XML 20 R12.htm IDEA: XBRL DOCUMENT v3.23.1
Stockholders' Equity
 9 Months Ended
Apr. 01, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
A reconciliation of stockholders' equity is presented below:
Shares of
Common
Stock		Common StockAdditional
Paid-in-
Capital		Retained Earnings / (Accumulated Deficit)Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity
(millions, except per share data)
Balance at July 3, 2021279.5 $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 taxes1.6 — (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, 2021275.0 $2.8 $3,480.5 $(251.2)$(82.1)$3,150.0 
Net income (loss)— — — 317.9 — 317.9 
Other comprehensive income (loss)— — — — (13.6)(13.6)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes0.7 — 19.0 — — 19.0 
Share-based compensation— — 22.0 — — 22.0 
Repurchase and retirement of common stock(11.7)$(0.2)$— $(499.8)$— (500.0)
Dividends declared ($0.25 per share)
— — — (67.9)— (67.9)
Balance at January 1, 2022264.0 $2.6 $3,521.5 $(501.0)$(95.7)$2,927.4 
Net income (loss)— — — 122.7 — 122.7 
Other comprehensive income (loss)— — — — (22.0)(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes1.3 — 49.0 — — 49.0 
Share-based compensation— — 23.0 — — 23.0 
Repurchase and retirement of common stock(13.5)$(0.1)$— $(499.7)$— (499.8)
Dividends declared ($0.25 per share)
— — — (65.3)— (65.3)
Balance at April 2, 2022251.8 $2.5 $3,593.5 $(943.3)$(117.7)$2,535.0 
Shares of
Common
Stock		Common StockAdditional
Paid-in-
Capital		Retained Earnings / (Accumulated Deficit)Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity
(millions, except per share data)
Balance at July 2, 2022241.2 $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 taxes2.7 — (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, 2022240.9 $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 taxes0.5 — 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, 2022236.0 $2.4 $3,613.8 $(1,085.2)$(217.8)$2,313.2 
Net income (loss)— — — 186.7 — 186.7 
Other comprehensive income (loss)— — — — 0.2 0.2 
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes0.5 — 14.5 — — 14.5 
Share-based compensation— — 20.9 — — 20.9 
Repurchase of common stock, including excise tax(4.7)(0.1)— (202.0)— (202.1)
Dividends declared ($0.30 per share)
— — — (70.0)— (70.0)
Balance at April 1, 2023231.8 $2.3 $3,649.2 $(1,170.5)$(217.6)$2,263.4 
The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:
Unrealized Gains (Losses) on Cash
Flow
Hedging Derivatives(1)
Unrealized Gains
(Losses) on Available-
for-Sale Investments
Cumulative
Translation
Adjustment(2)
Total
(millions)
Balances at July 3, 2021$(0.7)$— $(71.3)$(72.0)
Other comprehensive income (loss) before reclassifications(2.4)(0.9)(44.2)(47.5)
Less: amounts reclassified from accumulated other comprehensive income to earnings(1.8)— — (1.8)
Net current-period other comprehensive income (loss)(0.6)(0.9)(44.2)(45.7)
Balances at April 2, 2022$(1.3)$(0.9)$(115.5)$(117.7)
Balances at July 2, 2022$(2.3)$(0.5)$(168.1)$(170.9)
Other comprehensive income (loss) before reclassifications(14.2)0.5 (37.1)(50.8)
Less: amounts reclassified from accumulated other comprehensive income to earnings(4.1)— — (4.1)
Net current-period other comprehensive income (loss)(10.1)0.5 (37.1)(46.7)
Balances at April 1, 2023$(12.4)$— $(205.2)$(217.6)
(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 April 1, 2023 and April 2, 2022, respectively. The amounts reclassified from AOCI are net of tax of $1.2 million and $0.6 million as of April 1, 2023 and April 2, 2022, respectively.
(2)    The ending balances of AOCI related to foreign currency translation adjustments includes a loss of $68.8 million, net of tax of $2.4 million, as of April 1, 2023, 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 April 2, 2022.