Investments, Forward Contracts and Fair Value Measurements (Tables)

9 Months Ended

Mar. 28, 2020

Schedule of Available-for-sale Securities

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



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			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

The following table presents the Company’s available-for-sale securities as of March 28, 2020 (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities:
Asset-backed securities	$	0.9	$	—	$	(0.4	)	$	0.5
Total available-for-sale debt securities	$	0.9	$	—	$	(0.4	)	$	0.5

Schedule of Contractual Maturities of Available-for-sale Securities

The following table presents contractual maturities of the Company’s debt securities classified as available-for-sale as of March 28, 2020, (in millions):



	Amortized Cost/ Carrying Cost		Estimated Fair Value
Amounts maturing in more than 5 years	$	0.9	$	0.5
Total debt available-for-sale securities	$	0.9	$	0.5

Schedule of Assets Measured at Fair Value

The following table presents assets and liabilities measured at fair value as of March 28, 2020 and June 29, 2019, (in millions):



	March 28, 2020								June 29, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Debt available-for-sale securities
Asset-backed securities	$	0.5	$	—	$	0.5	$	—	$	0.6	$	—	$	0.6	$	—
Total debt available-for-sale securities	0.5		—		0.5		—		0.6		—		0.6		—
Money market funds	332.3		332.3		—		—		322.9		322.9		—		—
Trading securities	1.3		1.3		—		—		1.5		1.5		—		—
Foreign currency forward contract ⁽¹⁾	5.7		—		5.7		—		1.2		—		1.2		—
Total assets ⁽²⁾	$	339.8	$	333.6	$	6.2	$	—	$	326.2	$	324.4	$	1.8	$	—

Liability:
Foreign currency forward contract ⁽³⁾	$	9.7	$	—	$	9.7	$	—	$	4.0	$	—	$	4.0	$	—
Contingent consideration ⁽⁴⁾	34.1		—		—		34.1		38.4		—		—		38.4
Total liabilities	$	43.8	$	—	$	9.7	$	34.1	$	42.4	$	—	$	4.0	$	38.4


⁽¹⁾	$5.7 million and $1.2 million in prepayments and other current assets on the Company’s Consolidated Balance Sheets as of March 28, 2020 and June 29, 2019, respectively.

⁽²⁾

$324.9 million in cash and cash equivalents, $1.3 million in short-term investments, $3.4 million in restricted cash, $5.7 million in prepayments and other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of March 28, 2020. $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 as of June 29, 2019.


⁽³⁾	$9.7 million and $4.0 million in other current liabilities on the Company’s Consolidated Balance Sheets as of March 28, 2020 and June 29, 2019, respectively.

⁽⁴⁾

$0.8 million and $0.7 million in other current liabilities on the Company’s Consolidated Balance Sheets as of March 28, 2020 and June 29, 2019, respectively. $33.3 million and $37.7 million in other non-current liabilities on the Company’s Consolidated Balance Sheets as of March 28, 2020 and June 29, 2019, respectively.

Schedule of Reconciliation of Changes in Fair Value of Level 3 Liabilities

The following table provides a reconciliation of changes in fair value of the Company’s Level 3 liabilities for the three and nine months ended March 28, 2020 (in millions):



	Three Months Ended				Nine Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020			March 30, 2019
Beginning period balance	$	34.1	$	36.2	$	38.4		$	—
Additions: To Level 3 contingent consideration liabilities	—		—		—			36.2
Fair value adjustment of contingent consideration liabilities	—		—		(4.3		)	—
Ending period balance	$	34.1	$	36.2	$	34.1		$	36.2