Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Dec. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents goodwill by reportable segments as of December 28, 2024 and June 29, 2024 (in millions):

	Cloud & Networking		Industrial Tech		Total
Balances as of June 29, 2024	$	1,044.6	$	11.2	$	1,055.8
Acquisition of Cloud Light (1)	5.1		—		5.1
Balances as of December 28, 2024	$	1,049.7	$	11.2	$	1,060.9

(1) During the six months ended December 28, 2024, we adjusted the purchase price allocation and recorded a $5.1 million increase to goodwill. The primary adjustment to the opening balance sheet relates to income tax liabilities which were not known in previous periods.

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 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 28, 2024	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	818.1	$	(518.8)	$	299.3	4.5
Customer relationships	419.8		(198.0)		221.8		4.5
In-process research and development	13.6		—		13.6		n/a
Order backlog	14.0		(14.0)		—		—
Trade name and trademarks	3.0		(2.8)		0.2		0.1
Total intangible assets	$	1,268.5	$	(733.6)	$	534.9

June 29, 2024	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	818.1	$	(473.0)	$	345.1	4.8
Customer relationships	419.8		(169.4)		250.4		4.9
In-process research and development	15.5		—		15.5		n/a
Order backlog	14.0		(8.9)		5.1		0.4
Trade name and trademarks	3.0		(1.6)		1.4		0.6
Total intangible assets	$	1,270.4	$	(652.9)	$	617.5

Schedule of Amortization Expense

The following table presents details of amortization for the periods presented (in millions):

	Three Months Ended				Six Months Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Cost of sales	$	21.4	$	21.5	$	43.9	$	39.5
Research and development	0.4		0.4		0.8		0.7
Selling, general and administrative	17.2		15.7		36.0		26.4
Total amortization of intangibles	$	39.0	$	37.6	$	80.7	$	66.6

Schedule of Estimated Future Amortization Expense

Based on the carrying amount of our acquired intangible assets except in-process research and development as of December 28, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

Fiscal Years
Remainder of 2025	$	68.6
2026	133.3
2027	121.0
2028	81.5
2029	51.8
Thereafter	65.1
Total future amortization	$	521.3