v3.26.1
Balance Sheet and Other Details
 12 Months Ended
Jun. 27, 2026
Balance Sheet And Other Details  
Balance Sheet and Other Details
Note 6. Balance Sheet and Other Details
Contract Balances
Unbilled Receivables: The Company records a receivable when an unconditional right to consideration exists and transfer of control has occurred, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of customer invoicing. Payment terms vary based on product or service offerings and payment is generally required within 30 to 90 days from date of invoicing. Certain performance obligations may require payment before delivery of the service to the customer.
Contract Assets: A Contract Asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract Assets include fixed fee professional services, where the transfer of services has occurred in advance of the Company's right to invoice. Contract Assets, included in Accounts receivable, net, on the Consolidated Balance Sheets, are not material to the Consolidated Financial Statements. Contract Asset balances will fluctuate based upon the timing of transfer of services, billings and customers’ acceptance of contractual milestones.
Gross Receivables: Includes both billed and Unbilled Receivables/Contract Assets. As of June 27, 2026 and June 28, 2025, the Company had total Unbilled Receivables/Contract Assets of $22.7 million and $14.1 million, respectively.
Deferred Revenue: Deferred revenue consists of contract liabilities primarily related to support, solution deployment services, software maintenance, product, professional services and training when the Company has a right to invoice or payments have been received and transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term.
The Company also has short-term and long-term deferred revenue related to undelivered hardware and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer.
The following table summarizes the activity related to deferred revenue, for the year ended June 27, 2026 (in millions):
Balance as of June 28, 2025
$102.3 
Revenue deferrals for new contracts(1)
149.8 
Acquisition(2)
33.8 
Revenue recognized during the period(3)
(143.7)
Balance as of June 27, 2026(4)
$142.2 
Short-term deferred revenue$101.9 
Long-term deferred revenue40.3 
(1) Included in these amounts is the impact from foreign currency exchange rate fluctuations.
(2) This amount includes deferred revenue at acquisition date and measurement period adjustments. Refer to “Note 5. Acquisitions” for more information.
(3) 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.
(4) The long-term portion of deferred revenue is included as a component of Other non-current liabilities on the Consolidated Balance Sheets.
Remaining Performance Obligations: Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered or are incomplete as of June 27, 2026. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded. The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancellable contracts where there is no substantive termination penalty.
Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that has not materialized and currency fluctuations.
The value of the transaction price allocated to remaining performance obligations as of June 27, 2026 was $610.1 million. The Company expects to recognize 92% of the remaining performance obligations as revenue within the next 12 months, and the residual thereafter.
Accounts Receivable - Allowance for Credit Losses
The table below presents the activities and balances for allowance for credit losses, as follows (in millions):
Balance at Beginning of Period
Acquisition(1)
Charged to Costs and Expenses
Deduction(2)
Balance at
End of Period
Year Ended June 27, 2026$1.9 $— $1.6 $(0.7)$2.8 
Year Ended June 28, 20251.6 0.6 1.0 (1.3)1.9 
Year Ended June 29, 20241.0 — 1.3 (0.7)1.6 
(1) Refer to “Note 5. Acquisitions” for details of acquisition.
(2) Represents the effect of foreign currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.
Inventories, net
The following table presents the components of inventories, net, as follows (in millions):
June 27, 2026June 28, 2025
Finished goods$65.2 $52.5 
Work in process25.3 18.3 
Raw materials64.8 47.1 
Inventories, net$155.3 $117.9 
Prepayments and Other Current Assets
The following table presents the components of prepayments and other current assets, as follows (in millions):
June 27, 2026June 28, 2025
Prepayments$26.8 $21.9 
Refundable income taxes24.6 32.0 
Advances to contract manufacturers22.0 5.8 
Fair value of forward contracts1.6 4.9 
Other current assets18.2 12.7 
Prepayments and other current assets$93.2 $77.3 
Property, Plant and Equipment, net
The following table presents the components of property, plant and equipment, net, as follows (in millions):
June 27, 2026June 28, 2025
Land$19.6 $19.9 
Buildings and improvements80.6 79.6 
Machinery and equipment412.1 400.5 
Furniture, fixtures, software and office equipment68.9 67.8 
Leasehold improvements78.4 75.9 
Construction in progress20.9 26.5 
Property, plant and equipment, gross680.5 670.2 
Less: Accumulated depreciation
(456.0)(438.3)
Property, plant and equipment, net$224.5 $231.9 
Other Non-Current Assets
The following table presents the components of other non-current assets, as follows (in millions):
June 27, 2026June 28, 2025
Operating ROU assets, net$42.6 $34.1 
Long-term restricted cash5.1 4.9 
Deferred contract cost3.0 3.0 
Long-term investment (Note 7)
3.0 3.0 
Debt issuance cost - Revolving Credit Facility2.6 1.4 
Deposits2.5 2.4 
Other13.0 13.4 
Other non-current assets$71.8 $62.2 
Other Current Liabilities
The following table presents the components of other current liabilities, as follows (in millions):
June 27, 2026June 28, 2025
Fair value of contingent consideration (Note 8)
$58.5 $41.5 
Operating lease liabilities
11.8 10.2 
Income tax payable7.7 8.2 
Warranty accrual6.6 5.9 
Restructuring accrual (Note 13)
6.5 3.5 
Interest payable4.5 5.1 
Acquisition related holdback and related accruals2.9 16.5 
Fair value of forward contracts2.5 3.1 
Other 14.9 14.3 
Other current liabilities$115.9 $108.3 
Other Non-Current Liabilities
The following table presents the components of other non-current liabilities, as follows (in millions):
June 27, 2026June 28, 2025
Pension and post-employment benefits$47.3 $54.1 
Long-term deferred revenue40.3 28.2 
Operating lease liabilities31.2 24.1 
Fair value of contingent consideration (Note 8)
18.4 75.9 
Financing obligation13.4 15.5 
Uncertain tax position10.0 11.4 
Deferred tax liability7.0 6.0 
Asset retirement obligations4.6 3.5 
Warranty accrual— 0.8 
Other 7.3 8.1 
Other non-current liabilities$179.5 $227.6 
Interest and Other Income, net
The following table presents the components of interest and other income, net, as follows (in millions):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Interest income$15.4 $13.1 $18.9 
Foreign exchange loss, net(2.4)(1.7)(3.1)
Gain on litigation settlement— — 7.3 
Other gain (loss), net2.3 (0.3)(1.4)
Interest and other income, net$15.3 $11.1 $21.7