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Share-Based Compensation (Tables) | 12 Months Ended
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Jun. 25, 2022
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 2022, were as follows:
|  | Awards |  |  |  |  |  | 2019 |  |  | 2019 |  |  |  |  |  |  |
|  | Available |  |  | 2019 |  |  | Employee |  |  | Employee |  |  | 2010 |  |  |  |
|  | Under All |  |  | Incentive |  |  | Inducement |  |  | Stock |  |  | Incentive |  |  | DSPG |
|  | Share-Based |  |  | Compensation |  |  | Equity |  |  | Purchase |  |  | Compensation |  |  | Replacement Award |
|  | Award Plans |  |  | Plan |  |  | Plan |  |  | Plan |  |  | Plan |  |  | Plan |
Balance at June 2021 |  |  | 3,381,840 |  |  |  | 2,114,407 |  |  |  | — |  |  |  | 1,208,582 |  |  |  | — |  |  |  | 58,851 |
Additional shares authorized |  |  | 2,000,000 |  |  |  | 2,000,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transferred between plans |  |  | - |  |  |  | 14,625 |  |  |  | — |  |  |  | — |  |  |  | (14,625 | ) |  |  | — |
Restricted stock units granted |  |  | (641,690 | ) |  |  | (582,839 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,851 | )
Market stock units granted |  |  | (65,000 | ) |  |  | (65,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Performance stock units granted |  |  | (96,914 | ) |  |  | (96,914 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Performance stock units performance adjustment |  |  | (133,627 | ) |  |  | (133,627 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Market stock units performance adjustment |  |  | (69,728 | ) |  |  | (33,675 | ) |  |  | — |  |  |  | — |  |  |  | (36,053 | ) |  |  | — |
Purchases under employee stock purchase plan |  |  | (138,502 | ) |  |  | — |  |  |  | — |  |  |  | (138,502 | ) |  |  |  |  |  | — |
Forfeited |  |  | 337,171 |  |  |  | 162,547 |  |  |  | 27,768 |  |  |  | — |  |  |  | 146,856 |  |  |  | — |
Plan shares no longer available for new grants |  |  | (123,946 | ) |  |  | — |  |  |  | (27,768 | ) |  |  | — |  |  |  | (96,178 | ) |  |  | — |
Balance at June 2022 |  |  | 4,449,604 |  |  |  | 3,379,524 |  |  |  | — |  |  |  | 1,070,080 |  |  |  | — |  |  |  | — |
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 2022, 2021, and 2020 were as follows (in millions):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cost of revenue |  | $ | 4.0 |  |  | $ | 3.4 |  |  | $ | 2.1 |
Research and development |  |  | 42.5 |  |  |  | 45.4 |  |  |  | 32.3 |
Selling, general, and administrative |  |  | 54.4 |  |  |  | 44.3 |  |  |  | 26.0 |
Total |  | $ | 100.9 |  |  | $ | 93.1 |  |  | $ | 60.4 |
Income tax benefit on share-based compensation |  | $ | 23.1 |  |  | $ | 15.2 |  |  | $ | 6.3 |
Schedule of Stock Option Activity | Certain stock option activity for fiscal 2022 and balances as of the end of fiscal 2022 were as follows:
|  | Stock |  |  | Weighted |  |  |  |
|  | Option |  |  | Average |  |  | Intrinsic |
|  | Awards |  |  | Exercise |  |  | Value |
|  | Outstanding |  |  | Price |  |  | (In millions) |
Balance at June 2021 |  |  | 55,061 |  |  | $ | 66.68 |  |  |  |
Exercised |  |  | (23,876 | ) |  |  | 73.44 |  |  |  |
Balance at June 2022 |  |  | 31,185 |  |  |  | 61.50 |  |  | $ | 2.1 |
Exercisable at June 2022 |  |  | 31,185 |  |  |  | 61.50 |  |  | $ | 2.1 |
Cash Received and Aggregate Intrinsic Value of Stock Options Exercised | Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2022, 2021, and 2020 were as follows (in millions):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash received |  | $ | 5.3 |  |  | $ | 23.9 |  |  | $ | 23.9 |
Aggregate intrinsic value |  | $ | 3.6 |  |  | $ | 8.6 |  |  | $ | 10.8 |
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 2022, 2021, and 2020 were as follows (in millions, except shares purchased and weighted average purchase price):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Shares purchased |  |  | 138,502 |  |  |  | 220,389 |  |  |  | 346,502 |
Weighted average purchase price |  | $ | 97.90 |  |  | $ | 57.00 |  |  | $ | 30.50 |
Cash received |  | $ | 13.6 |  |  | $ | 12.6 |  |  | $ | 10.6 |
Aggregate intrinsic value |  | $ | 12.5 |  |  | $ | 10.3 |  |  | $ | 10.1 |
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):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cost of revenue |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.2 |
Research and development |  |  | 27.2 |  |  |  | 21.9 |  |  |  | 9.1 |
Selling, general, and administrative |  |  | 4.7 |  |  |  | 4.7 |  |  |  | 1.8 |
Total |  | $ | 32.1 |  |  | $ | 27.0 |  |  | $ | 11.1 |
Schedule of Stock Units Activity | Phantom stock activity was as follows:
|  |  |  |  | Aggregate |
|  | Phantom |  |  | Intrinsic |
|  | Stock Units |  |  | Value |
|  | Outstanding |  |  | (in millions) |
Balance as of June 2021 |  |  | 402,458 |  |  |  |
Paid |  |  | (196,420 | ) |  |  |
Forfeited |  |  | (29,941 | ) |  |  |
Balance as of June 2022 |  |  | 176,097 |  |  | $ | 22.7 |
Fair Value of Each Award Granted | The fair value of each MSU granted from our plans for fiscal 2022, 2021, and 2020 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected volatility of company |  |  | 52.61 | % |  |  | 53.62 | % |  | 45.46% - 52.55% |
Expected volatility of Index |  | 17.4% - 581.6% |  |  | 19.6% - 197.6% |  |  | 24.64% - 33.44% |
Correlation coefficient |  |  | 0.53 |  |  |  | 0.51 |  |  | 0.53 - 0.58 |
Expected life in years |  |  | 2.87 |  |  |  | 2.87 |  |  | 2.50 - 4.00 |
Risk-free interest rate |  |  | 0.40 | % |  |  | 0.17 | % |  | 0.26% - 1.52% |
Fair value per award |  | $284.43 - $342.89 |  |  | $131.34 - $175.15 |  |  | $55.52 - $100.38 |
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 2022, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2022 were as follows:
|  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  | Intrinsic |  |  | Average |
|  | RSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2021 |  |  | 1,323,286 |  |  |  |  |  | $ | 64.13 |
Granted |  |  | 641,690 |  |  |  |  |  |  | 183.97 |
Delivered |  |  | (578,400 | ) |  |  |  |  |  | 63.23 |
Forfeited |  |  | (166,003 | ) |  |  |  |  |  | 120.72 |
Balance at June 2022 |  |  | 1,220,573 |  |  | $ | 157.2 |  |  |  | 119.83 |
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 2022, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2022 were as follows:
|  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  | Intrinsic |  |  | Average |
|  | MSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2021 |  |  | 347,027 |  |  |  |  |  | $ | 82.18 |
Granted |  |  | 65,000 |  |  |  |  |  |  | 191.68 |
Performance adjustment |  |  | 69,728 |  |  |  |  |  |  | — |
Delivered |  |  | (203,883 | ) |  |  |  |  |  | 78.05 |
Forfeited |  |  | (25,898 | ) |  |  |  |  |  | 136.26 |
Balance at June 2022 |  |  | 251,974 |  |  | $ | 32.4 |  |  |  |
Performance stock units outstanding [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Stock Units Activity | PSU activity, including PSUs granted, delivered, and forfeited in fiscal 2022, and the balance and aggregate intrinsic value of PSUs as of the end of fiscal 2022 were as follows:
|  |  |  |  | Aggregate |  |  | Weighted |
|  |  |  |  | Intrinsic |  |  | Average |
|  | PSU Awards |  |  | Value |  |  | Grant Date |
|  | Outstanding |  |  | (in millions) |  |  | Fair Value |
Balance at June 2021 |  |  | 317,392 |  |  |  |  |  | $ | 62.41 |
Granted |  |  | 96,914 |  |  |  |  |  |  | 111.90 |
Performance adjustment |  |  | 88,762 |  |  |  |  |  |  | — |
Delivered |  |  | (208,023 | ) |  |  |  |  |  | 55.01 |
Forfeited |  |  | (37,142 | ) |  |  |  |  |  | 79.79 |
Balance at June 2022 |  |  | 257,903 |  |  | $ | 33.2 |  |  |  |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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