Revenue from Contracts with Customers

6 Months Ended

Dec. 31, 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 and six months ended December 31, 2022 and 2021 ($000):

	Three Months Ended December 31, 2022								Six Months Ended December 31, 2022
	Networking		Materials		Lasers		Total		Networking		Materials		Lasers		Total
Industrial	$	15,926	$	149,454	$	284,851	$	450,231	34,619		293,537		583,092		911,248
Communications	579,393		20,662		—		600,055		1,142,914		42,539		—		1,185,453
Electronics	3,003		196,952		—		199,955		6,825		373,574		—		380,399
Instrumentation	10,358		15,328		94,358		120,044		20,870		28,390		188,495		237,755
Total Revenues	$	608,680	$	382,396	$	379,209	$	1,370,285	$	1,205,228	$	738,040	$	771,587	$	2,714,855

	Three Months Ended December 31, 2021						Six Months Ended December 31, 2021
	Networking		Materials		Total		Networking		Materials		Total
Industrial	$	19,996	$	166,864	$	186,860	41,725		321,748		363,473
Communications	483,640		23,562		507,202		982,271		43,437		1,025,708
Electronics	3,360		83,423		86,783		6,328		160,443		166,771
Instrumentation	9,545		16,429		25,974		17,230		28,748		45,978
Total Revenues	$	516,541	$	290,278	$	806,819	$	1,047,554	$	554,376	$	1,601,930

Contract LiabilitiesPayments 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 six months ended December 31, 2022, the Company recognized revenue of $9 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 $181 million of contract liabilities recorded in the Condensed Consolidated Balance Sheet as of December 31, 2022. Contract liabilities acquired from the Merger totaled $77 million. As of December 31, 2022, $114 million of deferred revenue is included other accrued liabilities and $67 million is included within other liabilities on the Condensed Consolidated Balance Sheet.