Accumulated Other Comprehensive Income

12 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 11. Accumulated Other Comprehensive Income

Our accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments, defined benefit obligations, and available-for-sale securities.

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
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
Other comprehensive income (loss)	0.7		(1.4)		4.4		3.7
Ending balance as of July 1, 2023	$	10.4	$	(0.4)	$	(5.9)	$	4.1
Other comprehensive income (loss)	(0.6)		1.1		4.7		5.2
Ending balance as of June 29, 2024	$	9.8	$	0.7	$	(1.2)	$	9.3

(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 December 10, 2018 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. In fiscal 2023, we acquired IPG telecom transmission product lines. The functional currency of the Brazilian entities acquired as part of this acquisition is the local currency.

(2) We evaluate the assumptions over the fair value of our defined benefit obligations annually and make changes as necessary. During fiscal 2024, 2023 and 2022, our income (loss) on defined benefit obligations is presented net of tax of $0.4 million, nil, and $1.5 million, respectively.

(3) In fiscal 2024, 2023 and 2022, our unrealized gain (loss) on available-for-sale securities is presented net of tax of $1.7 million, $0.8 million and $2.8 million, respectively.