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Share-Based Compensation (Tables)
12 Months Ended
Jun. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share-Based Compensation Awards Available for Grant or Issuance

Share-based compensation awards available for grant or issuance for each plan as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2023, were as follows:

 

 

 

Awards

 

 

 

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

 

Available

 

 

2019

 

 

Employee

 

 

Employee

 

 

2010

 

 

 

 

 

 

Under All

 

 

Incentive

 

 

Inducement

 

 

Stock

 

 

Incentive

 

 

DSPG

 

 

 

Share-Based

 

 

Compensation

 

 

Equity

 

 

Purchase

 

 

Compensation

 

 

Replacement Award

 

 

 

Award Plans

 

 

Plan

 

 

Plan

 

 

Plan

 

 

Plan

 

 

Plan

 

Balance at June 2022

 

 

4,449,604

 

 

 

3,379,524

 

 

 

 

 

 

1,070,080

 

 

 

 

 

 

 

Additional shares authorized

 

 

698,000

 

 

 

698,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Transferred between plans

 

 

 

 

 

5,733

 

 

 

 

 

 

 

 

 

(5,733

)

 

 

 

Restricted stock units granted

 

 

(808,153

)

 

 

(808,153

)

 

 

 

 

 

 

 

 

 

 

 

 

Market stock units granted

 

 

(110,885

)

 

 

(110,885

)

 

 

 

 

 

 

 

 

 

 

 

 

Performance stock units granted

 

 

(157,710

)

 

 

(157,710

)

 

 

 

 

 

 

 

 

 

 

 

 

Performance stock units performance adjustment

 

 

141,565

 

 

 

142,899

 

 

 

(1,334

)

 

 

 

 

 

 

 

 

 

Market stock units performance adjustment

 

 

(168,796

)

 

 

(148,347

)

 

 

(20,449

)

 

 

 

 

 

 

 

 

 

Purchases under employee stock purchase plan

 

 

(172,044

)

 

 

 

 

 

 

 

 

(172,044

)

 

 

 

 

 

 

Forfeited

 

 

103,689

 

 

 

95,727

 

 

 

 

 

 

 

 

 

5,733

 

 

 

2,229

 

Plan shares no longer available for new grants

 

 

19,554

 

 

 

 

 

 

21,783

 

 

 

 

 

 

 

 

 

(2,229

)

Balance at June 2023

 

 

3,994,824

 

 

 

3,096,788

 

 

 

 

 

 

898,036

 

 

 

 

 

 

 

Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations

Share-based compensation and the related tax benefit for our stock-based awards and our cash settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) recognized in our consolidated statements of income for fiscal 2023, 2022, and 2021 were as follows (in millions):

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

Stock-based awards

 

 

Phantom Stock Units

 

 

Stock-based awards

 

 

Phantom Stock Units

 

 

Stock-based awards

 

 

Phantom Stock Units

 

Cost of revenue

 

$

4.0

 

 

$

 

 

$

4.0

 

 

$

0.2

 

 

$

3.0

 

 

$

0.4

 

Research and development

 

 

52.4

 

 

 

0.3

 

 

 

42.5

 

 

 

27.2

 

 

 

23.5

 

 

 

21.9

 

Selling, general, and administrative

 

 

65.6

 

 

 

0.3

 

 

 

54.3

 

 

 

4.7

 

 

 

39.6

 

 

 

4.7

 

Total

 

$

122.0

 

 

$

0.6

 

 

$

100.8

 

 

$

32.1

 

 

$

66.1

 

 

$

27.0

 

Income tax benefit on share-based compensation

 

$

13.2

 

 

 

 

 

$

23.1

 

 

 

 

 

$

15.2

 

 

 

 

 

Schedule of Stock Option Activity

Certain stock option activity for fiscal 2023 and balances as of the end of fiscal 2023 were as follows:

 

 

Stock

 

 

Weighted

 

 

 

 

 

 

Option

 

 

Average

 

 

Intrinsic

 

 

 

Awards

 

 

Exercise

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

(In millions)

 

Balance at June 2022

 

 

31,185

 

 

$

61.50

 

 

 

 

Exercised

 

 

(27,545

)

 

$

62.10

 

 

 

 

Expired

 

 

(557

)

 

$

81.88

 

 

 

 

Balance at June 2023

 

 

3,083

 

 

$

52.53

 

 

$

0.1

 

Exercisable at June 2023

 

 

3,083

 

 

$

52.53

 

 

$

0.1

 

Cash Received and Aggregate Intrinsic Value of Stock Options Exercised

Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2023, 2022, and 2021 were as follows (in millions):

 

 

 

2023

 

 

2022

 

 

2021

 

Cash received

 

$

3.3

 

 

$

5.3

 

 

$

23.9

 

Aggregate intrinsic value

 

$

1.6

 

 

$

3.6

 

 

$

8.6

 

Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP

Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases in fiscal 2023, 2022, and 2021 were as follows (in millions, except shares purchased and weighted average purchase price):

 

 

 

2023

 

 

2022

 

 

2021

 

Shares purchased

 

 

172,044

 

 

 

138,502

 

 

 

220,389

 

Weighted average purchase price

 

$

91.88

 

 

$

97.90

 

 

$

57.00

 

Cash received

 

$

15.8

 

 

$

13.6

 

 

$

12.6

 

Aggregate intrinsic value

 

$

2.8

 

 

$

12.5

 

 

$

10.3

 

 

Phantom Stock Unit [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Stock Units Activity

Phantom stock activity was as follows:

 

 

 

 

 

Weighted

 

 

 

Phantom

 

 

Average

 

 

 

Stock Units

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Balance as of June 2022

 

 

176,097

 

 

$

42.11

 

Paid

 

 

(173,436

)

 

$

42.11

 

Forfeited

 

 

(2,661

)

 

$

42.11

 

Balance as of June 2023

 

 

 

 

$

0.00

 

Fair Value of Each Award Granted

The fair value of each MSU granted from our plans for fiscal 2023, 2022, and 2021 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:

 

 

 

2023

 

 

2022

 

 

2021

 

 

Expected volatility of company

 

 

55.22

%

 

 

52.61

%

 

 

53.62

%

 

Expected volatility of Index

17.9% - 320.7%

 

 

17.4% - 581.6%

 

 

19.6% - 197.6%

 

 

Correlation coefficient

 

0.61

 

 

 

0.53

 

 

 

0.51

 

 

Expected life in years

 

 

2.87

 

 

 

2.87

 

 

 

2.87

 

 

Risk-free interest rate

 

 

3.24

%

 

 

0.40

%

 

 

0.17

%

 

Fair value per award

 

$218.15 - $438.24

 

 

$284.43 - $342.89

 

 

$131.34 - $175.15

 

 

Deferred stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Stock Units Activity

RSU activity, including RSUs granted, delivered, and forfeited in fiscal 2023, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2023 were as follows:

 

 

 

 

 

 

Average

 

 

 

RSU Awards

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Balance at June 2022

 

 

1,220,565

 

 

$

119.83

 

Granted

 

 

808,153

 

 

$

129.14

 

Vested

 

 

(631,492

)

 

$

115.30

 

Forfeited

 

 

(92,300

)

 

$

137.60

 

Balance at June 2023

 

 

1,304,926

 

 

$

126.50

 

Market stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Stock Units Activity

MSU activity, including MSUs granted, delivered, and forfeited in fiscal 2023, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2023 were as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

MSU Awards

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Balance at June 2022

 

 

251,974

 

 

$

138.51

 

Granted

 

 

110,885

 

 

$

179.98

 

Performance adjustment

 

 

168,796

 

 

$

 

Vested

 

 

(304,334

)

 

$

104.04

 

Balance at June 2023

 

 

227,321

 

 

$

235.67

 

Performance stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Stock Units Activity

PSU activity, including PSUs granted, delivered, and forfeited in fiscal 2023, and the balance and aggregate intrinsic value of PSUs as of the end of fiscal 2023 were as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

PSU Awards

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Balance at June 2022

 

 

257,903

 

 

$

101.50

 

Granted

 

 

157,710

 

 

$

119.50

 

Performance adjustment

 

 

128,622

 

 

$

 

Vested

 

 

(279,438

)

 

$

97.40

 

Forfeited

 

 

(11,438

)

 

$

123.12

 

Balance at June 2023

 

 

253,359

 

 

$

125.40