Balance Sheet and Other Details (Tables)

12 Months Ended

Jul. 02, 2022

Balance Sheet and Other Details

Summary of Activity Related to Deferred Revenue and Financed Unearned Services Revenue

The following table summarizes the activity related to deferred revenue, for the year ended July 2, 2022 (in millions):

	July 2, 2022
Deferred revenue:
Balance at beginning of period	$	89.5
Revenue deferrals for new contracts(1)	130.6
Revenue recognized during the period(2)	(119.7)
Balance at end of period(3)	$	100.4
Short-term deferred revenue	$	81.0
Long-term deferred revenue	$	19.4

(1) Included in these amounts is the impact from foreign currency exchange rate fluctuations.

(2) Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the following period quarter-end deferrals.

(3) The long-term portion of deferred revenue is included as a component of other non-current liabilities on the Consolidated Balance Sheets.

Activities and Balances for Allowance for Doubtful Accounts

The table below presents the activities and balances for allowance for doubtful accounts, as follows (in millions):

	Balance at Beginning of Period		Charged to Costs and Expenses		Deduction(1)		Balance at End of Period
Year Ended July 2, 2022	$	2.0	$	0.9	$	(1.5)	$	1.4
Year Ended July 3, 2021	3.0		1.1		(2.1)		2.0
Year Ended June 27, 2020	2.0		2.0		(1.0)		3.0

(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.

Schedule of Components of Inventories

The following table presents the components of inventories, net, as follows (in millions):

	July 2, 2022		July 3, 2021
Finished goods	$	41.6	$	41.0
Work in process	17.7		16.6
Raw materials	50.8		37.3
Inventories, net	$	110.1	$	94.9

Schedule of Components of Prepayments and Other Current Assets

The following table presents the components of prepayments and other current assets, as follows (in millions):

	July 2, 2022		July 3, 2021
Prepayments	$	16.0	$	13.4
Assets held for sale	2.5		6.5
Advances to contract manufacturers	11.8		10.1
Refundable income taxes	14.5		5.9
Transaction tax receivables	10.4		13.2
Other current assets	14.0		7.9
Prepayments and other current assets	$	69.2	$	57.0

Schedule of Components of Property, Plant and Equipment

The following table presents the components of property, plant and equipment, net, as follows (in millions):

	July 2, 2022		July 3, 2021
Land	$	19.2	$	19.9
Buildings and improvements	41.7		34.8
Machinery and equipment	316.7		325.3
Furniture, fixtures, software and office equipment	74.0		74.3
Leasehold improvements	69.8		69.5
Construction in progress	71.2		30.1
Property, plant and equipment, gross	592.6		553.9
Less: Accumulated depreciation and amortization	(363.7)		(357.9)
Property, plant and equipment, net	$	228.9	$	196.0

Schedule of Components of Other Current Liabilities

The following table presents the components of other current liabilities, as follows (in millions):

	July 2, 2022		July 3, 2021
Customer prepayments	$	0.9	$	0.4
Restructuring accrual	—		0.5
Income tax payable	9.6		22.6
Warranty accrual	4.4		4.3
Transaction tax payable	11.5		4.9
Operating lease liabilities (Note 12)	10.1		11.6
Fair value of contingent consideration	1.8		4.0
Interest payable	4.6		1.9
Fair value of forward contracts	8.4		1.4
Other	5.0		5.5
Other current liabilities	$	56.3	$	57.1

Schedule of Components of Other Non-current Liabilities

The following table presents the components of other non-current liabilities, as follows (in millions):

	July 2, 2022		July 3, 2021
Pension and post-employment benefits	$	59.6	$	97.0
Deferred tax liability	9.5		24.3
Financing obligation	16.0		16.1
Long-term deferred revenue	19.4		19.8
Operating lease liabilities (Note 12)	33.5		30.8
Uncertain tax position	12.9		18.3
Warranty accrual	6.2		5.4
Other	13.3		14.3
Other non-current liabilities	$	170.4	$	226.0

Schedule of Components of Interest and Other Income (Expense), Net

The following table presents the components of interest and other income, net, as follows (in millions):

	Years Ended
	July 2, 2022		July 3, 2021		June 27, 2020
Interest income	$	3.4	$	2.9	$	7.1
Foreign exchange gain, net	1.4		—		2.1
Other income, net	0.4		0.4		0.5
Loss on sale of investments	—		—		(0.1)
Interest and other income, net	$	5.2	$	3.3	$	9.6