Restructuring

6 Months Ended

Dec. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Note 13. Restructuring

The Company’s restructuring events are primarily intended to reduce costs, consolidate operations, integrate various acquisitions, streamline product manufacturing and address market conditions. Restructuring charges include severance, benefits and outplacement costs to eliminate a specified number of positions. The timing of associated cash payments is dependent upon the jurisdiction of the affected employees and can extend over multiple periods.

Fiscal 2024 Plan

During the fourth quarter of fiscal 2024, management approved a restructuring and workforce reduction plan (the Fiscal 2024 Plan) across our Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) segments and Corporate (Corp) functions intended to improve operational efficiencies and better align the Company’s workforce with current business needs. During the second quarter of fiscal 2025, the headcount impacted by this plan increased by approximately 30 employees. The Company expects approximately 7% of its global workforce to be affected. The Company anticipates the Fiscal 2024 Plan to be substantially complete by the end of fiscal 2025.

Fiscal 2023 Plan

The restructuring and workforce reduction plan initiated in the second quarter of fiscal 2023 (the Fiscal 2023 Plan) across various functions to better align the Company’s workforce with current business needs and strategic growth opportunities was completed in the first quarter of fiscal 2025. The Fiscal 2023 Plan impacted approximately 5% of the Company’s global workforce.

A summary of the activity in the restructuring accrual is outlined below (in millions):

	Balance as of June 29, 2024		Restructuring and related charges (benefits)		Cash settlements		Balance as of December 28, 2024
Fiscal 2024 Plan
NSE/Corp	$	13.4	$	1.5	$	(9.4)	$	5.5
OSP	1.2		(0.1)		(0.9)		0.2
Fiscal 2024 Plan	14.6		1.4		(10.3)		5.7
Fiscal 2023 Plan
NSE	0.3		(0.2)		(0.1)		—
Fiscal 2023 Plan	0.3		(0.2)		(0.1)		—
Total (1)	$	14.9	$	1.2	$	(10.4)	$	5.7

(1)Included in Other current liabilities on the Consolidated Balance Sheet as of December 28, 2024 and certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheet as of June 29, 2024.