Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Jul. 02, 2022

Equity [Abstract]

Schedule of accumulated other comprehensive income

The changes in accumulated other comprehensive income, net of tax were as follows for the periods as presented (in millions):

	Foreign currency translation adjustments, net of tax  (1)		Defined benefit obligations, net of tax (2)		Unrealized gain (loss) on available-for-sale securities, net of tax  (3)		Total
Ending balance as of June 29, 2019	$	9.7	$	(3.5)	$	0.9	$	7.1
Other comprehensive income (loss)	—		(0.7)		1.5		0.8
Ending balance as of June 27, 2020	9.7		(4.2)		2.4		7.9
Other comprehensive income (loss)	—		2.8		(2.5)		0.3
Ending balance as of July 3, 2021	9.7		(1.4)		(0.1)		8.2
Other comprehensive income (loss)	—		2.4		(10.2)		(7.8)
Ending balance as of July 2, 2022	$	9.7	$	1.0	$	(10.3)	$	0.4

(1) In fiscal 2019, as a result of significant changes in economic facts and circumstances, primarily due to the acquisition of Oclaro, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to fiscal 2019, remain as a component of accumulated other comprehensive income in our consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated.

(2) We evaluate the assumptions over the fair value of our defined benefit obligations annually and make changes as necessary. During each of fiscal 2022, 2021 and 2020, our income (loss) on defined benefit obligations is presented net of tax of $1.5 million, nil, and $0.2 million, respectively.(3) In fiscal 2022, 2021 and 2020, our unrealized gain (loss) on available-for-sale securities is presented net of tax of $2.8 million, $(0.5) million and $0.3 million, respectively.