Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Mar. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents goodwill by reportable segments as of March 30, 2024 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 (1)	360.8		—		360.8
Balances as of March 30, 2024	$	1,044.7	$	11.2	$	1,055.9

(1) We recorded $359.5 million of goodwill as of the acquisition date and $1.3 million of measurement period adjustments to increase goodwill during the third quarter of fiscal 2024.

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 (Years)
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

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

March 30, 2024	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	807.8	$	(450.1)	$	357.7	5.0
Customer relationships	419.8		(154.5)		265.3		5.2
In-process research and development	54.9		—		54.9		n/a
Order backlog	14.0		(5.4)		8.6		0.6
Trade name and trademarks	3.0		(1.0)		2.0		0.8
Total intangible assets	$	1,299.5	$	(611.0)	$	688.5

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				Nine Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Cost of sales	$	22.3	$	18.7	$	61.8	$	66.4
Research and development	0.4		—		1.1		—
Selling, general and administrative	19.4		11.3		45.8		31.9
Total amortization of intangibles	$	42.1	$	30.0	$	108.7	$	98.3

Schedule of Estimated Future Amortization Expense

Based on the carrying amount of our acquired intangible assets except in-process research and development as of March 30, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

Fiscal Years
Remainder of 2024	$	41.7
2025	147.5
2026	131.5
2027	118.7
2028	80.5
Thereafter	113.7
Total future amortization	$	633.6