Restructuring and Related Charges

3 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

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 in the first quarter of fiscal 2023.

The following table summarizes activities of restructuring and related charges for the periods as presented (in millions):


	Three Months Ended
	September 30, 2023		October 1, 2022
Balance as of beginning of period	$	5.0	$	—
Charges	11.0		9.3
Payments	(6.7)		(6.2)
Balance as of end of period	$	9.3	$	3.1

During the three months ended September 30, 2023, we recorded restructuring and related charges of $11.0 million in our condensed consolidated statements of operations, which was primarily due to company-wide cost reduction initiatives, as well as our integration efforts as a result of the merger with NeoPhotonics.

During the three months ended October 1, 2022, we recorded restructuring and related charges of $9.3 million in our condensed consolidated statements of operations, which was primarily attributable to severance and employee-related benefits associated with NeoPhotonics’ executive severance and retention agreements. These retention agreements provide, under certain circumstances, for payments and benefits upon an involuntary termination of employment.

Any changes in the estimates of executing our restructuring activities will be reflected in our future results of operations.