Debts and Letters of Credit (Tables)

9 Months Ended

Apr. 01, 2017

Debt Disclosure [Abstract]

Schedule of carrying amounts of the liability and equity components of convertible debt

The following table presents the carrying amounts of the liability and equity components (in millions):

	April 1, 2017			July 2, 2016
Principal amount of 0.625% Senior Convertible Notes	$	650.0		$	650.0
Principal amount of 1.00% Senior Convertible Notes	460.0			—
Unamortized discount of liability component	(141.7		)	(61.7		)
Unamortized debt issuance cost (1)	$	(10.2	)	$	(5.0	)
Carrying amount of liability component	$	958.1		$	583.3
Carrying amount of equity component (2)	$	236.3		$	134.4

(1) In April 2015, the Financial Accounting Standards Board ("FASB") issued new authoritative guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts or premiums. This guidance was effective for the Company in the first quarter of fiscal 2017 for its convertible debt, and was applied retrospectively for all periods reported.

(2) Included in Additional paid-in-capital on the Consolidated Balance Sheets.

Summary of effective interest rate and the interest expense for the contractual interest and the accretion of debt discount

The following table presents the effective interest rate and the interest expense for the contractual interest and the accretion of debt discount (in millions, except for the effective interest rate):

	Three Months Ended						Nine Months Ended
	April 1, 2017			April 2, 2016			April 1, 2017			April 2, 2016
Effective interest rate	5.3		%	5.4		%	5.3		%	5.4		%
Interest expense-contractual interest	$	1.3		$	1.0		$	3.4		$	3.0
Accretion of debt discount	7.9			6.7			21.9			19.9