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Recently Issued Accounting Pronouncements (Tables) | 12 Months Ended
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Jun. 29, 2019
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table presents the impact of the revenue standard adoption, to select line items of the Company’s Consolidated Balance Sheet as of June 30, 2018, (in millions):
| June 30, 2018
| As Reported |  | Adjustment |  | As Adjusted
ASSETS |  |  |  |  |
Accounts receivable, net | $ | 217.5 |  |  | $ | 1.1 |  |  | $ | 218.6 |
Prepayments and other assets | 54.8 |  |  | 1.5 |  |  | 56.3 |
Deferred income taxes | 114.5 |  |  | (0.2 | ) |  | 114.3 |
Other non-current assets | 13.6 |  |  | 1.8 |  |  | 15.4 |
Total assets | $ | 2,022.6 |  |  | $ | 4.2 |  |  | $ | 2,026.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |
Deferred revenue | $ | 71.9 |  |  | $ | (11.3 | ) |  | $ | 60.6 |
Accrued payroll and related expenses | 51.4 |  |  | 1.4 |  |  | 52.8 |
Other current liabilities | 77.0 |  |  | 1.9 |  |  | 78.9 |
Other non-current liabilities | 182.8 |  |  | (2.0 | ) |  | 180.8 |
Total stockholders’ equity (1) | 720.7 |  |  | 14.2 |  |  | 734.9 |
Total liabilities and stockholders’ equity | $ | 2,022.6 |  |  | $ | 4.2 |  |  | $ | 2,026.8 |
(1) Reflects the cumulative impact of $23.8 million on total stockholders’ equity from the revenue standard adoption as of the beginning of fiscal 2017 The following table presents the impact of the revenue standard adoption to select line items of the Company’s previously reported Consolidated Statements of Operations for the twelve months ended June 30, 2018 and July 1, 2017 (in millions, except per share data):
| Twelve Months Ended June 30, 2018 |  | Twelve Months Ended July 1, 2017
| As Reported |  | Adjustment |  | As Adjusted |  | As Reported |  | Adjustment |  | As Adjusted
Revenues: |  |  |  |  |  |  |  |  |  |  |
Product revenue | $ | 783.1 |  |  | $ | (10.6 | ) |  | $ | 772.5 |  |  | $ | 726.4 |  |  | $ | (20.4 | ) |  | $ | 706.0 |
Service revenue | 97.3 |  |  | 5.9 |  |  | 103.2 |  |  | 85.0 |  |  | 14.0 |  |  | 99.0 |
Total net revenue | 880.4 |  |  | (4.7 | ) |  | 875.7 |  |  | 811.4 |  |  | (6.4 | ) |  | 805.0 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |
Product cost of revenue | 314.7 |  |  | (4.1 | ) |  | 310.6 |  |  | 260.9 |  |  | (1.3 | ) |  | 259.6 |
Service cost of revenue | 46.8 |  |  | 3.2 |  |  | 50.0 |  |  | 50.2 |  |  | 1.9 |  |  | 52.1 |
Amortization of acquired technologies | 26.7 |  |  | — |  |  | 26.7 |  |  | 14.3 |  |  | — |  |  | 14.3 |
Total cost of revenue | 388.2 |  |  | (0.9 | ) |  | 387.3 |  |  | 325.4 |  |  | 0.6 |  |  | 326.0 |
Gross profit | 492.2 |  |  | (3.8 | ) |  | 488.4 |  |  | 486.0 |  |  | (7.0 | ) |  | 479.0 |
Income from operations | 5.1 |  |  | (3.2 | ) |  | 1.9 |  |  | 13.6 |  |  | (6.6 | ) |  | 7.0 |
(Loss) income before taxes | (32.6 | ) |  | (3.1 | ) |  | (35.7 | ) |  | 186.6 |  |  | (6.6 | ) |  | 180.0 |
Provision for income taxes | 13.4 |  |  | (0.5 | ) |  | 12.9 |  |  | 21.3 |  |  | 0.1 |  |  | 21.4 |
Net (loss) income | $ | (46.0 | ) |  | $ | (2.6 | ) |  | $ | (48.6 | ) |  | $ | 166.9 |  |  | $ | (6.7 | ) |  | $ | 160.2 |
Net loss per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (0.20 | ) |  | $ | (0.01 | ) |  | $ | (0.21 | ) |  | $ | 0.73 |  |  | $ | (0.03 | ) |  | $ | 0.70 |
Diluted | $ | (0.20 | ) |  | $ | (0.01 | ) |  | $ | (0.21 | ) |  | $ | 0.71 |  |  | $ | (0.03 | ) |  | $ | 0.68 |
Shares used in per share calculations: |  |  |  |  |  |  |  |  |  |  |
Basic | 227.1 |  |  |  |  | 227.1 |  |  | 229.9 |  |  |  |  | 229.9 |
Diluted | 227.1 |  |  |  |  | 227.1 |  |  | 234.5 |  |  |  |  | 234.5 |

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