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Stock-Based Compensation (Tables) | 12 Months Ended
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Jul. 03, 2021
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 2021, 2020 and 2019 was as follows (in millions):
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Cost of revenue | $ | 4.8 |  |  | $ | 4.3 |  |  | $ | 3.8 |
Research and development | 8.9 |  |  | 7.7 |  |  | 6.1 |
Selling, general and administrative | 34.6 |  |  | 32.6 |  |  | 28.3 |
Total stock-based compensation expense | $ | 48.3 |  |  | $ | 44.6 |  |  | $ | 38.2 |
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 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 |
Exercised | — |  |  | — |
Balance as of July 03, 2021 | 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 July 3, 2021.
|  | 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 |  |  | 2.62 |  | $ | 5.95 |  |  | $ | 13.6 |  |  | 1,180,257 |  |  | 2.62 |  | $ | 5.95 |  |  | $ | 13.6 |
Schedule of Changes in Nonvested Full Value Awards | A summary of the status of the Company’s non-vested Full Value Awards as of July 3, 2021 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 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 |  |  |
Awards granted | 1.3 |  |  | 3.3 |  |  | 4.6 |  |  | $ | 14.15 |  |  |
Awards vested | (0.6) |  |  | (3.1) |  |  | (3.7) |  |  | $ | 12.58 |  |  |
Awards forfeited | (0.2) |  |  | (0.5) |  |  | (0.7) |  |  | $ | 13.83 |  |  |
Non-vested July 3, 2021 | 1.5 |  |  | 4.8 |  |  | 6.3 |  |  | $ | 13.98 |  |  |
(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 2021, 2020 and 2019 was estimated to be $15.6 million, $7.7 million and $6.2 million, respectively, and was calculated using a Monte Carlo simulation. The fair value of PSU awards granted in fiscal 2021 was $2.0 million. The Company did not grant any PSU awards in fiscal 2020 and 2019. 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 weighted-average assumptions used to measure fair value were as follows:
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Volatility of common stock | 38.5 | % |  | 30.4 | % |  | 28.9 | %
Average volatility of peer companies | 65.7 | % |  | 52.5 | % |  | 31.0 | %
Average correlation coefficient of peer companies | 0.3653 |  |  | 0.1842 |  |  | 0.1383 |
Risk-free interest rate | 0.3 | % |  | 1.5 | % |  | 2.6 | %
The Company did not issue stock option grants during the fiscal years ended July 3, 2021, June 27, 2020 and June 29, 2019. 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
|  |  | July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Expected term (in years) |  |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility |  |  | 44.9 | % |  | 27.6 | % |  | 33.2 | %
Risk-free interest rate |  |  | 0.1 | % |  | 1.8 | % |  | 2.3 | %

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