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Fair Value Measurements (Tables)

12 Months Ended

Jul. 01, 2023

Schedule of Assets and Liabilities Measured at Fair Value

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.

Schedule of Changes in Fair Value of Level 3 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.

(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.

Schedule of Debt Measures at Fair Value

The Company’s debt measured at fair value for the periods presented are as follows:



	July 1, 2023								July 2, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Debt:
3.75% Senior Notes	$	341.8	$	—	$	341.8	$	—	$	337.5	$	—	$	337.5	$	—
1.625% Senior Convertible Notes	262.7		—		262.7		—		—		—		—		—
1.00% Senior Convertible Notes	95.6		—		95.6		—		250.7		—		250.7		—
1.75% Senior Convertible Notes	—		—		—		—		73.4		—		73.4		—
Total liabilities	$	700.1	$	—	$	700.1	$	—	$	661.6	$	—	$	661.6	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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