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Stock-Based Compensation (Tables)
 12 Months Ended
Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of the Impact on Results of Operations of Recording Stock-based Compensation
The impact on the Company’s results of operations of recording stock-based compensation expense by function for fiscal 2023, 2022 and 2021 was as follows (in millions):
Years Ended
July 1, 2023July 2, 2022July 3, 2021
Cost of revenue$4.8 $5.2 $4.8 
Research and development8.6 8.6 8.9 
Selling, general and administrative37.8 38.5 34.6 
Total stock-based compensation expense$51.2 $52.3 $48.3 
Schedule of Significant Ranges of Outstanding and Exercisable Options The following table summarizes outstanding and exercisable options as of July 1, 2023 all of which have been fully amortized and recognized since before June 29, 2019.
Options OutstandingOptions Exercisable
Exercise PriceNumber of SharesWeighted Average Remaining Contractual Term
(years)		Weighted Average Exercise PriceAggregate Intrinsic Value
(millions)		Number of SharesWeighted Average Remaining Contractual Term
(years)		Weighted Average Exercise PriceAggregate Intrinsic Value
(millions)
$5.951,180,257 0.62$5.95 $6.3 1,180,257 0.62$5.95 $6.3 
Schedule of Changes in Nonvested Full Value Awards
A summary of the status of the Company’s non-vested Full Value Awards as of July 1, 2023 and changes during the same period is presented below (amount in millions, except per share amounts):
Full Value Awards
Performance Shares(1)
Non-Performance SharesTotal Number of SharesWeighted-average Grant-dated Fair Value
Non-vested June 27, 20201.0 5.1 6.1 $12.97 
Awards granted1.3 3.3 4.6 $14.15 
Awards vested(0.6)(3.1)(3.7)$12.58 
Awards forfeited(0.2)(0.5)(0.7)$13.83 
Non-vested July 3, 20211.5 4.8 6.3 $13.98 
Awards granted0.4 2.4 2.8 $16.95 
Awards vested(0.4)(2.2)(2.6)$13.38 
Awards forfeited(0.1)(0.2)(0.3)$14.64 
Non-vested July 2, 20221.4 4.8 6.2 $15.55 
Awards granted0.9 3.1 4.0 $14.35 
Awards vested(0.6)(1.8)(2.4)$15.23 
Awards forfeited— (0.3)(0.3)$14.78 
Non-vested July 1, 20231.7 5.8 7.5 $15.06 
(1) Performance Shares refer to the Company’s MSU and PSU awards, where the actual number of shares awarded upon vesting may be higher or lower than the target amount depending on the achievement of the relevant market conditions and performance goal achievement. The majority of MSUs vest in equal annual installments over three to four years based on the attainment of certain total shareholder performance measures and the employee’s continued service through the vest date. The aggregate grant-date fair value of MSUs granted during fiscal 2023, 2022 and 2021 was estimated to be $11.4 million, $7.9 million and $15.6 million, respectively, and was calculated using a Monte Carlo simulation. The fair value of PSU awards granted in fiscal 2021 was $2.0 million. The Company did not grant any PSU awards in fiscal 2023 and 2022. PSU awards vest based on the attainment of certain performance measures and the employee’s continued service through the vest date.
Schedule of Valuation Assumptions of Fair Value Awards The weighted-average assumptions used to measure fair value of performance-based awards with a market condition were as follows:
Years Ended
July 1, 2023July 2, 2022July 3, 2021
Volatility of common stock31.2 %33.8 %38.5 %
Average volatility of peer companies62.1 %58.7 %65.7 %
Average correlation coefficient of peer companies0.3111 0.3442 0.3653 
Risk-free interest rate3.4 %0.2 %0.3 %
The Company did not issue stock option grants during the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021. The Company estimates the fair value ESPP purchase rights using a BSM valuation model. The fair value is estimated on the date of grant using the BSM option valuation model with the following weighted-average assumptions:
Employee Stock Purchase Plans
July 1, 2023July 2, 2022July 3, 2021
Expected term (in years)0.50.50.5
Expected volatility37.2 %24.3 %44.9 %
Risk-free interest rate3.8 %0.3 %0.1 %