Revenue from Contracts with Customers

3 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The Company believes that disaggregating revenue by end market provides the most relevant information regarding the nature, amount, timing, and uncertainty of revenues and cash flows.

As of July 1, 2022, the Company disaggregates revenue into four end markets: industrial, communications, electronics and instrumentation. All prior period market and segment disclosure information has been reclassified to conform to the current reporting structure.

Effective July 1, 2022, the Company updated the operating segments due to the closing of the Merger. In addition, prior year numbers were recast to reflect the transfer of two entities between the Networking and Materials segments. See Note 13. Segment Reporting for further details.

The following tables summarize disaggregated revenue for the three months ended September 30, 2022 and 2021 ($000):

	Three Months Ended September 30, 2022
	Networking		Materials		Lasers		Total
Industrial	$	18,693	$	144,083	$	298,241	$	461,017
Communications	563,521		21,877		—		585,398
Electronics	3,822		176,622		—		180,444
Instrumentation	10,512		13,062		94,137		117,711
Total Revenues	$	596,548	$	355,644	$	392,378	$	1,344,570

	Three Months Ended September 30, 2021
	Networking		Materials		Total
Industrial	$	21,729	$	154,884	$	176,613
Communications	498,632		19,875		518,507
Electronics	2,967		77,020		79,987
Instrumentation	7,685		12,319		20,004
Total Revenues	$	531,013	$	264,098	$	795,111

Contract Liabilities

Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Contract liabilities relate to billings in advance of performance under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed. During the three months ended September 30, 2022, the Company recognized revenue of $6 million related to customer payments that were included as contract liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2022. The Company had $191 million of contract liabilities recorded in the Condensed Consolidated Balance Sheet as of September 30, 2022. Contract liabilities acquired from the Merger totaled $77 million. As of September 30, 2022, $108 million of deferred revenue is included other accrued liabilities and $83 million is included within other liabilities on the Condensed Consolidated Balance Sheet.