Fair Value Measurements (Tables)

6 Months Ended

Jan. 02, 2021

Schedule of Assets and Liabilities Measured at Fair Value

The Company’s assets and liabilities measured at fair value (categorized by input measure) for the periods presented are as follows (in millions):



	January 2, 2021								June 27, 2020
	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	$	—	$	0.5	$	—	$	0.5	$	—
Total debt available-for-sale securities	0.5		—		0.5		—		0.5		—		0.5		—
Money market funds	387.2		387.2		—		—		334.6		334.6		—		—
Trading securities	1.6		1.6		—		—		1.4		1.4		—		—
Foreign currency forward contracts (1)	8.4		—		8.4		—		2.2		—		2.2		—
Total assets (2)	$	397.7	$	388.8	$	8.9	$	—	$	338.7	$	336.0	$	2.7	$	—

Liability:
Foreign currency forward contracts (3)	$	1.5	$	—	$	1.5	$	—	$	1.5	$	—	$	1.5	$	—
Contingent consideration (4)	8.9		—		—		8.9		9.9		—		—		9.9
Total liabilities	$	10.4	$	—	$	1.5	$	8.9	$	11.4	$	—	$	1.5	$	9.9

(1)$8.4 million and $2.2 million in prepayments and other current assets on the Company’s Consolidated Balance Sheets as of January 2, 2021 and June 27, 2020, respectively.

(2)Includes as of January 2, 2021, $379.6 million in cash and cash equivalents, $1.6 million in short-term investments, $3.0 million in restricted cash, $8.4 million in prepayments and other current assets and $5.1 million in other non-current assets on the Company’s Consolidated Balance Sheets. Includes as of June 27, 2020, $327.2 million in cash and cash equivalents, $1.4 million in short-term investments, $3.4 million in restricted cash, $2.2 million in prepayments and other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets.

(3)Includes $1.5 million and $1.5 million in other current liabilities on the Company’s Consolidated Balance Sheets as of January 2, 2021 and June 27, 2020, respectively.

(4)Includes $6.9 million and $9.4 million in other non-current liabilities and $2.0 million and $0.5 million in other current liabilities as of January 2, 2021 and June 27, 2020, respectively.

Schedule of Changes in Fair Value of Level 3 Liabilities

The following table provides a reconciliation of changes in the fair value of the Company’s Level 3, contingent consideration liabilities, for the three and six months ended January 2, 2021 (in millions):


	Three Months Ended				Six Months Ended
	January 2, 2021		December 28, 2019		January 2, 2021		December 28, 2019
Beginning period balance	$	9.9	$	40.1	$	9.9	$	38.4

Fair value adjustment of contingent consideration liabilities	(1.5)		(6.0)		(1.5)		(4.3)
Currency translation adjustment	0.5		—		0.5		—
Balance as of October 3, 2020	$	8.9	$	34.1	$	8.9	$	34.1