XML 47 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liability (Tables)
 12 Months Ended
Jul. 02, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Reconciliation of fair value of embedded derivative for Series A preferred stock
The following table provides a reconciliation of the fair value of the embedded derivative for the Series A Preferred Stock measured by significant unobservable inputs (Level 3) for the year ended July 2, 2016:
 
 
Balance as of
(in millions)
 
 
July 2, 2016
Balance as of beginning of period
 
$
—

Fair value of the embedded derivative for the Series A Preferred Stock at issuance
 
9.7

Unrealized loss included in net income
 
0.6

Balance as of end of period
 
10.3

 
 
July 2, 2016
Stock price
 
$
23.65

Conversion price
 
$
24.63

Expected term (years)
 
4.11

Expected annual volatility
 
40.00
%
Risk-free rate
 
0.96
%
Expected common dividend yield
 
—
%
Preferred yield
 
8.84
%