Mercury Systems (MRCY) 10-Q 10 Nov 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 02, 2020	Oct. 31, 2020
Document Documentand Entity Information [Abstract]
Title of 12(g) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	MA
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 2, 2020
Entity File Number	0-23599
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	MRCY
Entity Registrant Name	MERCURY SYSTEMS, INC.
City Area Code	978
Local Phone Number	256-1300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0001049521
Current Fiscal Year End Date	--07-04
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		56,003,922
Entity Tax Identification Number	04-2741391
Entity Address, Address Line One	50 MINUTEMAN ROAD
Entity Address, Postal Zip Code	01810
Entity Address, City or Town	ANDOVER
Entity Address, State or Province	MA
Entity Small Business	false
Entity Emerging Growth Company	false
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2020	Jul. 03, 2020
Current assets:
Cash and cash equivalents	$ 239,122	$ 226,838
Accounts receivable, net of allowance for credit losses of $1,422 and $1,451 at October 2, 2020 and July 3, 2020, respectively	99,069	120,438
Unbilled receivables and costs in excess of billings	108,754	90,289
Inventory	206,044	178,093
Prepaid income taxes	4,760	2,498
Prepaid expenses and other current assets	18,956	16,613
Total current assets	676,705	634,769
Property and equipment, net	94,744	87,737
Goodwill	614,422	614,076
Intangible assets, net	200,830	208,748
Operating lease right-of-use assets	61,980	60,613
Other non-current assets	4,501	4,777
Total assets	1,653,182	1,610,720
Current liabilities:
Accounts payable	63,057	41,877
Accrued expenses	25,123	23,794
Accrued compensation	31,536	41,270
Deferred revenues and customer advances	26,890	18,974
Total current liabilities	146,606	125,915
Deferred income taxes	11,009	13,889
Income taxes payable	4,117	4,117
Operating lease liabilities	68,274	66,981
Other non-current liabilities	15,284	15,034
Total liabilities	245,290	225,936
Shareholders' equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 85,000,000 shares authorized; 55,044,702 and 54,702,322 shares issued and outstanding at October 2, 2020 and July 3, 2020, respectively	550	547
Additional paid-in capital	1,082,044	1,074,667
Retained earnings	328,253	312,455
Accumulated other comprehensive income	(2,955)	(2,885)
Total shareholders' equity	1,407,892	1,384,784
Total liabilities and shareholders' equity	$ 1,653,182	$ 1,610,720

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 02, 2020	Jul. 03, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,422	$ 1,451
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	85,000,000	85,000,000
Common stock, shares issued (shares)	55,044,702	54,702,322
Common stock, shares outstanding (shares)	55,044,702	54,702,322

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Income Statement [Abstract]
Net revenues	$ 205,621	$ 177,304
Cost of revenues	117,502	98,904
Gross margin	88,119	78,400
Operating expenses:
Selling, general and administrative	32,904	29,970
Research and development	27,417	21,870
Amortization of intangible assets	7,731	7,019
Restructuring and other charges	1,297	648
Acquisition costs and other related expenses	0	1,417
Total operating expenses	69,349	60,924
Income from operations	18,770	17,476
Interest income	72	1,187
Other expense, net	(846)	(1,434)
Income before income taxes	17,996	17,229
Tax provision (benefit)	2,198	(2,018)
Net income	$ 15,798	$ 19,247
Basic net earnings per share (in dollars per share)	$ 0.29	$ 0.35
Diluted net earnings per share (in dollars per share)	$ 0.29	$ 0.35
Weighted-average shares outstanding:
Basic (in shares)	54,883	54,388
Diluted (in shares)	55,339	55,078
Comprehensive income:
Net income	$ 15,798	$ 19,247
Foreign currency translation adjustments	(101)	75
Pension benefit plan, net of tax	31	7
Total other comprehensive (loss) income, net of tax	(70)	82
Total comprehensive income	$ 15,728	$ 19,329

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Jun. 30, 2019		54,248,000
Beginning balance at Jun. 30, 2019	$ 1,284,739	$ 542	$ 1,058,745	$ 226,743	$ (1,291)
Issuance of common stock under employee stock incentive plans (in shares)		462,000
Issuance of common stock under employee stock incentive plans	3	$ 5	(2)
Purchased and retirement of common stock (in shares)		(176,000)
Purchase and retirement of common stock	(14,562)	$ (2)	(14,560)
Stock-based compensation	5,769		5,769
Net income	19,247			19,247
Other comprehensive loss	82				82
Ending balance (in shares) at Sep. 27, 2019		54,534,000
Ending balance at Sep. 27, 2019	$ 1,295,278	$ 545	1,049,952	245,990	(1,209)
Beginning balance (in shares) at Jul. 03, 2020	54,702,322	54,702,000
Beginning balance at Jul. 03, 2020	$ 1,384,784	$ 547	1,074,667	312,455	(2,885)
Issuance of common stock under employee stock incentive plans (in shares)		344,000
Issuance of common stock under employee stock incentive plans	2	$ 3	(1)
Purchased and retirement of common stock (in shares)		(1,000)
Purchase and retirement of common stock	(66)		(66)
Stock-based compensation	7,444		7,444
Net income	15,798			15,798
Other comprehensive loss	$ (70)				(70)
Ending balance (in shares) at Oct. 02, 2020	55,044,702	55,045,000
Ending balance at Oct. 02, 2020	$ 1,407,892	$ 550	$ 1,082,044	$ 328,253	$ (2,955)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Cash flows from operating activities:
Net income	$ 15,798	$ 19,247
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	12,997	11,381
Stock-based compensation expense	7,184	5,659
(Benefit) provision for deferred income taxes	(2,921)	238
Other non-cash items	268	548
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, unbilled receivable, and cost in excess of billings	3,496	2,230
Inventory	(27,768)	298
Prepaid income taxes	(2,268)	(3,087)
Prepaid expenses and other current assets	(2,268)	(877)
Other non-current assets	(1,561)	(64)
Accounts payable, accrued expenses, and accrued compensation	10,803	(6,275)
Deferred revenues and customer advances	7,598	(826)
Income taxes payable	(52)	(2,972)
Other non-current liabilities	1,623	(1,190)
Net cash provided by operating activities	22,929	24,310
Cash flows from investing activities:
Purchases of property and equipment	(10,978)	(9,595)
Acquisition of business, net of cash acquired	0	(96,502)
Net cash used in investing activities	(10,978)	(106,097)
Cash flows from financing activities:
Proceeds from employee stock plans	2	3
Purchase and retirement of common stock	(66)	(14,562)
Net cash used in financing activities	(64)	(14,559)
Effect of exchange rate changes on cash and cash equivalents	397	(287)
Net increase (decrease) in cash and cash equivalents	12,284	(96,633)
Cash and cash equivalents at beginning of period	226,838	257,932
Cash and cash equivalents at end of period	239,122	161,299
Cash paid during the period for:
Interest	0	0
Income taxes	6,950	3,647
Noncash or Part Noncash Acquisition, Investments Acquired	$ 1,369	$ 0

Description of Business

Description of Business	3 Months Ended
	Oct. 02, 2020
Accounting Policies [Abstract]
Description of Business	Description of Business Mercury Systems, Inc. (the “Company” or “Mercury”) is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Headquartered in Andover, Massachusetts, the Company delivers solutions that power a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. The Company envisions, creates and delivers innovative technology solutions purpose-built to meet its customers’ most-pressing high-tech needs, including those specific to the defense community. As a leading manufacturer of essential components, modules and subsystems, the Company sells to defense prime contractors, the U.S. government and original equipment manufacturer (“OEM”) commercial aerospace companies. The Company has built a trusted, contemporary portfolio of proven product solutions purpose-built for aerospace and defense that it believes meets and exceeds the performance needs of its defense and commercial customers. Customers add their own applications and algorithms to the Company's specialized, secure and innovative pre-integrated solutions. This allows them to complete their full system by integrating with their platform the sensor technology and, in some cases, the processing from Mercury. The Company's products and solutions are deployed in more than 300 programs with over 25 different defense prime contractors and commercial aviation customers. The Company's transformational business model accelerates the process of making new technology profoundly more accessible to its customers by bridging the gap between commercial technology and aerospace and defense applications. The Company's long-standing deep relationships with leading high-tech companies, coupled with the Company's high level of research and development (“R&D”) investments and industry-leading trusted and secure design and manufacturing capabilities, are the foundational tenets of this highly successful model. The Company's capabilities, technology and R&D investment strategy combine to differentiate Mercury in its industry. The Company's technologies and capabilities include secure embedded processing modules and subsystems, mission computers, secure and rugged rack-mount servers, safety-critical avionics, radio frequency (“RF”) components, multi-function assemblies, subsystems and custom microelectronics. The Company maintains its technological edge by investing in critical capabilities and intellectual property in processing and RF, leveraging open standards and open architectures to adapt quickly those building blocks into solutions for highly data-intensive applications, including emerging needs in areas such as artificial intelligence. The Company's mission critical solutions are deployed by its customers for a variety of applications including command, control, communications, computers, intelligence, surveillance and reconnaissance, electronic intelligence, avionics, electro-optical/infrared, electronic warfare, weapons and missile defense, hypersonics and radar. Investors and others should note that the Company announces material financial information using its website ( www.mrcy.com ), Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, webcasts, and social media, including Twitter ( twitter.com/mrcy and twitter.com/mrcy_CEO ) and LinkedIn ( www.linkedin.com/company/mercury-systems

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 02, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies B ASIS OF P RESENTATION The accompanying consolidated financial statements have been prepared by the Company in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America for interim financial information and with the instructions to the Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted pursuant to those rules and regulations; however, in the opinion of management the financial information reflects all adjustments, consisting of adjustments of a normal recurring nature, necessary for fair presentation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the fiscal year ended July 3, 2020 which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on August 18, 2020. The results for the first quarter are not necessarily indicative of the results to be expected for the full fiscal year. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. All references to the first quarter of fiscal 2021 are to the quarter ended October 2, 2020. There were 13-weeks during the first quarters ended October 2, 2020 and September 27, 2019, respectively. U SE OF E STIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. B USINESS C OMBINATIONS The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations , (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. F OREIGN C URRENCY Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Japan, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in Accumulated other comprehensive loss (“AOCL”) in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in Other expense, net in the Consolidated Statements of Operations and Comprehensive Income and were immaterial for all periods presented. R EVENUE R ECOGNITION The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , (“ASC 606”). Mercury is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Revenues are derived from the sales of products that are grouped into one of the following three categories: (i) components; (ii) modules and sub-assemblies; and (iii) integrated subsystems. The Company also generates revenues from the performance of services, including systems engineering support, consulting, maintenance and other support, testing and installation. Each promised good or service within a contract is accounted for separately under the guidance of ASC 606 if they are distinct. Promised goods or services not meeting the criteria for being a distinct performance obligation are bundled into a single performance obligation with other goods or services that together meet the criteria for being distinct. The appropriate allocation of the transaction price and recognition of revenue is then determined for the bundled performance obligation. Revenue recognized at a point in time generally relates to contracts that include a combination of components, modules and sub-assemblies, integrated subsystems and related system integration or other services. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 64% and 73% of revenues for the first quarters ended October 2, 2020 and September 27, 2019, respectively. The Company also engages in long-term contracts for development, production and service activities and recognizes revenue for performance obligations over time. These long-term contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Long-term contracts include both fixed-price and cost reimbursable contracts. The Company’s cost reimbursable contracts typically include cost-plus fixed fee and time and material contracts. Total revenue recognized under long-term contracts over time was 36% and 27% of total revenues for the first quarters ended October 2, 2020 and September 27, 2019, respectively. The Company generally does not provide its customers with rights of product return other than those related to assurance warranty provisions that permit repair or replacement of defective goods over a period of 12 to 36 months. The Company accrues for anticipated warranty costs upon product shipment. The Company does not consider activities related to such assurance warranties, if any, to be a separate performance obligation. The Company does offer separately priced extended warranties which generally range from 12 to 36 months that are treated as separate performance obligations. The transaction price allocated to extended warranties is recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes). Refer to Note L for disaggregation of revenue for the period. A CCOUNTS R ECEIVABLE Accounts receivable, net, represents amounts that have been billed and are currently due from customers. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended as necessary. The allowance is based upon an assessment of the customers’ credit worthiness, reasonable forecasts about the future, history with the customer, and the age of the receivable balance. The Company typically invoices a customer upon shipment of the product (or completion of a service) for contracts where revenue is recognized at a point in time. For contracts where revenue is recognized over time, the invoicing events are typically based on specified performance obligation deliverables or milestone events, or quantifiable measures of performance. C ONTRACT B ALANCES Contract balances result from the timing of revenue recognized, billings and cash collections, and the generation of contract assets and liabilities. Contract assets represent revenue recognized in excess of amounts invoiced to the customer and the right to payment is not subject to the passage of time. Contract assets are presented as unbilled receivables and costs in excess of billings on the Company’s Consolidated Balance Sheets. Contract liabilities consist of deferred product revenue, billings in excess of revenues, deferred service revenue, and customer advances. Deferred product revenue represents amounts that have been invoiced to customers, but are not yet recognizable as revenue because the Company has not satisfied its performance obligations under the contract. Billings in excess of revenues represents milestone billing contracts where the billings of the contract exceed recognized revenues. Deferred service revenue primarily represents amounts invoiced to customers for annual maintenance contracts or extended warranty contracts, which are recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Customer advances represent deposits received from customers on an order. Contract liabilities are included in deferred revenue and the long-term portion of deferred revenue is included within other non-current liabilities on the Company’s Consolidated Balance Sheets. Contract balances are reported in a net position on a contract-by-contract basis. The contract asset balances were $108,754 and $90,289 as of October 2, 2020 and July 3, 2020, respectively. The contract asset balance increased due to growth in revenue recognized and timing of billable events under long-term contracts over time during the first quarter ended October 2, 2020. The contract liability balances were $27,655 and $19,892 as of October 2, 2020 and July 3, 2020, respectively. The increase was due to a greater number of long-term contracts with advanced billings across multiple programs. Revenue recognized for the first quarter ended October 2, 2020 that was included in the contract liability balance at July 3, 2020 was $9,030. Revenue recognized for the first quarter ended September 27, 2019 that was included in the contract liability balance at June 30, 2019 was $5,376. R EMAINING P ERFORMANCE O BLIGATIONS The Company includes in its computation of remaining performance obligations customer orders for which it has accepted signed sales orders. The definition of remaining performance obligations excludes contracts with original expected durations of less than one year, as well as those contracts that provide the customer with the right to cancel or terminate the order with no substantial penalty, even if the Company’s historical experience indicates the likelihood of cancellation or termination is remote. As of October 2, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $287,526. The Company expects to recognize approximately 72% of its remaining performance obligations as revenue in the next 12 months and the balance thereafter. W EIGHTED -A VERAGE S HARES Weighted-average shares were calculated as follows: First Quarters Ended October 2, 2020 September 27, 2019 Basic weighted-average shares outstanding 54,883 54,388 Effect of dilutive equity instruments 456 690 Diluted weighted-average shares outstanding 55,339 55,078

Acquisitions

Acquisitions	3 Months Ended
	Oct. 02, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions A MERICAN P ANEL C ORPORATION A CQUISITION On September 23, 2019, the Company acquired American Panel Corporation (“APC”). Based in Alpharetta, Georgia, APC is a leading innovator in large area display technology for the aerospace and defense market. APC's capabilities are deployed on a wide range of next-generation platforms. The Company acquired APC for an all cash purchase price of $100,000, prior to net working capital and net debt adjustments. The Company funded the acquisition with cash on hand. The following table presents the net purchase price and the fair values of the assets and liabilities of APC: Amounts Consideration transferred Cash paid at closing $ 100,826 Working capital and net debt adjustment (5,952) Liabilities assumed 2,454 Less cash acquired (826) Net purchase price $ 96,502 Fair value of tangible assets acquired and liabilities assumed Cash $ 826 Accounts receivable 3,726 Inventory 11,233 Fixed assets 690 Other current and non-current assets 3,494 Accounts payable (1,554) Accrued expenses (1,457) Other current and non-current liabilities (5,852) Fair value of net tangible assets acquired 11,106 Fair value of identifiable intangible assets 33,200 Goodwill 53,022 Fair value of net assets acquired 97,328 Less cash acquired (826) Net purchase price $ 96,502 On September 23, 2020, the measurement period for APC expired. The identifiable intangible assets include customer relationships of $20,600 with a useful life of 11 years, completed technology of $10,400 with a useful life of 11 years and backlog of $2,200 with a useful life of two years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Oct. 02, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at October 2, 2020: Fair Value Measurements October 2, 2020 Level 1 Level 2 Level 3 Assets: U.S. equity securities $ 1,964 $ 1,964 $ — $ — Total $ 1,964 $ 1,964 $ — $ —

Inventory

Inventory	3 Months Ended
	Oct. 02, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company uses consistent methodologies to evaluate inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, historical usage, product mix and possible alternative uses. Inventory was comprised of the following: October 2, 2020 July 3, 2020 Raw materials $ 124,628 $ 111,225 Work in process 57,066 49,647 Finished goods 24,350 17,221 Total $ 206,044 $ 178,093

Goodwill

Goodwill	3 Months Ended
	Oct. 02, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill During the first quarter of fiscal 2021, the Company reorganized its internal reporting unit structure to align with the Company's market and brand strategy as well as promote scale as the organization continues to grow. In accordance with FASB ASC 350, Intangibles-Goodwill and Other (“ASC 350”), the Company determines its reporting units based upon whether discrete financial information is available, if management regularly reviews the operating results of the component, the nature of the products offered to customers and the market characteristics of each reporting unit. A reporting unit is considered to be an operating segment or one level below an operating segment also known as a component. Component level financial information is reviewed by management across three divisions: Processing, Microelectronics and Mission. Accordingly, these were determined to be the Company's new reporting units. The internal reorganization and change in reporting units qualified as a triggering event and required goodwill to be tested for impairment. As required by ASC 350, the Company tested goodwill for impairment immediately before and after the reorganization. As a result of these analyses, it was determined that goodwill was not impaired before or after the reorganization. In the first quarter ended October 2, 2020, the Company assigned goodwill to the new reporting units based on the relative fair value of transferred operations. The following table sets forth the changes in the carrying amount of goodwill for the first quarter ended October 2, 2020: Total Balance at July 3, 2020 $ 614,076 Goodwill adjustment for the APC acquisition 346 Balance at October 2, 2020 $ 614,422

Restructuring

Restructuring	3 Months Ended
	Oct. 02, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities. During the first quarter ended October 2, 2020, the Company incurred net restructuring and other charges of $1,297 primarily related to severance costs associated with the elimination of 19 positions, predominantly in the manufacturing, sales and R&D functions. These charges related to talent shifts and resource redundancy resulting from the internal reorganization the Company completed in August which created better alignment with its market and brand strategy as well as promote scale as the Company continues to grow. All of the restructuring and other charges are classified as Operating expenses in the Consolidated Statements of Operations and Comprehensive Income and any remaining severance obligations are expected to be paid within the next twelve months. The restructuring liability is classified as Accrued expenses in the Consolidated Balance Sheets. The following table presents the detail of activity for the Company’s restructuring plans: Severance & Restructuring liability at July 3, 2020 $ 597 Restructuring and other charges 1,297 Cash paid (898) Restructuring liability at October 2, 2020 $ 996

Income Taxes

Income Taxes	3 Months Ended
	Oct. 02, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax provision of $2,198 and an income tax benefit of $2,018 on income before income taxes of $17,996 and $17,229 for the first quarters ended October 2, 2020 and September 27, 2019, respectively. During the first quarters ended October 2, 2020 and September 27, 2019, the Company recognized a discrete tax benefit of $2,480 and $6,127, respectively, related to excess tax benefits on stock-based compensation. The Company also recognized a discrete tax benefit of $443 related to foreign tax rate changes during the first quarter ended September 27, 2019. The effective tax rate for the first quarters ended October 2, 2020 and September 27, 2019 differed from the Federal statutory rate primarily due to Federal and State research and development credits, excess tax benefits related to stock-based compensation, non-deductible compensation and state taxes.

Debt

Debt	3 Months Ended
	Oct. 02, 2020
Debt Disclosure [Abstract]
Debt	Debt R EVOLVING C REDIT F ACILITY On September 28, 2018, the Company amended its Credit Agreement to increase and extend the borrowing capacity to a $750,000, 5-year revolving credit line (the “Revolver”), with the maturity extended to September 28, 2023. As of October 2, 2020, the Company's outstanding balance of unamortized deferred financing costs was $4,033, which is being amortized to Other expense, net in the Consolidated Statements of Operations and Comprehensive Income on a straight line basis over the term of the Revolver. As of October 2, 2020, the Company was in compliance with all covenants and conditions under the Revolver and there were no outstanding borrowings against the Revolver. There were outstanding letters of credit of $904 as of October 2, 2020.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Oct. 02, 2020
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan P ENSION P LAN The Company maintains a defined benefit pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), because participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Oct. 02, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation S TOCK I NCENTIVE P LANS The aggregate number of shares authorized for issuance under the Company’s Amended and Restated 2018 Stock Incentive Plan (the “2018 Plan”) is 2,862 shares, with an additional 710 shares rolled into the 2018 Plan that were available for future grant under the Company’s 2005 Stock Incentive Plan, as amended and restated (the “2005 Plan”) at the time of shareholder approval of the 2018 Plan. The 2018 Plan replaced the 2005 Plan. The shares authorized for issuance under the 2018 Plan will continue to be increased by any future cancellations, forfeitures or terminations (other than by exercise) of awards under the 2005 Plan. The foregoing does not affect any outstanding awards under the 2005 Plan, which remain in full force and effect in accordance with their terms. The 2018 Plan provides for the grant of non-qualified and incentive stock options, restricted stock, stock appreciation rights and deferred stock awards to employees and non-employees. All stock options are granted with an exercise price of not less than 100% of the fair value of the Company’s common stock on the date of grant and the options generally have a term of seven years. There were 1,698 shares available for future grant under the 2018 Plan at October 2, 2020. On October 28, 2020, the Shareholders of the Company approved 3,000 shares to be added to the 2018 Plan. As part of the Company's ongoing annual equity grant program for employees, the Company grants performance-based restricted stock awards to certain executives and employees pursuant to the 2018 Plan. Performance awards vest based on the requisite service period subject to the achievement of specific financial performance targets. Based on the performance targets, some of these awards require graded vesting which results in more rapid expense recognition compared to traditional time-based vesting over the same vesting period. The Company monitors the probability of achieving the performance targets on a quarterly basis and may adjust periodic stock compensation expense accordingly based on its determination of the likelihood for reaching targets. The performance targets generally include the achievement of internal performance targets in relation to a peer group of companies. E MPLOYEE S TOCK P URCHASE P LAN The aggregate number of shares authorized for issuance under the Company’s 1997 Employee Stock Purchase Plan, as amended and restated (“ESPP”), is 1,800 shares. Under the ESPP, rights are granted to purchase shares of common stock at 85% of the lesser of the market value of such shares at either the beginning or the end of each six-month offering period. The ESPP permits employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation as defined in the ESPP. There were no shares issued under the ESPP during the first quarters ended October 2, 2020 and September 27, 2019, respectively. Shares available for future purchase under the ESPP totaled 29 at October 2, 2020. On October 28, 2020, the Shareholders of the Company approved 500 shares to be added to the ESPP. S TOCK O PTION AND A WARD A CTIVITY The following table summarizes activity of the Company’s stock option plans since July 3, 2020: Options Outstanding Number of Weighted Average Weighted Average Outstanding at July 3, 2020 3 $ 5.52 1.12 Granted — — Exercised (1) 5.52 Canceled — — Outstanding at October 2, 2020 2 $ 5.52 0.87 The following table summarizes the status of the Company’s non-vested restricted stock awards and deferred stock awards since July 3, 2020: Non-vested Restricted Stock Awards Number of Weighted Average Outstanding at July 3, 2020 957 $ 61.59 Granted 454 77.26 Vested (343) 51.02 Forfeited (9) 61.95 Outstanding at October 2, 2020 1,059 $ 69.80 S TOCK - BASED C OMPENSATION E XPENSE The Company recognizes expense for its share-based payment plans in the Consolidated Statements of Operations and Comprehensive Income in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). The Company had $802 and $542 of capitalized stock-based compensation expense on the Consolidated Balance Sheets for the periods ended October 2, 2020 and July 3, 2020, respectively. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the service period, net of estimated forfeitures. The following table presents share-based compensation expenses included in the Company’s Consolidated Statements of Operations and Comprehensive Income: First Quarters Ended October 2, 2020 September 27, 2019 Cost of revenues $ 295 $ 141 Selling, general and administrative 5,676 4,643 Research and development 1,213 875 Stock-based compensation expense before tax 7,184 5,659 Income taxes (1,868) (1,471) Stock-based compensation expense, net of income taxes $ 5,316 $ 4,188

Operating Segment, Geographic I

Operating Segment, Geographic Information and Significant Customers	3 Months Ended
	Oct. 02, 2020
Segment Reporting [Abstract]
Operating Segment, Geographic Information and Significant Customers	Operating Segment, Geographic Information and Significant Customers Operating segments are defined as components of an enterprise evaluated regularly by the Company's CODM in deciding how to allocate resources and assess performance. During the first quarter of fiscal 2021, the Company reorganized its internal reporting unit structure to align with the Company's market and brand strategy as well as promote scale as the organization continues to grow. The Company evaluated this reorganization under ASC 280 to determine whether this change has impacted the Company's single operating and reportable segment. The Company concluded this change had no effect given the CODM continues to evaluate and manage the Company on the basis of one operating and reportable segment. The Company utilized the management approach for determining its operating segment in accordance with ASC 280. The geographic distribution of the Company’s revenues as determined by country in which the Company's legal subsidiary is domiciled is summarized as follows: U.S. Europe Asia Pacific Eliminations Total FIRST QUARTER ENDED OCTOBER 2, 2020 Net revenues to unaffiliated customers $ 195,847 $ 9,663 $ 111 $ — $ 205,621 Inter-geographic revenues 240 344 — (584) — Net revenues $ 196,087 $ 10,007 $ 111 $ (584) $ 205,621 FIRST QUARTER ENDED SEPTEMBER 27, 2019 Net revenues to unaffiliated customers $ 161,996 $ 14,440 $ 868 $ — $ 177,304 Inter-geographic revenues 972 651 — (1,623) — Net revenues $ 162,968 $ 15,091 $ 868 $ (1,623) $ 177,304 The Company offers a broad family of products designed to meet the full range of requirements in compute-intensive, signal processing, image processing and command and control applications. To maintain a competitive advantage, the Company seeks to leverage technology investments across multiple product lines and product solutions. The Company’s products are typically compute-intensive and require extremely high bandwidth and high throughput. These systems often must also meet significant SWaP constraints for use in aircraft, unmanned aerial vehicles, ships and other platforms and be ruggedized for use in harsh environments. The Company's products transform the massive streams of digital data created in these applications into usable information in real time. The systems can scale from a few processors to thousands of processors. In recent years, the Company completed a series of acquisitions that changed its technological capabilities, applications and end markets. As these acquisitions and changes occurred, the Company's proportion of revenue derived from the sale of components in different technological areas, and modules, sub-assemblies and integrated subsystems which combine technologies into more complex diverse products has shifted. The following tables present revenue consistent with the Company's strategy of expanding its technological capabilities and program content. As additional information related to the Company’s products by end user, application, product grouping and/or platform is attained, the categorization of these products can vary over time. When this occurs, the Company reclassifies revenue by end user, application, product grouping and/or platform for prior periods. Such reclassifications typically do not materially change the underlying trends of results within each revenue category. The following table presents the Company's net revenue by end user for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Domestic (1) $ 178,743 $ 157,475 International/Foreign Military Sales (2) 26,878 19,829 Total Net Revenue $ 205,621 $ 177,304 (1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined. (2) International/Foreign Military Sales consist of sales to U.S. prime defense contractor customers where the end user is known to be outside the U.S., foreign military sales through the U.S. government, and direct sales to non-U.S. based customers intended for end use outside of the U.S. The following table presents the Company's net revenue by end application for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Radar (1) $ 72,409 $ 37,919 Electronic Warfare (2) 39,075 36,057 Other Sensor & Effector (3) 23,095 27,890 Total Sensor & Effector 134,579 101,866 C4I (4) 53,781 49,011 Other (5) 17,261 26,427 Total Net Revenue $ 205,621 $ 177,304 (1) Radar includes end-use applications where radio frequency signals are utilized to detect, track, and identify objects. (2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum. (3) Other Sensor & Effector products include all Sensor & Effector end markets other than Radar and Electronic Warfare. (4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications. (5) Other products include all component and other sales where the end use is not specified. The following table presents the Company's net revenue by product grouping for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Components (1) $ 50,296 $ 53,419 Modules and Sub-assemblies (2) 17,466 35,240 Integrated Subsystems (3) 137,859 88,645 Total Net Revenue $ 205,621 $ 177,304 (1) Components include technology elements typically performing a single, discrete technological function, which when physically combined with other components may be used to create a module or sub-assembly. Examples include, but are not limited to, power amplifiers and limiters, switches, oscillators, filters, equalizers, digital and analog converters, chips, MMICs (monolithic microwave integrated circuits), and memory and storage devices. (2) Modules and Sub-assemblies include combinations of multiple functional technology elements and/or components that work together to perform multiple functions but are typically resident on or within a single board or housing. Modules and sub-assemblies may in turn be combined to form an integrated subsystem. Examples of modules and sub-assemblies include, but are not limited to, embedded processing modules, embedded processing boards, switch fabric boards, high speed input/output boards, digital receiver boards, graphics and video processing and Ethernet and IO (input-output) boards, multi-chip modules, integrated radio frequency and microwave multi-function assemblies, tuners and transceivers. (3) Integrated Subsystems include multiple modules and/or sub-assemblies combined with a backplane or similar functional element and software to enable a solution. These are typically but not always integrated within a chassis and with cooling, power and other elements to address various requirements and are also often combined with additional technologies for interaction with other parts of a complete system or platform. Integrated subsystems also include spare and replacement modules and sub-assemblies sold as part of the same program for use in or with integrated subsystems sold by the Company. The following table presents the Company's net revenue by platform for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Airborne (1) $ 89,436 $ 86,157 Land (2) 37,551 16,310 Naval (3) 46,282 39,710 Other (4) 32,352 35,127 Total Net Revenues $ 205,621 $ 177,304 (1) Airborne platform includes products that relate to personnel, equipment, or pieces of equipment designed for airborne applications. (2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land. (3) Naval platform includes products that relate to personnel, equipment, or pieces of equipment designed for naval operations. (4) All platforms other than Airborne, Land or Naval. The geographic distribution of the Company’s identifiable long-lived assets is summarized as follows: U.S. Europe Asia Pacific Eliminations Total October 2, 2020 $ 89,261 $ 5,479 $ 4 $ — $ 94,744 July 3, 2020 $ 82,588 $ 5,144 $ 5 $ — $ 87,737 Identifiable long-lived assets exclude ROU assets, goodwill, and intangible assets. Customers comprising 10% or more of the Company’s revenues for the periods shown are as follows: First Quarters Ended October 2, 2020 September 27, 2019 Raytheon Technologies 23 % 13 % Lockheed Martin Corporation 19 % 18 % Northrop Grumman Corporation * 11 % L3Harris Technologies * 13 % 42 % 55 % * Indicates that the amount is less than 10% of the Company's revenue for the respective period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 02, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies L EGAL C LAIMS The Company is subject to litigation, claims, investigations and audits arising from time to time in the ordinary course of its business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Company and intends to defend itself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on the Company’s cash flows, results of operations, or financial position. I NDEMNIFICATION O BLIGATIONS The Company’s standard product sales and license agreements entered into in the ordinary course of business typically contain an indemnification provision pursuant to which the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with any patent, copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. Such provisions generally survive termination or expiration of the agreements. The potential amount of future payments the Company could be required to make under these indemnification provisions is, in some instances, unlimited. P URCHASE C OMMITMENTS As of October 2, 2020, the Company has entered into non-cancelable purchase commitments for certain inventory components and services used in its normal operations. The purchase commitments covered by these agreements are for less than one year and aggregate to $113,227. O THER As part of the Company's strategy for growth, the Company continues to explore acquisitions or strategic alliances. The associated acquisition costs incurred in the form of professional fees and services may be material to the future periods in which they occur, regardless of whether the acquisition is ultimately completed. The Company may elect from time to time to purchase and subsequently retire shares of common stock in order to settle employees’ tax liabilities associated with vesting of a restricted stock award or exercise of stock options. These transactions would be treated as a use of cash in financing activities in the Company's Consolidated Statements of Cash Flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Oct. 02, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated subsequent events from the date of the Consolidated Balance Sheet through the date the consolidated financial statements were issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 02, 2020
Accounting Policies [Abstract]
Basis of Presentation	B ASIS OF P RESENTATION The accompanying consolidated financial statements have been prepared by the Company in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America for interim financial information and with the instructions to the Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted pursuant to those rules and regulations; however, in the opinion of management the financial information reflects all adjustments, consisting of adjustments of a normal recurring nature, necessary for fair presentation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the fiscal year ended July 3, 2020 which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on August 18, 2020. The results for the first quarter are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates	U SE OF E STIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Business Combinations	B USINESS C OMBINATIONS The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations , (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations.
Foreign Currency	F OREIGN C URRENCY Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Japan, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in Accumulated other comprehensive loss (“AOCL”) in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in Other expense, net in the Consolidated Statements of Operations and Comprehensive Income and were immaterial for all periods presented.
Revenue Recognition	R EVENUE R ECOGNITION The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , (“ASC 606”). Mercury is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Revenues are derived from the sales of products that are grouped into one of the following three categories: (i) components; (ii) modules and sub-assemblies; and (iii) integrated subsystems. The Company also generates revenues from the performance of services, including systems engineering support, consulting, maintenance and other support, testing and installation. Each promised good or service within a contract is accounted for separately under the guidance of ASC 606 if they are distinct. Promised goods or services not meeting the criteria for being a distinct performance obligation are bundled into a single performance obligation with other goods or services that together meet the criteria for being distinct. The appropriate allocation of the transaction price and recognition of revenue is then determined for the bundled performance obligation. Revenue recognized at a point in time generally relates to contracts that include a combination of components, modules and sub-assemblies, integrated subsystems and related system integration or other services. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 64% and 73% of revenues for the first quarters ended October 2, 2020 and September 27, 2019, respectively. The Company also engages in long-term contracts for development, production and service activities and recognizes revenue for performance obligations over time. These long-term contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Long-term contracts include both fixed-price and cost reimbursable contracts. The Company’s cost reimbursable contracts typically include cost-plus fixed fee and time and material contracts. Total revenue recognized under long-term contracts over time was 36% and 27% of total revenues for the first quarters ended October 2, 2020 and September 27, 2019, respectively. The Company generally does not provide its customers with rights of product return other than those related to assurance warranty provisions that permit repair or replacement of defective goods over a period of 12 to 36 months. The Company accrues for anticipated warranty costs upon product shipment. The Company does not consider activities related to such assurance warranties, if any, to be a separate performance obligation. The Company does offer separately priced extended warranties which generally range from 12 to 36 months that are treated as separate performance obligations. The transaction price allocated to extended warranties is recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes). Refer to Note L for disaggregation of revenue for the period.
Accounts Receivables	A CCOUNTS R ECEIVABLE
Weighted-Average Shares	W EIGHTED -A VERAGE S HARES Weighted-average shares were calculated as follows: First Quarters Ended October 2, 2020 September 27, 2019 Basic weighted-average shares outstanding 54,883 54,388 Effect of dilutive equity instruments 456 690 Diluted weighted-average shares outstanding 55,339 55,078
Stock-Based Compensation	S TOCK I NCENTIVE P LANS The aggregate number of shares authorized for issuance under the Company’s Amended and Restated 2018 Stock Incentive Plan (the “2018 Plan”) is 2,862 shares, with an additional 710 shares rolled into the 2018 Plan that were available for future grant under the Company’s 2005 Stock Incentive Plan, as amended and restated (the “2005 Plan”) at the time of shareholder approval of the 2018 Plan. The 2018 Plan replaced the 2005 Plan. The shares authorized for issuance under the 2018 Plan will continue to be increased by any future cancellations, forfeitures or terminations (other than by exercise) of awards under the 2005 Plan. The foregoing does not affect any outstanding awards under the 2005 Plan, which remain in full force and effect in accordance with their terms. The 2018 Plan provides for the grant of non-qualified and incentive stock options, restricted stock, stock appreciation rights and deferred stock awards to employees and non-employees. All stock options are granted with an exercise price of not less than 100% of the fair value of the Company’s common stock on the date of grant and the options generally have a term of seven years. There were 1,698 shares available for future grant under the 2018 Plan at October 2, 2020. On October 28, 2020, the Shareholders of the Company approved 3,000 shares to be added to the 2018 Plan. As part of the Company's ongoing annual equity grant program for employees, the Company grants performance-based restricted stock awards to certain executives and employees pursuant to the 2018 Plan. Performance awards vest based on the requisite service period subject to the achievement of specific financial performance targets. Based on the performance targets, some of these awards require graded vesting which results in more rapid expense recognition compared to traditional time-based vesting over the same vesting period. The Company monitors the probability of achieving the performance targets on a quarterly basis and may adjust periodic stock compensation expense accordingly based on its determination of the likelihood for reaching targets. The performance targets generally include the achievement of internal performance targets in relation to a peer group of companies. E MPLOYEE S TOCK P URCHASE P LAN

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 02, 2020
Accounting Policies [Abstract]
Basic and Diluted Weighted Average Shares Outstanding	Weighted-average shares were calculated as follows: First Quarters Ended October 2, 2020 September 27, 2019 Basic weighted-average shares outstanding 54,883 54,388 Effect of dilutive equity instruments 456 690 Diluted weighted-average shares outstanding 55,339 55,078

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Oct. 02, 2020
Business Combinations [Abstract]
Schedule of the Net Purchase Price and Fair Values of Assets and Liabilities Acquired	The following table presents the net purchase price and the fair values of the assets and liabilities of APC: Amounts Consideration transferred Cash paid at closing $ 100,826 Working capital and net debt adjustment (5,952) Liabilities assumed 2,454 Less cash acquired (826) Net purchase price $ 96,502 Fair value of tangible assets acquired and liabilities assumed Cash $ 826 Accounts receivable 3,726 Inventory 11,233 Fixed assets 690 Other current and non-current assets 3,494 Accounts payable (1,554) Accrued expenses (1,457) Other current and non-current liabilities (5,852) Fair value of net tangible assets acquired 11,106 Fair value of identifiable intangible assets 33,200 Goodwill 53,022 Fair value of net assets acquired 97,328 Less cash acquired (826) Net purchase price $ 96,502

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Oct. 02, 2020
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value	The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at October 2, 2020: Fair Value Measurements October 2, 2020 Level 1 Level 2 Level 3 Assets: U.S. equity securities $ 1,964 $ 1,964 $ — $ — Total $ 1,964 $ 1,964 $ — $ —

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Oct. 02, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory was comprised of the following: October 2, 2020 July 3, 2020 Raw materials $ 124,628 $ 111,225 Work in process 57,066 49,647 Finished goods 24,350 17,221 Total $ 206,044 $ 178,093

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Oct. 02, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The following table sets forth the changes in the carrying amount of goodwill for the first quarter ended October 2, 2020: Total Balance at July 3, 2020 $ 614,076 Goodwill adjustment for the APC acquisition 346 Balance at October 2, 2020 $ 614,422

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Oct. 02, 2020
Restructuring and Related Activities [Abstract]
Expenses by Reportable Segment for Restructuring Plans	The following table presents the detail of activity for the Company’s restructuring plans: Severance & Restructuring liability at July 3, 2020 $ 597 Restructuring and other charges 1,297 Cash paid (898) Restructuring liability at October 2, 2020 $ 996

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Oct. 02, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Plans	The following table summarizes activity of the Company’s stock option plans since July 3, 2020: Options Outstanding Number of Weighted Average Weighted Average Outstanding at July 3, 2020 3 $ 5.52 1.12 Granted — — Exercised (1) 5.52 Canceled — — Outstanding at October 2, 2020 2 $ 5.52 0.87
Summary of Nonvested Restricted Stock	The following table summarizes the status of the Company’s non-vested restricted stock awards and deferred stock awards since July 3, 2020: Non-vested Restricted Stock Awards Number of Weighted Average Outstanding at July 3, 2020 957 $ 61.59 Granted 454 77.26 Vested (343) 51.02 Forfeited (9) 61.95 Outstanding at October 2, 2020 1,059 $ 69.80
Stock Based Compensation Expenses	The following table presents share-based compensation expenses included in the Company’s Consolidated Statements of Operations and Comprehensive Income: First Quarters Ended October 2, 2020 September 27, 2019 Cost of revenues $ 295 $ 141 Selling, general and administrative 5,676 4,643 Research and development 1,213 875 Stock-based compensation expense before tax 7,184 5,659 Income taxes (1,868) (1,471) Stock-based compensation expense, net of income taxes $ 5,316 $ 4,188

Operating Segment, Geographic_2

Operating Segment, Geographic Information and Significant Customers (Tables)	3 Months Ended
	Oct. 02, 2020
Segment Reporting [Abstract]
Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations	The geographic distribution of the Company’s revenues as determined by country in which the Company's legal subsidiary is domiciled is summarized as follows: U.S. Europe Asia Pacific Eliminations Total FIRST QUARTER ENDED OCTOBER 2, 2020 Net revenues to unaffiliated customers $ 195,847 $ 9,663 $ 111 $ — $ 205,621 Inter-geographic revenues 240 344 — (584) — Net revenues $ 196,087 $ 10,007 $ 111 $ (584) $ 205,621 FIRST QUARTER ENDED SEPTEMBER 27, 2019 Net revenues to unaffiliated customers $ 161,996 $ 14,440 $ 868 $ — $ 177,304 Inter-geographic revenues 972 651 — (1,623) — Net revenues $ 162,968 $ 15,091 $ 868 $ (1,623) $ 177,304 The following table presents the Company's net revenue by end user for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Domestic (1) $ 178,743 $ 157,475 International/Foreign Military Sales (2) 26,878 19,829 Total Net Revenue $ 205,621 $ 177,304 (1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined. (2) International/Foreign Military Sales consist of sales to U.S. prime defense contractor customers where the end user is known to be outside the U.S., foreign military sales through the U.S. government, and direct sales to non-U.S. based customers intended for end use outside of the U.S. The following table presents the Company's net revenue by end application for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Radar (1) $ 72,409 $ 37,919 Electronic Warfare (2) 39,075 36,057 Other Sensor & Effector (3) 23,095 27,890 Total Sensor & Effector 134,579 101,866 C4I (4) 53,781 49,011 Other (5) 17,261 26,427 Total Net Revenue $ 205,621 $ 177,304 (1) Radar includes end-use applications where radio frequency signals are utilized to detect, track, and identify objects. (2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum. (3) Other Sensor & Effector products include all Sensor & Effector end markets other than Radar and Electronic Warfare. (4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications. (5) Other products include all component and other sales where the end use is not specified. The following table presents the Company's net revenue by product grouping for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Components (1) $ 50,296 $ 53,419 Modules and Sub-assemblies (2) 17,466 35,240 Integrated Subsystems (3) 137,859 88,645 Total Net Revenue $ 205,621 $ 177,304 (1) Components include technology elements typically performing a single, discrete technological function, which when physically combined with other components may be used to create a module or sub-assembly. Examples include, but are not limited to, power amplifiers and limiters, switches, oscillators, filters, equalizers, digital and analog converters, chips, MMICs (monolithic microwave integrated circuits), and memory and storage devices. (2) Modules and Sub-assemblies include combinations of multiple functional technology elements and/or components that work together to perform multiple functions but are typically resident on or within a single board or housing. Modules and sub-assemblies may in turn be combined to form an integrated subsystem. Examples of modules and sub-assemblies include, but are not limited to, embedded processing modules, embedded processing boards, switch fabric boards, high speed input/output boards, digital receiver boards, graphics and video processing and Ethernet and IO (input-output) boards, multi-chip modules, integrated radio frequency and microwave multi-function assemblies, tuners and transceivers. (3) Integrated Subsystems include multiple modules and/or sub-assemblies combined with a backplane or similar functional element and software to enable a solution. These are typically but not always integrated within a chassis and with cooling, power and other elements to address various requirements and are also often combined with additional technologies for interaction with other parts of a complete system or platform. Integrated subsystems also include spare and replacement modules and sub-assemblies sold as part of the same program for use in or with integrated subsystems sold by the Company. The following table presents the Company's net revenue by platform for the periods presented: First Quarters Ended October 2, 2020 September 27, 2019 Airborne (1) $ 89,436 $ 86,157 Land (2) 37,551 16,310 Naval (3) 46,282 39,710 Other (4) 32,352 35,127 Total Net Revenues $ 205,621 $ 177,304 (1) Airborne platform includes products that relate to personnel, equipment, or pieces of equipment designed for airborne applications. (2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land. (3) Naval platform includes products that relate to personnel, equipment, or pieces of equipment designed for naval operations. (4) All platforms other than Airborne, Land or Naval. The geographic distribution of the Company’s identifiable long-lived assets is summarized as follows: U.S. Europe Asia Pacific Eliminations Total October 2, 2020 $ 89,261 $ 5,479 $ 4 $ — $ 94,744 July 3, 2020 $ 82,588 $ 5,144 $ 5 $ — $ 87,737
Customers Comprising Ten Percent or More Revenues	Customers comprising 10% or more of the Company’s revenues for the periods shown are as follows: First Quarters Ended October 2, 2020 September 27, 2019 Raytheon Technologies 23 % 13 % Lockheed Martin Corporation 19 % 18 % Northrop Grumman Corporation * 11 % L3Harris Technologies * 13 % 42 % 55 %

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Oct. 02, 2020programcontractor
Accounting Policies [Abstract]
Number of programs using products and services | program	300
Nature of Business, Number of Contractors Using Products and Services | contractor	25

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019	Jul. 03, 2020
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	72.00%
Unbilled receivables and costs in excess of billings	$ 108,754		$ 90,289
Contract liability balance	27,655		$ 19,892
Revenue recognized in the contract liability balance	9,030	$ 5,376
Factored accounts receivable	$ 287,526
Minimum
Significant Accounting Policies [Line Items]
Standard warranty period	12 months
Extended warranty period	12 months
Maximum
Significant Accounting Policies [Line Items]
Standard warranty period	36 months
Extended warranty period	36 months
Transferred over Time
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	36.00%	27.00%
Ship and bill
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	64.00%	73.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)	54,883	54,388
Effect of dilutive equity instruments (in shares)	456	690
Diluted weighted-average shares outstanding (in shares)	55,339	55,078
Antidilutive securities excluded from computation of earnings per share (in shares)	203	154

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Sep. 23, 2019	Oct. 02, 2020	Sep. 27, 2019	Jul. 03, 2020
Business Acquisition [Line Items]
Goodwill		$ 614,422		$ 614,076
Revenues		205,621	$ 177,304
Income before income taxes		$ 17,996	$ 17,229
American Panel Corporation
Business Acquisition [Line Items]
Payments to Acquire Business Three, Net of Cash Acquired	$ 100,000
Cash paid at closing	100,826
Goodwill	53,022
Tax deductible goodwill	50,649
Estimated fair value of assets acquired	$ 97,328
Acquired goodwill, amortization period	15 years
American Panel Corporation | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 20,600
Useful life of acquired assets	11 years
American Panel Corporation | Developed Technology Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 10,400
Useful life of acquired assets	11 years
American Panel Corporation | Backlog
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 2,200
Useful life of acquired assets	2 years

Acquisitions - Net Purchase Pri

Acquisitions - Net Purchase Price and Fair Values of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 23, 2019	Oct. 02, 2020	Sep. 27, 2019	Jul. 03, 2020
Consideration transferred
Payments to Acquire Businesses, Net of Cash Acquired		$ 0	$ 96,502
Fair value of tangible assets acquired and liabilities assumed
Goodwill		$ 614,422		$ 614,076
American Panel Corporation
Consideration transferred
Cash paid at closing	$ 100,826
Working capital and net debt adjustment	(5,952)
Liabilities assumed	2,454
Less cash acquired	(826)
Payments to Acquire Businesses, Net of Cash Acquired	96,502
Fair value of tangible assets acquired and liabilities assumed
Cash	826
Accounts receivable	3,726
Inventory	11,233
Fixed assets	690
Other current and non-current assets	3,494
Accounts payable	(1,554)
Accrued expenses	(1,457)
Other current and non-current liabilities	(5,852)
Fair value of net tangible assets acquired	11,106
Fair value of identifiable intangible assets	33,200
Goodwill	53,022
Fair value of net assets acquired	97,328
Cash Acquired from Acquisition	$ 826

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)
Assets:
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (43)
Fair Value, Measurements, Recurring | Level 1
Assets:
Fair value measurement disclosure	1,964
Fair Value, Measurements, Recurring | Level 1 | U.S. equity securities
Assets:
Fair value measurement disclosure	1,964
Fair Value, Measurements, Recurring | Level 2
Assets:
Fair value measurement disclosure	0
Fair Value, Measurements, Recurring | Level 2 | U.S. equity securities
Assets:
Fair value measurement disclosure	0
Fair Value, Measurements, Recurring | Level 3
Assets:
Fair value measurement disclosure	0
Fair Value, Measurements, Recurring | Level 3 | U.S. equity securities
Assets:
Fair value measurement disclosure	0
Fair Value | Fair Value, Measurements, Recurring
Assets:
Fair value measurement disclosure	1,964
Fair Value | Fair Value, Measurements, Recurring | U.S. equity securities
Assets:
Fair value measurement disclosure	$ 1,964

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Oct. 02, 2020	Jul. 03, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 124,628	$ 111,225
Work in process	57,066	49,647
Finished goods	24,350	17,221
Total	$ 206,044	$ 178,093

Inventory - Additional Informat

Inventory - Additional Information (Details) $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)
Inventory Disclosure [Abstract]
Increase (Decrease) In Inventories Including Assets Acquired	$ 27,951

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 614,076
Ending Balance	614,422
APC
Goodwill [Roll Forward]
Goodwill acquired during period	$ 346

Restructuring - Expenses by Rep

Restructuring - Expenses by Reportable Segment for Restructuring Plans (Details) - Severance & Related $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability at July 3, 2020	$ 597
Restructuring and other charges	1,297
Cash paid	(898)
Restructuring liability at October 2, 2020	$ 996

Restructuring - Additional Info

Restructuring - Additional Information (Details) $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)position	Sep. 27, 2019USD ($)
Other Income and Expenses [Abstract]
Restructuring and other charges | $	$ 1,297	$ 648
Restructuring and Related Cost, Number of Positions Eliminated | position	19

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 2,198	$ (2,018)
(Loss) income from operations before income taxes	17,996	17,229
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 2,480	6,127
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount		$ 443

Debt (Details)

Debt (Details) - USD ($)	Oct. 02, 2020	Sep. 28, 2018
Debt Instrument [Line Items]
Amount of outstanding letter of credit	$ 904,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Term Loan
Debt Instrument [Line Items]
Debt issuance costs	$ 4,033,000

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension benefit plan, net of tax	$ 31	$ 7
Net periodic benefit cost	413
Expected employer contributions	957
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net funded status of plan	12,337
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost		$ 296
Expected employer contributions	$ 957

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019	Jul. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocation of recognized period costs, capitalized amount	$ 802		$ 542
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)	1,800,000
Purchase price as a percentage of the lesser of the market value of such shares at either the beginning or the end of each nine-month offering period	85.00%
Percentage of employee compensation that may be uses to purchase common stock through payroll deductions, maximum	10.00%
Shares issued (in shares)	0	0
Shares available for future grant (in shares)	29,000
2018 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)	2,862,000
Shares available for future grant (in shares)	1,698,000
2005 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	710,000
2005 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock option	7 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Plans (Details) - Stock Options - $ / shares shares in Thousands	Oct. 02, 2020	Jul. 03, 2020	Oct. 02, 2020
Number of Shares
Outstanding at beginning of period (in shares)			3
Granted (in shares)			0
Exercised (in shares)			(1)
Cancelled (in shares)			0
Outstanding at end of period (in shares)	2	3	2
Weighted Average Exercise Price
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 0
Exercised (usd per share)			5.52
Cancelled (usd per share)			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 5.52	$ 5.52	$ 5.52
Weighted Average Remaining Contractual Term (Years)
Outstanding at end of period	10 months 13 days	1 year 1 month 13 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock shares in Thousands	3 Months Ended
	Oct. 02, 2020$ / sharesshares
Number of Shares
Beginning Balance (in shares) | shares	957
Granted (in shares) | shares	454
Vested (in shares) | shares	(343)
Forfeited (in shares) | shares	(9)
Ending Balance (in shares) | shares	1,059
Weighted Average Grant Date Fair Value
Beginning Balance (usd per share) | $ / shares	$ 61.59
Granted (usd per share) | $ / shares	77.26
Vested (usd per share) | $ / shares	51.02
Forfeited (usd per share) | $ / shares	61.95
Ending Balance (usd per share) | $ / shares	$ 69.80

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 7,184	$ 5,659
Income taxes	(1,868)	(1,471)
Net compensation expense	5,316	4,188
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	295	141
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	5,676	4,643
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 1,213	$ 875

Operating Segment, Geographic_3

Operating Segment, Geographic Information and Significant Customers - Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations (Details) $ in Thousands	3 Months Ended
	Oct. 02, 2020USD ($)segment	Sep. 27, 2019USD ($)	Jul. 03, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 205,621	$ 177,304
Identifiable long-lived assets	94,744		$ 87,737
Components
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	50,296	53,419
Modules and Sub-assemblies
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	17,466	35,240
Integrated Subsystems
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	137,859	88,645
Total Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	134,579	101,866
Radar
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	72,409	37,919
Electronic Warfare
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	39,075	36,057
Other Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	23,095	27,890
C4I
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	53,781	49,011
Other End Applications
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	17,261	26,427
Domestic
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	178,743	157,475
International/Foreign Military Sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	26,878	19,829
US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	195,847	161,996
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	9,663	14,440
Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	111	868
Reportable Geographical Components | US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	196,087	162,968
Identifiable long-lived assets	89,261		82,588
Reportable Geographical Components | Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	10,007	15,091
Identifiable long-lived assets	5,479		5,144
Reportable Geographical Components | Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	111	868
Identifiable long-lived assets	4		5
Geography Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(584)	(1,623)
Identifiable long-lived assets	0		$ 0
Geography Eliminations | US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	240	972
Geography Eliminations | Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	344	651
Geography Eliminations | Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 0	$ 0

Operating Segment, Geographic_4

Operating Segment, Geographic Information and Platform - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Revenue from External Customer [Line Items]
Net revenues	$ 205,621	$ 177,304
Airborne [Member]
Revenue from External Customer [Line Items]
Net revenues	89,436	86,157
Land [Member]
Revenue from External Customer [Line Items]
Net revenues	37,551	16,310
Naval [Member]
Revenue from External Customer [Line Items]
Net revenues	46,282	39,710
Product and Service, Other [Member]
Revenue from External Customer [Line Items]
Net revenues	$ 32,352	$ 35,127

Operating Segment, Geographic_5

Operating Segment, Geographic Information and Significant Customers - Customers Comprising Ten Percent or more Revenues (Details) - Customer Concentration Risk - Sales Revenue, Net	3 Months Ended
	Oct. 02, 2020	Sep. 27, 2019
Revenue, Major Customer [Line Items]
Concentration risk, percentage	42.00%	55.00%
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	19.00%	18.00%
Raytheon Company
Revenue, Major Customer [Line Items]
Concentration risk, percentage	23.00%	13.00%
Northrop Grumman Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage		11.00%
L3Harris Technologies
Revenue, Major Customer [Line Items]
Concentration risk, percentage		13.00%

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Thousands	Oct. 02, 2020USD ($)
Non-cancelable purchase commitments
Long-term Purchase Commitment [Line Items]
Purchase commitments for less than one year	$ 113,227