Equity (Tables)

12 Months Ended

Jul. 01, 2023

Equity [Abstract]

Schedule of Impact on Results of Operations of Recording Stock-Based Compensation by Function

The impact on our results of operations of recording stock-based compensation by function during the periods presented was as follows (in millions):

	Years Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Cost of sales	$	30.1	$	20.8	$	19.2
Research and development	41.4		22.1		19.5
Selling, general and administrative	76.9		60.2		54.2
Total stock-based compensation	$	148.4	$	103.1	$	92.9

Schedule of Income Tax Benefit Associated with Stock-Based Compensation

Total income tax benefit associated with stock-based compensation recognized in our consolidated statements of operations during the years presented was as follows (in millions):

	Years Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Income tax benefit associated with stock-based compensation	$	10.4	$	12.5	$	14.6

Schedule of Awards Activity

The following table summarizes our awards activity in fiscal 2023, 2022 and 2021 (in millions, except per share amounts):

	Restricted Stock Units			Performance Stock Units
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share
Balance as of June 27, 2020	1.9	$	56.6	0.3	$	60.6
Granted	1.2	86.6		0.2	86.7
Vested/Exercised	(1.1)	56.5		(0.2)	57.8
Canceled	(0.2)	67.1		—	70.0
Balance as of July 3, 2021	1.8	$	76.0	0.3	$	75.7
Granted	1.5	87.8		0.2	85.7
Vested/Exercised	(1.1)	73.4		(0.2)	76.1
Canceled	(0.2)	79.9		—	58.7
Balance as of July 2, 2022	2.0	$	85.9	0.3	$	81.9
Replacement Awards Issued	0.4	93.4		—	n/a
Granted	1.8	85.1		0.6	87.9
Vested/Exercised	(1.3)	85.8		(0.2)	73.2
Canceled	(0.3)	87.7		(0.1)	89.2
Balance as of July 1, 2023	2.6	$	85.0	0.6	$	89.1

Schedule of Awards Available For Grant

A summary of awards available for grant for fiscal 2023, 2022 and 2021 is as follows (in millions):

	Awards Available for Grant
Balance as of June 27, 2020	3.5
Granted	(1.4)
Canceled	0.2
Balance as of July 3, 2021	2.3
Authorized	3.0
Granted	(1.7)
Canceled	0.2
Balance as of July 2, 2022	3.8
Assumed in connection with NeoPhotonics merger	0.4
Replacement Awards	(0.4)
Authorized	0.9
Granted	(2.4)
Canceled	0.4
Balance as of July 1, 2023	2.7

Schedule of Assumptions Used to Estimate Fair Value

The assumptions used to estimate the fair value of the 2015 Purchase Plan shares during the periods presented were as follows:

	July 1, 2023		July 2, 2022
Expected term (years)	0.5		0.5
Expected volatility	39.7	%	45.4	%
Risk-free interest rate	4.85	%	1.49	%
Dividend yield	—	%	—	%