Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents our goodwill by reportable segments as of September 30, 2023 and July 1, 2023 (in millions):

	Cloud & Networking		Industrial Tech		Total
Balances as of September 30, 2023 and July 1, 2023	$	683.9	$	11.2	$	695.1

Schedule of Acquired Developed Technology and Other Intangibles

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 (Years)
	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 intangibles as of the periods presented (in millions, except for weighted average remaining amortization period):

September 30, 2023	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	636.4	$	(404.4)	$	232.0	4.0
Customer relationships	289.7		(126.9)		162.8		3.5
In-process research and development	40.4		—		40.4		n/a
Total intangible assets	$	966.5	$	(531.3)	$	435.2

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
	September 30, 2023		October 1, 2022
Cost of sales	$	18.0	$	22.9
Research and development	0.3		—
Selling, general and administrative	10.7		9.3
Total amortization of intangibles	$	29.0	$	32.2

Schedule of Estimated Future Amortization Expense

Based on the carrying amount of our acquired developed technologies and customer relationships as of September 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	$	83.4
2025	98.6
2026	89.0
2027	76.2
2028	38.1
Thereafter	9.5
Total future amortization	$	394.8