Discontinued Operations (Tables)

9 Months Ended

Apr. 02, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table presents supplemental cash flow information: depreciation expense, amortization expense, stock based compensation expense and capital expenditures of the Lumentum business (in millions):

	Nine Months Ended
	April 2, 2016		March 28, 2015
Operating activities:
Depreciation expense	$	3.7	$	32.3
Amortization expense	0.6		6.0
Stock-based compensation expense	1.6		14.4
Investing activities:
Capital expenditures	$	5.8	$	34.0

The following table summarizes results from discontinued operations of the Lumentum business included in the condensed Consolidated Statement of Operations (in millions):

	Three Months Ended (1)			Nine Months Ended
	March 28, 2015			April 2, 2016			March 28, 2015
Net revenues	$	198.3		$	66.5		$	627.3
Cost of revenues	139.1			49.8			426.5
Amortization of acquired technologies	1.9			0.6			5.7
Gross profit	57.3			16.1			195.1
Operating expenses:
Research and development	34.6			12.5			104.4
Selling, general and administrative	21.3			24.7			57.3
Restructuring charges	0.5			0.1			2.9
Total operating expenses	56.4			37.3			164.6
Income (loss) from operations	0.9			(21.2		)	30.5
Interest and other income (expense), net	(0.5		)	—			(0.8		)
Income (loss) before income taxes	0.4			(21.2		)	29.7
(Benefit from) provision for income taxes	(22.2		)	24.4			(21.6		)
Net income (loss) from discontinued operations	$	22.6		$	(45.6	)	$	51.3

(1)  Net income from discontinued operations for the three months endedApril 2, 2016 of $5.0 million is comprised of costs to complete the separation offset by a benefit attributable to income taxes from discontinued operations of $6.1 million. No income or expense relating to the Lumentum business has been recorded after the separation from Viavi on August 1, 2015.

The following table presents the carrying amounts of the major classes of the assets and liabilities of the Lumentum business which are presented as discontinued operation on the Consolidated Balance Sheets (in millions).

	June 27, 2015
Assets:
Cash and cash equivalents	$	13.4
Accounts receivable, net	150.2
Inventories, net	100.0
Prepayments and other current assets	46.6
Current assets of discontinued operations	310.2
Property, plant and equipment, net	145.4
Goodwill	5.6
Intangibles, net	21.8
Other non-current assets	31.4
Non-current assets of discontinued operations	204.2
Total assets of discontinued operations	$	514.4
Liabilities:
Accounts payable	$	79.1
Accrued payroll and related expenses	18.3
Income taxes payable	3.7
Accrued expenses	17.5
Other current liabilities	11.4
Current liabilities of discontinued operations	130.0
Non-current liabilities of discontinued operations	10.9
Total liabilities of discontinued operations	$	140.9