Lumentum (LITE) 10-Q8 Feb 242024 Q2 Quarterly reportFinancial data

Company Profile

COVER

COVER - shares shares in Millions	6 Months Ended
COVER - shares shares in Millions	Dec. 30, 2023	Feb. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2023
Document Transition Report	false
Entity File Number	001-36861
Entity Registrant Name	Lumentum Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3108385
Entity Address, Address Line One	1001 Ridder Park Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	546-5483
Title of 12(b) Security	Common Stock, par value of $0.001 per share
Trading Symbol	LITE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67.4
Entity Central Index Key	0001633978
Amendment Flag	false
Current Fiscal Year End Date	--06-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net revenue	$ 366.8	$ 506	$ 684.4	$ 1,012.8
Cost of sales	281.3	315.1	504.2	597.7
Amortization of acquired developed intangibles	21.5	24.7	39.5	47.7
Gross profit	64	166.2	140.7	367.4
Operating expenses:
Research and development	78.3	75.8	151.8	148.5
Selling, general and administrative	85.1	98.4	158.1	204.1
Restructuring and related charges	5.8	13.9	16.8	23.2
Total operating expenses	169.2	188.1	326.7	375.8
Loss from operations	(105.2)	(21.9)	(186)	(8.4)
Interest expense	(9.7)	(8.9)	(19.4)	(17.4)
Other income, net	13.4	3.7	34.6	17.5
Loss before income taxes	(101.5)	(27.1)	(170.8)	(8.3)
Income tax provision (benefit)	(2.4)	4.6	(3.8)	23.8
Net loss	$ (99.1)	$ (31.7)	$ (167)	$ (32.1)
Net loss per share:
Basic (in usd per share)	$ (1.47)	$ (0.46)	$ (2.49)	$ (0.47)
Diluted (in usd per share)	$ (1.47)	$ (0.46)	$ (2.49)	$ (0.47)
Shares used to compute net loss per share:
Basic (in shares)	67.2	68.3	67	68.2
Diluted (in shares)	67.2	68.3	67	68.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (99.1)	$ (31.7)	$ (167)	$ (32.1)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	0.2	0	0	0
Net change in unrealized gain on available-for-sale securities	3.8	3.6	5.1	3
Other comprehensive income, net of tax	4	3.6	5.1	3
Comprehensive loss, net of tax	$ (95.1)	$ (28.1)	$ (161.9)	$ (29.1)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Current assets:
Cash and cash equivalents	$ 469.3	$ 859
Short-term investments	754.7	1,154.6
Accounts receivable, net	248.3	246.1
Inventories	471.7	408.6
Prepayments and other current assets	118.1	109.6
Total current assets	2,062.1	2,777.9
Property, plant and equipment, net	582.3	489.5
Operating lease right-of-use assets, net	81.3	77.3
Goodwill	1,054.6	695.1
Other intangible assets, net	730.6	459.2
Deferred tax asset	130.2	116.3
Other non-current assets	14.9	16.8
Total assets	4,656	4,632.1
Current liabilities:
Accounts payable	163	169.4
Accrued payroll and related expenses	50.4	39.4
Accrued expenses	65.8	51.2
Convertible notes, current	319.7	311.6
Operating lease liabilities, current	14.5	14.4
Other current liabilities	45	47.8
Total current liabilities	658.4	633.8
Convertible notes, non-current	2,501.7	2,500
Operating lease liabilities, non-current	52.9	47.7
Deferred tax liability	67.6	3.4
Other non-current liabilities	97.6	91.4
Total liabilities	3,378.2	3,276.3
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value, 990 authorized shares, 67.4 and 66.4 shares issued and outstanding as of December 30, 2023 and July 1, 2023, respectively	0.1	0.1
Additional paid-in capital	1,776.1	1,692.2
Accumulated deficit	(507.6)	(340.6)
Accumulated other comprehensive income	9.2	4.1
Total stockholders’ equity	1,277.8	1,355.8
Total liabilities and stockholders’ equity	$ 4,656	$ 4,632.1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 30, 2023	Jul. 01, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	990	990
Common stock, shares issued (in shares)	67.4	66.4
Common stock, shares outstanding (in shares)	67.4	66.4

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period at Jul. 02, 2022	$ 1,875	$ (340.9)	$ 0.1	$ 2,003.6	$ (426.5)	$ (129.1)	$ 85.6	$ 0.4
Balance at the beginning of period (in shares) at Jul. 02, 2022			68
Increase (Decrease) in Stockholders' Equity
Net loss	(0.4)					(0.4)
Other comprehensive income (loss)	(0.6)							(0.6)
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			0.7
Withholding taxes related to net share settlement of restricted stock units	(22.4)			(22.4)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(0.2)
Repurchases of common stock	(25.7)					(25.7)
Repurchases of common stock (in shares)			(0.3)
Stock-based compensation	41.4			41.4
Balance at the end of the period at Oct. 01, 2022	1,526.4		$ 0.1	1,596.1		(69.6)		(0.2)
Balance at the end of period (in shares) at Oct. 01, 2022			68.2
Balance at the beginning of the period at Jul. 02, 2022	1,875	$ (340.9)	$ 0.1	2,003.6	$ (426.5)	(129.1)	$ 85.6	0.4
Balance at the beginning of period (in shares) at Jul. 02, 2022			68
Increase (Decrease) in Stockholders' Equity
Net loss	(32.1)
Other comprehensive income (loss)	3
Balance at the end of the period at Dec. 31, 2022	1,543.6		$ 0.1	1,641.4		(101.3)		3.4
Balance at the end of period (in shares) at Dec. 31, 2022			68.4
Balance at the beginning of the period at Oct. 01, 2022	1,526.4		$ 0.1	1,596.1		(69.6)		(0.2)
Balance at the beginning of period (in shares) at Oct. 01, 2022			68.2
Increase (Decrease) in Stockholders' Equity
Net loss	(31.7)					(31.7)
Other comprehensive income (loss)	3.6							3.6
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			0.2
Withholding taxes related to net share settlement of restricted stock units	(4.3)			(4.3)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(0.1)
ESPP shares issued	5.7			5.7
ESPP shares issued (in shares)			0.1
Stock-based compensation	43.9			43.9
Balance at the end of the period at Dec. 31, 2022	1,543.6		$ 0.1	1,641.4		(101.3)		3.4
Balance at the end of period (in shares) at Dec. 31, 2022			68.4
Balance at the beginning of the period at Jul. 01, 2023	$ 1,355.8		$ 0.1	1,692.2		(340.6)		4.1
Balance at the beginning of period (in shares) at Jul. 01, 2023	66.4		66.4
Increase (Decrease) in Stockholders' Equity
Net loss	$ (67.9)					(67.9)
Other comprehensive income (loss)	1.1							1.1
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			0.8
Withholding taxes related to net share settlement of restricted stock units	(12.9)			(12.9)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(0.2)
Stock-based compensation	34.7			34.7
Balance at the end of the period at Sep. 30, 2023	1,310.8		$ 0.1	1,714		(408.5)		5.2
Balance at the end of period (in shares) at Sep. 30, 2023			67
Balance at the beginning of the period at Jul. 01, 2023	$ 1,355.8		$ 0.1	1,692.2		(340.6)		4.1
Balance at the beginning of period (in shares) at Jul. 01, 2023	66.4		66.4
Increase (Decrease) in Stockholders' Equity
Net loss	$ (167)
Other comprehensive income (loss)	5.1
Balance at the end of the period at Dec. 30, 2023	$ 1,277.8		$ 0.1	1,776.1		(507.6)		9.2
Balance at the end of period (in shares) at Dec. 30, 2023	67.4		67.4
Balance at the beginning of the period at Sep. 30, 2023	$ 1,310.8		$ 0.1	1,714		(408.5)		5.2
Balance at the beginning of period (in shares) at Sep. 30, 2023			67
Increase (Decrease) in Stockholders' Equity
Net loss	(99.1)					(99.1)
Other comprehensive income (loss)	4							4
Equity awards pursuant to merger agreement	23.5			23.5
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			0.3
Withholding taxes related to net share settlement of restricted stock units	(3.2)			(3.2)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(0.1)
ESPP shares issued	7.3			7.3
ESPP shares issued (in shares)			0.2
Stock-based compensation	34.5			34.5
Balance at the end of the period at Dec. 30, 2023	$ 1,277.8		$ 0.1	$ 1,776.1		$ (507.6)		$ 9.2
Balance at the end of period (in shares) at Dec. 30, 2023	67.4		67.4

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net loss	$ (167)	$ (32.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	55.4	50.9
Stock-based compensation	66.7	83.2
Amortization of acquired intangibles	66.6	68.3
Loss on sales and dispositions of property, plant and equipment	1.4	7.2
Amortization of debt discount and debt issuance costs	9.7	11.9
Amortization of inventory fair value adjustment in connection with acquisition	3.4	14.2
Other non-cash items	(8.5)	1
Changes in operating assets and liabilities:
Accounts receivable	18.7	(1.5)
Inventories	7.5	(36.4)
Operating lease right-of-use assets, net	(5.1)	7.9
Prepayments and other current and non-currents assets	6.3	(13.9)
Income taxes, net	(26.6)	(14.8)
Accounts payable	(51.1)	(45)
Accrued payroll and related expenses	5.1	(15)
Operating lease liabilities	6.7	(7.3)
Accrued expenses and other current and non-current liabilities	7	37.1
Net cash provided by (used in) operating activities	(3.8)	115.7
INVESTING ACTIVITIES:
Payments for acquisition of property, plant and equipment	(88.8)	(62.8)
Acquisition of businesses, net of cash acquired	(700.9)	(861.6)
Purchases of short-term investments	(184.3)	(327.8)
Proceeds from maturities and sales of short-term investments	599.7	501
Payments for acquisition of intangible assets	(3)	0
Proceeds from the sales of property, plant and equipment	0.2	0.1
Net cash used in investing activities	(377.1)	(751.1)
FINANCING ACTIVITIES:
Repurchase of common stock	0	(35.8)
Payment of withholding taxes related to net share settlement of restricted stock units	(16.1)	(26.7)
Proceeds from employee stock plans	7.3	5.7
Repayment of term loan	0	(5.9)
Net cash used in financing activities	(8.8)	(62.7)
Decrease in cash and cash equivalents	(389.7)	(698.1)
Cash and cash equivalents at beginning of period	859	1,290.2
Cash and cash equivalents at end of period	469.3	592.1
Supplemental disclosure of cash flow information:
Cash paid for taxes, net	22.2	38.5
Cash paid for interest	9.9	5.4
Supplemental disclosure of non-cash investing and financing activities:
Settlement of loan to NeoPhotonics	0	50
Share-based purchase price consideration in connection with the Cloud Light acquisition	23.5	0
Right-of-use assets obtained in exchange for new operating lease liabilities	16	19.4
Property, Plant and Equipment
Supplemental disclosure of non-cash investing and financing activities:
Unpaid property, plant and equipment/intangible assets in accounts payable and accrued expenses	8.1	16.4
Finite-Lived Intangible Assets
Supplemental disclosure of non-cash investing and financing activities:
Unpaid property, plant and equipment/intangible assets in accounts payable and accrued expenses	$ 2	$ 0

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Lumentum Holdings Inc. (“we,” “us,” “our,” “Lumentum” or the “Company”) is an industry-leading provider of optical and photonic products addressing a range of end-market applications for manufacturing, inspection, and life-science applications. Our Cloud & Networking products include a wide range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide) and submarine (undersea) applications. Our products also address enterprise, cloud and data center applications, including storage-access networks (“SANs”), local-area networks (“LANs”) and wide-area networks (“WANs”), as well as artificial intelligence and machine learning (“AI/ML”). Our Industrial Tech products include diode laser products such as VCSELs and edge emitting lasers. In the consumer end-market, our laser light sources are integrated into 3D sensing cameras, which are used in applications in mobile devices, gaming, payment kiosks, computers, other consumer electronics devices, and automobiles. Applications include biometric identification, computational photography, virtual and augmented reality, and natural user interfaces, among others. In the industrial end-market, our diode lasers are used primarily as pump sources for pulsed and kilowatt class fiber lasers. Our products also include laser products used in a variety of OEM applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers, such as argon-ion and helium-neon lasers. Basis of Presentation We have prepared the accompanying condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact us in the future, actual results may be different from the estimates. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. In the opinion of the Company’s management, the information presented herein reflects all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position, stockholders’ equity, and cash flows. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective, or complex judgments by management. Those policies are inventory valuation, revenue recognition, income taxes, goodwill, and business combinations. Prior to fiscal year 2024, we operated in two reportable segments consisting of Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”). During the fiscal first quarter of 2024, we changed our organizational structure to better align with trends in our markets and our customer and product mix. Our new operating segments are Cloud & Networking and Industrial Tech. The Cloud & Networking segment includes the Telecom and Datacom product lines that were previously part of the OpComms segment. The Industrial Tech segment includes the previous Lasers segment and the Industrial & Consumer product lines that were previously part of the OpComms segment. Comparative prior period segment information has been recast to conform to the new segment structure and measures. The changes in our operating segments had no impact on our previously reported consolidated results of operations, financial condition, or cash flows. Refer to “Note 15. Operating Segments and Geographic Information” . Our business and operating results depend significantly on general market and economic conditions. The current global macroeconomic environment is volatile and continues to be adversely impacted by inflation, a dynamic supply chain and demand environment, and signs of a weaker macroeconomic environment impacting capital expenditures across our served markets. Additionally, instability in the global credit markets, capital expenditure reductions, unemployment and other labor issues, decline in stock markets, the instability in the geopolitical environment in many parts of the world, and the current global economic challenges continue to put pressure on our business and operating results. We are continuously monitoring both the current developments in the ongoing war between Russia and Ukraine including the related additional export controls and resulting sanctions imposed on Russia and Belarus by the U.S. and other countries, and the war between Israel and Hamas. Additional factors, such as increased inflation, escalating energy costs, constrained raw material availability and the related cost increases, could continue to impact the global economy and our business. Although the global implications of the wars are difficult to predict at this time, we do not presently foresee direct material adverse effects on our business. Business Combinations On November 7, 2023 (the “Closing date”), we completed the acquisition of Cloud Light Technology Limited (“Cloud Light”). Our condensed consolidated financial statements include the operating results of Cloud Light for the period from the Closing date of the acquisition through December 30, 2023. On August 3, 2022, we completed the acquisition of NeoPhotonics Corporation (“NeoPhotonics”). On August 15, 2022, we completed the acquisition of IPG Photonics’ telecom transmission product lines. We have applied the acquisition method of accounting to account for these transactions in accordance with ASC Topic 805, Business Combinations. Refer to “Note 4. Business Combinations” for further discussions of these transactions. Fiscal Years We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30 th . Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2024 is a 52-week year ending on June 29, 2024, with the quarter ended December 30, 2023 being a 13-week quarterly period. Our fiscal 2023 was a 52-week year that ended on July 1, 2023, with the quarter ended December 31, 2022 being a 13-week quarterly period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Lumentum Holdings Inc. and its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Accounting Policies The condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended July 1, 2023. There were no significant changes to our accounting policies during the six months ended December 30, 2023

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
Recently Issued Accounting Pronouncements	Dec. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 2. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for us in fiscal 2026, with early adoption permitted. We are currently evaluating the impact of this ASU on our income tax disclosures within the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt ASU 2023-07 in the fiscal first quarter of 2025. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Dec. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 3. Earnings Per Share The following table sets forth the computation of basic and diluted net loss per share ( in millions, except per share data ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Numerator: Net loss - basic and diluted $ (99.1) $ (31.7) $ (167.0) $ (32.1) Denominator: Weighted average common shares outstanding - basic and diluted 67.2 68.3 67.0 68.2 Net loss per share: Basic $ (1.47) $ (0.46) $ (2.49) $ (0.47) Diluted $ (1.47) $ (0.46) $ (2.49) $ (0.47) Shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes are anti-dilutive for the three and six months ended December 30, 2023 and December 31, 2022, respectively, and are therefore excluded from the calculation of diluted net loss per share as the Company had a net loss for both periods . Anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended December 30, 2023 include 31.2 million shares related to convertible notes, 4.4 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.2 million shares issuable under the Employee Stock Purchase Plan (the “2015 Purchase Plan”), and 1.1 million shares outstanding related to stock options. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the six months ended December 30, 2023 include 31.2 million shares related to convertible notes, 4.5 million shares issuable under RSUs and PSUs, 0.2 million shares issuable under the 2015 Purchase Plan, and 1.1 million shares outstanding related to stock options. Refer to “Note 13. Equity.” Anti-dilutive shares excluded from the calculation of diluted net loss per share for the the three months ended December 31, 2022 include 24.5 million shares related to convertible notes, 3.8 million shares issuable under RSUs and PSUs, and 0.2 million shares issuable under the 2015 Purchase Plan. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the six months ended December 31, 2022 include 24.5 million shares related to convertible notes, 3.9 million shares issuable under RSUs and PSUs, and 0.1 million shares issuable under the 2015 Purchase Plan.

Business Combinations

Business Combinations	6 Months Ended
Business Combinations	Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Note 4. Business Combinations Cloud Light Acquisition On October 29, 2023, we entered into a definitive merger agreement (the “Merger Agreement”) with Cloud Light. On November 7, 2023 (the “Closing date”), we completed the acquisition of Cloud Light. Cloud Light designs, markets, and manufactures advanced optical modules for data center interconnect applications. The acquisition enables us to be well-positioned to serve the growing needs of cloud & networking customers, particularly those customers focused on optimizing their data center infrastructure for the demands of AI/ML. We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations , with respect to the fair value of purchase price consideration and the identifiable assets and liabilities of Cloud Light, which have been measured at estimated fair value as of the Closing date. The following tables summarize the preliminary purchase price consideration ( in millions ): Fair Value Cash consideration (1) $ 705.0 Share-based consideration (2) 23.5 Total purchase price consideration $ 728.5 (1) Under the terms of the Merger Agreement, Cloud Light stockholders received $1.69 per share after adjusting for applicable withholding taxes, escrow fund and expense fund contributions, for each of the 409.4 million of shares outstanding at the Closing date. As a result, we transferred $691.7 million of cash consideration on the Closing date. Additionally, each of Cloud Light’s outstanding options was exchanged for a combination of up-front cash consideration and newly issued options (the “replacement options”). As a result, we transferred $13.3 million of cash consideration on the Closing date. (2) The replacement options have a total fair value o f $38.9 million as of the Closing date, of which $23.5 million attributed to pre-acquisition service is recorded as part of the purchase price consideration and the remaining $15.4 million is recorded as post-acquisition stock-based compensation expense over the vesting period of three years from the acquisition Closing date. In general, these options expire within 10 years from the acquisition Closing date. Refer to “Note 13. Equity”. The cash consideration of $705.0 million, which was funded by the cash balances of Lumentum, includes $75.8 million of cash held in an escrow fund for a period of 12 months following the Closing date to support Cloud Light’s indemnification obligations under the Merger Agreement. The consideration is subject to customary adjustment for working capital. We also incurred a total of $9.2 million of merger-related costs, representing professional and other direct acquisition costs, of which $2.4 million was incurred during the fiscal first quarter of 2024 and $6.8 million was inc urred during the fiscal second quarter of 2024. Merger related costs are recorded as selling, general and administrative expense in the consolidated statement of operations when incurred. We allocated the fair value of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date based on their estimated fair values. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill. Our preliminary allocation of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date is as follows ( in millions ): Fair Value Total purchase price consideration $ 728.5 Assets acquired Cash and cash equivalents 4.1 Short-term investments 1.0 Accounts receivable, net 20.9 Inventories 71.5 Prepayments and other current assets 14.3 Property, plant and equipment, net 63.2 Operating lease right-of-use assets, net 3.7 Other intangible assets, net (1) 333.0 Other non-current assets 0.3 Total assets 512.0 Liabilities assumed Accounts payable 45.8 Accrued payroll and related expenses 5.9 Accrued expenses 9.8 Operating lease liabilities, current 1.8 Other current liabilities 8.0 Operating lease liabilities, non-current 1.9 Deferred tax liability 60.7 Other non-current liabilities 9.1 Total liabilities 143.0 Goodwill $ 359.5 (1) Other intangible assets include developed technology of $170.0 million, customer relationship of $130.0 million, in-process research and development (“IPR&D”) of $16.0 million, order backlog of $14.0 million, and trade name and trademarks of $3.0 million. Refer to “Note 8. Goodwill and Other Intangible Assets” for more information. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and subject to change. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the working capital adjustments pursuant to the Merger Agreement, the fair value of inventories, property, plant and equipment, intangible assets, deferred tax assets and liabilities, and contingent liabilities, if any. Further adjustments may result before the end of the measurement period, which ends one year from the Closing date. During the measurement period, if new information is obtained about facts and circumstances that existed as of the Closing date that, if known, would have resulted in revised estimated values of assets acquired and liabilities assumed, we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be calculated as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings. Goodwill from the Cloud Light acquisition has been assigned to the Cloud & Networking segment. The preliminary goodwill of $359.5 million arising from the acquisition is attributed to the expected revenue growth and synergies, including future cost efficiencies and other benefits that are expected to be generated by combining Lumentum and Cloud Light. None of the goodwill is expected to be deductible for local tax purposes. Refer to “Note 8. Goodwill and Other Intangible Assets.” From the Closing date, Cloud Light contributed $59.5 million of our consolidated net revenue for the three months ended December 30, 2023. Due to the continued integration of the combined businesses, as well as our corporate structure and the allocation of selling, general and administrative costs, it is impracticable to determine Cloud Light’s contribution to our earnings. Supplemental Pro Forma Information The following supplemental pro forma information presents the combined results of operations for the three and six months ended December 30, 2023 and December 31, 2022 , as if the acquisition was completed on July 3, 2022, the first day of the fiscal year 2023. The supplemental pro forma financial information presented below is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma financial information includes adjustments for: (i) amortization expense that would have been recognized related to the acquired intangible assets, (ii) depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) amortization of inventory fair value adjustment, (iv) acquisition related costs, such as third party transaction costs and restructuring costs, (v) stock-based compensation expense and (vi) the estimated income tax effect on the pro forma adjustments. The supplemental pro forma financial information for the periods presented is as follows ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Net revenue $ 386.5 $ 553.2 $ 773.1 $ 1,113.4 Net loss $ (96.3) $ (39.9) $ (159.9) $ (61.7) NeoPhotonics Acquisition On November 3, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NeoPhotonics and Neptune Merger Sub, Inc. On August 3, 2022, we completed the acquisition of NeoPhotonics through the consummation of the merger and, accordingly, we acquired all of the issued and outstanding common stock of NeoPhotonics with a total purchase price consideration of $934.4 million, which was funded by the cash balances of the combined company. The addition of NeoPhotonics expands our opportunity in some of the fastest growing markets for optical components used in cloud and telecom network infrastructure. We have applied the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations to account for this transaction and recorded a goodwill of $315.3 million arising from the acquisition, which has been assigned to the Cloud & Networking segment. NeoPhotonics contributed $104.6 million and $177.4 million of our consolidated net revenue for the three and six months ended December 31, 2022, respectively. Due to the integration of the combined businesses, as well as our corporate structure and the allocation of selling, general and administrative costs, it is impracticable to determine NeoPhotonics’ contribution to our earnings. As of December 30, 2023, the operation of NeoPhotonics has been fully integrated to the combined business. We also recorded $28.7 million of merger-related costs, representing professional and other direct acquisition costs, of which $8.3 million was incurred in fiscal year 2022 and $20.4 million was incurred in fiscal year 2023, which was recorded as selling, general and administrative expense in the condensed consolidated statements of op erations. The following supplemental pro forma information presents the combined results of operations for the three and six months ended December 31, 2022, as if the acquisition was completed at the first day of fiscal 2022. The supplemental pro forma financial information is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma financial information includes adjustments for: (i) amortization expense that would have been recognized related to the acquired intangible assets, (ii) depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) amortization of inventory fair value adjustment, (iv) acquisition related costs, such as third party transaction costs and restructuring costs, (v) stock-based compensation expense an d (vi) the estimated income tax effect on the pro forma adjustments. The supplemental pro forma financial information for the periods presented is as follows ( in millions ): December 31, 2022 Three Months Ended Six Months Ended Net revenue $ 506.0 $ 1,036.7 Net income (loss) (25.8) 6.6 Acquisition of IPG Photonics’ Telecom Transmission Product Lines On August 15, 2022 (“IPG Closing date”), we completed a transaction to acquire IPG Photonics’ telecom transmission product lines (“IPG telecom transmission product lines”) that are used to develop and market products for use in telecommunications and datacenter infrastructure, including Digital Signal Processors (DSPs), ASICs and optical transceivers with a total purchase price of $55.9 million, which was paid in cash. This acquisition enables us to expand our business in the Cloud & Networking segment. We have applied the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations to account for this transaction and recorded a goodwill of $10.9 million arising from the acquisition, which has been assigned to the Cloud & Networking segment. We recorded $2.0 million of merger-related costs, representing professional and other direct acquisition costs, of which $0.4 million was incurred in fiscal year 2022 and $1.6 million was incurred in fiscal year 2023, which was recorded as selling, general and administrative expense in the consolidated statements of op erations. The pro forma financial information from the acquisition of the IPG telecom transmission product lines, assuming the acquisition had occurred as of the first day of fiscal 2022, as well as revenue and earnings generated during fiscal 2023, were not material for disclosure purposes.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-term Investments	6 Months Ended
Cash, Cash Equivalents and Short-term Investments	Dec. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Short-term Investments	Note 5. Cash, Cash Equivalents and Short-term Investments The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented ( in millions ): Amortized Gross Gross Fair Value December 30, 2023: Cash $ 235.2 $ — $ — $ 235.2 Cash equivalents: Commercial paper 5.1 — — 5.1 Money market funds 206.6 — — 206.6 U.S. Treasury securities 22.4 — — 22.4 Total cash and cash equivalents $ 469.3 $ — $ — $ 469.3 Short-term investments: Certificates of deposit $ 13.8 $ — $ — $ 13.8 Commercial paper 43.8 — — 43.8 Corporate debt securities 365.4 0.3 (0.8) 364.9 Municipal bonds 4.6 — — 4.6 U.S. Agency securities 143.5 0.1 (0.4) 143.2 U.S. Treasury securities 184.9 — (0.5) 184.4 Total short-term investments $ 756.0 $ 0.4 $ (1.7) $ 754.7 July 1, 2023: Cash $ 254.3 $ — $ — $ 254.3 Cash equivalents: Money market funds 276.1 — — 276.1 U.S. Agency securities 4.0 — — 4.0 U.S. Treasury securities 324.6 — — 324.6 Total cash and cash equivalents $ 859.0 $ — $ — $ 859.0 Short-term investments: Certificates of deposit $ 16.5 $ — $ — $ 16.5 Commercial paper 132.9 — (0.2) 132.7 Corporate debt securities 472.7 — (3.9) 468.8 U.S. Agency securities 207.9 — (1.7) 206.2 U.S. Treasury securities 332.4 — (2.0) 330.4 Total short-term investments $ 1,162.4 $ — $ (7.8) $ 1,154.6 We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period sufficient to allow for any anticipated recovery in value. For the debt instruments we own, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three and six months ended December 30, 2023 and December 31, 2022, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale. During the three and six months ended December 30, 2023, our other income, net was $13.4 million, and $34.6 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $17.1 million and $38.8 million, respectively. During the three and six months ended December 31, 2022, our other income, net was $3.7 million and $17.5 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $7.7 million and $12.5 million, respectively. As of December 30, 2023 and July 1, 2023, we recorded interest receivables of $7.2 million and $6.7 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented, as there were no such losses. The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for more than 12 months and less than 12 months as of the periods presented, respectively ( in millions ): Continuous Loss Position for More Than 12 Months Continuous Loss Position for Less Than 12 Months Gross Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 30, 2023: U.S. Agency securities $ 5.0 $ — $ 113.5 $ (0.4) $ (0.4) Certificates of deposit — — 4.0 — — Commercial paper — — 25.0 — — Corporate debt securities 40.8 (0.1) 231.3 (0.7) (0.8) U.S. government bonds 4.5 — 167.0 (0.5) (0.5) Total $ 50.3 $ (0.1) $ 540.8 $ (1.6) $ (1.7) July 1, 2023: U.S. Agency securities $ 39.6 $ (0.4) $ 170.6 $ (1.3) $ (1.7) Certificates of deposit — — 7.7 — — Commercial paper — — 128.5 (0.2) (0.2) Corporate debt securities 93.6 (1.2) 358.9 (2.7) (3.9) U.S. government bonds 50.8 (0.6) 221.4 (1.4) (2.0) Total $ 184.0 $ (2.2) $ 887.1 $ (5.6) $ (7.8) The following table classifies our short-term investments by remaining maturities ( in millions ): December 30, 2023 July 1, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year $ 534.2 $ 533.2 $ 762.9 $ 759.1 Due in 1 year through 5 years 221.8 221.5 399.5 395.5 Total $ 756.0 $ 754.7 $ 1,162.4 $ 1,154.6 All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Dec. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3: Inputs are unobservable inputs based on our assumptions. The fair value of our Level 1 financial instruments, such as money market funds and U.S. Treasury securities, which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our pricing service against fair values obtained from another independent source. Financial assets measured at fair value on a recurring basis are summarized below ( in millions ): Level 1 Level 2 Level 3 Total December 30, 2023: (1) Assets: Cash equivalents: Commercial paper $ — $ 5.1 $ — $ 5.1 Money market funds 206.6 — — 206.6 U.S. Treasury securities 22.4 — — 22.4 Short-term investments: Certificates of deposit — 13.8 — 13.8 Commercial paper — 43.8 — 43.8 Corporate debt securities — 364.9 — 364.9 Municipal bonds — 4.6 — 4.6 U.S. Agency securities — 143.2 — 143.2 U.S. Treasury securities 184.4 — — 184.4 Total assets $ 413.4 $ 575.4 $ — $ 988.8 (1) Excludes $235.2 million in cash held in our bank accounts as of December 30, 2023. Level 1 Level 2 Level 3 Total July 1, 2023: (1) Assets: Cash equivalents: Money market funds $ 276.1 $ — $ — $ 276.1 U.S. Agency securities — 4.0 — 4.0 U.S. Treasury securities 324.6 — — 324.6 Short-term investments: Certificates of deposit — 16.5 — 16.5 Commercial paper — 132.7 — 132.7 Corporate debt securities — 468.8 — 468.8 U.S. Agency securities — 206.2 — 206.2 U.S. Treasury securities 330.4 — — 330.4 Total assets $ 931.1 $ 828.2 $ — $ 1,759.3 (1) Excludes $254.3 million in cash held in our bank accounts as of July 1, 2023. Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value with the exception of our convertible notes, refer to “Note 9. Debt”. The estimated fair value of the convertible notes was determined based on the trading price of the convertible notes as of the last day of trading for the period. We consider the fair value of the convertible notes to be a Level 2 measurement as they are not actively traded in markets. The carrying amounts and estimated fair values of the convertible notes are as follows for the periods presented ( in millions ): December 30, 2023 July 1, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2029 Notes $ 599.0 $ 601.9 $ 598.6 $ 625.2 2028 Notes 856.2 681.3 855.5 677.8 2026 Notes 1,046.5 935.3 1,045.9 933.2 2024 Notes 319.7 325.9 311.6 345.2 $ 2,821.4 $ 2,544.4 $ 2,811.6 $ 2,581.4 Assets Measured at Fair Value on a Non-Recurring Basis We periodically review our intangible and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. If not recoverable, an impairment loss would be calculated based on the excess of the carrying amount over the fair value. Management utilizes various valuation methods, including an income approach, a market approach and a cost approach, to estimate the fair value of intangibles and other long-lived assets. During the annual impairment testing performed in the fourth quarter of fiscal 2023, we concluded that there was no impairment of our intangible and other long-lived assets. We review our intangible and other long-lived assets for impairment at least annually in the fourth quarter of each fiscal year, absent any interim indicators of impairment. There were no indicators of impairment during the three and six months ended December 30, 2023.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
Balance Sheet Details	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Note 7. Balance Sheet Details Allowance for Current Expected Credit Losses We did not have any allowance for credit losses other than our allowance for uncollectible accounts receivable. As of December 30, 2023 and July 1, 2023, the allowance for credit losses on our trade receivables was $0.2 million and less than $0.1 million, respectively . Inventories The components of inventories were as follows ( in millions ): December 30, 2023 July 1, 2023 Raw materials and purchased parts $ 206.6 $ 170.5 Work in process 117.4 103.2 Finished goods 147.7 134.9 Inventories $ 471.7 $ 408.6 The inventory balance as of December 30, 2023 includes $63.4 million inventory from the Cloud Light acquisition, net of amortization of fair value step-up of $3.1 million during the three months ended December 30, 2023. Property, Plant and Equipment, Net The components of property, plant and equipment, net were as follows ( in millions ): December 30, 2023 July 1, 2023 Land $ 75.2 $ 63.5 Buildings and improvements 189.6 170.3 Machinery and equipment 733.3 657.9 Computer equipment and software 44.2 41.4 Furniture and fixtures 11.0 10.2 Leasehold improvements 44.7 49.6 Construction in progress 102.1 69.2 1,200.1 1,062.1 Less: Accumulated depreciation (617.8) (572.6) Property, plant and equipment, net $ 582.3 $ 489.5 In connection with the Cloud Light acquisition, we assumed $63.2 million of property, plant and equipment, net. Our construction in progress primarily includes machinery and equipment that we expect to place in service in the next 12 months. In August 2023, we purchased land and buildings that we previously leased in Caswell, United Kingdom for a total purchase price of $23.3 million. Additionally, we capitalized $1.8 million of incremental direct costs for fees paid to third parties. We also recorded a $0.3 million reduction in the carrying value of buildings purchased related to the termination of leases for the purchased buildings. The total carrying value of assets purchased is $24.8 million at the purchase date, of which $11.8 million was allocated to the land and $13.0 million to the buildings. During the three and six months ended December 30, 2023, we recorded depreciation expense of $27.2 million and $55.4 million, respectively. During the three and six months ended December 31, 2022, we recorded depreciation expense of $26.4 million and $50.9 million, respectively. Operating Lease Right-of-Use Assets Operating lease right-of-use assets, net were as follows ( in millions ): December 30, 2023 July 1, 2023 Operating lease right-of-use assets $ 109.4 $ 116.5 Less: accumulated amortization (28.1) (39.2) Operating lease right-of-use assets, net $ 81.3 $ 77.3 In connection with the Cloud Light acquisition, we acquired $3.7 million of right-of-use assets related to leases of real estate properties used as our manufacturing and office premises. We accounted for these leases as operating leases and have the remaining lease term ranging from 1.5 to 2.6 years at the acquisition Closing date. In connection with the purchase of land and buildings in Caswell, United Kingdom in August 2023, we terminated our leases for the purchased buildings and recorded a $0.3 million of reduction in the carrying value of buildings purchased, as a result of derecognizing $4.8 million of net operating lease right-of-use asset, $2.4 million of operating lease liabilities, current, and $2.7 million of operating lease liabilities, non-current. Other Current Liabilities The components of other current liabilities were as follows (in millions) : December 30, 2023 July 1, 2023 Restructuring accrual and related charges (1) $ 10.2 $ 5.0 Warranty accrual (2) 10.1 6.8 Deferred revenue and customer deposits 0.9 2.1 Income tax payable (3) 17.7 28.0 Other current liabilities 6.1 5.9 Other current liabilities $ 45.0 $ 47.8 (1) Refer to “Note 11. Restructuring and Related Charges.” (2) Refer to “Note 14. Commitments and Contingencies.” (3) Refer to “Note 12. Income Taxes.” Other Non-Current Liabilities The components of other non-current liabilities were as follows ( in millions ): December 30, 2023 July 1, 2023 Asset retirement obligations $ 7.6 $ 8.2 Pension and related accruals (1) 11.4 9.6 Unrecognized tax benefit 70.1 64.4 Other non-current liabilities 8.5 9.2 Other non-current liabilities $ 97.6 $ 91.4 (1) We have defined benefit pension plans in Japan, Switzerland, and Thailand. Pension and related accrual of $11.4 million as of December 30, 2023 represents the non-current portion of benefit obligation . Pension and related accrual of $9.6 million as of July 1, 2023 relates to $10.2 million of non-current portion of benefit obligation, offset by $0.6 million of funding for the pension plan in Switzerland. We typically re-evaluate the assumptions related to the fair value of our defined benefit obligations annually in the fiscal fourth quarter and make any updates as necessary.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 8. Goodwill and Other Intangible Assets Goodwill In November 2023, we completed the acquisition of Cloud Light. As of the acquisition date, we recognized preliminary goodwill of $359.5 million, which was allocated to the Cloud & Networking segment. The following table presents goodwill by reportable segments as of December 30, 2023 and July 1, 2023 ( in millions) : Cloud & Networking Industrial Tech Total Balances as of July 1, 2023 $ 683.9 $ 11.2 $ 695.1 Acquisition of Cloud Light 359.5 — 359.5 Balance as of December 30, 2023 $ 1,043.4 $ 11.2 $ 1,054.6 Impairment of Goodwill We review goodwill for impairment during the fourth quarter of each fiscal year or more frequently if events or circumstances indicate that an impairment loss may have occurred. In the fourth quarter of fiscal 2023, we completed the annual impairment test of goodwill, which indicated there was no goodwill impairment. There were no indicators of goodwill impairment during the three and six months ended December 30, 2023. Other Intangibles Our intangible assets are amortized on a straight-line basis over the estimated useful lives, except for certain customer relationships, which are amortized using an accelerated method of amortization over the expected customer lives, more accurately reflecting the pattern of realization of economic benefits we expect to derive. Acquired developed technologies are amortized to cost of sales and research and development expenses. Acquired customer relationships are amortized to selling, general and administrative expenses in the consolidated statement of operations. In-process research and development (“IPR&D”) is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified to an amortizable purchased intangible asset and amortized over the asset’s estimated useful life. During the annual impairment testing performed in the fourth quarter of fiscal 2023, we concluded that our intangible and other long-lived assets were not impaired at the asset group level. We review our intangible and other long-lived assets for impairment at least annually in the fourth quarter of each fiscal year, absent any interim indicators of impairment. There were no indicators of impairment at the asset group level during the three and six months ended December 30, 2023. In November 2023, we completed the acquisition of Cloud Light. The intangible assets acquired from the acquisition were as follows as of the acquisition date ( in millions, except for weighted average amortization period ): Fair Value at the Acquisition Date Weighted Average Amortization Period Acquired developed technologies $ 170.0 7.0 Customer relationships 130.0 7.0 In-process research and development 16.0 n/a Order backlog 14.0 1.0 Trade name and trademarks 3.0 1.2 Total intangible assets $ 333.0 In August 2022, we completed the NeoPhotonics acquisition and the acquisition of IPG telecom transmission product lines. The intangible assets acquired from the acquisitions were as follows as of the acquisition date ( in millions, except for weighted average amortization period ): Fair Value at the Acquisition Date Weighted Average Amortization Period NeoPhotonics IPG Telecom Transmission Product Lines Total Acquired Acquired developed technologies $ 220.0 $ 8.6 $ 228.6 5.2 Customer relationships 144.5 2.3 146.8 5.9 In-process research and development 48.0 29.1 77.1 n/a Total intangible assets $ 412.5 $ 40.0 $ 452.5 Refer to “Note 4. Business Combinations” for the acquisitions of Cloud Light, NeoPhotonics and IPG telecom transmission product lines. The following tables present details of all of our intangible assets as of the periods presented ( in millions, except for weighted average remaining amortization period ): December 30, 2023 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted Average Remaining Amortization Period (Years) Acquired developed technologies $ 807.8 $ (426.8) $ 381.0 5.1 Customer relationships 419.8 (139.7) 280.1 2.8 In-process research and development 54.9 — 54.9 n/a Order backlog 14.0 (2.0) 12.0 — Trade name and trademarks 3.0 (0.4) 2.6 — Total intangible assets $ 1,299.5 $ (568.9) $ 730.6 July 1, 2023 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted Average Remaining Amortization Period (Years) Acquired developed technologies $ 630.9 $ (385.5) $ 245.4 4.2 Customer relationships 289.7 (116.8) 172.9 3.7 In-process research and development 40.9 — 40.9 n/a Total intangible assets $ 961.5 $ (502.3) $ 459.2 The following table presents details of amortization for the periods presented (in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Cost of sales $ 21.5 $ 24.8 $ 39.5 $ 47.7 Research and development 0.4 — 0.7 — Selling, general and administrative 15.7 11.3 26.4 20.6 Total amortization of intangibles $ 37.6 $ 36.1 $ 66.6 $ 68.3 Based on the carrying amount of our acquired developed technologies and customer relationships as of December 30, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions) : Fiscal Years Remainder of 2024 $ 83.8 2025 147.5 2026 131.5 2027 118.7 2028 80.5 Thereafter 113.7 Total future amortization $ 675.7

Debt

Debt	6 Months Ended
Debt	Dec. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 9. Debt Convertible Notes 2029 Notes On June 16, 2023, we issued $603.7 million in aggregate principal amount of 1.50% Convertible Senior Notes due in 2029 (“2029 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2029 Notes are governed by an indenture between the Company and U.S. Bank Trust Company National Association, (as successor in interest to U.S. Bank National Association), as a trustee (the “2029 Indenture”). The 2029 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The net proceeds from the sale of the 2029 Notes was $599.4 million, after deducting $4.3 million of net issuance costs. In addition, we incurred $0.8 million of professional fees directly related to this transaction. Concurrent with the issuance of the 2029 Notes, we used $132.8 million of the net proceeds to repurchase $125.0 million aggregate principal amount of the 2024 Notes and $125.0 million of the net proceeds to repurchase our common stock in privately negotiated transactions. We intend to use the remaining net proceeds for general corporate purposes, which may include the repayment of our indebtedness, including any of our existing convertible notes, capital expenditures, working capital and potential acquisitions. The 2029 Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year. The 2029 Notes will mature on December 15, 2029, unless earlier redeemed, repurchased by us, or converted pursuant to their terms. The initial conversion rate is 14.3808 shares of common stock per $1,000 principal amount of the 2029 Notes (which is equivalent to an initial conversion price of approximately $69.54 per share). The conversion rate is subject to adjustment upon the occurrence of certain events specified in the 2029 Indenture but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert the 2029 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding September 15, 2029, holders of the 2029 Notes may convert their 2029 Notes only under the following circumstances: • during any fiscal quarter commencing after September 30, 2023 (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% if the applicable conversion price on each applicable trading day; • during the five five • if we call any or all of the 2029 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or • upon the occurrence of specified corporate events as specified in the 2029 Indenture. On or after September 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2029 Notes at any time. Upon conversion, we will satisfy our conversion obligation in cash, shares of common stock or a combination of cash and shares of common stock, at our election. We may redeem for cash all or any portion of the 2029 Notes, at our option (subject to the partial redemption limitation set forth in the 2029 Indenture), on or after June 22, 2026, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes. If we elect to redeem fewer than all of the outstanding 2029 Notes, at least $100.0 million aggregate principal amount of the 2029 Notes must be outstanding and not subject to redemption as of the redemption notice date. Upon the occurrence of a fundamental change (as defined in the 2029 Indenture), holders may require us to repurchase all or a portion of their 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The entire 2029 Notes are recorded as convertible notes, non-current in our consolidated balance sheets as of December 30, 2023 and July 1, 2023 , measured at amortized cost. 2028 Notes In March 2022, we issued $861.0 million in aggregate principal amount of 0.50% convertible senior notes due in 2028 (the “2028 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes are governed by an indenture between the Company and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association), as trustee (the “2028 Indenture”). The 2028 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The net proceeds from the sale of the 2028 Notes was $854.8 million, after deducting $6.2 million in issuance costs. In addition, we incurred $0.7 million in professional fees in connection with this transaction. Concurrent with the issuance of the 2028 Notes, we used $200.0 million of the net proceeds to repurchase our common stock in privately negotiated transactions. The 2028 Notes bear interest at a rate of 0.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. The 2028 Notes will mature on June 15, 2028, unless earlier redeemed, repurchased by us, or converted pursuant to their terms. The initial conversion rate is 7.6319 shares of common stock per $1,000 principal amount of the 2028 Notes (which is equivalent to an initial conversion price of approximately $131.03 per share). The conversion rate is subject to adjustment upon the occurrence of certain specified events, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2028 Indenture) or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert the 2028 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding March 15, 2028, holders of the 2028 Notes may convert their 2028 Notes only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price, or $170.34, on each applicable trading day; • during the five five • if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or • upon the occurrence of specified corporate events, as specified in the 2028 Indentures. On or after March 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2028 Notes at any time. Upon conversion, we may satisfy our conversion obligation in cash, shares of common stock or a combination of cash and shares of common stock, at our election. We may redeem for cash all or any portion of the 2028 Notes, at our option (subject to the partial redemption limitation set forth in the 2028 Indenture), on or after June 20, 2025, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes. If we elect to redeem fewer than all of the outstanding 2028 Notes, at least $100.0 million aggregate principal amount of the 2028 Notes must be outstanding and not subject to redemption as of the redemption notice date. Upon the occurrence of a fundamental change (as defined in the 2028 Indenture), holders may require the Company to repurchase all or a portion of their 2028 Notes for cash at a price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. We initially bifurcated the principal amount of the 2028 Notes into liability and equity components. The liability component of the 2028 Notes was initially valued at $629.8 million based on the contractual cash flow discounted at an appropriate comparable market on non-convertible debt borrowing rate at the date of issuance, which was 5.7%, with the equity component representing the residual amount of the proceeds of $231.2 million, which was recorded as a debt discount. Upon adoption of ASU 2020-06 in the first quarter of fiscal 2023, our 2028 Notes were accounted for as a single liability measured at amortized cost. The entire 2028 Notes are recorded as convertible notes, non-current in our consolidated balance sheets as of December 30, 2023 and July 1, 2023 , measured at amortized cost. 2026 Notes In December 2019, we issued $1,050.0 million in aggregate principal amount of 0.50% convertible senior notes due in 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2026 Notes are governed by an indenture between the Company and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association, as trustee (the “2026 Indenture”). We used approximately $196.0 million of the net proceeds of the offering to repay in full all amounts outstanding under our term loan credit facility, and a portion of the net proceeds of the offering to purchase approximately $200.0 million of our common stock concurrently with the pricing of the offering in privately negotiated transactions. The 2026 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The 2026 Notes bear interest at a rate of 0.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year. The 2026 Notes will mature on December 15, 2026, unless earlier redeemed, repurchased by us, or converted pursuant to their terms. The initial conversion rate is 10.0711 shares of common stock per $1,000 principal amount of the 2026 Notes (which is equivalent to an initial conversion price of approximately $99.29 per share). The conversion rate is subject to adjustment upon the occurrence of certain events specified in the 2026 Indenture, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2026 Indenture) or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares set forth in the 2026 Indenture or a holder that elects to convert the 2026 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding September 15, 2026, holders of the 2026 Notes may convert their 2026 Notes only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2026 Notes, or $129.08 on each applicable trading day; • during the five five • if we call any or all of the 2026 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the relevant redemption date; or • upon the occurrence of specified corporate events. On or after September 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Notes at any time. Upon conversion, we may satisfy our conversion obligation in cash, shares of common stock or a combination of cash and shares of common stock, at our election. We may redeem for cash, all or any portion of the 2026 Notes, at our option, on or after December 20, 2023, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide a notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes. Upon the occurrence of a fundamental change (as defined in the 2026 Indenture), holders may require us to repurchase all or a portion of the 2026 Notes for cash at a price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. We initially bifurcated the principal amount of the 2026 Notes into liability and equity components. The liability component of the 2026 Notes was initially valued at $734.8 million based on the contractual cash flows discounted at an appropriate comparable market non-convertible debt borrowing rate at the date of issuance of 5.8% with the equity component representing the residual amount of the proceeds of $315.2 million, which was recorded as a debt discount. Upon adoption of ASU 2020-06 in the first quarter of fiscal 2023, our 2026 Notes were accounted for as a single liability measured at amortized cost. The entire 2026 Notes are recorded as convertible notes, non-current in our consolidated balance sheets as of December 30, 2023 and July 1, 2023 , measured at amortized cost. 2024 Notes In March 2017, we issued $450.0 million in aggregate principal amount of 0.25% convertible senior notes due in 2024 (the “2024 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2024 Notes are governed by an indenture between the Company, as the issuer, and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association), as trustee (the “2024 Indenture”). The 2024 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The 2024 Notes bear interest at a rate of 0.25% per year. Interest on the 2024 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The 2024 Notes will mature on March 15, 2024, unless earlier repurchased by us or converted pursuant to their terms. The initial conversion rate of the 2024 Notes is 16.4965 shares of common stock per $1,000 principal amount of 2024 Notes, which is equivalent to an initial conversion price of approximately $60.62 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2024 Indenture) or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert the 2024 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding December 15, 2023, each holder of the 2024 Notes was able to convert their 2024 Notes only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price, or $78.80 on each applicable trading day; • during the five five • upon the occurrence of specified corporate events. On or after December 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2024 Indenture), we will, in certain circumstances, increase the conversion rate by a number of additional shares set forth in the 2024 Indenture for a holder that elects to convert 2024 Notes in connection with such make-whole fundamental change. We may not redeem the 2024 Notes prior to their maturity date and no sinking fund is provided for the 2024 Notes. Upon the occurrence of a fundamental change (as defined in the 2024 Indenture), holders may require us to repurchase all or a portion of their 2024 Notes for cash at a price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus any accrued and unpaid interest. We considered the features embedded in the 2024 Notes other than the conversion feature, including the holders’ put feature, our call feature, and the make-whole feature, and concluded that they are not required to be bifurcated and accounted for separately from the host debt instrument. Prior to the Tax Matters Agreement settlement condition (“TMA settlement condition”), because we could only settle the 2024 Notes in cash, we determined that the conversion feature met the definition of a derivative liability. We separated the derivative liability from the host debt instrument based on the fair value of the derivative liability. As of the issuance date, March 8, 2017, the derivative liability fair value of $129.9 million was calculated using the binomial valuation approach. The residual principal amount of the 2024 Notes of $320.1 million before issuance costs was allocated to the debt component. We incurred approximately $7.7 million in transaction costs in connection with the issuance of the 2024 Notes. These costs were allocated to the debt component and recognized as a debt discount. We amortize the debt discount, including both the initial value of the derivative liability and the transaction costs, over the term of the 2024 Notes using the effective interest method. The effective interest rate of the 2024 Notes is 5.4% per year. During fiscal 2017, we satisfied the TMA settlement condition. As such, the value of the conversion option is no longer marked-to-market and was reclassified to additional paid-in capital within stockholders’ equity on our condensed consolidated balance sheets. The value of the conversion option at the time of issuance is treated as an original issue discount for purposes of accounting for the debt component of the 2024 Notes. The debt component will accrete up to the original amount over the expected term of the debt. The adoption of ASU 2020-06 did not change the presentation of the 2024 Notes, as the conversion feature associated with the 2024 Notes continues to be classified within stockholders’ equity. Concurrent with the issuance of the 2029 Notes in June 2023, we used $132.8 million of the net proceeds to repurchase $125.0 million aggregate principal amount of the 2024 Notes, which we accounted for as an extinguishment of liability. $13.5 million of the $132.8 million repurchase price was allocated to the conversion feature of the repurchased 2024 Notes, representing the fair value of the conversion feature at the date of the repurchase, and was recognized as a reduction of the stockholders’ equity. Additionally, s ince issuing the 2024 Notes, we have converted a total of approximately $1.9 million principal amount of the 2024 Notes. The remaining principal amount was $323.1 million as of December 30, 2023 and July 1, 2023, recorded as convertible notes, current in our consolidated balance sheets, as the 2024 Notes will mature on March 15, 2024. Convertible Notes - Additional Disclosures Our convertible notes consisted of the following components as of the periods presented ( in millions ): December 30, 2023 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2029 Notes (4) Total Principal $ 323.1 $ 1,050.0 $ 861.0 $ 603.7 $ 2,837.8 Unamortized debt discount and debt issuance costs (3.4) (3.5) (4.8) (4.7) (16.4) Net carrying amount of the liability component $ 319.7 $ 1,046.5 $ 856.2 $ 599.0 $ 2,821.4 July 1, 2023 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2029 Notes (4) Total Principal $ 323.1 $ 1,050.0 $ 861.0 $ 603.7 $ 2,837.8 Unamortized debt discount and debt issuance costs (11.5) (4.1) (5.5) (5.1) (26.2) Net carrying amount of the liability component $ 311.6 $ 1,045.9 $ 855.5 $ 598.6 $ 2,811.6 (1) If the closing price of our stock exceeds $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of any future fiscal quarter, our 2024 Notes would become convertible at the option of the holders during the next fiscal quarter. The 2024 Notes are classified as current liabilities as the debt will mature on March 15, 2024. (2) If the closing price of our stock exceeds $129.08 (or 130% of the conversion price of $99.29) for 20 of the last 30 trading days of any future fiscal quarter, our 2026 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (3) If the closing price of our stock exceeds $170.34 (or 130% of the conversion price of $131.03) for 20 of the last 30 trading days of any future fiscal quarter, our 2028 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (4 ) If the closing price of our stock exceeds $90.40 (or 130% of the conversion price of $69.54) for 20 of the last 30 trading days of any future quarter, the 2029 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our consolidated balance sheets. The following table sets forth interest expense information related to the convertible notes for the periods presented (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Contractual interest expense $ 4.9 $ 2.7 $ 9.7 $ 5.4 Amortization of the debt discount and debt issuance costs 4.8 6.2 9.7 11.9 Total interest expense $ 9.7 $ 8.9 $ 19.4 $ 17.3 The future interest and principal payments related to our convertible notes are as follows as of December 30, 2023 (in millions) : Fiscal Years 2024 Notes 2026 Notes 2028 Notes 2029 Notes Total 2024 $ 323.7 $ 2.6 $ 2.2 $ 4.5 $ 333.0 2025 — 5.3 4.3 9.1 18.7 2026 — 5.3 4.3 9.1 18.7 2027 — 1,052.5 4.3 9.1 1,065.9 2028 — — 865.3 9.1 874.4 Thereafter — — — 617.1 617.1 Total payments $ 323.7 $ 1,065.7 $ 880.4 $ 658.0 $ 2,927.8 The principal balances of our convertible notes are reflected in the payment periods in the table above based on their respective contractual maturities. Mitsubishi Bank Loans In connection with the NeoPhotonics acquisition, we assumed several loan agreements with MUFG Bank, Ltd. (the “Mitsubishi Bank Loans”) for an aggregate fair value of approximately $5.9 million, approximately $0.9 million of which was paid in the fiscal first quarter of 2023 and the remaining balance of approximately $5.0 million was fully paid in the fiscal second quarter of 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 10. Accumulated Other Comprehensive Income (Loss) Our accumulated other comprehensive income (loss), net of tax, consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments, the defined benefit obligations and available-for-sale securities. The changes in accumulated other comprehensive income (loss), net of tax, were as follows for the periods as presented ( in millions ): Foreign Currency Translation Adjustments, Net of Tax (1) Defined Benefit Obligations, Net of Tax (2) Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax (3) Total Beginning balance as of July 1, 2023 $ 10.4 $ (0.4) $ (5.9) $ 4.1 Other comprehensive gain (loss), net (0.2) — 1.3 1.1 Ending balance as of September 30, 2023 $ 10.2 $ (0.4) $ (4.6) $ 5.2 Other comprehensive gain, net 0.2 — 3.8 4.0 Ending balance as of December 30, 2023 $ 10.4 $ (0.4) $ (0.8) $ 9.2 Foreign Currency Translation Adjustments, Net of Tax (1) Defined Benefit Obligations, Net of Tax (2) Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax (3) Total Beginning balance as of July 2, 2022 $ 9.7 $ 1.0 $ (10.3) $ 0.4 Other comprehensive loss, net — — (0.6) (0.6) Ending balance as of October 1, 2022 $ 9.7 $ 1.0 $ (10.9) $ (0.2) Other comprehensive gain, net — — 3.6 3.6 Ending balance as of December 31, 2022 $ 9.7 $ 1.0 $ (7.3) $ 3.4 (1) In fiscal 2019, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to December 10, 2018 remain as a component of accumulated other comprehensive income (loss) in our condensed consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated. In fiscal 2023, we acquired IPG telecom transmission product lines. The functional currency of the Brazilian entities acquired as part of this acquisition is the local currency. During the three months ended December 30, 2023, we recorded foreign currency translation adjustments of $0.2 million. (2) We re-evaluate the assumptions related to the fair value of our defined benefit obligations annually in the fiscal fourth quarter and make any updates as necessary. (3) For the three and six months ended December 30, 2023, our unrealized loss on available-for-sale securities is presented net of tax of $1.0 million and $1.4 million, respectively. For the three and six months ended December 31, 2022, our unrealized loss on available-for-sale securities is presented net of tax of $1.0 million and $0.8 million, respectively.

Restructuring and Related Charg

Restructuring and Related Charges	6 Months Ended
Restructuring and Related Charges	Dec. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Note 11. Restructuring and Related Charges We have initiated various strategic restructuring actions primarily to reduce costs, consolidate our operations, rationalize the manufacturing of our products and align our business in response to market conditions and as a result of our acquisitions. The following table summarizes activities of restructuring and related charges for the periods as presented ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Balance as of beginning of period $ 9.3 $ 3.1 $ 5.0 $ — Charges 5.8 13.9 16.8 23.2 Payments (4.9) (2.9) (11.6) (9.1) Balance as of end of period $ 10.2 $ 14.1 $ 10.2 $ 14.1 During the three and six months ended December 30, 2023, we recorded restructuring and related charges of $5.8 million and $16.8 million, respectively, primarily due to company-wide cost reduction initiatives, as well as our integration efforts as a result of the NeoPhotonics acquisition in August 2022. During the three months ended December 31, 2022, we recorded restructuring and related charges of $13.9 million, primarily due to our integration efforts as a result of the NeoPhotonics acquisition, as well as company-wide cost reduction initiatives. During the six months ended December 31, 2022, we recorded restructuring and related charges of $23.2 million, primarily due to our integration efforts as a result of the NeoPhotonics acquisition, company-wide cost reduction initiatives, as well as severance and employee-related benefits associated with NeoPhotonics’ executive severance and retention agreements. These agreements provide for payments and benefits upon an involuntary termination of employment under certain circumstances. Any changes in the estimates of executing our restructuring activities will be reflected in our future results of operations.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. Our quarterly tax provision and estimate of our annual effective tax rate are subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how we do business, and tax law developments. We recorded a tax benefit of $2.4 million and $3.8 million for the three and six months ended December 30, 2023, respectively. Our tax benefit for the three months ended December 30, 2023 includes a discrete tax expense of $3.4 million , primarily related to a shortfall in connection with stock-based compensation vested during the quarter, interest on uncertain tax positions and currency re-measurements. Our tax benefit for the six months ended December 30, 2023 includes a discrete tax expense of $1.6 million, primarily related to a shortfall in connection with stock-based compensation vested during the quarter, foreign return to provision differences and interest on unrecognized tax positions, partially offset by the tax benefit from changes in prior year uncertain tax positions. We recorded a tax provision of $4.6 million and $23.8 million for the three and six months ended December 31, 2022, respectively. Our tax provision for the three months ended December 31, 2022 includes a discrete tax expense of $4.0 million primarily related to the U.S. return to provision differences for transaction costs, currency re-measurements. Our tax provision for the six months ended December 31, 2022 includes a discrete tax expense of $17.1 million, primarily related to the international restructuring, currency re-measurements and U.S. return to provision differences for transaction costs, partially offset by the tax benefit from tax rate changes. Our estimated effective tax rate for fiscal 2024 differs from the 21% U.S. statutory rate primarily due to the income tax expense from foreign rate differential, non-deductible stock-based compensation and foreign inclusions in the U.S., partially offset by the income tax benefit from various income tax credits. As of December 30, 2023, we had $70.1 million of unrecognized tax benefits, which, if recognized, would affect the effective tax rate. We are subject to examination of income tax returns by various domestic and foreign tax authorities. The timing of resolution and closure of these tax examinations is highly unpredictable. Although it is possible that certain ongoing tax examinations may be concluded within the next 12 months, we cannot reasonably estimate the impact to tax expense and net income from tax examinations that could be resolved or closed within the next 12 months. Subject to audit timing and uncertainty, we expect the amount of unrecognized tax benefit that would become recognized due to expiration of the statute of limitations and affect the effective tax rate to decrease by $2.1 million over the next 12 months.

Equity

Equity	6 Months Ended
Equity	Dec. 30, 2023
Equity [Abstract]
Equity	Note 13. Equity Description of Lumentum Stock-Based Compensation Plans Equity Incentive Plan On November 28, 2023, our board of directors authorized 1.5 million shares of common stock reserved for issuance in connection with the adoption of the Cloud Light Share Option Scheme as a result of the Cloud Light acquisition. On November 17, 2023, our stockholders approved amendments to the Amended and Restated Equity Incentive Plan (the “2015 Plan”) to increase the number of shares of common stock reserved for issuance by an additional 3.0 million shares. As of December 30, 2023, we had 5.5 million shares subject to stock options, restricted stock units, restricted stock awards, and performance stock units issued and outstanding under the 2015 Plan. Restricted stock units, restricted stock awards, and performance stock units are performance-based, time-based or a combination of both and are expected to vest within four years. The fair value of these grants is based on the closing market price of our common stock on the date of grant. The exercise price for stock options is equal to the fair value of the underlying stock at the date of grant. We issue new shares of common stock upon exercise of stock options. Options generally have vesting period of three years. As of December 30, 2023, 3.8 million shares of common stock under the 2015 Plan were available for grant. Stock Options In connection with the acquisition of Cloud Light, each of Cloud Light’s outstanding options was exchanged for a combination of cash and options to acquire Lumentum common stock having equivalent value (the “replacement options”) using an exchange ratio of 0.04375 according to the terms in the Merger Agreement. At the acquisition Closing date, the replacement options consisted of 1.1 million options with a weighted average grant date fair value of $34.63. These replacement options have a total fair value o f $38.9 million as of the Closing date, of which $23.5 million attributed to pre-acquisition service was recorded as part of purchase price consideration and the remaining $15.4 million will be recorded as post-acquisition stock-based compensation expense over the vesting period of three years from the acquisition Closing date. Refer to “Note 4. Business Combinations.” We estimate the fair value of the replacement options on the date of grant using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of the replacement options are as follows: At the Acquisition Date Expected terms (years) 3.0 Expected volatility 45.0 % Risk-free interest rate 5.0 % Dividend yield — % Restricted Stock Units Restricted stock units (“RSUs”) under the 2015 Plan are grants of shares of our common stock, the vesting of which is based on the requisite service requirement. Generally, our RSUs are subject to forfeiture and are expected to vest within four years. For annual grants to existing employees, RSUs generally vest ratably on an annual basis, or combination of annual and quarterly basis, over three years. During the six months ended December 30, 2023, our board of directors approved grants of 1.9 million RSUs, which primarily vest over three years. In connection with the NeoPhotonics acquisition, we issued equity awards to certain NeoPhotonics employees, consisting of restricted stock units (the “replacement awards”) in exchange for their NeoPhotonics equity awards. The terms of these replacement awards are substantially similar to the original NeoPhotonics equity awards. The replacement awards consisted of 0.4 million restricted stock units with a grant date fair value of $93.4 per share, which represents our closing stock price on August 3, 2022, the acquisition closing date. The total fair value of these replacement awards is $40.2 million, $3.5 million of which is attributable to employee services rendered through the acquisition Closing date and was recognized as a component of the purchase consideration. The remaining $36.7 million of the replacement awards is recorded as stock-based compensation over the remaining vesting period. Refer to “Note 4. Business Combinations.” Performance Stock Units Performance stock units (“PSUs”) under the 2015 Plan are grants of shares of our common stock that vest upon the achievement of certain performance and service conditions. We begin recognizing compensation expense when we conclude that it is probable that the performance conditions will be achieved. We reassess the probability of vesting at each reporting period and adjust our compensation cost based on this probability assessment. Our PSUs are subject to risk of forfeiture until performance and service conditions are satisfied and generally vest within three years. During the six months ended December 30, 2023, our board of directors approved a grant of 0.3 million PSUs with an aggregate grant date fair value of $16.0 million to executive and non-executive employees as part of our revised Annual Incentive Plan. These PSUs are subject to performance targets and service conditions, with a vesting period of one year. The board of directors also approved a grant of 0.4 million PSUs with an aggregate grant date fair value of $19.3 million to certain executive officers and senior management. These PSUs will vest subject to the achievement of revenue targets and certain non-financial performance measurements, as well as service conditions, over three years. Employee Stock Purchase Plan Our 2015 Purchase Plan provides eligible employees with the opportunity to acquire an ownership interest in the Company through periodic payroll deductions and provides a 15% purchase price discount as well a s a 6-month look-back peri od. The 2015 Purchase Plan is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended. The 2015 Purchase Plan will terminate upon the date on which all shares available for issuance have been sold. Of the 3.0 million shares authorized under the 2015 Purchase Plan, 0.9 million shares remained available for issuance as of December 30, 2023. Stock-Based Compensation The impact on our results of operations of recording stock-based compensation by function for the periods presented was as follows (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Cost of sales $ 9.0 $ 6.7 $ 15.0 $ 12.2 Research and development 10.0 10.6 20.3 20.2 Selling, general and administrative 15.6 19.3 31.4 50.8 Total stock-based compensation $ 34.6 $ 36.6 $ 66.7 $ 83.2 Stock-based compensation for the six months ended December 31, 2022 includes $11.9 million of expenses related to the acceleration of certain equity awards in connection with the NeoPhotonics acquisition. During the three months ended December 30, 2023, we recorded $0.2 million of net reversal of stock-based compensation related to PSUs due to decline in the anticipated achievement of performance conditions. During the six months ended December 30, 2023, we recorded $4.5 million of stock-based compensation related to PSUs. During the three and six months ended December 31, 2022, we recorded $6.2 million and $15.0 million of stock-based compensation related to PSUs, respectively. The amount of stock-based compensation expense recognized in any one period related to PSUs can vary based on the achievement or anticipated achievement of the performance conditions. If the performance conditions are not met or not expected to be met, no compensation cost would be recognized on the underlying PSUs, and any previously recognized compensation expense related to those PSUs would be reversed. Total income tax benefit associated with stock-based compensation recognized in our condensed consolidated statements of operations during the periods presented was as follows (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Income tax benefit associated with stock-based compensation $ 0.6 $ 6.4 $ 2.5 $ 11.5 Approximately $16.8 million and $14.2 million of stock-based compensation was capitalized to inventory as of December 30, 2023 and July 1, 2023, respectively. As of December 30, 2023 , $187.3 million of stock-based compensation cost related to RSU awards remains to be amortized, which is expected to be recognized over an estimated amortization period of 2.1 years. Stock Award Activity The following table summarizes our award activities for the six months ended December 30, 2023 (in millions) : Stock Options Restricted Stock Units Performance Stock Units Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of July 1, 2023 — $ — 2.6 $ 85.0 0.6 $ 89.1 Replacement options in connection with Cloud Light acquisition 1.1 34.6 — — — — Granted — — 1.9 52.6 0.7 53.2 Vested/Exercised (1) — 8.0 (1.0) 87.4 (0.1) 89.5 Canceled — — (0.2) 78.5 (0.1) 88.9 Balance as of December 30, 2023 1.1 $ 34.6 3.3 $ 66.2 1.1 $ 65.9 (1) Vested/exercised number of shares related to stock options is less than 0.1 million. A summary of awards available for grant is as follows (in millions) : Awards Available for Grant Balance as of July 1, 2023 2.7 Authorized in connection with Cloud Light acquisition 1.5 Replacement options in connection with Cloud Light acquisition (1.1) Authorized 3.0 Granted (2.6) Canceled 0.3 Balance as of December 30, 2023 3.8 Employee Stock Purchase Plan Activity The 2015 Purchase Plan expense for the three and six months ended December 30, 2023 was $1.0 million and $2.2 million, respectively. The 2015 Purchase Plan expense for the three and six months ended December 31, 2022 was $0.8 million and $2.0 million, respectively. The expense related to the 2015 Purchase Plan is recorded on a straight-line basis over the relevant subscription period. During the six months ended December 30, 2023, there were 0.2 million shares issued to employees through the 2015 Purchase Plan. During the six months ended December 31, 2022, there were 0.1 million shares issued to employees through the 2015 Purchase Plan. Repurchase and Retirement of Common Stock Share Buyback Program We have a share buyback program that authorizes us to utilize up to an aggregate amount of $1.2 billion to purchase our own shares of common stock through May 2025. During the six months ended December 30, 2023 , we did not repurchase any shares of our common stock. During the six months ended December 31, 2022, we repurchased 0.3 million shares of our common stock at an average price of $89.80 per share for an aggregate purchase price of $25.7 million. Since the board of directors initially approved the share buyback program, we have repurchased 7.7 million shares in aggregate at an average price of $81.66 per share for a total purchase price of $630.4 million. We recorded the $630.4 million aggregate purchase price as a reduction of retained earnings within our condensed consolidated balance sheet and immediately retired all repurchased shares. As of December 30, 2023, we have $569.6 million remaining under the share buyback program. The price, timing, amount, and method of future repurchases will be determined based on the valuation of market conditions and other factors, at prices determined to be attractive and in the best interests of both the Company and our stockholders. The stock repurchase program may be suspended or terminated at any time.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies Purchase Obligations Our purchase obligations of $423.8 million a s of December 30, 2023 represent legally binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the option to cancel, reschedule and adjust the requirements based on our business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. We depend on a limited number of contract manufacturers, subcontractors and suppliers for raw materials, packages and standard components. We generally purchase these single or limited source products through standard purchase orders or one-year supply agreements and have no significant long-term guaranteed supply agreements with these vendors. While we seek to maintain a sufficient safety stock of such products and maintain on-going communications with our suppliers to guard against interruptions or cessation of supply, our business and results of operations could be adversely affected by a stoppage or delay of supply, substitution of more expensive or less reliable products, receipt of defective parts or contaminated materials, increases in the price of such supplies, or our inability to obtain reduced pricing from our suppliers in response to competitive pressures. Product Warranties We provide reserves for the estimated costs of product warranties at the time revenue is recognized. We typically offer a twelve-month warranty for most of our products. However, in some instances depending upon the product, product components or application of our products by the end customer, our warranties can vary and generally range from six months to five years. We estimate the costs of our warranty obligations on an annualized basis based on our historical experience of known product failure rates, use of materials to repair or replace defective products, and service delivery costs incurred in correcting product failures. In addition, from time-to-time, specific warranty accruals may be made if unforeseen technical problems arise with specific products. We assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. The following table presents the changes in our warranty reserve for the periods presented ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Balance as of beginning of period $ 5.5 $ 10.1 $ 6.8 $ 10.0 Warranty assumed from Cloud Light 5.2 — 5.2 — Provision for warranty 0.8 2.8 1.0 5.0 Utilization of reserve, net (1.4) (4.5) (2.9) (6.6) Balance as of end of period $ 10.1 $ 8.4 $ 10.1 $ 8.4 Environmental Liabilities Our research and development, manufacturing and distribution operations involve the use of hazardous substances and are regulated under international, federal, state and local laws governing health and safety and the environment. We apply strict standards for protection of the environment and occupational health and safety to sites inside and outside the United States, even if not subject to regulations imposed by foreign governments. We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and occupational health and safety laws. However, the risk of environmental liabilities cannot be completely eliminated and there can be no assurance that the application of environmental and health and safety laws will not require us to incur significant expenditures. We are also regulated under a number of international, federal, state and local laws regarding recycling, product packaging and product content requirements. The environmental and product content/disposal and recycling laws are gradually becoming more stringent and may cause us to incur significant expenditures in the future. Legal Proceedings We are subject to a variety of claims and suits that arise from time-to-time in the ordinary course of our business. While management currently believes that resolving claims against us, individually or in the aggregate, will not have a material adverse impact on our financial position, results of operations or statements of cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. We accrue for loss contingencies when it is both probable that we will incur the loss and when we can reasonably estimate the amount of the loss or range of loss. During the year ended July 1, 2023, we recorded $7.8 million with respect to the pending settlement of certain non-ordinary course litigation matters under accrued expenses in our consolidated balance sheet, which has not been settled as of December 30, 2023. Oclaro Merger Litigation In connection with our acquisition of Oclaro in 2018, seven lawsuits were filed by purported stockholders of Oclaro challenging the proposed merger (the “Merger”). All but one was voluntarily dismissed after the Oclaro Merger closed. The remaining lawsuit, SaiSravan B. Karri v. Oclaro, Inc., et al., No. 3:18-cv-03435-JD (the “Karri Lawsuit”), was filed in the United States District Court for the Northern District of California and is styled as a class action. The Karri Lawsuit alleges, among other things, that Oclaro and its directors violated Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder by disseminating an incomplete and misleading Form S-4, including proxy statement/prospectus. The Karri Lawsuit further alleged that Oclaro’s directors violated Section 20(a) of the Exchange Act by failing to exercise proper control over the person(s) who violated Section 14(a) of the Exchange Act. The plaintiff in the Karri Lawsuit seeks, among other things, damages to be awarded to the plaintiff and any class, if a class is certified, and litigation costs, including attorneys’ fees. After the plaintiff in the Karri Lawsuit was appointed as lead plaintiff and his counsel as lead counsel, the plaintiff filed a first amended complaint on April 15, 2019. The first amended complaint, also named Lumentum as a defendant but Lumentum has since been dismissed from the action. On October 8, 2020, the court granted in part and denied in part the defendant’s motion to dismiss the first amended complaint. On December 1, 2020, defendants answered the first amended complaint. On September 17, 2021, lead plaintiff filed a second amended complaint. Defendants moved to stay discovery in light of the second amended complaint. On January 11, 2022, the Court struck the second amended complaint as untimely, terminated defendants’ motions to dismiss as moot, and lifted the stay. The case proceeded through fact and expert discovery. On August 16, 2022, the lead plaintiff moved for class certification and to be appointed class representative. Defendants opposed the motion. The action subsequently was stayed while the parties participated in a mediation. On January 18, 2023, the lead plaintiff filed a Notice of Settlement informing the court of an agreement in principle between the parties for a class-wide settlement of the Karri Lawsuit. On January 24, 2023, in light of the potential settlement, the court vacated all pretrial and trial dates and ordered the lead plaintiff to file a motion for preliminary approval of the settlement by March 17, 2023. The lead plaintiff filed his motion for preliminary approval of the settlement on March 16, 2023, and defendants filed a statement of non-opposition on March 30, 2023. On April 20, 2023, the court held a hearing on lead plaintiff’s motion for preliminary approval of the settlement. The court declined to grant lead plaintiff’s motion for preliminary approval and ordered lead plaintiff to file a revised motion by May 22, 2023. Lead plaintiff filed his Revised Motion for Preliminary Approval of Settlement (the “Amended Motion”) on May 22, 2023, defendants filed a response in support of the Amended Motion on June 5, 2023, and the lead plaintiff submitted his reply on June 12, 2023. The hearing on the Amended Motion took place on August 17, 2023 and the court preliminarily approved the settlement. In the event that the settlement does not go forward for any reason, the defendants intend to continue to defend the Karri Lawsuit vigorously. Indemnifications In the normal course of business, we enter into agreements that contain a variety of representations and warranties and provide for general indemnification. Exposure under these agreements is unknown, because claims may be made against us in the future, and we may record charges in the future as a result of these indemnification obligations. As of December 30, 2023, we did not have any material indemnification claims that were probable or reasonably possible. Audit Proceedings We are under audit by various domestic and foreign tax authorities with regards to income tax and indirect tax matters. In some, although not all cases, we have reserved for potential adjustments to our provision for income taxes and accrual of indirect taxes that may result from examinations by these tax authorities or final outcomes in judicial proceedings, and we believe that the final outcome of these examinations, agreements or judicial proceedings will not have a material effect on our results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of benefits in the period when we determine the liabilities are no longer necessary. If our estimates of the federal, state, and foreign income tax liabilities and indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense.

Operating Segments and Geograph

Operating Segments and Geographic Information	6 Months Ended
Operating Segments and Geographic Information	Dec. 30, 2023
Segment Reporting [Abstract]
Operating Segments and Geographic Information	Note 15. Operating Segments and Geographic Information Prior to fiscal year 2024, we operated in two reportable segments consisting of Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”). During the fiscal first quarter of 2024, our chief operating decision maker (“CODM”) implemented changes in how he organizes the business, allocates resources, and assesses performance. We changed our organizational structure to better align with trends in our markets and our customer and product mix. Our new operating segments are Cloud & Networking and Industrial Tech. The Cloud & Networking segment includes the Telecom & Datacom product lines that were previously part of the OpComms segment. The Industrial Tech segment includes previous Lasers segment and the Industrial & Consumer product lines that were previously part of the OpComms segment. The two operating segments were primarily determined based on how the CODM views and evaluates our operations. The CODM regularly reviews operating results to make decisions about resources to be allocated to the segments and to assess their performance. In conjunction with this change, our CODM now evaluates each segment’s performance and allocates resources based on segment revenue and segment profit, instead of gross profit, as our CODM believes segment profit is a more comprehensive profitability measure for each operating segment. Segment profit includes operating expenses directly managed by operating segments, including research and development, and direct sales and marketing expenses. Segment profit does not include stock-based compensation, acquisition or integration related costs, amortization and impairment of acquisition-related intangible assets, restructuring and related charges, and certain other charges. Additionally, we do not allocate corporate marketing and strategic marketing expenses and general and administrative expenses, as these expenses are not directly attributable to our operating segments. Comparative prior period segment information has been recast to conform to the new segment structure and segment profitability measure. The change in our operating segments had no impact on our previously reported consolidated results of operations, financial condition, or cash flows. We do not track all of our property, plant and equipment by operating segments. The geographic identification of these assets is set forth below. Cloud & Networking Our Cloud & Networking products include a wide range of components, modules, and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide) and submarine (undersea) applications. Additionally, our products address enterprise, cloud, and data center applications, including SANs, LANs and WANs, as well as AI/ML. These products enable the transmission and transport of video, audio, and data over high-capacity fiber-optic cables. We maintain leading positions in these fast-growing cloud & networking markets through our extensive product portfolio, including reconfigurable optical add/drop multiplexers (“ROADMs”), coherent dense wavelength division multiplexing (“DWDM”) pluggable transceivers, and tunable small form-factor pluggable transceivers. We also sell laser chips for use in manufacturing of high-speed ethernet transceivers for use primarily inside data centers. Industrial Tech Our Industrial Tech products include diode laser products such as VCSELs and edge emitting lasers. In the consumer end-market, our laser light sources are integrated into 3D sensing cameras which are used in applications in mobile devices, gaming, payment kiosks, computers, other consumer electronics devices, and automobiles. Applications include biometric identification, computational photography, virtual and augmented reality, and natural user interfaces. Emerging applications for our lasers include automotive safety systems, LiDAR for advanced driver assistance systems in automobiles and autonomous vehicles, self-navigating robotics and drones in industrial applications, and 3D capture of objects coupled with 3D imaging or printing. In the industrial end market, our diode lasers are used primarily as pump sources for pulsed and kilowatt class fiber lasers. Industrial Tech products also include laser products used in a variety of OEM applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers such as argon-ion and helium-neon lasers. Fiber lasers provide kW-class output powers combined with excellent beam quality and are used in sheet metal processing and metal welding applications. These applications range in output power from milliwatts to kilowatts and include ultraviolet, visible and infrared wavelengths. Our laser products serve our customers in markets and applications such as sheet metal processing, general manufacturing, solar cell processing, biotechnology, graphics and imaging, remote sensing, and precision machining such as drilling in printed circuit boards, wafer singulation, glass cutting and solar cell scribing. We also provide high-powered and ultrafast lasers for the industrial and scientific markets. Manufacturers use high-power, ultrafast lasers to create micro parts for consumer electronics and to process semiconductor, LED, solar cells, and other types of chips. Use of ultrafast lasers for micromachining applications is being driven primarily by the increasing use of renewable energy, consumer electronics and connected devices globally. Reportable Segments The two operating segments, Cloud & Networking and Industrial Tech, also represent our two reportable segments. Our CODM allocates resources and evaluates segment performance based on segment revenue and segment profit. The following table summarizes segment profit and a reconciliation to the consolidated income (loss) before income taxes for the periods presented ( in millions ). Comparative prior period segment information has been recast to conform to the new segment structure. Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Net revenue: Cloud & Networking $ 286.7 $ 382.9 $ 516.4 $ 743.0 Industrial Tech 80.1 123.1 168.0 269.8 Net revenue $ 366.8 $ 506.0 $ 684.4 $ 1,012.8 Segment profit: Cloud & Networking $ 29.1 $ 99.9 $ 53.0 $ 201.6 Industrial Tech 12.7 49.7 28.0 118.5 Total segment profit 41.8 149.6 81.0 320.1 Unallocated corporate items: Selling, general and administrative (1) (28.8) (32.9) (57.4) (66.0) Stock-based compensation (34.6) (36.6) (66.7) (71.3) Stock-based compensation - acquisition related — — — (11.9) Amortization of acquired intangibles (37.6) (36.1) (66.6) (68.3) Amortization of acquired inventory fair value adjustments (3.4) (9.6) (3.4) (14.2) Acquisition related costs (9.0) — (13.0) (16.2) Integration related costs (11.6) (8.0) (22.9) (8.6) Restructuring and related charges (5.8) (13.9) (16.8) (23.2) Abnormal excess capacity (1.8) — (1.8) — Litigation matters — (7.8) — (7.8) Other charges, net (2) (14.4) (26.6) (18.4) (41.0) Interest expense (9.7) (8.9) (19.4) (17.4) Other income, net (3) 13.4 3.7 34.6 17.5 Consolidated loss before income taxes $ (101.5) $ (27.1) $ (170.8) $ (8.3) (1) We do not allocate selling, general and administrative expenses that are not directly attributable to our operating segments. (2) Other charges, net for the three months ended December 30, 2023 primarily relate to $9.5 million of net excess and obsolete inventory, $4.6 million of non-recurring legal and tax related fees, and $1.0 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand. The excess and obsolete inventory charges relate to charges that are not attributable to our operating segments due to their unusual nature, primarily those charges driven by U.S. trade restrictions whereby we are no longer able to sell certain products to one of our customers. Other charges, net for the six months ended December 30, 2023 primarily relate to $9.2 million of net excess and obsolete inventory, $5.4 million of non-recurring legal and tax related fees, and $3.9 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand. The excess and obsolete inventory charges relate to charges that are not attributable to our operating segments due to their unusual nature, primarily those charges driven by U.S. trade restrictions whereby we are no longer able to sell certain products to one of our customers. Other charges, net for the three months ended December 31, 2022 primarily relate to $11.7 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $4.5 million of non-recurring charges on legal matters, and $5.4 million of excess and obsolete inventory charges primarily driven by U.S. trade restrictions. Other charges, net for the six months ended December 31, 2022 primarily relate to $19.0 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $4.5 million of non-recurring charges on legal matters, and $5.5 million of excess and obsolete inventory charges primarily driven by U.S. trade restrictions. (3) Other income, net for the three months ended December 30, 2023 includes interest and investment income of $17.1 million, offset by foreign exchange and other loss, net of $3.7 million. Other income, net for the six months ended December 30, 2023 includes interest and investment income of $38.8 million, offset by foreign exchange and other loss, net of $4.2 million. Other income, net for the three months ended December 31, 2022 primarily relates to $7.7 million of interest and investment income, offset by $4.1 million of net foreign exchange losses. Other income, net for the six months ended December 31, 2022 primarily relates to $12.5 million of interest and investment income and $4.9 million of net foreign exchange gains. Concentrations We operate in three geographic regions: Americas, Asia-Pacific, and EMEA (Europe, Middle East, and Africa). Net revenue is assigned to the geographic region and country where our product is initially shipped. For example, certain customers may request shipment of our product to a contract manufacturer in one country, which may differ from the location of their end customers. The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that generally represented 10% or more of our total net revenue (in millions, except percentage data): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Net revenue: Americas: United States $ 103.0 28.1 % $ 65.5 12.9 % $ 144.1 21.0 % $ 127.7 12.6 % Mexico 31.4 8.6 59.5 11.8 55.1 8.1 117.0 11.6 Other Americas 0.8 0.2 3.8 0.8 2.0 0.3 6.1 0.6 Total Americas $ 135.2 36.9 % $ 128.8 25.5 % $ 201.2 29.4 % $ 250.8 24.8 % Asia-Pacific: Hong Kong $ 65.7 17.9 % $ 65.9 13.0 % $ 130.6 19.1 % $ 143.5 14.2 % South Korea 20.8 5.7 52.0 10.3 45.8 6.7 119.7 11.8 Japan 25.9 7.1 50.8 10.0 51.3 7.5 95.6 9.4 Thailand 39.3 10.7 77.9 15.4 103.5 15.1 135.4 13.4 Other Asia-Pacific 49.5 13.4 84.7 16.7 89.0 13.0 173.6 17.1 Total Asia-Pacific $ 201.2 54.8 % $ 331.3 65.4 % $ 420.2 61.4 % $ 667.8 65.9 % EMEA $ 30.4 8.3 % $ 45.9 9.1 % $ 63.0 9.2 % $ 94.2 9.3 % Total net revenue $ 366.8 100.0 % $ 506.0 100.0 % $ 684.4 100.0 % $ 1,012.8 100.0 % During the three months ended December 30, 2023, our net revenue from a single customer that represented 10% or greater of the total net revenue was concentrated with three customers, who individually accounted for 19%, 13% and 11% of our total net revenue, respectively. During the six months ended December 30, 2023, our net revenue from a single customer that represented 10% or greater of the total net revenue was concentrated with three customers, who individually accounted for 14%, 12% and 12% of our total net revenue, respectively. During the three months ended December 31, 2022, our net revenue from a single customer that represented 10% or greater of the total net revenue was concentrated with two customers, who individually accounted for 19% and 12% of our total net revenue, respectively. During the six months ended December 31, 2022, our net revenue from a single customer that represented 10% or greater of the total net revenue was concentrated with two customers, who individually accounted for 18% and 15% of our total net revenue, respectively. As of December 30, 2023, our accounts receivable from a single customer that represented 10% or greater of the total accounts receivable was concentrated with one customer, who accounted for 20% of the total accounts receivable. As of July 1, 2023, our accounts receivable from a single customer that represented 10% or greater of the total accounts receivable was concentrated with three customers, who individually accounted for 14%, 12% and 12% of the total accounts receivable, respectively. Long-lived assets, namely property, plant and equipment, net, were identified based on the physical location of the assets in the corresponding geographic areas as of the periods indicated (in millions) : December 30, 2023 July 1, 2023 Property, plant and equipment, net United States $ 136.1 $ 134.7 Thailand 134.3 132.0 Japan 84.3 93.0 United Kingdom 76.6 38.2 China 94.0 42.1 Other countries 57.0 49.5 Total property, plant and equipment, net $ 582.3 $ 489.5 We purchase a portion of our inventory from contract manufacturers and vendors located primarily in Taiwan, Thailand and Malaysia. During the three and six months ended December 30, 2023, our net inventory purchases from a single contract manufacturer that represented 10% or greater of our total net inventory purchases were concentrated with two c ontract manufacturers, who collectively accounted for 33% and 43% of t he total net inventory purchases, respectively. During the three and six months ended December 31, 2022, our net inventory purchases from a single contract manufacturer, which represented 10% or greater of our total net inventory purchases, were concentrated with one and two contract manufacturers, who collectively accounted for 43% and 52% of total net inventory purchases, respectively.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Dec. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Note 16. Revenue Recognition Disaggregation of Revenue We disaggregate revenue by segment and by geography. We do not present other levels of disaggregation, such as by type of products, customer, markets, contracts, duration of contracts, timing of transfer of control and sales channels, as this information is not used by our CODM to manage the business. The table below discloses our total net revenue attributable to each of our two reportable segments ( in millions, except percentage data ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Cloud & Networking $ 286.7 78.2 % $ 382.9 75.7 % $ 516.4 75.5 % $ 743.0 73.4 % Industrial Tech 80.1 21.8 % 123.1 24.3 % 168.0 24.5 % 269.8 26.6 % Net revenue $ 366.8 100.0 % $ 506.0 100.0 % $ 684.4 100.0 % $ 1,012.8 100.0 % Contract Balances The following table reflects the changes in contract balances for the periods presented ( in millions, except percentages ): Contract balances Balance sheet location December 30, 2023 July 1, 2023 Change Percentage Change Accounts receivable, net Accounts receivable, net $ 248.3 $ 246.1 $ 2.2 0.9 % Deferred revenue and customer deposits Other current liabilities $ 0.9 $ 2.1 $ (1.2) (57.1) %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (99.1)	$ (67.9)	$ (31.7)	$ (0.4)	$ (167)	$ (32.1)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact us in the future, actual results may be different from the estimates. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. In the opinion of the Company’s management, the information presented herein reflects all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position, stockholders’ equity, and cash flows. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective, or complex judgments by management. Those policies are inventory valuation, revenue recognition, income taxes, goodwill, and business combinations. Prior to fiscal year 2024, we operated in two reportable segments consisting of Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”). During the fiscal first quarter of 2024, we changed our organizational structure to better align with trends in our markets and our customer and product mix. Our new operating segments are Cloud & Networking and Industrial Tech. The Cloud & Networking segment includes the Telecom and Datacom product lines that were previously part of the OpComms segment. The Industrial Tech segment includes the previous Lasers segment and the Industrial & Consumer product lines that were previously part of the OpComms segment. Comparative prior period segment information has been recast to conform to the new segment structure and measures. The changes in our operating segments had no impact on our previously reported consolidated results of operations, financial condition, or cash flows. Refer to “Note 15. Operating Segments and Geographic Information” .
Business Combinations	Business Combinations On November 7, 2023 (the “Closing date”), we completed the acquisition of Cloud Light Technology Limited (“Cloud Light”). Our condensed consolidated financial statements include the operating results of Cloud Light for the period from the Closing date of the acquisition through December 30, 2023. On August 3, 2022, we completed the acquisition of NeoPhotonics Corporation (“NeoPhotonics”). On August 15, 2022, we completed the acquisition of IPG Photonics’ telecom transmission product lines. We have applied the acquisition method of accounting to account for these transactions in accordance with ASC Topic 805, Business Combinations. Refer to “Note 4. Business Combinations” for further discussions of these transactions.
Fiscal Years	Fiscal Years We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30 th . Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2024 is a 52-week year ending on June 29, 2024, with the quarter ended December 30, 2023 being a 13-week quarterly period. Our fiscal 2023 was a 52-week year that ended on July 1, 2023, with the quarter ended December 31, 2022 being a 13-week quarterly period.
Principles of Consolidation	Principles of Consolidation
Recently Issued Accounting Pronouncements	Note 2. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for us in fiscal 2026, with early adoption permitted. We are currently evaluating the impact of this ASU on our income tax disclosures within the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt ASU 2023-07 in the fiscal first quarter of 2025. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
Fair Value Measurements	We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3: Inputs are unobservable inputs based on our assumptions. The fair value of our Level 1 financial instruments, such as money market funds and U.S. Treasury securities, which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our pricing service against fair values obtained from another independent source. Assets Measured at Fair Value on a Non-Recurring Basis We periodically review our intangible and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. If not recoverable, an impairment loss would be calculated based on the excess of the carrying amount over the fair value. Management utilizes various valuation methods, including an income approach, a market approach and a cost approach, to estimate the fair value of intangibles and other long-lived assets. During the annual impairment testing performed in the fourth quarter of fiscal 2023, we concluded that there was no impairment of our intangible and other long-lived assets. We review our intangible and other long-lived assets for impairment at least annually in the fourth quarter of each fiscal year, absent any interim indicators of impairment. There were no indicators of impairment during the three and six months ended December 30, 2023.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Dec. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share ( in millions, except per share data ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Numerator: Net loss - basic and diluted $ (99.1) $ (31.7) $ (167.0) $ (32.1) Denominator: Weighted average common shares outstanding - basic and diluted 67.2 68.3 67.0 68.2 Net loss per share: Basic $ (1.47) $ (0.46) $ (2.49) $ (0.47) Diluted $ (1.47) $ (0.46) $ (2.49) $ (0.47)

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
Business Combinations (Tables)	Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions	The following tables summarize the preliminary purchase price consideration ( in millions ): Fair Value Cash consideration (1) $ 705.0 Share-based consideration (2) 23.5 Total purchase price consideration $ 728.5 (1) Under the terms of the Merger Agreement, Cloud Light stockholders received $1.69 per share after adjusting for applicable withholding taxes, escrow fund and expense fund contributions, for each of the 409.4 million of shares outstanding at the Closing date. As a result, we transferred $691.7 million of cash consideration on the Closing date. Additionally, each of Cloud Light’s outstanding options was exchanged for a combination of up-front cash consideration and newly issued options (the “replacement options”). As a result, we transferred $13.3 million of cash consideration on the Closing date. (2) The replacement options have a total fair value o f $38.9 million as of the Closing date, of which $23.5 million attributed to pre-acquisition service is recorded as part of the purchase price consideration and the remaining $15.4 million is recorded as post-acquisition stock-based compensation expense over the vesting period of three years from the acquisition Closing date. In general, these options expire within 10 years from the acquisition Closing date. Refer to “Note 13. Equity”.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Our preliminary allocation of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date is as follows ( in millions ): Fair Value Total purchase price consideration $ 728.5 Assets acquired Cash and cash equivalents 4.1 Short-term investments 1.0 Accounts receivable, net 20.9 Inventories 71.5 Prepayments and other current assets 14.3 Property, plant and equipment, net 63.2 Operating lease right-of-use assets, net 3.7 Other intangible assets, net (1) 333.0 Other non-current assets 0.3 Total assets 512.0 Liabilities assumed Accounts payable 45.8 Accrued payroll and related expenses 5.9 Accrued expenses 9.8 Operating lease liabilities, current 1.8 Other current liabilities 8.0 Operating lease liabilities, non-current 1.9 Deferred tax liability 60.7 Other non-current liabilities 9.1 Total liabilities 143.0 Goodwill $ 359.5 (1) Other intangible assets include developed technology of $170.0 million, customer relationship of $130.0 million, in-process research and development (“IPR&D”) of $16.0 million, order backlog of $14.0 million, and trade name and trademarks of $3.0 million. Refer to “Note 8. Goodwill and Other Intangible Assets” for more information.
Schedule of Pro Forma Financial Information	The supplemental pro forma financial information for the periods presented is as follows ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Net revenue $ 386.5 $ 553.2 $ 773.1 $ 1,113.4 Net loss $ (96.3) $ (39.9) $ (159.9) $ (61.7) The supplemental pro forma financial information for the periods presented is as follows ( in millions ): December 31, 2022 Three Months Ended Six Months Ended Net revenue $ 506.0 $ 1,036.7 Net income (loss) (25.8) 6.6

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-term Investments (Tables)	6 Months Ended
Cash, Cash Equivalents and Short-term Investments (Tables)	Dec. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Short-Term Investments	The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented ( in millions ): Amortized Gross Gross Fair Value December 30, 2023: Cash $ 235.2 $ — $ — $ 235.2 Cash equivalents: Commercial paper 5.1 — — 5.1 Money market funds 206.6 — — 206.6 U.S. Treasury securities 22.4 — — 22.4 Total cash and cash equivalents $ 469.3 $ — $ — $ 469.3 Short-term investments: Certificates of deposit $ 13.8 $ — $ — $ 13.8 Commercial paper 43.8 — — 43.8 Corporate debt securities 365.4 0.3 (0.8) 364.9 Municipal bonds 4.6 — — 4.6 U.S. Agency securities 143.5 0.1 (0.4) 143.2 U.S. Treasury securities 184.9 — (0.5) 184.4 Total short-term investments $ 756.0 $ 0.4 $ (1.7) $ 754.7 July 1, 2023: Cash $ 254.3 $ — $ — $ 254.3 Cash equivalents: Money market funds 276.1 — — 276.1 U.S. Agency securities 4.0 — — 4.0 U.S. Treasury securities 324.6 — — 324.6 Total cash and cash equivalents $ 859.0 $ — $ — $ 859.0 Short-term investments: Certificates of deposit $ 16.5 $ — $ — $ 16.5 Commercial paper 132.9 — (0.2) 132.7 Corporate debt securities 472.7 — (3.9) 468.8 U.S. Agency securities 207.9 — (1.7) 206.2 U.S. Treasury securities 332.4 — (2.0) 330.4 Total short-term investments $ 1,162.4 $ — $ (7.8) $ 1,154.6
Schedule of Unrealized Losses on Cash Equivalents and Short-Term Investments	The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for more than 12 months and less than 12 months as of the periods presented, respectively ( in millions ): Continuous Loss Position for More Than 12 Months Continuous Loss Position for Less Than 12 Months Gross Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 30, 2023: U.S. Agency securities $ 5.0 $ — $ 113.5 $ (0.4) $ (0.4) Certificates of deposit — — 4.0 — — Commercial paper — — 25.0 — — Corporate debt securities 40.8 (0.1) 231.3 (0.7) (0.8) U.S. government bonds 4.5 — 167.0 (0.5) (0.5) Total $ 50.3 $ (0.1) $ 540.8 $ (1.6) $ (1.7) July 1, 2023: U.S. Agency securities $ 39.6 $ (0.4) $ 170.6 $ (1.3) $ (1.7) Certificates of deposit — — 7.7 — — Commercial paper — — 128.5 (0.2) (0.2) Corporate debt securities 93.6 (1.2) 358.9 (2.7) (3.9) U.S. government bonds 50.8 (0.6) 221.4 (1.4) (2.0) Total $ 184.0 $ (2.2) $ 887.1 $ (5.6) $ (7.8)
Schedule of Investments in Debt Securities by Contractual Maturities	The following table classifies our short-term investments by remaining maturities ( in millions ): December 30, 2023 July 1, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year $ 534.2 $ 533.2 $ 762.9 $ 759.1 Due in 1 year through 5 years 221.8 221.5 399.5 395.5 Total $ 756.0 $ 754.7 $ 1,162.4 $ 1,154.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Dec. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	Financial assets measured at fair value on a recurring basis are summarized below ( in millions ): Level 1 Level 2 Level 3 Total December 30, 2023: (1) Assets: Cash equivalents: Commercial paper $ — $ 5.1 $ — $ 5.1 Money market funds 206.6 — — 206.6 U.S. Treasury securities 22.4 — — 22.4 Short-term investments: Certificates of deposit — 13.8 — 13.8 Commercial paper — 43.8 — 43.8 Corporate debt securities — 364.9 — 364.9 Municipal bonds — 4.6 — 4.6 U.S. Agency securities — 143.2 — 143.2 U.S. Treasury securities 184.4 — — 184.4 Total assets $ 413.4 $ 575.4 $ — $ 988.8 (1) Excludes $235.2 million in cash held in our bank accounts as of December 30, 2023. Level 1 Level 2 Level 3 Total July 1, 2023: (1) Assets: Cash equivalents: Money market funds $ 276.1 $ — $ — $ 276.1 U.S. Agency securities — 4.0 — 4.0 U.S. Treasury securities 324.6 — — 324.6 Short-term investments: Certificates of deposit — 16.5 — 16.5 Commercial paper — 132.7 — 132.7 Corporate debt securities — 468.8 — 468.8 U.S. Agency securities — 206.2 — 206.2 U.S. Treasury securities 330.4 — — 330.4 Total assets $ 931.1 $ 828.2 $ — $ 1,759.3 (1) Excludes $254.3 million in cash held in our bank accounts as of July 1, 2023.
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The carrying amounts and estimated fair values of the convertible notes are as follows for the periods presented ( in millions ): December 30, 2023 July 1, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2029 Notes $ 599.0 $ 601.9 $ 598.6 $ 625.2 2028 Notes 856.2 681.3 855.5 677.8 2026 Notes 1,046.5 935.3 1,045.9 933.2 2024 Notes 319.7 325.9 311.6 345.2 $ 2,821.4 $ 2,544.4 $ 2,811.6 $ 2,581.4

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
Balance Sheet Details (Tables)	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Inventories	The components of inventories were as follows ( in millions ): December 30, 2023 July 1, 2023 Raw materials and purchased parts $ 206.6 $ 170.5 Work in process 117.4 103.2 Finished goods 147.7 134.9 Inventories $ 471.7 $ 408.6
Schedule of Components of Property, Plant and Equipment, Net	The components of property, plant and equipment, net were as follows ( in millions ): December 30, 2023 July 1, 2023 Land $ 75.2 $ 63.5 Buildings and improvements 189.6 170.3 Machinery and equipment 733.3 657.9 Computer equipment and software 44.2 41.4 Furniture and fixtures 11.0 10.2 Leasehold improvements 44.7 49.6 Construction in progress 102.1 69.2 1,200.1 1,062.1 Less: Accumulated depreciation (617.8) (572.6) Property, plant and equipment, net $ 582.3 $ 489.5
Schedule of Operating Lease, Right-of-Use Assets, Net	Operating lease right-of-use assets, net were as follows ( in millions ): December 30, 2023 July 1, 2023 Operating lease right-of-use assets $ 109.4 $ 116.5 Less: accumulated amortization (28.1) (39.2) Operating lease right-of-use assets, net $ 81.3 $ 77.3
Schedule of Components of Other Current Liabilities	The components of other current liabilities were as follows (in millions) : December 30, 2023 July 1, 2023 Restructuring accrual and related charges (1) $ 10.2 $ 5.0 Warranty accrual (2) 10.1 6.8 Deferred revenue and customer deposits 0.9 2.1 Income tax payable (3) 17.7 28.0 Other current liabilities 6.1 5.9 Other current liabilities $ 45.0 $ 47.8 (1) Refer to “Note 11. Restructuring and Related Charges.” (2) Refer to “Note 14. Commitments and Contingencies.” (3)
Schedule of Components of Other Non-Current Liabilities	The components of other non-current liabilities were as follows ( in millions ): December 30, 2023 July 1, 2023 Asset retirement obligations $ 7.6 $ 8.2 Pension and related accruals (1) 11.4 9.6 Unrecognized tax benefit 70.1 64.4 Other non-current liabilities 8.5 9.2 Other non-current liabilities $ 97.6 $ 91.4 (1) We have defined benefit pension plans in Japan, Switzerland, and Thailand. Pension and related accrual of $11.4 million as of December 30, 2023 represents the non-current portion of benefit obligation . Pension and related accrual of $9.6 million as of July 1, 2023 relates to $10.2 million of non-current portion of benefit obligation, offset by $0.6 million of funding for the pension plan in Switzerland. We typically re-evaluate the assumptions related to the fair value of our defined benefit obligations annually in the fiscal fourth quarter and make any updates as necessary.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table presents goodwill by reportable segments as of December 30, 2023 and July 1, 2023 ( in millions) : Cloud & Networking Industrial Tech Total Balances as of July 1, 2023 $ 683.9 $ 11.2 $ 695.1 Acquisition of Cloud Light 359.5 — 359.5 Balance as of December 30, 2023 $ 1,043.4 $ 11.2 $ 1,054.6
Schedule of Acquired Developed Technology and Other Intangibles	The intangible assets acquired from the acquisition were as follows as of the acquisition date ( in millions, except for weighted average amortization period ): Fair Value at the Acquisition Date Weighted Average Amortization Period Acquired developed technologies $ 170.0 7.0 Customer relationships 130.0 7.0 In-process research and development 16.0 n/a Order backlog 14.0 1.0 Trade name and trademarks 3.0 1.2 Total intangible assets $ 333.0 in millions, except for weighted average amortization period ): Fair Value at the Acquisition Date Weighted Average Amortization Period NeoPhotonics IPG Telecom Transmission Product Lines Total Acquired Acquired developed technologies $ 220.0 $ 8.6 $ 228.6 5.2 Customer relationships 144.5 2.3 146.8 5.9 In-process research and development 48.0 29.1 77.1 n/a Total intangible assets $ 412.5 $ 40.0 $ 452.5 The following tables present details of all of our intangible assets as of the periods presented ( in millions, except for weighted average remaining amortization period ): December 30, 2023 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted Average Remaining Amortization Period (Years) Acquired developed technologies $ 807.8 $ (426.8) $ 381.0 5.1 Customer relationships 419.8 (139.7) 280.1 2.8 In-process research and development 54.9 — 54.9 n/a Order backlog 14.0 (2.0) 12.0 — Trade name and trademarks 3.0 (0.4) 2.6 — Total intangible assets $ 1,299.5 $ (568.9) $ 730.6 July 1, 2023 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted Average Remaining Amortization Period (Years) Acquired developed technologies $ 630.9 $ (385.5) $ 245.4 4.2 Customer relationships 289.7 (116.8) 172.9 3.7 In-process research and development 40.9 — 40.9 n/a Total intangible assets $ 961.5 $ (502.3) $ 459.2
Schedule of Amortization Expense	The following table presents details of amortization for the periods presented (in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Cost of sales $ 21.5 $ 24.8 $ 39.5 $ 47.7 Research and development 0.4 — 0.7 — Selling, general and administrative 15.7 11.3 26.4 20.6 Total amortization of intangibles $ 37.6 $ 36.1 $ 66.6 $ 68.3
Schedule of Estimated Future Amortization Expense	Based on the carrying amount of our acquired developed technologies and customer relationships as of December 30, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions) : Fiscal Years Remainder of 2024 $ 83.8 2025 147.5 2026 131.5 2027 118.7 2028 80.5 Thereafter 113.7 Total future amortization $ 675.7

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Dec. 30, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Notes	Our convertible notes consisted of the following components as of the periods presented ( in millions ): December 30, 2023 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2029 Notes (4) Total Principal $ 323.1 $ 1,050.0 $ 861.0 $ 603.7 $ 2,837.8 Unamortized debt discount and debt issuance costs (3.4) (3.5) (4.8) (4.7) (16.4) Net carrying amount of the liability component $ 319.7 $ 1,046.5 $ 856.2 $ 599.0 $ 2,821.4 July 1, 2023 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2029 Notes (4) Total Principal $ 323.1 $ 1,050.0 $ 861.0 $ 603.7 $ 2,837.8 Unamortized debt discount and debt issuance costs (11.5) (4.1) (5.5) (5.1) (26.2) Net carrying amount of the liability component $ 311.6 $ 1,045.9 $ 855.5 $ 598.6 $ 2,811.6 (1) If the closing price of our stock exceeds $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of any future fiscal quarter, our 2024 Notes would become convertible at the option of the holders during the next fiscal quarter. The 2024 Notes are classified as current liabilities as the debt will mature on March 15, 2024. (2) If the closing price of our stock exceeds $129.08 (or 130% of the conversion price of $99.29) for 20 of the last 30 trading days of any future fiscal quarter, our 2026 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (3) If the closing price of our stock exceeds $170.34 (or 130% of the conversion price of $131.03) for 20 of the last 30 trading days of any future fiscal quarter, our 2028 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (4 ) If the closing price of our stock exceeds $90.40 (or 130% of the conversion price of $69.54) for 20 of the last 30 trading days of any future quarter, the 2029 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our consolidated balance sheets.
Schedule of Interest Expense	The following table sets forth interest expense information related to the convertible notes for the periods presented (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Contractual interest expense $ 4.9 $ 2.7 $ 9.7 $ 5.4 Amortization of the debt discount and debt issuance costs 4.8 6.2 9.7 11.9 Total interest expense $ 9.7 $ 8.9 $ 19.4 $ 17.3
Schedule of Future Interest and Principal Payments Related to Debts	The future interest and principal payments related to our convertible notes are as follows as of December 30, 2023 (in millions) : Fiscal Years 2024 Notes 2026 Notes 2028 Notes 2029 Notes Total 2024 $ 323.7 $ 2.6 $ 2.2 $ 4.5 $ 333.0 2025 — 5.3 4.3 9.1 18.7 2026 — 5.3 4.3 9.1 18.7 2027 — 1,052.5 4.3 9.1 1,065.9 2028 — — 865.3 9.1 874.4 Thereafter — — — 617.1 617.1 Total payments $ 323.7 $ 1,065.7 $ 880.4 $ 658.0 $ 2,927.8

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss), net of tax, were as follows for the periods as presented ( in millions ): Foreign Currency Translation Adjustments, Net of Tax (1) Defined Benefit Obligations, Net of Tax (2) Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax (3) Total Beginning balance as of July 1, 2023 $ 10.4 $ (0.4) $ (5.9) $ 4.1 Other comprehensive gain (loss), net (0.2) — 1.3 1.1 Ending balance as of September 30, 2023 $ 10.2 $ (0.4) $ (4.6) $ 5.2 Other comprehensive gain, net 0.2 — 3.8 4.0 Ending balance as of December 30, 2023 $ 10.4 $ (0.4) $ (0.8) $ 9.2 Foreign Currency Translation Adjustments, Net of Tax (1) Defined Benefit Obligations, Net of Tax (2) Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax (3) Total Beginning balance as of July 2, 2022 $ 9.7 $ 1.0 $ (10.3) $ 0.4 Other comprehensive loss, net — — (0.6) (0.6) Ending balance as of October 1, 2022 $ 9.7 $ 1.0 $ (10.9) $ (0.2) Other comprehensive gain, net — — 3.6 3.6 Ending balance as of December 31, 2022 $ 9.7 $ 1.0 $ (7.3) $ 3.4 (1) In fiscal 2019, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to December 10, 2018 remain as a component of accumulated other comprehensive income (loss) in our condensed consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated. In fiscal 2023, we acquired IPG telecom transmission product lines. The functional currency of the Brazilian entities acquired as part of this acquisition is the local currency. During the three months ended December 30, 2023, we recorded foreign currency translation adjustments of $0.2 million. (2) We re-evaluate the assumptions related to the fair value of our defined benefit obligations annually in the fiscal fourth quarter and make any updates as necessary. (3) For the three and six months ended December 30, 2023, our unrealized loss on available-for-sale securities is presented net of tax of $1.0 million and $1.4 million, respectively. For the three and six months ended December 31, 2022, our unrealized loss on available-for-sale securities is presented net of tax of $1.0 million and $0.8 million, respectively.

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	6 Months Ended
Restructuring and Related Charges (Tables)	Dec. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Activity of Restructuring and Related Charges	The following table summarizes activities of restructuring and related charges for the periods as presented ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Balance as of beginning of period $ 9.3 $ 3.1 $ 5.0 $ — Charges 5.8 13.9 16.8 23.2 Payments (4.9) (2.9) (11.6) (9.1) Balance as of end of period $ 10.2 $ 14.1 $ 10.2 $ 14.1

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Dec. 30, 2023
Equity [Abstract]
Schedule of Assumptions Used to Estimate Fair Value	The assumptions used to estimate the fair value of the replacement options are as follows: At the Acquisition Date Expected terms (years) 3.0 Expected volatility 45.0 % Risk-free interest rate 5.0 % Dividend yield — %
Schedule of Impact on Results of Operations of Recording Stock-Based Compensation by Function	The impact on our results of operations of recording stock-based compensation by function for the periods presented was as follows (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Cost of sales $ 9.0 $ 6.7 $ 15.0 $ 12.2 Research and development 10.0 10.6 20.3 20.2 Selling, general and administrative 15.6 19.3 31.4 50.8 Total stock-based compensation $ 34.6 $ 36.6 $ 66.7 $ 83.2
Schedule of Income Tax Benefit Associated with Stock-Based Compensation	Total income tax benefit associated with stock-based compensation recognized in our condensed consolidated statements of operations during the periods presented was as follows (in millions) : Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Income tax benefit associated with stock-based compensation $ 0.6 $ 6.4 $ 2.5 $ 11.5
Schedule of Awards Activity	The following table summarizes our award activities for the six months ended December 30, 2023 (in millions) : Stock Options Restricted Stock Units Performance Stock Units Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of July 1, 2023 — $ — 2.6 $ 85.0 0.6 $ 89.1 Replacement options in connection with Cloud Light acquisition 1.1 34.6 — — — — Granted — — 1.9 52.6 0.7 53.2 Vested/Exercised (1) — 8.0 (1.0) 87.4 (0.1) 89.5 Canceled — — (0.2) 78.5 (0.1) 88.9 Balance as of December 30, 2023 1.1 $ 34.6 3.3 $ 66.2 1.1 $ 65.9 (1) Vested/exercised number of shares related to stock options is less than 0.1 million.
Schedule of Awards Available for Grant	A summary of awards available for grant is as follows (in millions) : Awards Available for Grant Balance as of July 1, 2023 2.7 Authorized in connection with Cloud Light acquisition 1.5 Replacement options in connection with Cloud Light acquisition (1.1) Authorized 3.0 Granted (2.6) Canceled 0.3 Balance as of December 30, 2023 3.8

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Reserve	The following table presents the changes in our warranty reserve for the periods presented ( in millions ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Balance as of beginning of period $ 5.5 $ 10.1 $ 6.8 $ 10.0 Warranty assumed from Cloud Light 5.2 — 5.2 — Provision for warranty 0.8 2.8 1.0 5.0 Utilization of reserve, net (1.4) (4.5) (2.9) (6.6) Balance as of end of period $ 10.1 $ 8.4 $ 10.1 $ 8.4

Operating Segments and Geogra_2

Operating Segments and Geographic Information (Tables)	6 Months Ended
Operating Segments and Geographic Information (Tables)	Dec. 30, 2023
Segment Reporting [Abstract]
Schedule of Information on Reportable Segments	Comparative prior period segment information has been recast to conform to the new segment structure. Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Net revenue: Cloud & Networking $ 286.7 $ 382.9 $ 516.4 $ 743.0 Industrial Tech 80.1 123.1 168.0 269.8 Net revenue $ 366.8 $ 506.0 $ 684.4 $ 1,012.8 Segment profit: Cloud & Networking $ 29.1 $ 99.9 $ 53.0 $ 201.6 Industrial Tech 12.7 49.7 28.0 118.5 Total segment profit 41.8 149.6 81.0 320.1 Unallocated corporate items: Selling, general and administrative (1) (28.8) (32.9) (57.4) (66.0) Stock-based compensation (34.6) (36.6) (66.7) (71.3) Stock-based compensation - acquisition related — — — (11.9) Amortization of acquired intangibles (37.6) (36.1) (66.6) (68.3) Amortization of acquired inventory fair value adjustments (3.4) (9.6) (3.4) (14.2) Acquisition related costs (9.0) — (13.0) (16.2) Integration related costs (11.6) (8.0) (22.9) (8.6) Restructuring and related charges (5.8) (13.9) (16.8) (23.2) Abnormal excess capacity (1.8) — (1.8) — Litigation matters — (7.8) — (7.8) Other charges, net (2) (14.4) (26.6) (18.4) (41.0) Interest expense (9.7) (8.9) (19.4) (17.4) Other income, net (3) 13.4 3.7 34.6 17.5 Consolidated loss before income taxes $ (101.5) $ (27.1) $ (170.8) $ (8.3) (1) We do not allocate selling, general and administrative expenses that are not directly attributable to our operating segments. (2) Other charges, net for the three months ended December 30, 2023 primarily relate to $9.5 million of net excess and obsolete inventory, $4.6 million of non-recurring legal and tax related fees, and $1.0 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand. The excess and obsolete inventory charges relate to charges that are not attributable to our operating segments due to their unusual nature, primarily those charges driven by U.S. trade restrictions whereby we are no longer able to sell certain products to one of our customers. Other charges, net for the six months ended December 30, 2023 primarily relate to $9.2 million of net excess and obsolete inventory, $5.4 million of non-recurring legal and tax related fees, and $3.9 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand. The excess and obsolete inventory charges relate to charges that are not attributable to our operating segments due to their unusual nature, primarily those charges driven by U.S. trade restrictions whereby we are no longer able to sell certain products to one of our customers. Other charges, net for the three months ended December 31, 2022 primarily relate to $11.7 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $4.5 million of non-recurring charges on legal matters, and $5.4 million of excess and obsolete inventory charges primarily driven by U.S. trade restrictions. Other charges, net for the six months ended December 31, 2022 primarily relate to $19.0 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $4.5 million of non-recurring charges on legal matters, and $5.5 million of excess and obsolete inventory charges primarily driven by U.S. trade restrictions. (3) Other income, net for the three months ended December 30, 2023 includes interest and investment income of $17.1 million, offset by foreign exchange and other loss, net of $3.7 million. Other income, net for the six months ended December 30, 2023 includes interest and investment income of $38.8 million, offset by foreign exchange and other loss, net of $4.2 million.
Schedule of Revenue by Geographic Region	The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that generally represented 10% or more of our total net revenue (in millions, except percentage data): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Net revenue: Americas: United States $ 103.0 28.1 % $ 65.5 12.9 % $ 144.1 21.0 % $ 127.7 12.6 % Mexico 31.4 8.6 59.5 11.8 55.1 8.1 117.0 11.6 Other Americas 0.8 0.2 3.8 0.8 2.0 0.3 6.1 0.6 Total Americas $ 135.2 36.9 % $ 128.8 25.5 % $ 201.2 29.4 % $ 250.8 24.8 % Asia-Pacific: Hong Kong $ 65.7 17.9 % $ 65.9 13.0 % $ 130.6 19.1 % $ 143.5 14.2 % South Korea 20.8 5.7 52.0 10.3 45.8 6.7 119.7 11.8 Japan 25.9 7.1 50.8 10.0 51.3 7.5 95.6 9.4 Thailand 39.3 10.7 77.9 15.4 103.5 15.1 135.4 13.4 Other Asia-Pacific 49.5 13.4 84.7 16.7 89.0 13.0 173.6 17.1 Total Asia-Pacific $ 201.2 54.8 % $ 331.3 65.4 % $ 420.2 61.4 % $ 667.8 65.9 % EMEA $ 30.4 8.3 % $ 45.9 9.1 % $ 63.0 9.2 % $ 94.2 9.3 % Total net revenue $ 366.8 100.0 % $ 506.0 100.0 % $ 684.4 100.0 % $ 1,012.8 100.0 %
Schedule of Long-Lived Assets by Geographic Region	Long-lived assets, namely property, plant and equipment, net, were identified based on the physical location of the assets in the corresponding geographic areas as of the periods indicated (in millions) : December 30, 2023 July 1, 2023 Property, plant and equipment, net United States $ 136.1 $ 134.7 Thailand 134.3 132.0 Japan 84.3 93.0 United Kingdom 76.6 38.2 China 94.0 42.1 Other countries 57.0 49.5 Total property, plant and equipment, net $ 582.3 $ 489.5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Dec. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Concentration Risks	The table below discloses our total net revenue attributable to each of our two reportable segments ( in millions, except percentage data ): Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Cloud & Networking $ 286.7 78.2 % $ 382.9 75.7 % $ 516.4 75.5 % $ 743.0 73.4 % Industrial Tech 80.1 21.8 % 123.1 24.3 % 168.0 24.5 % 269.8 26.6 % Net revenue $ 366.8 100.0 % $ 506.0 100.0 % $ 684.4 100.0 % $ 1,012.8 100.0 %
Schedule of Changes in Contract Balances	The following table reflects the changes in contract balances for the periods presented ( in millions, except percentages ): Contract balances Balance sheet location December 30, 2023 July 1, 2023 Change Percentage Change Accounts receivable, net Accounts receivable, net $ 248.3 $ 246.1 $ 2.2 0.9 % Deferred revenue and customer deposits Other current liabilities $ 0.9 $ 2.1 $ (1.2) (57.1) %

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Dec. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (99.1)	$ (67.9)	$ (31.7)	$ (0.4)	$ (167)	$ (32.1)
Net loss - basic	(99.1)		(31.7)		(167)	(32.1)
Net loss - diluted	$ (99.1)		$ (31.7)		$ (167)	$ (32.1)
Denominator:
Weighted average common shares outstanding - basic (in shares)	67.2		68.3		67	68.2
Weighted average common shares outstanding - diluted (in shares)	67.2		68.3		67	68.2
Net loss per share:
Basic (in usd per share)	$ (1.47)		$ (0.46)		$ (2.49)	$ (0.47)
Diluted (in usd per share)	$ (1.47)		$ (0.46)		$ (2.49)	$ (0.47)

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Potential Shares (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive shares (in shares)	31.2	24.5	31.2	24.5
Restricted Stock Unit and Performance Share
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive shares (in shares)	4.4	3.8	4.5	3.9
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive shares (in shares)	0.2	0.2	0.2	0.1

Business Combinations - Conside

Business Combinations - Consideration Transferred (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		6 Months Ended
	Nov. 07, 2023	Dec. 30, 2023	Dec. 31, 2022
Business Acquisition
Share-based consideration		$ 23.5	$ 0
Cloud Light Technology Limited
Business Acquisition
Cash consideration	$ 705
Share-based consideration	23.5
Total purchase price consideration	$ 728.5
Per share consideration price (in usd per share)	$ 1.69
Shares acquired (in shares)	409.4
Cash consideration	$ 691.7
Options settled as part of business combination	13.3
Fair value of share based compensation portion of consideration	38.9
Unrecognized portion of tock-based compensation expense in business combination	$ 15.4
Vesting period (in years)	3 years
Cloud Light Technology Limited \| Maximum
Business Acquisition
Expiration period (in years)	10 years

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

24 Months Ended

Nov. 07, 2023

Aug. 15, 2022

Aug. 03, 2022

Dec. 30, 2023

Sep. 30, 2023

Dec. 31, 2022

Dec. 30, 2023

Dec. 31, 2022

Jul. 01, 2023

Jul. 02, 2022

Jul. 01, 2023

Aug. 03, 2021

Business Acquisition

Goodwill, acquired during period

$ 359.5

Goodwill

$ 1,054.6

1,054.6

$ 695.1

Cloud & Networking

Business Acquisition

Goodwill, acquired during period

359.5

Goodwill

1,043.4

683.9

Cloud Light Technology Limited

Business Acquisition

Cash consideration for outstanding Cloud Light common stock

$ 705

Escrow deposit

75.8

Transaction cost

9.2

$ 2.4

Net revenue from date of acquisition

59.5

Total purchase price consideration

728.5

Goodwill

$ 359.5

Cloud Light Technology Limited | Selling, general and administrative

Business Acquisition

Transaction cost

$ 6.8

NeoPhotonics

Business Acquisition

Transaction cost

20.4

$ 8.3

$ 28.7

Net revenue from date of acquisition

$ 104.6

$ 177.4

Total purchase price consideration

$ 934.4

Goodwill

$ 315.3

IPG Photonics

Business Acquisition

Transaction cost

$ 2

$ 1.6

$ 0.4

Total purchase price consideration

55.9

Goodwill

$ 10.9

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Nov. 07, 2023	Dec. 30, 2023	Jul. 01, 2023
Liabilities assumed
Goodwill		$ 1,054.6	$ 695.1
Cloud Light Technology Limited
Business Acquisition
Total purchase price consideration	$ 728.5
Assets acquired
Cash and cash equivalents	4.1
Short-term investments	1
Accounts receivable, net	20.9
Inventories	71.5
Prepayments and other current assets	14.3
Property, plant and equipment, net	63.2
Operating lease right-of-use assets, net	3.7
Other intangible assets, net	333
Other non-current assets	0.3
Total assets	512
Liabilities assumed
Accounts payable	45.8
Accrued payroll and related expenses	5.9
Accrued expenses	9.8
Operating lease liabilities, current	1.8
Other current liabilities	8
Operating lease liabilities, non-current	1.9
Deferred tax liability	60.7
Other non-current liabilities	9.1
Total liabilities	143
Goodwill	359.5
Cloud Light Technology Limited \| Acquired developed technologies
Assets acquired
Other intangible assets, net	170
Cloud Light Technology Limited \| Customer relationships
Assets acquired
Other intangible assets, net	130
Cloud Light Technology Limited \| In-process research and development
Assets acquired
Other intangible assets, net	16
Cloud Light Technology Limited \| Order backlog
Assets acquired
Other intangible assets, net	14
Cloud Light Technology Limited \| Trade name and trademarks
Assets acquired
Other intangible assets, net	$ 3

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Cloud Light Technology Limited
Business Acquisition
Net revenue	$ 386.5	$ 553.2	$ 773.1	$ 1,113.4
Net loss	(96.3)	$ (39.9)	(159.9)	$ (61.7)
NeoPhotonics
Business Acquisition
Net revenue	506		1,036.7
Net loss	$ (25.8)		$ 6.6

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-term Investments - Summary of Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Cash and cash equivalents:
Cash	$ 235.2	$ 254.3
Total cash and cash equivalents	469.3	859
Cash and cash equivalents	469.3	859
Short-term investments:
Amortized Cost	756	1,162.4
Gross Unrealized Gains	0.4	0
Gross Unrealized Losses	(1.7)	(7.8)
Fair Value	754.7	1,154.6
Certificates of deposit
Short-term investments:
Amortized Cost	13.8	16.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	13.8	16.5
Commercial paper
Short-term investments:
Amortized Cost	43.8	132.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(0.2)
Fair Value	43.8	132.7
Corporate debt securities
Short-term investments:
Amortized Cost	365.4	472.7
Gross Unrealized Gains	0.3	0
Gross Unrealized Losses	(0.8)	(3.9)
Fair Value	364.9	468.8
Municipal bonds
Short-term investments:
Amortized Cost	4.6
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	4.6
U.S. Agency securities
Short-term investments:
Amortized Cost	143.5	207.9
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	(0.4)	(1.7)
Fair Value	143.2	206.2
U.S. Treasury securities
Short-term investments:
Amortized Cost	184.9	332.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.5)	(2)
Fair Value	184.4	330.4
Commercial paper
Cash and cash equivalents:
Cash equivalents:	5.1
Cash and cash equivalents	5.1
Money market funds
Cash and cash equivalents:
Cash equivalents:	206.6	276.1
Cash and cash equivalents	206.6	276.1
U.S. Agency securities
Cash and cash equivalents:
Cash equivalents:		4
Cash and cash equivalents		4
U.S. Treasury securities
Cash and cash equivalents:
Cash equivalents:	22.4	324.6
Cash and cash equivalents	$ 22.4	$ 324.6

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-term Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jul. 01, 2023
Cash and Cash Equivalents [Abstract]
Other nonoperating income (expense)	$ 13.4	$ 3.7	$ 34.6	$ 17.5
Income on short-term investments and cash equivalents		$ 7.7		$ 12.5
Interest receivable in prepayments and other current assets	$ 7.2		$ 7.2		$ 6.7

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-term Investments - Summary of Unrealized Losses (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	$ 50.3	$ 184
Unrealized Losses, More Than 12 Months	(0.1)	(2.2)
Fair Value, Less Than 12 Months	540.8	887.1
Unrealized Losses, Less Than 12 Months	(1.6)	(5.6)
Gross Unrealized Losses	(1.7)	(7.8)
U.S. Agency securities
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	5	39.6
Unrealized Losses, More Than 12 Months	0	(0.4)
Fair Value, Less Than 12 Months	113.5	170.6
Unrealized Losses, Less Than 12 Months	(0.4)	(1.3)
Gross Unrealized Losses	(0.4)	(1.7)
Certificates of deposit
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	0	0
Unrealized Losses, More Than 12 Months	0	0
Fair Value, Less Than 12 Months	4	7.7
Unrealized Losses, Less Than 12 Months	0	0
Gross Unrealized Losses	0	0
Commercial paper
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	0	0
Unrealized Losses, More Than 12 Months	0	0
Fair Value, Less Than 12 Months	25	128.5
Unrealized Losses, Less Than 12 Months	0	(0.2)
Gross Unrealized Losses	0	(0.2)
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	40.8	93.6
Unrealized Losses, More Than 12 Months	(0.1)	(1.2)
Fair Value, Less Than 12 Months	231.3	358.9
Unrealized Losses, Less Than 12 Months	(0.7)	(2.7)
Gross Unrealized Losses	(0.8)	(3.9)
U.S. government bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Fair Value, More Than 12 Months	4.5	50.8
Unrealized Losses, More Than 12 Months	0	(0.6)
Fair Value, Less Than 12 Months	167	221.4
Unrealized Losses, Less Than 12 Months	(0.5)	(1.4)
Gross Unrealized Losses	$ (0.5)	$ (2)

Cash, Cash Equivalents and Sh_6

Cash, Cash Equivalents and Short-term Investments - Investments in Debt Securities by Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Amortized Cost
Due in 1 year	$ 534.2	$ 762.9
Due in 1 year through 5 years	221.8	399.5
Total	756	1,162.4
Fair Value
Due in 1 year	533.2	759.1
Due in 1 year through 5 years	221.5	395.5
Total	$ 754.7	$ 1,154.6

Fair Value Measurements - Measu

Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Assets:
Cash and cash equivalents	$ 469.3	$ 859
Short-term investments:	754.7	1,154.6
Cash held in bank	235.2	254.3
Certificates of deposit
Assets:
Short-term investments:	13.8	16.5
Commercial paper
Assets:
Short-term investments:	43.8	132.7
Corporate debt securities
Assets:
Short-term investments:	364.9	468.8
Municipal bonds
Assets:
Short-term investments:	4.6
U.S. Agency securities
Assets:
Short-term investments:	143.2	206.2
U.S. Treasury securities
Assets:
Short-term investments:	184.4	330.4
Commercial paper
Assets:
Cash and cash equivalents	5.1
Money market funds
Assets:
Cash and cash equivalents	206.6	276.1
U.S. Agency securities
Assets:
Cash and cash equivalents		4
U.S. Treasury securities
Assets:
Cash and cash equivalents	22.4	324.6
Recurring Basis
Assets:
Total assets	988.8	1,759.3
Recurring Basis \| Certificates of deposit
Assets:
Short-term investments:	13.8	16.5
Recurring Basis \| Commercial paper
Assets:
Short-term investments:	43.8	132.7
Recurring Basis \| Corporate debt securities
Assets:
Short-term investments:	364.9	468.8
Recurring Basis \| Municipal bonds
Assets:
Short-term investments:	4.6
Recurring Basis \| U.S. Agency securities
Assets:
Short-term investments:	143.2	206.2
Recurring Basis \| U.S. Treasury securities
Assets:
Short-term investments:	184.4	330.4
Recurring Basis \| Commercial paper
Assets:
Cash and cash equivalents	5.1
Recurring Basis \| Money market funds
Assets:
Cash and cash equivalents	206.6	276.1
Recurring Basis \| U.S. Agency securities
Assets:
Cash and cash equivalents		4
Recurring Basis \| U.S. Treasury securities
Assets:
Cash and cash equivalents	22.4	324.6
Recurring Basis \| Level 1
Assets:
Total assets	413.4	931.1
Recurring Basis \| Level 1 \| Certificates of deposit
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 1 \| Commercial paper
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 1 \| Corporate debt securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 1 \| Municipal bonds
Assets:
Short-term investments:	0
Recurring Basis \| Level 1 \| U.S. Agency securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 1 \| U.S. Treasury securities
Assets:
Short-term investments:	184.4	330.4
Recurring Basis \| Level 1 \| Commercial paper
Assets:
Cash and cash equivalents	0
Recurring Basis \| Level 1 \| Money market funds
Assets:
Cash and cash equivalents	206.6	276.1
Recurring Basis \| Level 1 \| U.S. Agency securities
Assets:
Cash and cash equivalents		0
Recurring Basis \| Level 1 \| U.S. Treasury securities
Assets:
Cash and cash equivalents	22.4	324.6
Recurring Basis \| Level 2
Assets:
Total assets	575.4	828.2
Recurring Basis \| Level 2 \| Certificates of deposit
Assets:
Short-term investments:	13.8	16.5
Recurring Basis \| Level 2 \| Commercial paper
Assets:
Short-term investments:	43.8	132.7
Recurring Basis \| Level 2 \| Corporate debt securities
Assets:
Short-term investments:	364.9	468.8
Recurring Basis \| Level 2 \| Municipal bonds
Assets:
Short-term investments:	4.6
Recurring Basis \| Level 2 \| U.S. Agency securities
Assets:
Short-term investments:	143.2	206.2
Recurring Basis \| Level 2 \| U.S. Treasury securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 2 \| Commercial paper
Assets:
Cash and cash equivalents	5.1
Recurring Basis \| Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring Basis \| Level 2 \| U.S. Agency securities
Assets:
Cash and cash equivalents		4
Recurring Basis \| Level 2 \| U.S. Treasury securities
Assets:
Cash and cash equivalents	0	0
Recurring Basis \| Level 3
Assets:
Total assets	0	0
Recurring Basis \| Level 3 \| Certificates of deposit
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 3 \| Commercial paper
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 3 \| Corporate debt securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 3 \| Municipal bonds
Assets:
Short-term investments:	0
Recurring Basis \| Level 3 \| U.S. Agency securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 3 \| U.S. Treasury securities
Assets:
Short-term investments:	0	0
Recurring Basis \| Level 3 \| Commercial paper
Assets:
Cash and cash equivalents	0
Recurring Basis \| Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring Basis \| Level 3 \| U.S. Agency securities
Assets:
Cash and cash equivalents		0
Recurring Basis \| Level 3 \| U.S. Treasury securities
Assets:
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements - Not R

Fair Value Measurements - Not Recorded at Fair Value on a Recurring Basis Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023	Mar. 31, 2022	Dec. 31, 2019
2028 Notes
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value			$ 629.8
2026 Notes
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value				$ 734.8
Level 2 \| Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	$ 2,821.4	$ 2,811.6
Level 2 \| Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	2,544.4	2,581.4
Level 2 \| 2029 Notes \| Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	599	598.6
Level 2 \| 2029 Notes \| Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	601.9	625.2
Level 2 \| 2028 Notes \| Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	856.2	855.5
Level 2 \| 2028 Notes \| Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	681.3	677.8
Level 2 \| 2026 Notes \| Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	1,046.5	1,045.9
Level 2 \| 2026 Notes \| Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	935.3	933.2
Level 2 \| 2024 Notes \| Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	319.7	311.6
Level 2 \| 2024 Notes \| Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	$ 325.9	$ 345.2

Balance Sheet Details - Narrati

Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Nov. 07, 2023	Jul. 01, 2023
Property, Plant and Equipment
Accounts receivable allowance for credit losses		$ 0.2		$ 0.2			$ 0.1
Amortization of inventory fair value adjustment in connection with acquisition				3.4	$ 14.2
Payments to acquire land and buildings				88.8	62.8
Property plant and equipment, net		582.3		582.3			$ 489.5
Depreciation expense		27.2	$ 26.4	55.4	$ 50.9
Decrease in operating lease right-of-use assets, net	$ 4.8
Decrease in operating lease liability current	2.4
Decrease in operating lease liability non-current	2.7
Cloud Light Technology Limited
Property, Plant and Equipment
Inventory balance from Cloud Light acquisition				$ 63.4
Amortization of inventory fair value adjustment in connection with acquisition		$ 3.1
Property, plant and equipment, net						$ 63.2
Operating lease right-of-use assets, net						$ 3.7
Cloud Light Technology Limited \| Minimum
Property, Plant and Equipment
Leases remaining term (in years)						1 year 6 months
Cloud Light Technology Limited \| Maximum
Property, Plant and Equipment
Leases remaining term (in years)						2 years 7 months 6 days
Land and Building In Caswell UK
Property, Plant and Equipment
Payments to acquire land and buildings	23.3
Capitalized asset acquisition cost	1.8
Impairment of real estate	0.3
Property plant and equipment, net	24.8
Land and Building In Caswell UK \| Land
Property, Plant and Equipment
Property plant and equipment, net	11.8
Land and Building In Caswell UK \| Building
Property, Plant and Equipment
Property plant and equipment, net	$ 13

Balance Sheet Details - Invento

Balance Sheet Details - Inventories (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Inventory, Net
Raw materials and purchased parts	$ 206.6	$ 170.5
Work in process	117.4	103.2
Finished goods	147.7	134.9
Inventories	$ 471.7	$ 408.6

Balance Sheet Details - Propert

Balance Sheet Details - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 1,200.1	$ 1,062.1
Less: Accumulated depreciation	(617.8)	(572.6)
Property, plant and equipment, net	582.3	489.5
Land
Property, Plant and Equipment
Property, plant and equipment, gross	75.2	63.5
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	189.6	170.3
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	733.3	657.9
Computer equipment and software
Property, Plant and Equipment
Property, plant and equipment, gross	44.2	41.4
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	11	10.2
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	44.7	49.6
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 102.1	$ 69.2

Balance Sheet Details - Operati

Balance Sheet Details - Operating Lease Right-of-Use Assets (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Assets and Liabilities, Lessee
Operating lease right-of-use assets	$ 109.4	$ 116.5
Less: accumulated amortization	(28.1)	(39.2)
Operating lease right-of-use assets, net	$ 81.3	$ 77.3

Balance Sheet Details - Other C

Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022
Other Liabilities, Current
Restructuring accrual and related charges	$ 10.2	$ 9.3	$ 5	$ 14.1	$ 3.1	$ 0
Warranty accrual	10.1		6.8
Deferred revenue and customer deposits	0.9		2.1
Income tax payable	17.7		28
Other current liabilities	6.1		5.9
Other current liabilities	$ 45		$ 47.8

Balance Sheet Details - Other N

Balance Sheet Details - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Other Liabilities, Noncurrent
Asset retirement obligations	$ 7.6	$ 8.2
Pension and related accruals	11.4	9.6
Unrecognized tax benefit	70.1	64.4
Other non-current liabilities	8.5	9.2
Other non-current liabilities	$ 97.6	91.4
Foreign Plan
Other Liabilities, Noncurrent
Defined benefit plan obligation non current		10.2
Switzerland
Other Liabilities, Noncurrent
Noncurrent portion of benefit obligation		$ 0.6

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Jul. 01, 2023	Dec. 30, 2023	Nov. 07, 2023
Goodwill
Goodwill	$ 1,054,600,000	$ 695,100,000	$ 1,054,600,000
Goodwill impairment	$ 0	$ 0	$ 0
Cloud Light Technology Limited
Goodwill
Goodwill				$ 359,500,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Dec. 30, 2023 USD ($)
Changes in goodwill
Balance as of July 1, 2023	$ 695.1
Goodwill, acquired during period	359.5
Balances as of December 30, 2023	1,054.6
Cloud & Networking
Changes in goodwill
Balance as of July 1, 2023	683.9
Goodwill, acquired during period	359.5
Balances as of December 30, 2023	1,043.4
Industrial Tech
Changes in goodwill
Balance as of July 1, 2023	11.2
Goodwill, acquired during period	0
Balances as of December 30, 2023	$ 11.2

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) $ in Millions	6 Months Ended
	Dec. 30, 2023 USD ($)
Acquired Finite-Lived Intangible Assets
Total intangible assets	$ 452.5
Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
Total intangible assets	333
NeoPhotonics
Acquired Finite-Lived Intangible Assets
Total intangible assets	412.5
IPG Telecom Transmission Product Lines
Acquired Finite-Lived Intangible Assets
Total intangible assets	40
Acquired developed technologies
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 228.6
Weighted Average Amortization Period (Years)	5 years 2 months 12 days
Acquired developed technologies \| Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 170
Weighted Average Amortization Period (Years)	7 years
Acquired developed technologies \| NeoPhotonics
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 220
Acquired developed technologies \| IPG Telecom Transmission Product Lines
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	8.6
Customer relationships
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 146.8
Weighted Average Amortization Period (Years)	5 years 10 months 24 days
Customer relationships \| Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 130
Weighted Average Amortization Period (Years)	7 years
Customer relationships \| NeoPhotonics
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 144.5
Customer relationships \| IPG Telecom Transmission Product Lines
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	2.3
In-process research and development
Acquired Finite-Lived Intangible Assets
In-process research and development	77.1
In-process research and development \| Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
In-process research and development	16
In-process research and development \| NeoPhotonics
Acquired Finite-Lived Intangible Assets
In-process research and development	48
In-process research and development \| IPG Telecom Transmission Product Lines
Acquired Finite-Lived Intangible Assets
In-process research and development	29.1
Order backlog \| Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 14
Weighted Average Amortization Period (Years)	1 year
Trade name and trademarks \| Cloud Light Technology Limited
Acquired Finite-Lived Intangible Assets
Acquired developed technologies and Customer relationships	$ 3
Weighted Average Amortization Period (Years)	1 year 2 months 12 days

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Acquired Developed Technology and Other Intangibles (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Finite-Lived Intangible Assets
Gross Carrying Amounts	$ 1,299.5	$ 961.5
Accumulated Amortization	(568.9)	(502.3)
Net Carrying Amounts	730.6	459.2
Acquired developed technologies
Finite-Lived Intangible Assets
Gross Carrying Amounts	807.8	630.9
Accumulated Amortization	(426.8)	(385.5)
Net Carrying Amounts	$ 381	$ 245.4
Weighted Average Remaining Amortization Period (Years)	5 years 1 month 6 days	4 years 2 months 12 days
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amounts	$ 419.8	$ 289.7
Accumulated Amortization	(139.7)	(116.8)
Net Carrying Amounts	$ 280.1	$ 172.9
Weighted Average Remaining Amortization Period (Years)	2 years 9 months 18 days	3 years 8 months 12 days
In-process research and development
Finite-Lived Intangible Assets
Gross Carrying Amounts		$ 40.9
Accumulated Amortization	$ 0	0
Net Carrying Amounts		$ 40.9
Indefinite-lived intangible asset (excluding goodwill)	54.9
Order backlog
Finite-Lived Intangible Assets
Gross Carrying Amounts	14
Accumulated Amortization	(2)
Net Carrying Amounts	12
Trade name and trademarks
Finite-Lived Intangible Assets
Gross Carrying Amounts	3
Accumulated Amortization	(0.4)
Net Carrying Amounts	$ 2.6

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Details of Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Total amortization of intangibles	$ 37.6	$ 36.1	$ 66.6	$ 68.3
Cost of sales
Finite-Lived Intangible Assets
Total amortization of intangibles	21.5	24.8	39.5	47.7
Research and development
Finite-Lived Intangible Assets
Total amortization of intangibles	0.4	0	0.7	0
Selling, general and administrative
Finite-Lived Intangible Assets
Total amortization of intangibles	$ 15.7	$ 11.3	$ 26.4	$ 20.6

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Fiscal Years
Net Carrying Amounts	$ 730.6	$ 459.2
Finite Lived Intangible Assets, Excluding In Process Research And Development
Fiscal Years
Remainder of 2024	83.8
2025	147.5
2026	131.5
2027	118.7
2028	80.5
Thereafter	113.7
Net Carrying Amounts	$ 675.7

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended	79 Months Ended
Debt - Narrative (Details)	Jun. 16, 2023 USD ($) day $ / shares Rate	Mar. 31, 2022 USD ($) day $ / shares Rate	Dec. 31, 2019 USD ($) day $ / shares Rate	Mar. 31, 2017 USD ($) day $ / shares Rate	Dec. 31, 2022 USD ($)	Oct. 01, 2022 USD ($)	Dec. 30, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)	Jul. 01, 2023 USD ($)	Sep. 30, 2023 USD ($)	Nov. 03, 2021 USD ($)	Mar. 08, 2017 USD ($)
Debt Instrument
Repurchase of common stock							$ 0	$ 35,800,000
Convertible notes, non-current							2,501,700,000		$ 2,500,000,000
Repayment of term loan							0	$ 5,900,000
Additional Paid-In Capital
Debt Instrument
Adjustments to additional paid in capital, equity component of reacquired notes									13,500,000
Convertible Debt
Debt Instrument
Principal							2,837,800,000		2,837,800,000
Discount							16,400,000		26,200,000
2029 Notes \| Convertible Debt
Debt Instrument
Principal	$ 603,700,000						$ 603,700,000		603,700,000
Debt interest rate (as a percent)	1.50%
Proceeds from the issuance of 2028 Notes, net of issuance costs	$ 599,400,000
Payments of debt issuance costs	4,300,000
Debt related professional fees	800,000
Payment for repurchase of convertible notes	132,800,000
Repurchase of common stock	$ 125,000,000
Debt instrument conversion ratio \| Rate	1.43808%
Number of days to trigger conversion \| day	20						20
Conversion threshold consecutive trading days (in days) \| day	30						30
Conversion threshold percentage of stock price trigger (as a percent)	130%						130%
Conversion threshold measurement period	5 years
Conversion threshold percentage of conversion rate from measurement period (as a percent)	98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)	100%
Debt instrument redemption threshold	$ 100,000,000
Conversion price (in usd per share) \| $ / shares	$ 69.54						$ 69.54
Sale price of common stock (in usd per share) \| $ / shares							$ 90.40
Discount							$ 4,700,000		5,100,000
2024 Notes \| Convertible Debt
Debt Instrument
Principal	$ 125,000,000			$ 450,000,000			$ 323,100,000		323,100,000
Debt interest rate (as a percent)				0.25%
Debt instrument conversion ratio \| Rate				1.64965%
Number of days to trigger conversion \| day							20
Conversion threshold consecutive trading days (in days) \| day				30			30
Conversion threshold percentage of stock price trigger (as a percent)				130%			130%
Conversion threshold measurement period				5 days
Conversion threshold percentage of conversion rate from measurement period (as a percent)				98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)				100%
Conversion price (in usd per share) \| $ / shares				$ 60.62			$ 60.62
Sale price of common stock (in usd per share) \| $ / shares				$ 78.80			$ 78.80
Discount							$ 3,400,000		11,500,000
Conversion threshold trading days \| day				20
Derivative liability fair value												$ 129,900,000
Residual principal amount of notes before issuance costs												320,100,000
Debt issuance costs												$ 7,700,000
Effective interest rate on the liability component												5.40%
Principal amount of debt converted (less than)										$ 1,900,000
Convertible notes, non-current							323,100,000		323,100,000
2028 Notes \| Convertible Debt
Debt Instrument
Principal		$ 861,000,000					$ 861,000,000		861,000,000
Debt interest rate (as a percent)		0.50%
Proceeds from the issuance of 2028 Notes, net of issuance costs		$ 854,800,000
Payments of debt issuance costs		6,200,000
Debt related professional fees		700,000
Repurchase of common stock		$ 200,000,000
Debt instrument conversion ratio \| Rate		0.76319%
Number of days to trigger conversion \| day		20					20
Conversion threshold consecutive trading days (in days) \| day		30					30
Conversion threshold percentage of stock price trigger (as a percent)		130%					130%
Conversion threshold measurement period		5 days
Conversion threshold percentage of conversion rate from measurement period (as a percent)		98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)		100%
Debt instrument redemption threshold		$ 100,000,000
Conversion price (in usd per share) \| $ / shares		$ 131.03					$ 131.03
Sale price of common stock (in usd per share) \| $ / shares		$ 170.34					$ 170.34
Liability component		$ 629,800,000
Effective interest rate percentage (as a percent)		5.70%
Discount		$ 231,200,000					$ 4,800,000		5,500,000
2026 Notes
Debt Instrument
Sale price of common stock (in usd per share) \| $ / shares			$ 129.08
2026 Notes \| Convertible Debt
Debt Instrument
Principal			$ 1,050,000,000				$ 1,050,000,000		1,050,000,000
Debt interest rate (as a percent)			0.50%
Repurchase of common stock			$ 200,000,000
Debt instrument conversion ratio \| Rate			1.00711%
Number of days to trigger conversion \| day							20
Conversion threshold consecutive trading days (in days) \| day			30				30
Conversion threshold percentage of stock price trigger (as a percent)			130%				130%
Conversion threshold measurement period			5 days
Conversion threshold percentage of conversion rate from measurement period (as a percent)			98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)			100%
Conversion price (in usd per share) \| $ / shares			$ 99.29				$ 99.29
Sale price of common stock (in usd per share) \| $ / shares							$ 129.08
Liability component			$ 734,800,000
Effective interest rate percentage (as a percent)			5.80%
Discount			$ 315,200,000				$ 3,500,000		$ 4,100,000
Repayments of debt			$ 196,000,000
Conversion threshold trading days \| day			20
2015 Mitsubishi Term Loan \| Secured Debt
Debt Instrument
Fair value of debt acquired											$ 5,900,000
Repayment of term loan					$ 5,000,000	$ 900,000

Debt - Components of Convertibl

Debt - Components of Convertible Notes (Details)		1 Months Ended			6 Months Ended
Debt - Components of Convertible Notes (Details)	Jun. 16, 2023 USD ($) day $ / shares	Mar. 31, 2022 USD ($) day $ / shares	Dec. 31, 2019 USD ($) day $ / shares	Mar. 31, 2017 USD ($) day $ / shares	Dec. 30, 2023 USD ($) day $ / shares	Jul. 01, 2023 USD ($)
2026 Notes
Liability component:
Sale price of common stock (in usd per share) \| $ / shares			$ 129.08
Convertible Debt
Liability component:
Principal					$ 2,837,800,000	$ 2,837,800,000
Unamortized debt discount and debt issuance costs					(16,400,000)	(26,200,000)
Net carrying amount of the liability component					2,821,400,000	2,811,600,000
Convertible Debt \| 2024 Notes
Liability component:
Principal	$ 125,000,000			$ 450,000,000	323,100,000	323,100,000
Unamortized debt discount and debt issuance costs					(3,400,000)	(11,500,000)
Net carrying amount of the liability component					$ 319,700,000	311,600,000
Sale price of common stock (in usd per share) \| $ / shares				$ 78.80	$ 78.80
Conversion threshold percentage of stock price trigger (as a percent)				130%	130%
Conversion price (in usd per share) \| $ / shares				$ 60.62	$ 60.62
Number of days to trigger conversion \| day					20
Conversion threshold consecutive trading days (in days) \| day				30	30
Convertible Debt \| 2026 Notes
Liability component:
Principal			$ 1,050,000,000		$ 1,050,000,000	1,050,000,000
Unamortized debt discount and debt issuance costs			$ (315,200,000)		(3,500,000)	(4,100,000)
Net carrying amount of the liability component					$ 1,046,500,000	1,045,900,000
Sale price of common stock (in usd per share) \| $ / shares					$ 129.08
Conversion threshold percentage of stock price trigger (as a percent)			130%		130%
Conversion price (in usd per share) \| $ / shares			$ 99.29		$ 99.29
Number of days to trigger conversion \| day					20
Conversion threshold consecutive trading days (in days) \| day			30		30
Convertible Debt \| 2028 Notes
Liability component:
Principal		$ 861,000,000			$ 861,000,000	861,000,000
Unamortized debt discount and debt issuance costs		$ (231,200,000)			(4,800,000)	(5,500,000)
Net carrying amount of the liability component					$ 856,200,000	855,500,000
Sale price of common stock (in usd per share) \| $ / shares		$ 170.34			$ 170.34
Conversion threshold percentage of stock price trigger (as a percent)		130%			130%
Conversion price (in usd per share) \| $ / shares		$ 131.03			$ 131.03
Number of days to trigger conversion \| day		20			20
Conversion threshold consecutive trading days (in days) \| day		30			30
Convertible Debt \| 2029 Notes
Liability component:
Principal	$ 603,700,000				$ 603,700,000	603,700,000
Unamortized debt discount and debt issuance costs					(4,700,000)	(5,100,000)
Net carrying amount of the liability component					$ 599,000,000	$ 598,600,000
Sale price of common stock (in usd per share) \| $ / shares					$ 90.40
Conversion threshold percentage of stock price trigger (as a percent)	130%				130%
Conversion price (in usd per share) \| $ / shares	$ 69.54				$ 69.54
Number of days to trigger conversion \| day	20				20
Conversion threshold consecutive trading days (in days) \| day	30				30

Debt - Interest Expense Related

Debt - Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument
Amortization of the debt discount and debt issuance costs			$ 9.7	$ 11.9
Convertible Debt
Debt Instrument
Contractual interest expense	$ 4.9	$ 2.7	9.7	5.4
Amortization of the debt discount and debt issuance costs	4.8	6.2	9.7	11.9
Total interest expense	$ 9.7	$ 8.9	$ 19.4	$ 17.3

Debt - Future Interest and Prin

Debt - Future Interest and Principal Payments (Details) - Convertible Debt $ in Millions	Dec. 30, 2023 USD ($)
Debt Instrument
2024	$ 333
2025	18.7
2026	18.7
2027	1,065.9
2028	874.4
Thereafter	617.1
Total payments	2,927.8
2024 Notes
Debt Instrument
2024	323.7
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total payments	323.7
2026 Notes
Debt Instrument
2024	2.6
2025	5.3
2026	5.3
2027	1,052.5
2028	0
Thereafter	0
Total payments	1,065.7
2028 Notes
Debt Instrument
2024	2.2
2025	4.3
2026	4.3
2027	4.3
2028	865.3
Thereafter	0
Total payments	880.4
2029 Notes
Debt Instrument
2024	4.5
2025	9.1
2026	9.1
2027	9.1
2028	9.1
Thereafter	617.1
Total payments	$ 658

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	$ 1,310.8	$ 1,355.8	$ 1,526.4	$ 1,875	$ 1,355.8	$ 1,875
Other comprehensive gain (loss), net	4	1.1	3.6	(0.6)	5.1	3
Balance at the end of the period	1,277.8	1,310.8	1,543.6	1,526.4	1,277.8	1,543.6
Unrealized loss on available-for-sale securities is presented net of tax	1		1		1.4	0.8
Total
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	5.2	4.1	(0.2)	0.4	4.1	0.4
Other comprehensive gain (loss), net	4	1.1	3.6	(0.6)
Balance at the end of the period	9.2	5.2	3.4	(0.2)	9.2	3.4
Foreign Currency Translation Adjustments, Net Of Tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	10.2	10.4	9.7	9.7	10.4	9.7
Other comprehensive gain (loss), net	0.2	(0.2)	0	0
Balance at the end of the period	10.4	10.2	9.7	9.7	10.4	9.7
Defined Benefit Obligations, Net Of Tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(0.4)	(0.4)	1	1	(0.4)	1
Other comprehensive gain (loss), net	0	0	0	0
Balance at the end of the period	(0.4)	(0.4)	1	1	(0.4)	1
Unrealized Gain (Loss) On Available-for-sale Securities, Net Of Tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(4.6)	(5.9)	(10.9)	(10.3)	(5.9)	(10.3)
Other comprehensive gain (loss), net	3.8	1.3	3.6	(0.6)
Balance at the end of the period	$ (0.8)	$ (4.6)	$ (7.3)	$ (10.9)	$ (0.8)	$ (7.3)

Restructuring and Related Cha_3

Restructuring and Related Charges - Summary of Activity of Restructuring and Related Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Summary of Restructuring Activity and Related Charges
Balance as of beginning of period	$ 9.3	$ 3.1	$ 5	$ 0
Charges	5.8	13.9	16.8	23.2
Payments	(4.9)	(2.9)	(11.6)	(9.1)
Balance as of end of period	$ 10.2	$ 14.1	$ 10.2	$ 14.1

Restructuring and Related Cha_4

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Charges	$ 5.8	$ 13.9	$ 16.8	$ 23.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (2.4)	$ 4.6	$ (3.8)	$ 23.8
Discrete tax expense related to stock based compensation	3.4	$ 4	1.6	$ 17.1
Unrecognized tax benefit that would impact tax rate if recognized	70.1		70.1
Unrecognized tax benefit reasonably expected to decrease over next 12 months	$ 2.1		$ 2.1

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			6 Months Ended
	Nov. 28, 2023	Nov. 07, 2023	Jul. 03, 2022	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Authorized (in shares)							3,000,000
Shares of common stock available for grant (in shares)				3,800,000			3,800,000		2,700,000
Share-based consideration							$ 23.5	$ 0
Stock-based compensation expense				$ 34.6		$ 36.6	66.7	83.2
Stock-based compensation capitalized to inventory					$ 14.2		$ 16.8
Cloud Light Technology Limited
Share-based Compensation Arrangement by Share-based Payment Award
Option conversion		4.375%
Stock units granted (in shares)		1,100,000
Granted (in usd per share)		$ 34.63
Fair value of share based compensation portion of consideration		$ 38.9
Share-based consideration		23.5
Unrecognized portion of tock-based compensation expense in business combination		$ 15.4
Vesting period (in years)		3 years
NeoPhotonics
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense								11.9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)							1,900,000
Stock-based compensation cost related to awards granted to employees				187.3			$ 187.3
Estimated amortization period (in years)							2 years 1 month 6 days
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)							700,000
Stock-based compensation expense				$ 0.2		6.2	$ 4.5	15
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Authorized (in shares)		3,000,000
Unrecognized portion of tock-based compensation expense in business combination		$ 36.7
2015 Plan \| Cloud Light Technology Limited
Share-based Compensation Arrangement by Share-based Payment Award
Authorized (in shares)	1,500,000
2015 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							4 years
2015 Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)				5,500,000			5,500,000
Vesting period (in years)							3 years
Fair value of share based compensation portion of consideration			$ 40.2
Options converted (in shares)							400,000
Grant date fair value (in usd per share)							$ 93.4
2015 Plan \| Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award
Share-based consideration			$ 3.5
2015 Plan \| Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							4 years
2015 Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years
2015 Plan \| Performance Stock Units \| Non Executive Employee Member
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							1 year
Stock units granted (in shares)							300,000
Fair value							$ 16
2015 Plan \| Performance Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years
Stock units granted (in shares)							400,000
Fair value							$ 19.3
2015 Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years
Shares of common stock available for grant (in shares)				3,800,000			3,800,000
2015 Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock available for grant (in shares)				900,000			900,000
Discount rate provided under purchase plan (as a percent)							15%
Look-back period (in months)							6 months
Common stock authorized for issuance under plan (in shares)				3,000,000			3,000,000
Stock-based compensation expense				$ 1		$ 0.8	$ 2.2	$ 2
Shares issued to employees (in shares)							200,000	100,000

Equity - Schedule of Assumption

Equity - Schedule of Assumptions Used to Estimate Fair Value (Details) - Cloud Light Technology Limited	Nov. 07, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Expected terms (years)	3 years
Expected volatility	45%
Risk-free interest rate	5%
Dividend yield	0%

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 34.6	$ 36.6	$ 66.7	$ 83.2
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	9	6.7	15	12.2
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	10	10.6	20.3	20.2
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 15.6	$ 19.3	$ 31.4	$ 50.8

Equity - Schedule of Income Tax

Equity - Schedule of Income Tax Benefit Associated with Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Income tax benefit associated with stock-based compensation	$ 0.6	$ 6.4	$ 2.5	$ 11.5

Equity - Stock Award Activity (

Equity - Stock Award Activity (Details) shares in Millions	6 Months Ended
Equity - Stock Award Activity (Details) shares in Millions	Dec. 30, 2023 $ / shares shares
Number of Shares
Vested/Exercised (in shares)	(0.1)
Employee Stock
Number of Shares
Balance at beginning of period (in shares)	0
Replacement options in connection with Cloud Light acquisition (in shares)	1.1
Granted (in shares)	0
Vested/Exercised (in shares)	0
Canceled (in shares)	0
Balance at end of period (in shares)	1.1
Weighted-Average Exercise Price per Share
Balance at beginning of period (in usd per share) \| $ / shares	$ 0
Replacement options in connection with Cloud Light acquisition (in usd per share) \| $ / shares	34.6
Granted (in usd per share) \| $ / shares	0
Vested/Exercised (in usd per share) \| $ / shares	8
Canceled (in usd per share) \| $ / shares	0
Balance at end of period (in usd per share) \| $ / shares	$ 34.6
Restricted Stock Units
Number of Shares
Balance at beginning of period (in shares)	2.6
Stock units granted (in shares)	1.9
Vested (in shares)	(1)
Canceled (in shares)	(0.2)
Balance at end of period (in shares)	3.3
Weighted-Average Grant Date Fair Value per Share
Balance at beginning of period (in usd per share) \| $ / shares	$ 85
Granted (in usd per share) \| $ / shares	52.6
Vested (in usd per share) \| $ / shares	87.4
Canceled (in usd per share) \| $ / shares	78.5
Balance at end of period (in usd per share) \| $ / shares	$ 66.2
Performance Stock Units
Number of Shares
Balance at beginning of period (in shares)	0.6
Stock units granted (in shares)	0.7
Vested (in shares)	(0.1)
Canceled (in shares)	(0.1)
Balance at end of period (in shares)	1.1
Weighted-Average Grant Date Fair Value per Share
Balance at beginning of period (in usd per share) \| $ / shares	$ 89.1
Granted (in usd per share) \| $ / shares	53.2
Vested (in usd per share) \| $ / shares	89.5
Canceled (in usd per share) \| $ / shares	88.9
Balance at end of period (in usd per share) \| $ / shares	$ 65.9

Equity - Awards Available for G

Equity - Awards Available for Grant (Details) shares in Millions	6 Months Ended
	Dec. 30, 2023 shares
Awards Available for Grant
Balance as of beginning of period (in shares)	2.7
Authorized in connection with Cloud Light acquisition (in shares)	1.5
Replacement options in connection with Cloud Light acquisition (in shares)	(1.1)
Authorized (in shares)	3
Granted (in shares)	(2.6)
Canceled (in shares)	0.3
Balance as of end of period (in shares)	3.8

Equity - Employee Stock Purchas

Equity - Employee Stock Purchase Plan Activity Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 34.6	$ 36.6	$ 66.7	$ 83.2
2015 Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1	$ 0.8	$ 2.2	$ 2
Shares issued to employees (in shares)			0.2	0.1

Equity - Repurchase and Retirem

Equity - Repurchase and Retirement of Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended		32 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Repurchase of common stock	$ 0	$ 35.8
Share Buyback Program
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for repurchase (up to)	1,200		$ 1,200
Repurchases of common stock (in shares)		0.3	7.7
Average cost per share (in usd per share)		$ 89.80	$ 81.66
Repurchase of common stock		$ 25.7	$ 630.4
Remaining authorized repurchase amount	$ 569.6		$ 569.6

Commitments and Contingencies -

Commitments and Contingencies - Purchase Obligations Narrative (Details) $ in Millions	6 Months Ended
	Dec. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legally-binding purchase commitment obligations	$ 423.8
Typical duration of supply agreements with single or limited source vendors (in years)	1 year

Commitments and Contingencies_2

Commitments and Contingencies - Product Warranties Narrative (Details)	6 Months Ended
	Dec. 30, 2023
Minimum
Loss Contingencies
Product warranty term (in months)	6 months
Maximum
Loss Contingencies
Product warranty term (in months)	5 years

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Changes in Warranty Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of beginning of period	$ 5.5	$ 10.1	$ 6.8	$ 10
Provision for warranty	0.8	2.8	1	5
Utilization of reserve, net	(1.4)	(4.5)	(2.9)	(6.6)
Balance as of end of period	10.1	8.4	10.1	8.4
Cloud Light Technology Limited
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty assumed from Cloud Light	$ 5.2	$ 0	$ 5.2	$ 0

Commitments and Contingencies_4

Commitments and Contingencies - Litigation Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 lawsuit	Jul. 01, 2023 USD ($)
Business Acquisition
Accrual for legal expenses \| $		$ 7.8
Oclaro
Business Acquisition
Number of lawsuits filed	7
Number of pending claims	1

Operating Segments and Geogra_3

Operating Segments and Geographic Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 30, 2023 USD ($) vendor customer	Dec. 31, 2022 USD ($) customer vendor	Dec. 30, 2023 USD ($) region vendor segment customer	Dec. 31, 2022 USD ($) vendor customer	Jul. 01, 2023 customer
Concentration Risk
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Excess and obsolete inventory		$ 5.4		$ 5.5
Income on short-term investments and cash equivalents		$ 7.7		$ 12.5
Number of geographic regions \| region			3
Inventory Purchases \| Customer Concentration Risk \| Vendor
Concentration Risk
Number of vendors \| vendor	2		2
Concentration risk (as a percent)	33%		43%
Inventory Purchases \| Customer Concentration Risk \| One Vendors
Concentration Risk
Number of vendors \| vendor		1
Concentration risk (as a percent)		43%
Inventory Purchases \| Customer Concentration Risk \| Two Vendors
Concentration Risk
Number of vendors \| vendor				2
Concentration risk (as a percent)				52%
Three Customers \| Revenue \| Customer Concentration Risk
Concentration Risk
Number of customers \| customer	3		3
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Number of customers \| customer					3
Customer One \| Revenue \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)	19%		14%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)		19%	20%	18%	14%
Customer Two \| Revenue \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)	13%		12%
Customer Two \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)		12%		15%	12%
Customer Three \| Revenue \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)	11%		12%
Customer Three \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Concentration risk (as a percent)					12%
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Number of customers \| customer		2		2
One Customer \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk
Number of customers \| customer			1
Corporate, Non-Segment
Concentration Risk
Other charges related to trade restrictions	$ 9.5	$ 11.7	$ 9.2	$ 19
Other charges related to legal and tax matters	4.6	4.5	5.4	4.5
Charges to acquire components	1		3.9
Income on short-term investments and cash equivalents	17.1	7.7	38.8	12.5
Net foreign exchange gains (losses)	$ (3.7)	$ (4.1)	$ (4.2)	$ 4.9

Operating Segments and Geogra_4

Operating Segments and Geographic Information - Schedule of Information on Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Information on reportable segments
Net revenue	$ 366.8	$ 506	$ 684.4	$ 1,012.8
Total segment profit	64	166.2	140.7	367.4
Stock-based compensation	(34.6)	(36.6)	(66.7)	(83.2)
Amortization of acquired intangibles	(37.6)	(36.1)	(66.6)	(68.3)
Restructuring and related charges	(5.8)	(13.9)	(16.8)	(23.2)
Interest expense	(9.7)	(8.9)	(19.4)	(17.4)
Other income, net	13.4	3.7	34.6	17.5
Consolidated loss before income taxes	(101.5)	(27.1)	(170.8)	(8.3)
Operating Segments
Information on reportable segments
Net revenue	366.8	506	684.4	1,012.8
Total segment profit	41.8	149.6	81	320.1
Operating Segments \| Cloud & Networking
Information on reportable segments
Net revenue	286.7	382.9	516.4	743
Total segment profit	29.1	99.9	53	201.6
Operating Segments \| Industrial Tech
Information on reportable segments
Net revenue	80.1	123.1	168	269.8
Total segment profit	12.7	49.7	28	118.5
Corporate, Non-Segment
Information on reportable segments
Selling, general and administrative	(28.8)	(32.9)	(57.4)	(66)
Stock-based compensation	(34.6)	(36.6)	(66.7)	(71.3)
Stock-based compensation - acquisition related	0	0	0	(11.9)
Amortization of acquired intangibles	(37.6)	(36.1)	(66.6)	(68.3)
Amortization of acquired inventory fair value adjustments	(3.4)	(9.6)	(3.4)	(14.2)
Acquisition related costs	(9)	0	(13)	(16.2)
Integration related costs	(11.6)	(8)	(22.9)	(8.6)
Restructuring and related charges	(5.8)	(13.9)	(16.8)	(23.2)
Abnormal excess capacity	(1.8)	0	(1.8)	0
Litigation matters	0	(7.8)	0	(7.8)
Other charges, net	(14.4)	(26.6)	(18.4)	(41)
Interest expense	(9.7)	(8.9)	(19.4)	(17.4)
Other income, net		3.7	34.6	17.5
Consolidated loss before income taxes	$ (101.5)	$ (27.1)	$ (170.8)	$ (8.3)

Operating Segments and Geogra_5

Operating Segments and Geographic Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Net revenue and identifiable assets by geographic regions
Amount	$ 366.8	$ 506	$ 684.4	$ 1,012.8
Americas:
Net revenue and identifiable assets by geographic regions
Amount	$ 135.2	$ 128.8	$ 201.2	$ 250.8
Americas: \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	36.90%	25.50%	29.40%	24.80%
United States
Net revenue and identifiable assets by geographic regions
Amount	$ 103	$ 65.5	$ 144.1	$ 127.7
United States \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	28.10%	12.90%	21%	12.60%
Mexico
Net revenue and identifiable assets by geographic regions
Amount	$ 31.4	$ 59.5	$ 55.1	$ 117
Mexico \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	8.60%	11.80%	8.10%	11.60%
Other Americas
Net revenue and identifiable assets by geographic regions
Amount	$ 0.8	$ 3.8	$ 2	$ 6.1
Other Americas \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	0.20%	0.80%	0.30%	0.60%
Asia-Pacific:
Net revenue and identifiable assets by geographic regions
Amount	$ 201.2	$ 331.3	$ 420.2	$ 667.8
Asia-Pacific: \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	54.80%	65.40%	61.40%	65.90%
Hong Kong
Net revenue and identifiable assets by geographic regions
Amount	$ 65.7	$ 65.9	$ 130.6	$ 143.5
Hong Kong \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	17.90%	13%	19.10%	14.20%
South Korea
Net revenue and identifiable assets by geographic regions
Amount	$ 20.8	$ 52	$ 45.8	$ 119.7
South Korea \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	5.70%	10.30%	6.70%	11.80%
Japan
Net revenue and identifiable assets by geographic regions
Amount	$ 25.9	$ 50.8	$ 51.3	$ 95.6
Japan \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	7.10%	10%	7.50%	9.40%
Thailand
Net revenue and identifiable assets by geographic regions
Amount	$ 39.3	$ 77.9	$ 103.5	$ 135.4
Thailand \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	10.70%	15.40%	15.10%	13.40%
Other Asia-Pacific
Net revenue and identifiable assets by geographic regions
Amount	$ 49.5	$ 84.7	$ 89	$ 173.6
Other Asia-Pacific \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	13.40%	16.70%	13%	17.10%
EMEA
Net revenue and identifiable assets by geographic regions
Amount	$ 30.4	$ 45.9	$ 63	$ 94.2
EMEA \| Geographic Concentration Risk \| Total Net Revenue
Net revenue and identifiable assets by geographic regions
Concentration risk (as a percent)	8.30%	9.10%	9.20%	9.30%

Operating Segments and Geogra_6

Operating Segments and Geographic Information - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Property, plant and equipment, net
Total property, plant and equipment, net	$ 582.3	$ 489.5
United States
Property, plant and equipment, net
Total property, plant and equipment, net	136.1	134.7
Thailand
Property, plant and equipment, net
Total property, plant and equipment, net	134.3	132
Japan
Property, plant and equipment, net
Total property, plant and equipment, net	84.3	93
United Kingdom
Property, plant and equipment, net
Total property, plant and equipment, net	76.6	38.2
China
Property, plant and equipment, net
Total property, plant and equipment, net	94	42.1
Other countries
Property, plant and equipment, net
Total property, plant and equipment, net	$ 57	$ 49.5

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	6 Months Ended
Revenue Recognition - Narrative (Details)	Dec. 30, 2023 segment
Revenue Recognition and Deferred Revenue [Abstract]
Number of reportable segments	2

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Percentage of Total Net Revenue Attributable to Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Concentration Risk
Amount	$ 366.8	$ 506	$ 684.4	$ 1,012.8
Operating Segments
Concentration Risk
Amount	366.8	506	684.4	1,012.8
Cloud & Networking \| Operating Segments
Concentration Risk
Amount	$ 286.7	$ 382.9	$ 516.4	$ 743
Cloud & Networking \| Revenue \| Product Offerings
Concentration Risk
Concentration risk (as a percent)	78.20%	75.70%	75.50%	73.40%
Industrial Tech \| Operating Segments
Concentration Risk
Amount	$ 80.1	$ 123.1	$ 168	$ 269.8
Industrial Tech \| Revenue \| Product Offerings
Concentration Risk
Concentration risk (as a percent)	21.80%	24.30%	24.50%	26.60%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Contract Balances (Details) $ in Millions	6 Months Ended
	Dec. 30, 2023 USD ($)
Accounts receivable, net
Accounts receivable, net, beginning balance	$ 246.1
Accounts receivable, net, change	2.2
Accounts receivable, net, ending balance	$ 248.3
Accounts receivable, net, percentage change (as a percent)	0.90%
Deferred revenue and customer deposits
Deferred revenue and customer deposits, beginning balance	$ 2.1
Deferred revenue and customer deposits, change	(1.2)
Deferred revenue and customer deposits, ending balance	$ 0.9
Deferred revenue and customer deposits, percentage change (as a percent)	(57.10%)

Uncategorized Items - lite-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]