Revenue Recognition

12 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 18. 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):

	Years Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Amount		% to Total		Amount		% to Total		Amount		% to Total
Cloud & Networking	$	1,084.9	79.8	%	$	1,322.5	74.8	%	$	1,008.7	58.9	%
Industrial Tech	274.3		20.2	%	444.5		25.2	%	703.9		41.1	%
Net revenue	$	1,359.2	100.0	%	$	1,767.0	100.0	%	$	1,712.6	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	June 29, 2024		July 1, 2023		Change		Percentage Change
Accounts receivable, net	Accounts receivable, net	$	194.7	$	246.1	$	(51.4)	(20.9)%
Deferred revenue and customer deposits	Other current liabilities	$	0.6	$	2.1	$	(1.5)	(71.4)%