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Revenue from Contracts with Customers
 12 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
We believe that disaggregating revenue by end market provides the most relevant information regarding the nature, amount, timing, and uncertainty of revenues and cash flows.
Effective July 1, 2022, we disaggregate 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.
As a result of the Merger, we now have the following operating segments: Networking, Materials and Lasers. Additionally, prior year numbers were recast to reflect the transfer of two entities between the Networking and Materials segments. See Note 14. Segment and Geographic Reporting for further information.
The following table summarizes disaggregated revenue by market for the years ended June 30, 2023, 2022 and 2021 ($000):
Year Ended June 30, 2023
NetworkingMaterialsLasersTotal
Industrial$70,076 $603,664 $1,087,881 $1,761,621 
Communications2,219,677 73,703 — 2,293,380 
Electronics11,488 614,151 — 625,639 
Instrumentation39,689 58,240 381,531 479,460 
Total Revenues$2,340,930 $1,349,758 $1,469,412 $5,160,100 
Year Ended June 30, 2022
NetworkingMaterialsLasersTotal
Industrial$84,032 $662,731 $— $746,763 
Communications2,064,424 90,406 — 2,154,830 
Electronics12,218 298,156 — 310,374 
Instrumentation36,575 68,074 — 104,649 
Total Revenues$2,197,249 $1,119,367 $— $3,316,616 
Year Ended June 30, 2021
NetworkingMaterialsLasersTotal
Industrial$58,919 $585,957 $— $644,876 
Communications1,904,624 80,449 — 1,985,073 
Electronics13,636 364,941 — 378,577 
Instrumentation27,131 70,234 — 97,365 
Total Revenues$2,004,310 $1,101,581 $— $3,105,891 
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 contracts. Contract liabilities are recognized as revenue when performance obligations have been satisfied. During the year ended June 30, 2023, we recognized revenue of $34 million related to customer payments that were included in the Consolidated Balance Sheet as of June 30, 2022. As of June 30, 2023 and June 30, 2022, we had $148 million and $69 million, respectively, of contract liabilities recorded in the Consolidated Balance Sheets. Contract liabilities acquired from the Merger totaled $77 million. As of June 30, 2023, $104 million of deferred revenue is included other accrued liabilities, and $43 million is included within other liabilities on the Consolidated Balance Sheet.