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Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2022

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 July 3, 2021			279.5						$	2.8					$	3,487.0					$	(158.5)					$	(72.0)					3,259.3
Net income (loss)			—						—						—						226.9						—						226.9
Other comprehensive income (loss)			—						—						—						—						(10.1)						(10.1)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			1.6						—						(26.4)						—						—						(26.4)
Share-based compensation			—						—						19.9						—						—						19.9
Repurchase of common stock			(6.1)						—						—						(250.0)						—						(250.0)
Dividends declared ($0.25 per share)			—						—						—						(69.6)						—						(69.6)
Balance at October 2, 2021			$	275.0					$	2.8					$	3,480.5					$	(251.2)					$	(82.1)					$	3,150.0
Net income (loss)			—						—						—						317.9						—						317.9
Other comprehensive income (loss)			—						—						—						—						(13.6)						(13.6)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			0.7						—						19.0						—						—						19.0
Share-based compensation			—						—						22.0						—						—						22.0
Repurchase and retirement of common stock			$	(11.7)					$	(0.2)					$	—					$	(499.8)					$	—					(500.0)
Dividends declared ($0.25 per share)			—						—						—						(67.9)						—						(67.9)
Balance at January 1, 2022			$	264.0					$	2.6					$	3,521.5					$	(501.0)					$	(95.7)					$	2,927.4
			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 July 2, 2022			241.2						$	2.4					$	3,620.2					$	(1,166.2)					$	(170.9)					2,285.5
Net income (loss)			—						—						—						195.3						—						195.3
Other comprehensive income (loss)			—						—						—						—						(22.0)						(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			2.7						—						(45.8)						—						—						(45.8)
Share-based compensation			—						—						15.1						—						—						15.1
Repurchase of common stock			(3.0)						—						—						(100.0)						—						(100.0)
Dividends declared ($0.30 per share)			—						—						—						(72.7)						—						(72.7)
Balance at October 1, 2022			$	240.9					$	2.4					$	3,589.5					$	(1,143.6)					$	(192.9)					$	2,255.4
Net income (loss)			—						—						—						329.9						—						329.9
Other comprehensive income (loss)			—						—						—						—						(24.9)						(24.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes			0.5						—						4.6						—						—						4.6
Share-based compensation			—						—						19.7						—						—						19.7
Repurchase of common stock			(5.4)						—						—						(200.0)						—						(200.0)
Dividends declared ($0.30 per share)			—						—						—						(71.5)						—						(71.5)
Balance at December 31, 2022			$	236.0					$	2.4					$	3,613.8					$	(1,085.2)					$	(217.8)					$	2,313.2

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(2)												Total
			(millions)
Balances at July 3, 2021			$	(0.7)					$	—					$	(71.3)											$	(72.0)
Other comprehensive income (loss) before reclassifications			(1.6)						(0.3)						(22.8)												(24.7)
Less: amounts reclassified from accumulated other comprehensive income to earnings			(1.0)						—						—												(1.0)
Net current-period other comprehensive income (loss)			(0.6)						(0.3)						(22.8)												(23.7)
Balances at January 1, 2022			$	(1.3)					$	(0.3)					$	(94.1)											$	(95.7)
Balances at July 2, 2022			$	(2.3)					$	(0.5)					$	(168.1)											$	(170.9)
Other comprehensive income (loss) before reclassifications			(16.7)						0.5						(32.6)												(48.8)
Less: amounts reclassified from accumulated other comprehensive income to earnings			(1.9)						—						—												(1.9)
Net current-period other comprehensive income (loss)			(14.8)						0.5						(32.6)												(46.9)
Balances at December 31, 2022			$	(17.1)					$	—					$	(200.7)											$	(217.8)

(1)    The ending balances of AOCI related to cash flow hedges are net of tax of $0.3 million and $0.6 million as of December 31, 2022 and January 1, 2022, respectively. The amounts reclassified from AOCI are net of tax of $0.9 million and $0.3 million as of December 31, 2022 and January 1, 2022, respectively.

(2)    The ending balances of AOCI related to foreign currency translation adjustments includes a loss of $66.0 million, net of tax of $0.1 million, as of December 31, 2022, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations. As the Company began entering into net investment hedges in the fourth quarter of Fiscal 2022, there was no balance as of January 1, 2022.

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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 https://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 https://asc.fasb.org/extlink&oid=126968391&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 https://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
-Paragraph 2
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