Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Apr. 01, 2023

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), 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
Beginning balance as of July 2, 2022	$	9.7	$	1.0	$	(10.3)	$	0.4
Other comprehensive loss	—		—		(0.6)		(0.6)
Ending balance as of October 1, 2022	9.7		1.0		(10.9)		(0.2)
Other comprehensive income	—		—		3.6		3.6
Ending balance as of December 31, 2022	$	9.7	$	1.0	$	(7.3)	$	3.4
Other comprehensive income	0.3		—		3.4		3.7
Ending balance as of April 1, 2023	$	10.0	$	1.0	$	(3.9)	$	7.1

	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
Beginning balance as of July 3, 2021	$	9.7	$	(1.4)	$	(0.1)	$	8.2
Other comprehensive income	—		—		0.3		0.3
Ending balance as of October 2, 2021	9.7		(1.4)		0.2		8.5
Other comprehensive loss	—		—		(2.3)		(2.3)
Ending balance as of January 1, 2022	$	9.7	$	(1.4)	$	(2.1)	$	6.2
Other comprehensive loss	—		(0.5)		(6.9)		(7.4)
Ending balance as of April 2, 2022	$	9.7	$	(1.9)	$	(9.0)	$	(1.2)

(1) In fiscal 2019, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to December 10, 2018 remain as a component of accumulated other comprehensive income (loss) in our condensed consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated. In fiscal 2023, we acquired IPG Photonics’ telecom transmission product lines. The functional currency of the Brazilian entities acquired as part of this acquisition is the local currency. In the three months ended April 1, 2023, we recorded $0.3 million of foreign currency translation adjustments.

(2) We re-evaluate the assumptions related to the fair value of our defined benefit obligations annually and make any updates as necessary.

(3) For the three months ended April 1, 2023, December 31, 2022 and October 1, 2022, our unrealized gain (loss) on available-for-sale securities is presented net of tax of $1.0 million, $1.0 million and $(0.2) million, respectively.

For the three months ended April 2, 2022, and January 1, 2022 and October 2, 2021, our unrealized gain (loss) on available-for-sale securities is presented net of tax of $(1.9) million, $(0.5) million and $0 million respectively.