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Share-Based Compensation (Tables) | 12 Months Ended
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Jun. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Share-Based Compensation Awards Available for Grant or Issuance | Share-based compensation awards available for grant or issuance for each plan as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2021, were as follows:
|  | Awards |  |  |  |  |  |  | 2019 |  |  | 2019 |  |  |  |  |
|  | Available |  |  | 2019 |  |  | Employee |  |  | Employee |  |  | 2010 |
|  | Under All |  |  | Incentive |  |  | Inducement |  |  | Stock |  |  | Incentive |
|  | Share-Based |  |  | Compensation |  |  | Equity |  |  | Purchase |  |  | Compensation |
|  | Award Plans |  |  | Plan |  |  | Plan |  |  | Plan |  |  | Plan |
Balance at June 2020 |  |  | 3,190,152 |  |  |  | 1,412,401 |  |  |  | 348,780 |  |  |  | 1,428,971 |  |  |  | — |
Additional shares authorized |  |  | 1,360,000 |  |  |  | 1,360,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Transferred between plans |  |  | — |  |  |  | 264,679 |  |  |  | — |  |  |  | — |  |  |  | (264,679 | )
Restricted stock units granted |  |  | (803,721 | ) |  |  | (676,597 | ) |  |  | (127,124 | ) |  |  | — |  |  |  | — |
Market stock units granted |  |  | (101,009 | ) |  |  | (101,009 | ) |  |  | — |  |  |  | — |  |  |  | — |
Performance stock units granted |  |  | (174,231 | ) |  |  | (168,895 | ) |  |  | (5,336 | ) |  |  | — |  |  |  | — |
Performance stock units performance adjustment |  |  | (242,651 | ) |  |  | (101,892 | ) |  |  | (20,449 | ) |  |  | — |  |  |  | (120,310 | )
Market stock units performance adjustment |  |  | (77,534 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (77,534 | )
Purchases under employee stock purchase plan |  |  | (220,389 | ) |  |  | — |  |  |  | — |  |  |  | (220,389 | ) |  |  | — |
Forfeited |  |  | 615,962 |  |  |  | 125,720 |  |  |  | — |  |  |  | — |  |  |  | 490,242 |
Plan shares no longer available for new grants |  |  | (223,590 | ) |  |  | — |  |  |  | (195,871 | ) |  |  | — |  |  |  | (27,719 | )
Balance at June 2021 |  |  | 3,322,989 |  |  |  | 2,114,407 |  |  |  | — |  |  |  | 1,208,582 |  |  |  | — |
Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations | Share-based compensation and the related tax benefit recognized in our consolidated statements of income for fiscal 2021, 2020, and 2019 were as follows (in millions):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cost of revenue |  | $ | 3.4 |  |  | $ | 2.1 |  |  | $ | 3.1 |
Research and development |  |  | 45.4 |  |  |  | 32.3 |  |  |  | 33.7 |
Selling, general, and administrative |  |  | 44.3 |  |  |  | 26.0 |  |  |  | 22.2 |
Total |  | $ | 93.1 |  |  | $ | 60.4 |  |  | $ | 59.0 |
Income tax benefit on share-based compensation |  | $ | 15.2 |  |  | $ | 6.3 |  |  | $ | 4.3 |
Schedule of Stock Option Activity | Certain stock option activity for fiscal 2021 and balances as of the end of fiscal 2021 were as follows:
|  | Stock |  |  | Weighted |  |  |  |  |
|  | Option |  |  | Average |  |  | Intrinsic |
|  | Awards |  |  | Exercise |  |  | Value |
|  | Outstanding |  |  | Price |  |  | (In millions) |
Balance at June 2020 |  |  | 329,786 |  |  | $ | 69.78 |  |  |  |  |
Exercised |  |  | (221,164 | ) |  |  | 69.17 |  |  |  |  |
Expired |  |  | (53,561 | ) |  |  | 75.48 |  |  |  |  |
Balance at June 2021 |  |  | 55,061 |  |  |  | 66.68 |  |  | $ | 4.5 |
Exercisable at June 2021 |  |  | 55,061 |  |  |  | 66.68 |  |  | $ | 4.5 |
Cash Received and Aggregate Intrinsic Value of Stock Options Exercised | Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2021, 2020, and 2019 were as follows (in millions):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cash received |  | $ | 23.9 |  |  | $ | 23.9 |  |  | $ | 5.2 |
Aggregate intrinsic value |  | $ | 8.6 |  |  | $ | 10.8 |  |  | $ | 2.4 |
Schedule of Stock Units Activity | Phantom stock activity was as follows:
|  |  |  |  |  | Aggregate |
|  | Phantom |  |  | Intrinsic |
|  | Stock Units |  |  | Value |
|  | Outstanding |  |  | (in millions) |
Balance as of June 2020 |  |  | 789,113 |  |  |  |  |
Paid |  |  | (242,692 | ) |  |  |  |
Forfeited |  |  | (143,963 | ) |  |  |  |
Balance as of June 2021 |  |  | 402,458 |  |  | $ | 59.4 |
Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP | Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases in fiscal 2021, 2020, and 2019 were as follows (in millions, except shares purchased and weighted average purchase price):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Shares purchased |  |  | 220,389 |  |  |  | 346,502 |  |  |  | 544,886 |
Weighted average purchase price |  | $ | 57.00 |  |  | $ | 30.50 |  |  | $ | 29.48 |
Cash received |  | $ | 12.6 |  |  | $ | 10.6 |  |  | $ | 16.1 |
Aggregate intrinsic value |  | $ | 10.3 |  |  | $ | 10.1 |  |  | $ | 2.8 |
Fair Value of Each Award Granted under ESPP | The fair value of each award granted under our 2019 ESPP and our 2010 ESPP for fiscal 2021, 2020, and 2019 was estimated using the Black-Scholes option pricing model, assuming no expected dividends and the following range of assumptions:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Expected volatility |  | 43.8% - 57.0% |  |  | 43.8%-45.4% |  |  | 43.8%-44.2% |
Expected life in years |  | 0.5 - 1.0 |  |  | 0.25 - .75 |  |  | 0.5 - 1.5 |
Risk-free interest rate |  | 0.12% - 1.63% |  |  | 1.62% - 2.43% |  |  | 2.43%-2.68% |
Fair value per award |  | $ | 20.82 |  |  | $ | 15.48 |  |  | $ | 15.63 |
Incentive Compensation Plans [member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Fair Value of Each Award Granted | The fair value of each MSU granted from our plans for fiscal 2021, 2020, and 2019 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:
|  | 2021 |  |  | 2020 |  | 2019 |  |
Expected volatility of company |  |  | 53.62 | % |  | 45.46% - 52.55% |  |  | 50.58 | % |
Expected volatility of Index |  | 19.6% - 197.6% |  |  | 24.64% - 33.44% |  |  | 23.40 | % |
Correlation coefficient |  |  | 0.51 |  |  | 0.53 - 0.58 |  |  | 0.51 |  |
Expected life in years |  |  | 2.87 |  |  | 2.50 - 4.00 |  |  | 2.88 |  |
Risk-free interest rate |  |  | 0.17 | % |  | 0.26% - 1.52% |  |  | 2.92 | % |
Fair value per award |  | $131.34 - $175.15 |  |  | $55.52 - $100.38 |  | $27.70 - $85.52 |  |
Phantom Stock Unit [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations | Included in the preceding table is share-based compensation for our cash-settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) (in millions):
|  | 2021 |  |  | 2020 |
Cost of revenue |  | $ | 0.4 |  |  | $ | 0.2 |
Research and development |  |  | 21.9 |  |  |  | 9.1 |
Selling, general, and administrative |  |  | 4.7 |  |  |  | 1.8 |
Total |  | $ | 27.0 |  |  | $ | 11.1 |
Deferred stock units outstanding [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Stock Units Activity | RSU activity, including RSUs granted, delivered, and forfeited in fiscal 2021, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2021 was as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | RSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 1,360,324 |  |  |  |  |  |  | $ | 42.40 |
Granted |  |  | 803,721 |  |  |  |  |  |  |  | 81.52 |
Delivered |  |  | (587,192 | ) |  |  |  |  |  |  | 41.61 |
Forfeited |  |  | (253,567 | ) |  |  |  |  |  |  | 54.67 |
Balance at June 2021 |  |  | 1,323,286 |  |  | $ | 195.3 |  |  |  | 64.13 |
Market stock units outstanding [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Stock Units Activity | MSU activity, including MSUs granted, delivered, and forfeited in fiscal 2021, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2021 were as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | MSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 391,532 |  |  |  |  |  |  | $ | 56.93 |
Granted |  |  | 101,009 |  |  |  |  |  |  |  | 105.83 |
Performance adjustment |  |  | 77,534 |  |  |  |  |  |  |  | — |
Delivered |  |  | (208,275 | ) |  |  |  |  |  |  | 56.93 |
Forfeited |  |  | (14,773 | ) |  |  |  |  |  |  | 54.71 |
Balance at June 2021 |  |  | 347,027 |  |  | $ | 51.2 |  |  |  | 82.18 |
Performance stock units outstanding [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Stock Units Activity | During the fiscal year ended June 26, 2021, PSU activity, including PSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of PSUs as of June 26, 2021 was as follows:
|  |  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  |  | Intrinsic |  |  | Average |
|  | PSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2020 |  |  | 333,848 |  |  |  |  |  |  | $ | 41.61 |
Granted |  |  | 174,231 |  |  |  |  |  |  |  | 68.37 |
Performance adjustment |  |  | 84,111 |  |  |  |  |  |  |  | — |
Delivered |  |  | (201,835 | ) |  |  |  |  |  |  | 41.95 |
Forfeited |  |  | (72,963 | ) |  |  |  |  |  |  | 44.97 |
Balance at June 2021 |  |  | 317,392 |  |  | $ | 46.8 |  |  |  | 62.41 |

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