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Debts and Letters of Credit (Tables) | 6 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Schedule of carrying amounts of the liability and equity components of convertible debt | The following table presents the carrying amounts of the liability and equity components (in millions):
| December 31, 2016 |  | July 2, 2016
Principal amount of 0.625% Senior Convertible Notes | $ | 650.0 |  |  | $ | 650.0 |
Unamortized discount of liability component | (47.8 | ) |  | (61.7 | )
Unamortized debt issuance cost (1) | $ | (3.9 | ) |  | $ | (5.0 | )
Carrying amount of liability component | $ | 598.3 |  |  | $ | 583.3 |
Carrying amount of equity component (2) | $ | 134.4 |  |  | $ | 134.4 |
(1) | In April 2015, the Financial Accounting Standards Board ("FASB") issued new authoritative guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts or premiums. This guidance was effective for the Company in the first quarter of fiscal 2017 for its convertible debt, and was applied retrospectively for all periods reported.
(2) | Included in Accumulated paid-in-capital on the Consolidated Balance Sheets.
Summary of effective interest rate and the interest expense for the contractual interest and the accretion of debt discount | The following table presents the effective interest rate and the interest expense for the contractual interest and the accretion of debt discount (in millions, except for the effective interest rate):
| Three Months Ended |  | Six Months Ended
| December 31, 2016 |  | January 2, 2016 |  | December 31, 2016 |  | January 2, 2016
Effective interest rate | 5.4 | % |  | 5.4 | % |  | 5.4 | % |  | 5.4 | %
Interest expense-contractual interest | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 2.0 |  |  | $ | 2.0 |
Accretion of debt discount | 7.0 |  |  | 6.6 |  |  | 13.9 |  |  | 13.2 |

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