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Stockholders' Equity (Tables)

9 Months Ended

Mar. 27, 2021

Stockholders' Equity Note [Abstract]

Reconciliation of Stockholders Equity

A reconciliation of stockholders' equity is presented below:

			Shares of Common Stock						Common Stock						Additional Paid-in- Capital						Retained Earnings / (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Stockholders' Equity
			(millions, except per share data)
Balance at June 29, 2019			286.8						$	2.9					$	3,302.1					$	291.6					$	(83.2)					$	3,513.4
Net income (loss)			—						—						—						20.0						—						20.0
Other comprehensive income (loss)			—						—						—						—						(12.8)						(12.8)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			1.0						—						(14.5)						—						—						(14.5)
Share-based compensation			—						—						26.8						—						—						26.8
Repurchase of common stock			(11.9)						(0.1)						—						(299.9)						—						(300.0)
Dividends declared ($0.3375 per share)			—						—						—						(97.1)						—						(97.1)
Cumulative adjustment from adoption of new accounting standard			—						—						—						(48.9)						—						(48.9)
Balance at September 28, 2019			275.9						$	2.8					$	3,314.4					$	(134.3)					$	(96.0)					$	3,086.9
Net income (loss)			—						—						—						298.8						—						298.8
Other comprehensive income (loss)			—						—						—						—						11.0						11.0
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			0.1						—						2.1						—						—						2.1
Share-based compensation			—						—						16.8						—						—						16.8
Dividends declared ($0.3375 per share)			—						—						—						(93.2)						—						(93.2)
Balance at December 28, 2019			276.0						$	2.8					$	3,333.3					$	71.3					$	(85.0)					$	3,322.4
Net income (loss)			—						—						—						(677.1)						—						(677.1)
Other comprehensive income			—						—						—						—						(11.7)						(11.7)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			0.1						—						(0.5)						—						—						(0.5)
Share-based compensation			—						—						13.2						—						—						13.2
Dividends declared ($0.3375 per share)			—						—						—						(93.2)						—						(93.2)
Balance at March 28, 2020			276.1						$	2.8					$	3,346.0					$	(699.0)					$	(96.7)					$	2,553.1

			Shares of Common Stock						Common Stock						Additional Paid-in- Capital						Retained Earnings / (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Stockholders' Equity
			(millions, except per share data)
Balance at June 27, 2020			276.2						$	2.8					$	3,358.5					$	(992.7)					$	(92.2)					$	2,276.4
Net income (loss)			—						—						—						231.7						—						231.7
Other comprehensive income (loss)			—						—						—						—						15.7						15.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			1.2						—						(8.3)						—						—						(8.3)
Share-based compensation			—						—						14.6						—						—						14.6
Balance at September 26, 2020			277.4						$	2.8					$	3,364.8					$	(761.0)					$	(76.5)					$	2,530.1
Net income (loss)			—						—						—						311.0						—						311.0
Other comprehensive income (loss)			—						—						—						—						26.1						26.1
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			0.4						—						6.1						—						—						6.1
Share-based compensation			—						—						17.4						—						—						17.4
Balance at December 26, 2020			277.8						$	2.8					$	3,388.3					$	(450.0)					$	(50.4)					$	2,890.7
Net income (loss)			—						—						—						91.7						—						91.7
Other comprehensive income (loss)			—						—						—						—						(21.4)						(21.4)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			1.0						—						32.9						—						—						32.9
Share-based compensation			—						—						21.1						—						—						21.1
Balance at March 27, 2021			278.8						$	2.8					$	3,442.3					$	(358.3)					$	(71.8)					$	3,015.0

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:

			Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)						Unrealized Gains (Losses) on Available- for-Sale Investments						Cumulative Translation Adjustment						Other						Total
			(millions)
Balances at June 29, 2019			$	(4.5)					$	(0.5)					$	(79.9)					$	1.7					$	(83.2)
Other comprehensive income (loss) before reclassifications			(1.7)						—						(18.3)						—						(20.0)
Less: amounts reclassified from accumulated other comprehensive income to earnings			(8.2)						—						—						1.7						(6.5)
Net current-period other comprehensive income (loss)			6.5						—						(18.3)						(1.7)						(13.5)
Balances at March 28, 2020			$	2.0					$	(0.5)					$	(98.2)					$	—					$	(96.7)
Balances at June 27, 2020			$	1.1					$	—					$	(93.3)					$	—					$	(92.2)
Other comprehensive income (loss) before reclassifications			(6.1)						—						23.5						—						17.4
Less: amounts reclassified from accumulated other comprehensive income to earnings			(3.0)						—						—						—						(3.0)
Net current-period other comprehensive income (loss)			(3.1)						—						23.5						—						20.4
Balances at March 27, 2021			$	(2.0)					$	—					$	(69.8)					$	—					$	(71.8)

(1)    The ending balances of AOCI related to cash flow hedges are net of tax of $0.3 million and ($0.4) million as of March 27, 2021 and March 28, 2020, respectively. The amounts reclassified from AOCI are net of tax of less than $0.1 million and $4.1 million as of March 27, 2021 and March 28, 2020, respectively.

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- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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