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Shareholders' Equity
 12 Months Ended
Jun. 27, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
On February 11, 2021, the Company established an “at-the-market” offering program (the ATM Program) pursuant to which the Company could offer and sell, from time to time through sales agents, up to an aggregate of $500 million of the Company’s common stock. The ATM Program was conducted pursuant to an equity distribution agreement (the Equity Distribution Agreement) entered into by the Company and Wells Fargo Securities, LLC, BMO Capital Markets Corp., BofA Securities Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Truist Securities, Inc. (the Managers).
On February 19, 2021, the Company announced that it sold approximately $500.0 million of common stock under the ATM Program. As such, the ATM Program automatically terminated in accordance with the terms of the Equity Distribution Agreement. In total, the Company sold and received payment for 4,222,511 additional shares of common stock at a weighted average price of $118.41 per share through the ATM Program for total gross proceeds of approximately $500.0 million and net proceeds of approximately $489.1 million, after $10.0 million in commissions to the Managers and $0.9 million in other offering costs. The Company expects to use the net proceeds for general corporate purposes.
At June 27, 2021, the Company had reserved a total of approximately 42.2 million shares of its common stock for future issuance as follows (in thousands):
 
Number of
Shares
For exercise of outstanding common stock options142 
For vesting of outstanding stock units2,168 
For future equity awards under 2013 Long-Term Incentive Compensation Plan5,329 
For future issuance under the Non-Employee Director Stock Compensation and Deferral Program45 
For future issuance to employees under the 2020 Employee Stock Purchase Plan5,839 
For future issuance upon conversion of the 2023 Notes12,560 
For future issuance upon conversion of the 2026 Notes16,102 
Total common shares reserved42,185