Accounting Policies (Tables)

6 Months Ended

Jan. 01, 2022

Accounting Standards Update and Change in Accounting Principle

The following table presents the impact of the standard adoption to select line items of the Company’s Consolidated Balance Sheet as of July 3, 2021 (in millions):
















	July 3, 2021
	As Reported		Adjustment		As Adjusted
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt	$	414.2	$	42.4	$	456.6
Long-term debt	209.8		14.3		224.1
Mezzanine equity - convertible notes	45.8		(45.8)		—
Additional paid-in capital	70,265.5		(82.3)		70,183.2
Accumulated deficit	$	(69,393.7)	$	71.4	$	(69,322.3)

The following table presents the impact of the standard adoption to select line items of the Company’s Consolidated Statement of Operations for the three and six months ended January 2, 2021 (in millions, except per-share data):


	Three Months Ended January 2, 2021
	As Reported		Adjustment		As Adjusted
Interest Expense	$	(9.0)	$	5.4	$	(3.6)
Net income	$	21.9	$	5.4	$	27.3

Net income per share:
Basic	$	0.10	$	0.02	$	0.12
Diluted	$	0.09	$	0.03	$	0.12

Shares used in per-share calculation:
Basic	228.8		—		228.8
Diluted	231.1		—		231.1

	Six Months Ended January 2, 2021
	As Reported		Adjustment		As Adjusted
Interest Expense	$	(18.0)	$	10.8	$	(7.2)
Net income	$	36.2	$	10.8	$	47.0

Net income per share:
Basic	$	0.16	$	0.05	$	0.21
Diluted	$	0.16	$	0.04	$	0.20

Shares used in per-share calculation:
Basic	228.8		—		228.8
Diluted	231.3		0.2		231.5