Equity (Tables)

12 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Assumptions Used to Estimate Fair Value

The assumptions used to estimate the fair value of the replacement options are as follows:

	At the Acquisition Date
Expected terms (years)	3.0
Expected volatility	45.0	%
Risk-free interest rate	5.0	%
Dividend yield	—	%

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

	June 29, 2024		July 1, 2023
Expected term (years)	0.5		0.5
Expected volatility	51.9	%	39.7	%
Risk-free interest rate	5.28	%	4.85	%
Dividend yield	—	%	—	%

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
	June 29, 2024		July 1, 2023		July 2, 2022
Cost of sales	$	31.7	$	30.1	$	20.8
Research and development	38.1		41.4		22.1
Selling, general and administrative	59.0		76.9		60.2
Total stock-based compensation	$	128.8	$	148.4	$	103.1

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
	June 29, 2024		July 1, 2023		July 2, 2022
Income tax benefit associated with stock-based compensation	$	7.5	$	10.4	$	12.5

Schedule of Awards Activity

The following table summarizes our awards activity in fiscal 2024, 2023 and 2022 (in millions, except per share amounts):

	Stock Options			Restricted Stock Units			Performance Stock Units
	Number of Shares	Weighted-Average Exercise Price per Share		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 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
Replacement options in connection with Cloud Light acquisition	1.1	$	34.6	—	—		—	—
Granted	—	—		2.0	52.2		0.7	52.8
Vested/Exercised (1)	—	8.2		(1.3)	85.7		(0.1)	87.7
Canceled	—	—		(0.6)	68.7		(0.3)	78.7
Balance as of June 29, 2024	1.1	$	34.6	2.7	$	62.5	0.9	$	65.5

(1) Vested/exercised number of shares related to stock options is less than 0.1 million.

Schedule of Awards Available for Grant

A summary of awards available for grant for fiscal 2024, 2023 and 2022 is as follows (in millions):

	Awards Available for Grant
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 acquisition	0.4
Replacement Awards	(0.4)
Authorized	0.9
Granted	(2.4)
Canceled	0.4
Balance as of July 1, 2023	2.7
Authorized in connection with Cloud Light acquisition	1.5
Replacement options in connection with Cloud Light acquisition	(1.1)
Authorized	3.0
Granted	(2.7)
Canceled	0.9
Balance as of June 29, 2024	4.3