Acquisitions (Tables)

12 Months Ended

Jul. 01, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Allocation of Purchase Price

The following table presents the allocation of the purchase price (in millions):

	Amount
Cash and cash equivalents	$	1.1
Accounts receivable, net	2.3
Inventory, net	3.2
Goodwill (1)	48.3
Identified intangible assets acquired	30.6
Other non-current assets	0.1
Accounts payable	(0.6)
Accrued expenses	(3.4)
Deferred revenue	(2.1)
Other current liabilities	(0.5)
Total purchase consideration	$	79.0

1) Goodwill at acquisition date of $48.8 million reduced by measurement period adjustment of $0.5 million.

Schedule of Identifiable Intangible Assets Acquired and Estimated Useful Lives

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except useful life):

	Estimated Useful Life	Amount
Developed technology	6 years	$	25.0
Customer relationship	3 years	2.7
Tradename	2 years	0.5
Backlog	1 year	2.4
Total identifiable assets acquired		$	30.6

Schedule of Changes in Earn-out Liabilities

The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended July 1, 2023 and July 2, 2022, as follows (in millions):

	Total
Balance July 3, 2021	$	4.0
Additions to Contingent Consideration	2.5
Change in Fair Value measurement	0.3
Currency translation adjustment	0.1
Payments of Contingent Consideration	(4.4)
Balance July 2, 2022(1)	$	2.5
Additions to Contingent Consideration	29.4
Change in Fair Value measurement	(4.6)
Payments of Contingent Consideration	(7.6)
Balance July 1, 2023(2)	$	19.7

(1) Includes $1.8 million in Other current liabilities and $0.7 million in Other non-current liabilities on the Consolidated Balance Sheets.

(2) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets.

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

	July 1, 2023								July 2, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Debt available-for-sale securities:
Asset-backed securities(1)	$	0.3	$	—	$	0.3	$	—	$	0.6	$	—	$	0.6	$	—
Total debt available-for-sale securities	0.3		—		0.3		—		0.6		—		0.6		—
Money market funds(2)	344.8		344.8		—		—		313.2		313.2		—		—
Trading securities(3)	1.5		1.5		—		—		1.4		1.4		—		—
Foreign currency forward contracts(4)	3.5		—		3.5		—		3.8		—		3.8		—
Total assets	$	350.1	$	346.3	$	3.8	$	—	$	319.0	$	314.6	$	4.4	$	—
Liability:
Foreign currency forward contracts(5)	2.4		$	—	2.4		—		8.4		—		8.4		$	—
Contingent consideration(6)	19.7		—		—		19.7		2.5		—		—		2.5
Total liabilities	$	22.1	$	—	$	2.4	$	19.7	$	10.9	$	—	$	8.4	$	2.5

(1) Included in Other non-current assets on the Consolidated Balance Sheets.

(2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets.

(3) Included in Short-term investments on the Consolidated Balance Sheets.

(4) Included in Other current assets on the Consolidated Balance Sheets.

(5) Included in Other current liabilities on the Consolidated Balance Sheets.

(6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.