Discontinued Operations (Tables)

6 Months Ended

Jan. 02, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

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

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):

	Six Months Ended
	January 2, 2016		December 27, 2014
Operating activities:
Depreciation expense	$	3.7	$	21.3
Amortization expense	0.6		4.0
Stock-based compensation expense	1.6		9.7
Investing activities:
Capital expenditures	$	5.8	$	23.1

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)			Six Months Ended
	December 27, 2014			January 2, 2016			December 27, 2014
Net revenues	$	210.7		$	66.5		$	429.0
Cost of revenues	141.4			49.7			287.4
Amortization of acquired technologies	1.9			0.6			3.8
Gross profit	67.4			16.2			137.8
Operating expenses:
Research and development	35.0			12.5			69.8
Selling, general and administrative	18.8			24.0			36.0
Restructuring charges	0.6			0.1			2.4
Total operating expenses	54.4			36.6			108.2
(Loss) income from operations	13.0			(20.4		)	29.6
Interest and other income (expense), net	(0.1		)	0.5			(0.3		)
(Loss) income before income taxes	12.9			(19.9		)	29.3
Income tax provision	0.3			30.5			0.6
Net (loss) income from discontinued operations	$	12.6		$	(50.4	)	$	28.7