v3.26.1
Fair Value Measurements
 12 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 8. Fair Value Measurements
Fair Value Measurements
The Company’s assets and liabilities measured at fair value on a recurring basis for the periods presented are as follows (in millions):
June 27, 2026June 28, 2025
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Debt available-for-sale securities(1)
$0.3 $— $0.3 $— $0.3 $— $0.3 $— 
Money market funds(2)
452.6 452.6 — — 229.0 229.0 — — 
Trading securities(3)
1.9 1.9 — — 1.6 1.6 — — 
Foreign currency forward contracts(4)
1.6 — 1.6 — 4.9 — 4.9 — 
Total assets $456.4 $454.5 $1.9 $— $235.8 $230.6 $5.2 $— 
Liability:
Foreign currency forward contracts(5)
$2.5 $— $2.5 $— $3.1 $— $3.1 $— 
Contingent consideration(6)
76.9 — — 76.9 117.4 — — 117.4 
Total liabilities$79.4 $— $2.5 $76.9 $120.5 $— $3.1 $117.4 
(1) Included in Other non-current assets on the Consolidated Balance Sheets.
(2) Includes, as of June 27, 2026, $443.3 million in Cash and cash equivalents, $6.4 million in Restricted cash and $2.9 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of June 28, 2025, $222.4 million in Cash and cash equivalents, $3.5 million in Restricted cash, and $3.1 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 Prepayments and other current assets on the Consolidated Balance Sheets.
(5) Included in Other current liabilities on the Consolidated Balance Sheets.
(6) As of June 27, 2026 and June 28, 2025, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Contingent Consideration
As of June 27, 2026, the fair value of the contingent consideration liability for Inertial Labs was $76.9 million, compared to $117.1 million at June 28, 2025. As of June 27, 2026, $58.5 million and $18.4 million of the liability are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets. As of June 28, 2025, $41.2 million and $75.9 million of the liability are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets. During the year ended June 27, 2026, the Company made a contingent consideration payment of $73.5 million for Inertial Labs, of which acquisition date fair value of $29.8 million was classified as a financing outflow and the remaining classified as an operating activity within Accrued expenses and other current and non-current liabilities in the Consolidated Statements of Cash Flows.
The earn-out period for Jackson Labs ended on December 31, 2025. The Company was not required to make a contingent consideration payment as the revenue targets were not met.
Instrument Measured at Fair Value on Non-recurring Basis
Our non-marketable equity security accounted for using the Measurement Alternative is measured at fair value on a non-recurring basis and is classified within Level 3 of the fair value hierarchy because we use significant unobservable inputs to estimate its fair value. Refer to “Note 7. Investments and Forward Contracts” for additional information.
Other Fair Value Measures

Fair Value of Debt: If measured at fair value on the Consolidated Balance Sheets, the Company’s 0.625% Senior Convertible Notes (2031 Notes), 3.75% Senior Notes (2029 Notes) and 1.625% Senior Convertible Notes (2026 Notes) would be classified in Level 2 of the fair value hierarchy as they are not actively traded in the markets.
The Company’s debt measured at fair value for the periods presented are as follows (in millions):
June 27, 2026June 28, 2025
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Debt:
0.625% Senior Convertible Notes(1)
$889.1 $— $889.1 $— $— $— $— $— 
3.75% Senior Notes
381.8 — 381.8 — 373.6 — 373.6 — 
1.625% Senior Convertible Notes(2)
— — — — 252.0 — 252.0 — 
Total liabilities$1,270.9 $— $1,270.9 $— $625.6 $— $625.6 $— 
(1) The 2031 Notes were issued on August 20, 2025. See “Note 11. Debt”, for further discussion of the Company’s debt.
(2) The 2026 Notes were settled upon maturity on March 15, 2026. See “Note 11. Debt”, for further discussion of the Company’s debt.