Investments, Forward Contracts and Fair Value Measurements (Tables)

12 Months Ended

Jun. 29, 2019

Investments and Fair Value Measurements [Abstract]

Schedule of Available-for-sale Securities

The following table presents as of June 29, 2019, the Company’s available-for-sale securities (in millions):

	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale securities:
Asset-backed securities	0.9		—		(0.3		)	0.6
Total available-for-sale securities	$	0.9	$	—	$	(0.3	)	$	0.6

As of June 30, 2018, the Company’s available-for-sale securities are as follows (in millions):

	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Debt securities:
U.S. treasuries	$	36.0	$	—	$	(0.1	)	$	35.9
U.S. agencies	13.3		—		(0.1		)	13.2
Municipal bonds and sovereign debt instruments	2.7		—		—			2.7
Asset-backed securities	23.9		—		(0.4		)	23.5
Corporate securities	114.9		—		(0.6		)	114.3
Total available-for-sale securities	$	190.8	$	—	$	(1.2	)	$	189.6

Schedule of Gross Unrealized Losses on Available-for-sale Securities

As of June 29, 2019, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, are as follows (in millions):

	Less than 12 Months		Greater than 12 Months			Total
Asset-backed securities	—		(0.3		)	(0.3		)
Total gross unrealized losses	$	—	$	(0.3	)	$	(0.3	)

As of June 30, 2018, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by investment type, are as follows (in millions):

	Less than 12 Months			Greater than 12 Months			Total
U.S. treasuries and agencies	$	(0.1	)	$	(0.1	)	$	(0.2	)
Asset-backed securities	(0.1		)	(0.3		)	(0.4		)
Corporate securities	(0.4		)	(0.2		)	(0.6		)
Total gross unrealized losses	$	(0.6	)	$	(0.6	)	$	(1.2	)

Schedule of Contractual Maturities of Available-for-sale Securities

As of June 29, 2019, the Company’s debt securities classified as available-for-sale securities with contractual maturities are as follows (in millions):

	Amortized Cost/Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	—	$	—
Amounts maturing in 1 - 5 years	—		—
Amounts maturing in more than 5 years	0.9		0.6
Total debt available-for-sale securities	$	0.9	$	0.6

Schedule of Assets Measured at Fair Value

The Company’s assets measured at fair value for the periods presented are as follows (in millions):

	June 29, 2019								June 30, 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Debt available-for-sale securities:
U.S. treasuries	$	—	$	—	$	—	$	—	$	35.9	$	35.9	$	—	$	—
U.S. agencies	—		—		—		—		13.2		—		13.2		—
Municipal bonds and sovereign debt instruments	—		—		—		—		2.7		—		2.7		—
Asset-backed securities	0.6		—		0.6		—		23.5		—		23.5		—
Corporate securities	—		—		—		—		114.3		—		114.3		—
Certificate of deposits	—		—		—		—		—		—		—		—
Total debt available-for-sale securities	0.6		—		0.6		—		189.6		35.9		153.7		—
Marketable equity securities	—		—		—		—		—		—		—		—
Money market funds	322.9		322.9		—		—		354.9		354.9		—		—
Trading securities	1.5		1.5		—		—		1.6		1.6		—		—
Foreign currency forward contracts	1.2		—		1.2		—		2.7		—		2.7		—
Total assets (1)	$	326.2	$	324.4	$	1.8	$	—	$	548.8	$	392.4	$	156.4	$	—
Liability:
Foreign currency forward contracts (2)	$	4.0	$	—	$	4.0	$	—	$	11.7	$	—	$	11.7	$	—
Contingent consideration (3)	38.4		—		—		38.4		—		—		—		—
Total liabilities	$	42.4	$	—	$	4.0	$	38.4	$	11.7	$	—	$	11.7	$	—

(1) Includes as of June 29, 2019, $315.5 million in cash and cash equivalents, $1.5 million in short-term investments, $3.5 million in restricted cash, $1.2 million in other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets. Includes as of June 30, 2018, $364.8 million in cash and cash equivalents, $169.3 million in short-term investments, $7.3 million in restricted cash, $2.7 million in other current assets and $4.7 million in other non-current assets on the Company’s Consolidated Balance Sheets.

(2) Includes $4.0 million and $11.7 million in other current liabilities on the Company’s Consolidated Balance Sheets as of June 29, 2019 and June 30, 2018, respectively.

(3) Includes $37.7 million in other non-current liabilities and $0.7 million in other current liabilities as of June 29, 2019.

The Company’s Level 3 liabilities as of June 29, 2019, consist of contingent purchase consideration. The Company has aggregate contingent liabilities related to its business and asset acquisitions completed during fiscal 2019. The earn-out liabilities represent future payments by the Company of up to $63.0 million over four years, that are contingent on the achievement of certain revenue and gross profit targets. As June 29, 2019 the aggregate fair value of contingent consideration was $38.4 million. The fair value of earn-out liabilities were determined using a Monte Carlo Simulation that includes significant unobservable inputs such as the risk-free rate, risk-adjusted discount rate, the volatility of the underlying financial metrics and projected financial forecast of acquired business over the earn-out period. The fair value of contingent consideration liabilities is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized in the selling, general and administrative expense of the Consolidated Statements of Operations.

The following table provides a reconciliation of changes in fair value of the Company’s Level 3 liabilities for the year ended June 29, 2019 (in millions):

	Contingent Consideration
Balance as of June 30, 2018	$	—
Additions: To Level 3 contingent consideration liabilities	44.3
Change: In fair value of contingent consideration liabilities	(5.9		)
Balance as of June 29, 2019	$	38.4