Recently Issued Accounting Pronouncements (Tables)

12 Months Ended

Jul. 02, 2022

Accounting Standards Update and Change in Accounting Principle

The following table presents the impact of the standard adoption to select line items of the Company’s Consolidated Balance Sheet as of July 3, 2021 (in millions):


	July 3, 2021
	As Reported		Adjustment		As Adjusted
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt	$	414.2	$	42.4	$	456.6
Long-term debt	209.8		14.3		224.1
Mezzanine equity - Senior Convertible Notes	45.8		(45.8)		—
Additional paid-in capital	70,265.5		(82.3)		70,183.2
Accumulated deficit	$	(69,393.7)	$	71.4	$	(69,322.3)

The following table presents the impact of the standard adoption to select line items of the Company’s Consolidated Statement of Operations for the years ended July 3, 2021 and June 27, 2020 (in millions, except per-share data):


	Year Ended July 3, 2021
	As Reported		Adjustment		As Adjusted
Interest Expense	$	(36.1)	$	21.4	$	(14.7)
Net income	$	46.1	$	21.4	$	67.5

Net income per share:
Basic	$	0.20	$	0.10	$	0.30
Diluted	$	0.20	$	0.09	$	0.29

Shares used in per-share calculation:
Basic	228.7		—		228.7
Diluted	235.9		0.4		236.3

	Year Ended June 27, 2020
	As Reported		Adjustment		As Adjusted
Interest Expense	$	(33.7)	$	20.3	$	(13.4)
Net income	$	28.7	$	20.3	$	49.0

Net income per share:
Basic	$	0.13	$	0.08	$	0.21
Diluted	$	0.12	$	0.09	$	0.21

Shares used in per-share calculation:
Basic	229.4		—		229.4
Diluted	233.7		1.1		234.8