Derivative Liability (Tables)

6 Months Ended

Dec. 30, 2017

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 three and six months ended December 30, 2017 and December 31, 2016 (in millions):

	Three Months Ended						Six Months Ended
	December 30, 2017			December 31, 2016			December 30, 2017			December 31, 2016
Balance as of beginning of period	$	(47.4	)	$	(33.0	)	$	(51.6	)	$	(10.3	)
Unrealized gain (loss) on the Series A Preferred Stock derivative liability	7.9			4.8			12.1			(17.9		)
Balance as of end of period	$	(39.5	)	$	(28.2	)	$	(39.5	)	$	(28.2	)

The following table summarizes the assumptions used to determine the fair value of the embedded derivative for Series A Preferred Stock:

	December 30, 2017			July 1, 2017
Stock price	$	48.90		$	57.05
Conversion price	$	24.63		$	24.63
Expected term (years)	2.61			3.11
Expected annual volatility	50.0		%	47.5		%
Risk-free rate	1.95		%	1.57		%
Preferred yield	7.97		%	7.56		%