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Acquisitions (Tables)

9 Months Ended

Mar. 29, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities 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									1.2
Property, plant and equipment, net									2.3
Goodwill									129.7
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									(28.0)
Total purchase consideration									$	269.6

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

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 life):

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 assets acquired

$

117.6

Schedule of Changes in Fair Value of Level 3 Liabilities

The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisitions for the three and nine months ended March 29, 2025 and March 30, 2024 (in millions):

						Three Months Ended												Nine Months Ended
						March 29, 2025						March 30, 2024						March 29, 2025						March 30, 2024
Beginning period balance						$	2.1					$	10.6					$	9.5					$	19.7
Additions to contingent consideration						116.2						—						116.2						—
Payment of contingent consideration						—						—						—						(0.7)
Fair value adjustment						2.5						0.6						(4.9)						(7.8)
Ending period balance						$	120.8					$	11.2					$	120.8					$	11.2

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- 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

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Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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