XML 55 R36.htm IDEA: XBRL DOCUMENT v3.25.2

Acquisitions (Tables)

12 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
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 finite-lived intangible asset acquired in business combination.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

+ Details

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

X

- Definition

Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

+ Details

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