XML 58 R43.htm IDEA: XBRL DOCUMENT
v3.20.2

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Jun. 27, 2020
Share-based Payment Arrangement [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 2020, 2019 and 2018 was as follows (in millions):
| Years Ended
| June 27, 2020 |  | June 29, 2019 |  | June 30, 2018
Cost of revenue | $ | 4.3 |  |  | $ | 3.8 |  |  | $ | 3.3 |
Research and development | 7.7 |  |  | 6.1 |  |  | 4.9 |
Selling, general and administrative | 32.6 |  |  | 28.3 |  |  | 22.3 |
Total stock-based compensation expense | $ | 44.6 |  |  | $ | 38.2 |  |  | $ | 30.5 |
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 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 |
Exercised | — |  |  | — |
Balance as of June 27, 2020 | 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 27, 2020.
|  | 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 |  |  | 3.64 |  | 5.95 |  |  | $ | 7.7 |  |  | 1,180,257 |  |  | 3.64 |  | 5.95 |  |  | $ | 7.7 |
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 27, 2020 and the fair value market value of the shares at the purchase date:
Purchase date | July 31, 2019 |  | January 31, 2020
Shares issued | 222,956 |  |  | 261,303 |
Fair market value at purchase date | $ | 10.98 |  |  | $ | 14.45 |
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 27, 2020 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 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 |
Awards granted | 0.7 |  |  | 3.2 |  |  | 3.9 |  |  | $ | 13.76 |
Awards vested | (0.7 | ) |  | (3.4 | ) |  | (4.1 | ) |  | $ | 10.40 |
Awards forfeited | — |  |  | (0.4 | ) |  | (0.4 | ) |  | $ | 11.44 |
Non-vested June 27, 2020 | 1.0 |  |  | 5.1 |  |  | 6.1 |  |  | $ | 12.97 |
(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 2020, 2019 and 2018 was estimated to be $7.7 million, $6.2 million and $4.7 million, respectively, and was calculated using a Monte Carlo simulation. The Company did no t grant any PSU awards in fiscal 2020 and 2019. 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 27, 2020 |  | June 29, 2019 |  | June 30, 2018
Volatility of common stock | 30.4 | % |  | 28.9 | % |  | 30.1 | %
Average volatility of peer companies | 52.5 | % |  | 31.0 | % |  | 32.6 | %
Average correlation coefficient of peer companies | 0.1842 |  |  | 0.1383 |  |  | 0.1618 |
Risk-free interest rate | 1.5 | % |  | 2.6 | % |  | 1.4 | %
The Company did no t issue stock option grants during the fiscal years ended June 27, 2020, June 29, 2019 and June 30, 2018. 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 27, 2020 |  | June 29, 2019 |  | June 30, 2018
Expected term (in years) | 0.5 |  |  | 0.5 |  |  | 0.5 |
Expected volatility | 27.6 | % |  | 33.2 | % |  | 28.0 | %
Risk-free interest rate | 1.8 | % |  | 2.3 | % |  | 1.4 | %

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=115993241&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
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of employee stock purchase plan activity. + 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 (g) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -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 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of equity based awards. + References No definition available. + Details
Name: | viav_ScheduleOfShareBasedPaymentAwardsValuationAssumptionsTableTextBlock
Namespace Prefix: | viav_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration