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Stock-Based Compensation (Tables)
 12 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of the Impact on Results of Operations of Recording Stock-based Compensation
The impact on the Company’s results of operations of recording stock-based compensation expense by function for fiscal 2024, 2023 and 2022 was as follows (in millions):
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Cost of revenue$4.9 $4.8 $5.2 
Research and development8.7 8.6 8.6 
Selling, general and administrative35.8 37.8 38.5 
Total stock-based compensation expense$49.4 $51.2 $52.3 
Schedule of Changes in Nonvested Full Value Awards
A summary of the status of the Company’s non-vested Full Value Awards as of June 29, 2024 and changes during fiscal years 2022, 2023 and 2024 are presented below (in millions, except Weighted-Average Grant Date Fair Value per share amounts):
Full Value Awards
Performance Shares(1)
Non-Performance SharesTotal Number of SharesWeighted-Average Grant Date Fair Value Per Share
Non-vested July 3, 20211.5 4.8 6.3 $13.98 
Awards granted0.4 2.4 2.8 $16.95 
Awards vested(0.4)(2.2)(2.6)$13.38 
Awards forfeited(0.1)(0.2)(0.3)$14.64 
Non-vested July 2, 20221.4 4.8 6.2 $15.55 
Awards granted0.9 3.1 4.0 $14.35 
Awards vested(0.6)(1.8)(2.4)$15.23 
Awards forfeited— (0.3)(0.3)$14.78 
Non-vested July 1, 20231.7 5.8 7.5 $15.06 
Awards granted1.2 3.6 4.8 $10.28 
Awards vested(0.5)(2.2)(2.7)$14.96 
Awards forfeited(0.2)(0.3)(0.5)$15.55 
Non-vested June 29, 20242.2 6.9 9.1 $12.51 
(1) Performance Shares refer to the Company’s MSU and PSU awards, where the actual number of shares awarded upon vesting may be higher or lower than the target amount depending on the achievement of the relevant market conditions and performance goal achievement. The majority of MSUs vest in equal annual installments over three to four years based on the attainment of certain total shareholder performance measures and the employee’s continued service through the vest date. The aggregate grant-date fair value of MSUs granted during fiscal 2024, 2023 and 2022 was estimated to be $13.4 million, $11.4 million and $7.9 million, respectively, and was calculated using a Monte Carlo simulation. The Company did not grant any PSU awards in fiscal 2024, 2023 and 2022. PSU awards vest based on the attainment of certain performance measures and the employee’s continued service through the vest date.
Schedule of Valuation Assumptions of Fair Value Awards The weighted-average assumptions used to measure fair value of performance-based awards with a market condition were as follows:
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Volatility of common stock34.8 %31.2 %33.8 %
Average volatility of peer companies65.8 %62.1 %58.7 %
Average correlation coefficient of peer companies0.2305 0.3111 0.3442 
Risk-free interest rate4.9 %3.4 %0.2 %
The Company did not issue stock option grants during the fiscal years ended June 29, 2024, July 1, 2023 and July 2, 2022. The Company estimates the fair value ESPP purchase rights using a BSM valuation model. The fair value is estimated on the date of grant using the BSM option valuation model with the following weighted-average assumptions:
Employee Stock Purchase Plans
June 29, 2024July 1, 2023July 2, 2022
Expected term (in years)0.50.50.5
Expected volatility29.8 %37.2 %24.3 %
Risk-free interest rate5.3 %3.8 %0.3 %