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Stock-Based Compensation (Tables) | 12 Months Ended
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Jun. 29, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of the Impact on Results of Operations of Recording Stock-based Compensation | The impact on the Company’s results of operations of recording stock-based compensation expense by function for fiscal 2019, 2018 and 2017 was as follows (in millions):
| Years Ended
| June 29, 2019 |  | June 30, 2018 |  | July 1, 2017
Cost of revenue | $ | 3.8 |  |  | $ | 3.3 |  |  | $ | 3.6 |
Research and development | 6.1 |  |  | 4.9 |  |  | 5.7 |
Selling, general and administrative | 28.3 |  |  | 22.3 |  |  | 23.9 |
Total stock-based compensation expense | $ | 38.2 |  |  | $ | 30.5 |  |  | $ | 33.2 |
Schedule of Stock Options Activities | The following is a summary of stock option activities (in millions, except per share amounts):
| Options Outstanding
| Number of Shares |  | Weighted-Average Exercise Price
Balance as of July 2, 2016 | 3.1 |  |  | $ | 5.91 |
Exercised | (1.6 | ) |  | 5.66 |
Balance as of July 1, 2017 | 1.5 |  |  | 6.16 |
Exercised | (0.2 | ) |  | 4.53 |
Balance as of June 30, 2018 | 1.3 |  |  | 6.42 |
Exercised | (0.1 | ) |  | 10.54 |
Balance as of June 29, 2019 | 1.2 |  |  | $ | 5.95 |
Expected to vest | 1.2 |  |  | $ | 5.95 |
Schedule of Significant Ranges of Outstanding and Exercisable Options | The following table summarizes outstanding and exercisable options as of June 29, 2019.
|  | Options Outstanding |  | Options Exercisable
Exercise Price |  | Number of Shares |  | Weighted Average Remaining Contractual Term (years) |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (millions) |  | Number of Shares |  | Weighted Average Remaining Contractual Term (years) |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (millions)
$5.95 |  | 1,180,257 |  |  | 4.63 |  | 5.95 |  |  | $ | 8.7 |  |  | 885,193 |  |  | 4.63 |  | 5.95 |  |  | $ | 6.5 |
|  | 1,180,257 |  |  | 4.63 |  | $ | 5.95 |  |  | $ | 8.7 |  |  | 885,193 |  |  | 4.63 |  | $ | 5.95 |  |  | $ | 6.5 |
Schedule of Employee Stock Purchase Plan Activity | The following summarizes the shares purchased and issued, pursuant to the Company’s ESPP during the year ended June 29, 2019 and the fair value market value of the shares at the purchase date:
Purchase date | July 31, 2018 |  | January 31, 2019
Shares issued | 240,807 |  |  | 209,985 |
Fair market value at purchase date | $ | 8.67 |  |  | $ | 10.15 |
Schedule of Changes in Nonvested Full Value Awards | A summary of the status of the Company’s non-vested Full Value Awards as of June 29, 2019 and changes during the same period is presented below (amount in millions, except per share amounts):
| Full Value Awards
| Performance Shares (1) |  | Non-Performance Shares |  | Total Number of Shares |  | Weighted-average Grant-dated Fair Value
Non-vested at July 2, 2016 | 1.0 |  |  | 8.4 |  |  | 9.4 |  |  | $ | 6.55 |
Awards granted | 0.6 |  |  | 3.7 |  |  | 4.3 |  |  | $ | 7.86 |
Awards vested | (0.6 | ) |  | (4.5 | ) |  | (5.1 | ) |  | $ | 6.66 |
Awards forfeited | — |  |  | (1.3 | ) |  | (1.3 | ) |  | $ | 6.83 |
Non-vested at July 1, 2017 | 1.0 |  |  | 6.3 |  |  | 7.3 |  |  | $ | 7.17 |
Awards granted | 0.8 |  |  | 3.3 |  |  | 4.1 |  |  | $ | 10.01 |
Awards vested | (0.6 | ) |  | (3.6 | ) |  | (4.2 | ) |  | $ | 7.10 |
Awards forfeited | (0.1 | ) |  | (0.7 | ) |  | (0.8 | ) |  | $ | 8.01 |
Non-vested at June 30, 2018 | 1.1 |  |  | 5.3 |  |  | 6.4 |  |  | $ | 8.93 |
Awards granted | 0.5 |  |  | 3.9 |  |  | 4.4 |  |  | $ | 11.52 |
Awards vested | (0.6 | ) |  | (3.2 | ) |  | (3.8 | ) |  | $ | 8.61 |
Awards forfeited | — |  |  | (0.3 | ) |  | (0.3 | ) |  | $ | 9.63 |
Non-vested June 29, 2019 | 1.0 |  |  | 5.7 |  |  | 6.7 |  |  | $ | 10.81 |
(1) Performance Shares refer to the Company’s MSU and PSU awards, where the actual number of shares awarded upon vesting may be higher or lower than the target amount depending on the achievement of the relevant market conditions and performance goal achievement. The majority of MSUs vest in equal annual installments over three to four years based on the attainment of certain total shareholder performance measures and the employee’s continued service through the vest date. The aggregate grant-date fair value of MSUs granted during fiscal 2019, 2018 and 2017 was estimated to be $6.2 million, $4.7 million and $3.3 million, respectively, and was calculated using a Monte Carlo simulation. The Company did no t grant any PSU awards in fiscal 2019 and the fair value of the PSUs granted in fiscal 2018 was $1.4 million. PSU awards vest based on the attainment of certain performance measures and the employee’s continued service through the vest date.
Schedule of Valuation Assumptions of Fair Value Awards | The Company estimates the fair value of the MSUs on the date of grant using a Monte Carlo simulation with the following assumptions:
| Years Ended
| June 29, 2019 |  | June 30, 2018 |  | July 1, 2017
Volatility of common stock | 28.9 | % |  | 30.1 | % |  | 33.2 | %
Average volatility of peer companies | 31.0 | % |  | 32.6 | % |  | 36.9 | %
Average correlation coefficient of peer companies | 0.1383 |  |  | 0.1618 |  |  | 0.1856 |
Risk-free interest rate | 2.6 | % |  | 1.4 | % |  | 0.7 | %
The Company did no t issue stock option grants during the fiscal years ended June 29, 2019, June 30, 2018 and July 1, 2017. The Company estimates the fair value ESPP purchase rights using a BSM valuation model. The fair value is estimated on the date of grant using the BSM option valuation model with the following weighted-average assumptions:
| Employee Stock Purchase Plans
| June 29, 2019 |  | June 30, 2018 |  | July 1, 2017
Expected term (in years) | 0.5 |  |  | 0.5 |  |  | 0.5 |
Expected volatility | 33.2 | % |  | 28.0 | % |  | 33.4 | %
Risk-free interest rate | 2.3 | % |  | 1.4 | % |  | 0.5 | %

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