XML 60 R47.htm IDEA: XBRL DOCUMENT
v3.23.2

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Jul. 01, 2023
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 2023, 2022 and 2021 was as follows (in millions):
| Years Ended
| July 1, 2023 |  | July 2, 2022 |  | July 3, 2021
Cost of revenue | $ | 4.8 |  |  | $ | 5.2 |  |  | $ | 4.8 |
Research and development | 8.6 |  |  | 8.6 |  |  | 8.9 |
Selling, general and administrative | 37.8 |  |  | 38.5 |  |  | 34.6 |
Total stock-based compensation expense | $ | 51.2 |  |  | $ | 52.3 |  |  | $ | 48.3 |
Schedule of Significant Ranges of Outstanding and Exercisable Options | The following table summarizes outstanding and exercisable options as of July 1, 2023 all of which have been fully amortized and recognized since before 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 |  |  | 0.62 |  | $ | 5.95 |  |  | $ | 6.3 |  |  | 1,180,257 |  |  | 0.62 |  | $ | 5.95 |  |  | $ | 6.3 |
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 1, 2023 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 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 |  |  |
Awards granted | 0.4 |  |  | 2.4 |  |  | 2.8 |  |  | $ | 16.95 |  |  |
Awards vested | (0.4) |  |  | (2.2) |  |  | (2.6) |  |  | $ | 13.38 |  |  |
Awards forfeited | (0.1) |  |  | (0.2) |  |  | (0.3) |  |  | $ | 14.64 |  |  |
Non-vested July 2, 2022 | 1.4 |  |  | 4.8 |  |  | 6.2 |  |  | $ | 15.55 |  |  |
Awards granted | 0.9 |  |  | 3.1 |  |  | 4.0 |  |  | $ | 14.35 |  |  |
Awards vested | (0.6) |  |  | (1.8) |  |  | (2.4) |  |  | $ | 15.23 |  |  |
Awards forfeited | — |  |  | (0.3) |  |  | (0.3) |  |  | $ | 14.78 |  |  |
Non-vested July 1, 2023 | 1.7 |  |  | 5.8 |  |  | 7.5 |  |  | $ | 15.06 |  |  |
(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 2023, 2022 and 2021 was estimated to be $11.4 million, $7.9 million and $15.6 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 2023 and 2022. 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 of performance-based awards with a market condition were as follows:
| Years Ended
| July 1, 2023 |  | July 2, 2022 |  | July 3, 2021
Volatility of common stock | 31.2 | % |  | 33.8 | % |  | 38.5 | %
Average volatility of peer companies | 62.1 | % |  | 58.7 | % |  | 65.7 | %
Average correlation coefficient of peer companies | 0.3111 |  |  | 0.3442 |  |  | 0.3653 |
Risk-free interest rate | 3.4 | % |  | 0.2 | % |  | 0.3 | %
The Company did not issue stock option grants during the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021. 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 1, 2023 |  | July 2, 2022 |  | July 3, 2021
Expected term (in years) |  |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility |  |  | 37.2 | % |  | 24.3 | % |  | 44.9 | %
Risk-free interest rate |  |  | 3.8 | % |  | 0.3 | % |  | 0.1 | %

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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types: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: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration