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Operating Segments and Geographic Information (Tables)
 12 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments
Information on reportable segments utilized by our CODM is as follows (in millions):
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Net revenue:
Cloud & Networking$1,084.9 $1,322.5 $1,008.7 
Industrial Tech274.3 444.5 703.9 
Net revenue
$1,359.2 $1,767.0 $1,712.6 
Segment profit:
Cloud & Networking$124.5 $313.2 $266.9 
Industrial Tech25.1 152.7 373.5 
Total segment profit149.6 465.9 640.4 
Unallocated corporate items:
Selling, general and administrative (1)
(111.8)(126.7)(113.4)
Stock-based compensation
(128.8)(136.5)(103.1)
Stock-based compensation - acquisition related— (11.9)— 
Amortization of acquired intangibles
(150.6)(127.7)(85.5)
Amortization of acquired inventory fair value adjustments(8.3)(17.8)— 
           Acquisition related costs (13.3)(11.5)— 
Integration related costs
(37.1)(28.6)— 
Restructuring and related charges(72.6)(28.1)1.1 
Abnormal excess capacity (2)
(20.7)— — 
Litigation matters— (7.8)— 
Intangible asset write-off— (21.3)— 
Other charges, net (3)
(40.4)(63.7)(36.2)
Interest expense(33.8)(35.5)(80.2)
Other income, net (4)
62.1 48.8 12.0 
Consolidated Income (loss) before income taxes$(405.7)$(102.4)$235.1 
(1) We do not allocate selling, general and administrative expenses that are not directly attributable to our operating segments.
(2) Abnormal excess capacity for the twelve months ended June 29, 2024 represents excess capacity attributable to a near-term reduction in our manufacturing production, primarily driven by our non-recurring inventory reduction effort following the disruptions in the supply chain due to the COVID-19 pandemic and factory consolidation efforts.
(3) Other charges, net for the year ended June 29, 2024 primarily relate to $11.2 million of net excess and obsolete inventory, $12.4 million of non-recurring legal and tax related fees, $4.9 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand and $3.4 million of one-time charge as a result of contract termination with one of our vendors due to a change in our manufacturing strategy, offset by various miscellaneous gains. The excess and obsolete inventory charges relate to charges that are not attributable to our operating segments due to their unusual nature, primarily those charges driven by U.S. trade restrictions whereby we are no longer able to sell certain products to one of our customers.
Other charges, net for the year ended July 1, 2023 primarily relate to $32.5 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $12.5 million of non-recurring legal and professional fees, $5.4 million of excess and obsolete inventory charges primarily driven by synergies as a result of the NeoPhotonics integration and $2.7 million of excess and obsolete inventory charges driven by U.S. trade restrictions and the related decline in demand from Huawei.
Other charges, net for the year ended July 2, 2022 primarily relate to $14.0 million of incremental costs of sales related to components previously acquired from various brokers to satisfy customer demand, $8.4 million of transaction costs related to the acquisition of NeoPhotonics and $9.4 million of professional service fees related to optimizing our international legal structure, offset by a $5.9 million gain from selling equipment that was no longer needed after we transferred certain product lines to new production facilities in fiscal 2021.
(4) Other income, net for the year ended June 29, 2024 includes interest and investment income of $61.3 million, and foreign exchange gains, net of $0.8 million.
Other income, net for the year ended July 1, 2023 includes interest and investment income of $40.8 million, foreign exchange gains, net of $7.0 million and other income, net of $1.0 million.
Other income, net for the year ended July 2, 2022 includes interest and investment income of $6.1 million, foreign exchange gains, net of $6.1 million, offset by other expense, net of $0.2 million.
Schedule of Revenue by Geographic Region The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that represented 10% or more of our total net revenue (in millions, except percentage data):
 Years Ended
 June 29, 2024July 1, 2023July 2, 2022
Amount% to TotalAmount% to TotalAmount% to Total
Net revenue:
Americas:
United States
$356.1 26.2 %$241.3 13.7 %$173.9 10.2 %
Mexico91.7 6.7 180.0 10.2 160.9 9.4 
Other Americas
3.4 0.3 9.3 0.5 12.1 0.7 
Total Americas
$451.2 33.2 %$430.6 24.4 %$346.9 20.3 %
Asia-Pacific:
Thailand$183.8 13.5 %$269.0 15.2 %$102.3 5.9 %
Hong Kong
261.9 19.3 246.7 14.0 458.2 26.7 
South Korea
75.2 5.5 170.2 9.6 265.2 15.5 
Japan
84.6 6.2 179.5 10.2 181.2 10.6 
Other Asia-Pacific
174.3 12.9 276.3 15.6 242.4 14.2 
Total Asia-Pacific
$779.8 57.4 %$1,141.7 64.6 %$1,249.3 72.9 %
EMEA$128.2 9.4 %$194.7 11.0 %$116.4 6.8 %
Total net revenue
$1,359.2 100.0 %$1,767.0 100.0 %$1,712.6 100.0 %
We purchase a portion of our inventory from contract manufacturers and vendors located primarily in Thailand, Taiwan and Malaysia. The following table sets forth inventory purchase from a single contract manufacturer that represented 10% or greater of our total net inventory purchases for the periods presented:
June 29, 2024July 1, 2023
Contract Manufacturer A30.3 %42.5%
Schedule of Concentration Risks
During the years ended June 29, 2024, July 1, 2023, and July 2, 2022, net revenue generated from a single customer which represented 10% or greater of total net revenue is summarized as follows:
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Customer A18.9 %**
Customer B*12.1 %28.7 %
Customer C11.4 %15.3 %12.6 %
Customer D*10.5 %*
*Represents less than 10% of total net revenue
The following table sets forth accounts receivable from a single customer that represented 10% or greater of the total accounts receivable for the periods presented:
June 29, 2024July 1, 2023
Customer 112.9 %*
Customer 2*14.3 %
Customer 3*11.9 %
Customer 4*11.9 %
*Represents less than 10% of total accounts receivable
The table below discloses our total net revenue attributable to each of our two reportable segments (in millions, except percentage data):
 Years Ended
 June 29, 2024July 1, 2023July 2, 2022
Amount% to TotalAmount% to TotalAmount% to Total
Cloud & Networking$1,084.9 79.8 %$1,322.5 74.8 %$1,008.7 58.9 %
Industrial Tech274.3 20.2 %444.5 25.2 %703.9 41.1 %
Net revenue$1,359.2 100.0 %$1,767.0 100.0 %$1,712.6 100.0 %
Schedule of Long-Lived Assets by Geographic Region
Long-lived assets, namely property, plant and equipment, net, were identified based on the physical location of the assets in the corresponding geographic areas as of the periods indicated (in millions):
June 29, 2024July 1, 2023
Property, plant and equipment, net
United States
$131.0 $134.7 
Thailand
141.0 132.0 
Japan75.7 93.0 
United Kingdom83.8 38.2 
China85.7 42.1 
Other countries
55.3 49.5 
Total property, plant and equipment, net$572.5 $489.5