Segment Reporting

3 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company reports its business segments using the “management approach” model for segment reporting. This means that the Company determines its reportable business segments based on the way the chief operating decision maker organizes business segments within the Company for making operating decisions and assessing financial performance.

The Company reports its financial results in the following two segments: (i) Compound Semiconductors, and (ii) Photonic Solutions, and the Company’s chief operating decision maker receives and reviews financial information based on these segments.  The Company evaluates business segment performance based upon segment operating income, which is defined as earnings before income taxes, interest and other income or expense. The segments are managed separately due to the market, production requirements and facilities unique to each segment.

Ascatron is presented within the Compound Semiconductors segment since the date of acquisition.

The accounting policies are consistent across each segment. To the extent possible, the Company’s corporate expenses and assets are allocated to the segments. Unallocated and Other includes eliminating inter-segment sales and transfers, the results of Finisar since the acquisition date through September 30, 2019, and transaction costs related to the Finisar transaction.

The following tables summarize selected financial information of the Company’s operations by segment ($000):

	Three Months Ended September 30, 2020
	Photonic Solutions		Compound Semiconductors		Unallocated & Other		Total
Revenues	$	497,727	$	230,357	$	—	$	728,084
Inter-segment revenues	7,216		67,087		(74,303)		—
Operating income	50,435		50,695		—		101,130
Interest expense	—		—		—		(17,214)
Other expense, net	—		—		—		(24,339)
Income taxes	—		—		—		(13,311)
Net earnings	—		—		—		46,266
Depreciation and amortization	38,687		25,998		—		64,685
Expenditures for property, plant & equipment	21,234		12,558		—		33,792
Segment assets	3,586,125		1,884,494		—		5,470,619
Goodwill	1,049,150		205,188		—		1,254,338

	Three Months Ended September 30, 2019
	Photonic Solutions		Compound Semiconductors		Unallocated & Other		Total
Revenues	$	141,357	$	177,001	$	22,051	$	340,409
Inter-segment revenues	2,650		13,933		(16,583)		—
Operating income (loss)	13,024		26,521		(58,019)		(18,475)
Interest expense	—		—		—		(6,968)
Other income, net	—		—		—		(5,079)
Income taxes	—		—		—		4,524
Net earnings	—		—		—		(25,998)
Depreciation and amortization	6,816		16,389		3,743		26,948
Expenditures for property, plant & equipment	9,389		13,483		2,764		25,636