) Goodwill at acquisition date of $129.7 million increased by $0.6 million for purchase price and measurement period adjustments.
Business Combination, Intangible Asset, Acquired, Finite-Lived | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except useful lives):
| Estimated Useful Life |  | Amount |  |
Developed technology | 4 to 7 years |  | $ | 102.0 |  |  |
Customer relationship | 6 years |  | 9.6 |  |  |
Tradename | 3 years |  | 0.8 |  |  |
Backlog | 2 years |  | 5.2 |  |  |
Total identifiable intangible assets acquired |  |  | $ | 117.6 |  |  |
Schedule of Changes in Earn-out Liabilities | The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended June 28, 2025 and June 29, 2024, as follows (in millions):
|  |  |  |  | Total
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 |
Additions to Contingent Consideration |  |  |  |  | 116.2 |
Change in Fair Value measurement |  |  |  |  | (8.3) |
Balance June 28, 2025(3)(4) |  |  |  |  | $ | 117.4 |
(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. (3) Includes $41.5 million in Other current liabilities and $75.9 million in Other non-current liabilities on the Consolidated Balance Sheets. (4) Balance is comprised of $117.1 million for Inertial Labs and $0.3 million for Jackson Labs. The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):
| June 28, 2025 |  | June 29, 2024
| 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) | 229.0 |  |  | 229.0 |  |  | — |  |  | — |  |  | 295.3 |  |  | 295.3 |  |  | — |  |  | — |
Trading securities(3) | 1.6 |  |  | 1.6 |  |  | — |  |  | — |  |  | 1.5 |  |  | 1.5 |  |  | — |  |  | — |
Foreign currency forward contracts(4) | 4.9 |  |  | — |  |  | 4.9 |  |  | — |  |  | 1.7 |  |  | — |  |  | 1.7 |  |  | — |
Non-marketable equity security(5) | 3.0 |  |  | — |  |  | — |  |  | 3.0 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | $ | 238.8 |  |  | $ | 230.6 |  |  | $ | 5.2 |  |  | $ | 3.0 |  |  | $ | 298.8 |  |  | $ | 296.8 |  |  | $ | 2.0 |  |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts(6) | $ | 3.1 |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |
Contingent consideration(7) | 117.4 |  |  | — |  |  | — |  |  | 117.4 |  |  | 9.5 |  |  | — |  |  | — |  |  | 9.5 |
Total liabilities | $ | 120.5 |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | 117.4 |  |  | $ | 11.0 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 9.5 |
(1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of June 28, 2025, $222.4 million in Cash and cash equivalents, $3.5 million in Restricted cash and $3.1 million in Other non-current assets on the Consolidated Balance Sheets. 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. (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 non-current assets on the Consolidated Balance Sheets. (6) Included in Other current liabilities on the Consolidated Balance Sheets. (7) As of June 28, 2025, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. As of June 29, 2024, included in Other non-current liabilities on the Consolidated Balance Sheets.

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