Lumentum (LITE) 10-Q 8 Nov 22 2023 Q1 Quarterly report Financial data

COVER

COVER - shares shares in Millions	3 Months Ended
	Oct. 01, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
Document Transition Report	false
Entity File Number	001-36861
Entity Registrant Name	Lumentum Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3108385
Entity Address, Address Line One	1001 Ridder Park Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	546-5483
Title of 12(b) Security	Common Stock, par value of $0.001 per share
Trading Symbol	LITE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68.2
Entity Central Index Key	0001633978
Amendment Flag	false
Current Fiscal Year End Date	--07-01
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Income Statement [Abstract]
Net revenue	$ 506.8	$ 448.4
Cost of sales	282.6	200.4
Amortization of acquired developed intangibles	23	15.8
Gross profit	201.2	232.2
Operating expenses:
Research and development	72.7	54.1
Selling, general and administrative	105.7	63.3
Restructuring and related charges	9.3	(1.1)
Total operating expenses	187.7	116.3
Income from operations	13.5	115.9
Interest expense	(8.5)	(16.9)
Other income (expense), net	13.8	0.6
Income before income taxes	18.8	99.6
Provision for income taxes	19.2	18.1
Net income (loss)	$ (0.4)	$ 81.5
Net income (loss) per share:
Basic (in usd per share)	$ (0.01)	$ 1.12
Diluted (in usd per share)	$ (0.01)	$ 1.08
Shares used to compute net income (loss) per share:
Basic (in shares)	68.1	72.7
Diluted (in shares)	68.1	75.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (0.4)	$ 81.5
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (loss) on available-for-sale securities	(0.6)	0.3
Other comprehensive income (loss), net of tax	(0.6)	0.3
Comprehensive income (loss), net of tax	$ (1)	$ 81.8

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Current assets:
Cash and cash equivalents	$ 605.3	$ 1,290.2
Short-term investments	1,019.6	1,258.8
Accounts receivable, net	340.5	262
Inventories	366.2	250.1
Prepayments and other current assets	106.8	78.1
Total current assets	2,438.4	3,139.2
Property, plant and equipment, net	478	360.5
Operating lease right-of-use assets, net	89.4	73.6
Goodwill	693.7	368.9
Other intangible assets, net	576	155.7
Deferred tax asset	100.5	27
Other non-current assets	11.4	37.3
Total assets	4,387.4	4,162.2
Current liabilities:
Accounts payable	205.7	156.7
Accrued payroll and related expenses	62.2	54.6
Accrued expenses	52.8	44.7
Short term debt	420.2	409.9
Operating lease liabilities, current	13.6	11.2
Other current liabilities	48.3	39.4
Total current liabilities	802.8	716.5
Long term debt	1,899.5	1,466.1
Operating lease liabilities, non-current	58	48.8
Deferred tax liability	24.8	12.9
Other non-current liabilities	75.9	42.9
Total liabilities	2,861	2,287.2
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 990 authorized shares, 68.2 and 68.0 shares issued and outstanding as of October 1, 2022 and July 2, 2022, respectively	0.1	0.1
Additional paid-in capital	1,596.1	2,003.6
Accumulated deficit	(69.6)	(129.1)
Accumulated other comprehensive income (loss)	(0.2)	0.4
Total stockholders’ equity	1,526.4	1,875
Total liabilities and stockholders’ equity	$ 4,387.4	$ 4,162.2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 01, 2022	Jul. 02, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	990,000,000	990,000,000
Common stock, shares issued (in shares)	68,200,000	68,000,000
Common stock, shares outstanding (in shares)	68,200,000	68,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period at Jul. 03, 2021	$ 1,972.8		$ 0.1	$ 1,743.6		$ 220.9		$ 8.2
Balance at the beginning of period (in shares) at Jul. 03, 2021			73,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	81.5
Other comprehensive income (loss)	0.3							0.3
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			600,000
Withholding taxes related to net share settlement of restricted stock units	(16.6)			(16.6)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(200,000)
Repurchases of common stock	(91.7)					(91.7)
Repurchases of common stock (in shares)			(1,100,000)
Stock-based compensation	25.1			25.1
Balance at the end of the period at Oct. 02, 2021	1,971.4		$ 0.1	1,752.1		210.7		8.5
Balance at the end of period (in shares) at Oct. 02, 2021			72,300,000
Balance at the beginning of the period at Jul. 03, 2021	1,972.8		$ 0.1	1,743.6		220.9		8.2
Balance at the beginning of period (in shares) at Jul. 03, 2021			73,000,000
Balance at the end of the period at Jul. 02, 2022	$ 1,875	$ (340.9)	$ 0.1	2,003.6	$ (426.5)	(129.1)	$ 85.6	0.4
Balance at the end of period (in shares) at Jul. 02, 2022	68,000,000		68,000,000
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Net income (loss)	$ (0.4)
Other comprehensive income (loss)	(0.6)							(0.6)
Issuance of shares in connection with vesting of restricted stock units and performance stock units (in shares)			700,000
Withholding taxes related to net share settlement of restricted stock units	(22.4)			(22.4)
Withholding taxes related to net share settlement of restricted stock units (in shares)			(200,000)
Repurchases of common stock	$ (25.7)					(25.7)
Repurchases of common stock (in shares)	(300,000)		(300,000)
Stock-based compensation	$ 41.4			41.4
Balance at the end of the period at Oct. 01, 2022	$ 1,526.4		$ 0.1	$ 1,596.1		$ (69.6)		$ (0.2)
Balance at the end of period (in shares) at Oct. 01, 2022	68,200,000		68,200,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
OPERATING ACTIVITIES:
Net income (loss)	$ (0.4)	$ 81.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	24.5	20.4
Stock-based compensation	46.6	24.8
Amortization of acquired intangibles	32.2	21.4
(Gain) loss on sales and dispositions of property, plant and equipment	0.3	(5.3)
Amortization of debt discount and debt issuance costs	5.7	15.3
Amortization of inventory fair value adjustment in connection with acquisition	4.6	0
Other non-cash items	(2.2)	3.3
Changes in operating assets and liabilities:
Accounts receivable	(11.5)	(50.4)
Inventories	(24.6)	(10.3)
Operating lease right-of-use assets, net	3.6	(7.8)
Prepayments and other current and non-currents assets	(1.9)	(3.9)
Income taxes, net	(11)	(18.1)
Accounts payable	(41.1)	(10.5)
Accrued payroll and related expenses	(14.5)	(11.4)
Operating lease liabilities	(6.9)	9.8
Accrued expenses and other current and non-current liabilities	17.4	3.1
Net cash provided by operating activities	20.8	61.9
INVESTING ACTIVITIES:
Payments for acquisition of property, plant and equipment	(22.9)	(17.9)
Acquisition of businesses, net of cash acquired	(860.8)	0
Purchases of short-term investments	(79.5)	(255.9)
Proceeds from maturities and sales of short-term investments	316.6	151
Proceeds from the sales of property, plant and equipment	0	5.9
Net cash used in investing activities	(646.6)	(116.9)
FINANCING ACTIVITIES:
Repurchase of common stock	(35.8)	(91.7)
Payment of withholding taxes related to net share settlement of restricted stock units	(22.4)	(16.6)
Repayment of term loan	(0.9)	0
Net cash used in financing activities	(59.1)	(108.3)
Decrease in cash and cash equivalents	(684.9)	(163.3)
Cash and cash equivalents at beginning of period	1,290.2	774.3
Cash and cash equivalents at end of period	605.3	611
Supplemental disclosure of cash flow information:
Cash paid for taxes	29.3	36.3
Cash paid for interest	0.6	0.6
Supplemental disclosure of non-cash transactions:
Unpaid property, plant and equipment in accounts payable and accrued expenses	12.6	5.8
Repurchase of common stock pending settlement	0	5.1
Settlement of loan to NeoPhotonics	50	0
Right-of-use assets obtained in exchange for new operating lease liabilities	19.4	10.5
Unpaid portion of acquisition purchase price	$ 0.8	$ 0

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Lumentum Holdings Inc. (“we,” “us,” “our”, “Lumentum” or the “Company”) is an industry-leading provider of optical and photonic products defined by revenue and market share addressing a range of end market applications including Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”) for manufacturing, inspection and life-science applications. We seek to use our core optical and photonic technology, and our volume manufacturing capability, to expand into attractive emerging markets that benefit from advantages that optical or photonics-based solutions provide, including 3D sensing for consumer electronics and diode light sources for a variety of consumer and industrial applications. The majority of our customers are currently as well as historically original equipment manufacturers (“OEMs”) that incorporate our products into their products which then address end-market applications. For example, we sell fiber optic components that network equipment manufacturers (“NEMs”) assemble into communications networking systems, which they sell to communications service providers, hyperscale cloud operators, and enterprises with their own networks. Similarly, many of our Lasers products customers incorporate our products into tools they produce, which are used for manufacturing processes by their customers. For 3D sensing, we sell diode lasers to manufacturers of consumer electronics products for mobile, personal computing, gaming, and other applications, including to the automotive industry, who then integrate our devices within their products, for eventual resale to consumers and also into other industrial applications. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact us in the future, actual results may be different from the estimates. Operating results for the quarter ended October 1, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 1, 2023. In the opinion of the Company’s management, the information presented herein reflects all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position, stockholders’ equity and cash flows. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are inventory valuation, revenue recognition, income taxes, goodwill and business combinations. While the impact of COVID-19 pandemic is lessening, the duration and severity of the impact of the pandemic on our business and results of operations in future periods remain uncertain. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including but not limited to the duration and spread of the pandemic and its variants, implementation and duration of local, state and federal issued public health orders in each jurisdiction where we operate or in which our customers and suppliers operate, impact on our customers and our sales cycles, impact on our supply chain and manufacturing partners, impact on our employees and impact on regional and worldwide economies and financial markets in general, all of which are uncertain and cannot be predicted. We assessed the potential impact that this pandemic has on our estimates as of October 1, 2022 and determined that there were no material impacts. However, due to the global supply chain constraint, we have had to incur incremental supply and procurement costs in order to fulfill demand from our customers. As of October 1, 2022, our inventory balance includes $21.9 million of incremental supply procurement costs. We are also continuously monitoring developments in the ongoing conflict between Russia and Ukraine including the related export controls and resulting sanctions imposed on Russia by the U.S. and other countries. Additional factors such as increased inflation, escalating energy costs, constrained raw material availability, and thus increasing costs could impact the global economy. Although the global implications of the Russian/Ukraine conflict are difficult to predict at this time, we do not presently foresee direct material adverse effects upon our business. Business Combinations On August 3, 2022, we completed a merger with NeoPhotonics Corporation (“NeoPhotonics”). Our condensed consolidated financial statements include the operating results of NeoPhotonics for the period from the date of the closing of the merger through October 1, 2022. We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations to account for this transactio n. Refer to “Note 4. Business Combinations” for further discussion of the merger. On August 15, 2022, we completed a transaction to acquire IPG Photonics’ telecom transmission product lines. Our condensed consolidated financial statements include the operating results of this business unit for the period from the date of the acquisition through October 1, 2022. We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations to account for this transaction . Refer to “Note 4. Business Combinations” for further discussion of this acquisition. Fiscal Years We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30th. Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2023 is a 52-week year ending on July 1, 2023, with the quarter ended October 1, 2022 being a 13-week quarterly period. Our fiscal 2022 was a 52-week year that ended on July 2, 2022, with the quarter ended October 2, 2021 being a 13-week quarterly period. Principles of Consolidation These interim unaudited condensed consolidated financial statements include the accounts of Lumentum Holdings Inc. and its wholly-owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassification of the prior period amounts did not impact previously reported condensed consolidated financial statements. Accounting Policies The condensed consolidated financial statements and accompanying related notes should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended July 2, 2022. Except for the accounting policies for convertible instruments as a result of our adoption of Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, there have been no significant changes to our accounting policies during

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Oct. 01, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 2. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers . This ASU is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 is effective for us in our first quarter of fiscal year 2024. We early adopted the new standard in the first quarter of fiscal 2023 in connection with the merger with NeoPhotonics Corporation (“NeoPhotonics”), noting no material impact to our condensed consolidated financial statements as of and for the period ended October 1, 2022. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by removing the separation models for (i) convertible debt with a cash conversion feature and (ii) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument is accounted for as a single liability measured at its amortized cost. ASU 2020-06 also requires the application of the if-converted method for calculating diluted earnings per share. We adopted the standard as of July 3, 2022, using the modified retrospective approach. Upon adoption, our 2026 Notes and 2028 Notes were accounted for as a single liability measured at amortized cost, resulting in: (i) an increase to the convertible notes liability balance of $433.0 million to reflect the full principal amount of the convertible notes outstanding, net of issuance costs; (ii) a reduction to additional paid-in capital, net of estimated income tax effects, of $426.5 million, to remove the equity component separately recorded for the conversion features associated with the convertible notes; (iii) an increase to deferred tax assets, net of $92.1 million; and (iv) a cumulative-effect adjustment of $85.6 million, net of estimated income tax effects, to decrease the accumulated deficit. In addition, the adoption requires the use of the if-converted method for all convertible notes in the diluted net income per share calculation and the inclusion of the effect of potential share settlement of the convertible notes, if the effect is more dilutive. There was no impact to diluted earnings per share for the three months ended October 1, 2022, as the inclusion of potential shares of common stock related to the convertible notes w as anti-dilutive. Refer to “Note 9. Debt” for further information. The following table sets forth the impact upon adoption of ASU 2020-06 as of July 3, 2022 ( in millions ): Short Term Debt - 2024 Notes Long Term Debt - 2026 Notes Long Term Debt - 2028 Notes Additional Paid-In Capital Accumulated Deficit Deferred Tax Asset (Liability), net Balances pre-adoption of ASC 2020-06 $ 409.9 $ 831.4 $ 634.7 $ 2,003.6 $ 129.1 $ 12.9 Reclassify amounts from equity to debt — 312.9 229.3 (542.2) — — Adjustment for interest accretion — (99.5) (9.7) — (109.2) — Tax effect — — — 115.7 23.6 92.1 Balances upon adoption of ASC 2020-06 $ 409.9 $ 1,044.8 $ 854.3 $ 1,577.1 $ 43.5 $ 105.0

Earnings Per Share

Earnings Per Share	3 Months Ended
	Oct. 01, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 3. Earnings Per Share The following table sets forth the computation of basic and diluted net income (loss) per share ( in millions, except per share data ): Three Months Ended October 1, 2022 October 2, 2021 Numerator: Net income (loss) - basic and diluted $ (0.4) $ 81.5 Denominator: Weighted average common shares outstanding - basic 68.1 72.7 Effect of dilutive securities from 2015 Equity Incentive Plan — 0.6 Shares issuable assuming conversion of the convertible notes — 2.1 Weighted average common shares outstanding - diluted 68.1 75.4 Net income (loss) per share: Basic $ (0.01) $ 1.12 Diluted $ (0.01) $ 1.08 Upon adoption of ASU 2020-06 in the first quarter of fiscal 2023, potentially dilutive common shares issuable upon conversion of our outstanding 2024 Notes, 2026 Notes and 2028 Notes (collectively referred to as the “Convertible Notes”) are determined using the if-converted method. Anti-dilutive shares excluded from the calculation of diluted net income (loss) per share for the three months ended October 1, 2022 include 28.4 million shares related to Convertible Notes and 0.5 million shares related to restricted stock units (“RSUs”) under the 2015 Equity Incentive Plan and shares to be purchased under the Employee Stock Purchase Plan (the “2015 Purchase Plan”). Refer to “Note 13. Equity.” Periods prior to the adoption of ASU 2020-06, which includes the first quarter of fiscal 2022, our potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the treasury stock method. Anti-dilutive shares excluded from the calculation of diluted net income (loss) per share for the three months ended October 2, 2021 include 0.4 million shares related to RSUs and the 2015 Purchase Plan.

Business Combinations

Business Combinations	3 Months Ended
	Oct. 01, 2022
Business Combinations [Abstract]
Business Combinations	Note 4. Business Combinations NeoPhotonics Merger On November 3, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NeoPhotonics and Neptune Merger Sub, Inc. On August 3, 2022 (the “Closing date”), we completed the acquisition of NeoPhotonics through the consummation of the merger and, accordingly, we acquired all of the issued and outstanding common stock of NeoPhotonics. The addition of NeoPhotonics expands our opportunity in some of the fastest growing markets for optical components used in cloud and telecom network infrastructure. We expect the integrated company to be better positioned to serve the needs of a global customer base who are increasingly utilizing photonics to accelerate the shift to digital and virtual approaches to work and life, the proliferation of IoT, 5G, and next-generation mobile networks, and the transition to advanced cloud computing architectures. We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations , with respect to the fair value of purchase price consideration and the identifiable assets and liabilities of NeoPhotonics, which have been measured at estimated fair value as of the Closing date. The following tables summarize the total purchase price consideration ( in millions ): Fair Value Cash consideration for outstanding NeoPhotonics common stock (1) $ 867.3 Settlement of pre-existing relationship (loan to NeoPhotonics) (2) 50.0 Share-based compensation (3) 17.1 Total purchase price consideration $ 934.4 (1) Under the terms of the Merger Agreement, NeoPhotonics stockholders received $16.00 per share for each of the 54.2 million NeoPhotonics common stock outstanding at the Closing date. As a result, we paid $867.3 million of cash consideration to shareholders of NeoPhotonics on the Closing Date. (2) As contemplated by the Merger Agreement, on January 14, 2022, Lumentum and NeoPhotonics entered into a credit agreement where Lumentum agreed to make term loans (“loans”) to NeoPhotonics in an aggregate principal amount not to exceed $50.0 million to help fund capital expenditures and increase working capital associated with NeoPhotonics’ growth plans. During fiscal 2022, the Company funded a $30.0 million loan request to NeoPhotonics. On August 1, 2022, we funded an additional $20.0 million loan request to NeoPhotonics. The interest was payable monthly in arrears on the first day of each month. The loans would have matured on January 14, 2024 unless earlier repaid or accelerated. The $50.0 million loans in aggregate were included as part of the total purchase price consideration. (3) We paid $22.6 million cash consideration to holders of vested NeoPhotonics equity awards as of closing, of which $13.6 million was allocated to the purchase price consideration and $9.0 million was expensed immediately after the Closing date. Additionally, we issued replacement equity awards (the “Replacement Awards”) in settlement of certain NeoPhotonics equity awards that did not become vested at the Closing date, with the total fair value of $40.2 million based on our closing stock price on the Closing date. The portion of Replacement Awards attributed to pre-merger service was recorded as part of the consideration transferred, which was $3.5 million. The total transaction consideration of $934.4 million was funded by the cash balances of the combined company. We also recorded $20.9 million of merger-related costs, representing professional and other direct acquisition costs. Of the $20.9 million of merger-related costs , $12.6 million was incurred during the three months ended October 1, 2022 and was recor ded as selling, general and administrative expense in the consolidated statement of operations. We allocated the fair value of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date based on their estimated fair values. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill. Our preliminary allocation of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date is as follows ( in millions ): Fair Value Total purchase price consideration $ 934.4 Assets acquired Cash and cash equivalents $ 92.9 Accounts receivable, net 66.5 Inventories 85.3 Prepayments and other current assets 24.2 Property, plant and equipment, net 106.6 Operating lease right-of-use assets, net 16.9 Other intangible assets, net (1) 412.5 Other non-current assets 1.9 Total assets 806.8 Liabilities assumed Accounts payable 79.6 Accrued payroll and related expenses 12.0 Accrued expenses 4.1 Other current liabilities 10.6 Operating lease liabilities, current 2.8 Operating lease liabilities, non-current 13.2 Deferred tax liability 40.1 Other non-current liabilities 28.3 Total liabilities 190.7 Goodwill $ 318.3 (1) Other intangible assets include customer relationship of $144.5 million, developed technology of $220.0 million, and in-process research and development (“IPR&D”) of $48.0 million. Refer to “Note 8. Goodwill and Other Intangible Assets” for more information. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and subject to change. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the fair value of inventories, property, plant and equipment, intangible assets, deferred tax assets and liabilities, and contingent liabilities. Further adjustments may result before the end of the measurement period, which ends one year from the Closing date. During the measurement period, if new information is obtained about facts and circumstances that existed as of the Closing date that, if known, would have resulted in revised estimated values of assets acquired and liabilities assumed, we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be calculated as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings. Goodwill has been assigned to the OpComms segment. The preliminary goodwill of $318.3 million arising from the acquisition is attributed to the expected synergies, including future cost efficiencies and other benefits that are expected to be generated by combining Lumentum and NeoPhotonics. None of the goodwill is expected to be deductible for local tax purposes. Refer to “Note 8. Goodwill and Other Intangible Assets.” From the Closing date, NeoPhotonics contributed $72.8 million of our consolidated net revenue for the three months ended October 1, 2022. Due to the continued integration of the combined businesses, as well as our corporate structure and the allocation of selling, general and administrative costs, it is impractical to determine NeoPhotonics’ contribution to our earnings. Supplemental Pro Forma Information The following supplemental pro forma information presents the combined results of operations for the three months ended October 1, 2022 and October 2, 2021, as if the merger was completed at the beginning of fiscal 2022. The supplemental pro forma financial information presented below is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma financial information includes adjustments for: (i) additional amortization expense that would have been recognized related to the acquired intangible assets, (ii) additional depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) a dditional cost of sales related to the inventory valuation adjustment, (iv) acquisition related costs, such as third party transaction costs and restructuring costs, (vi) stock-based compensation expense an d (vi) the estimated income tax effect on the pro forma adjustments. The supplemental pro forma financial information for the periods presented is as follows ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Net revenue $ 530.7 $ 532.1 Net income 32.4 22.2 Acquisition of IPG Photonics’ Telecom Transmission Product Lines On August 15, 2022 (“IPG Closing date”), we completed a transaction to acquire IPG Photonics’ telecom transmission product lines that develops and markets products for use in telecommunications and datacenter infrastructure, including Digital Signal Processors (DSPs), ASICs and optical transceivers. This acquisition will enable us to expand our business in the OpComms segment. We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations to account for this transaction. The total purchase price is $55.9 million, which was paid in cash. Our preliminary allocation of the purchase price consideration includes $29.1 million of in-process research and development (“IPR&D”), $8.6 million of developed technology, $2.3 million of customer relationships, $9.4 million of other net assets and liabilities, resulting in preliminary goodwill of $6.5 million. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and adjustments may result before the end of the measurement period, which ends one year from the IPG Closing date. We incurred $1.4 million transaction costs during the three months ended October 1, 2022, which was recor ded as selling, general and administrative expense in the condensed consolidated statement of operations. The pro forma financial information from the IPG Photonics’ telecom transmission product lines, assuming the acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of the acquisition, as well as revenue and earnings generated during the current fiscal year, were not material for disclosure purposes.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-term Investments	3 Months Ended
	Oct. 01, 2022
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Short-term Investments	Note 5. Cash, Cash Equivalents and Short-term Investments The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented ( in millions ): Amortized Gross Gross Fair Value October 1, 2022: Cash $ 326.9 $ — $ — $ 326.9 Cash equivalents: Commercial paper 24.5 — — 24.5 Money market funds 221.1 — — 221.1 U.S. Agency securities 9.0 — — 9.0 U.S. Treasury securities 23.8 — — 23.8 Total cash and cash equivalents $ 605.3 $ — $ — $ 605.3 Short-term investments: Certificates of deposit $ 33.3 $ — $ — $ 33.3 Commercial paper 66.1 — (0.4) 65.7 Corporate debt securities 492.4 — (7.6) 484.8 Municipal bonds 1.0 — — 1.0 U.S. Agency securities 87.5 — (1.8) 85.7 U.S. Treasury securities 353.2 0.1 (4.2) 349.1 Total short-term investments $ 1,033.5 $ 0.1 $ (14.0) $ 1,019.6 July 2, 2022: Cash $ 235.9 $ — $ — $ 235.9 Cash equivalents: Commercial paper 23.6 — — 23.6 Money market funds 1,000.2 — — 1,000.2 U.S. Agency securities 8.0 — — 8.0 U.S. Treasury securities 22.5 — 22.5 Total cash and cash equivalents $ 1,290.2 $ — $ — $ 1,290.2 Short-term investments: Certificates of deposit $ 28.3 $ — $ — $ 28.3 Commercial paper 107.4 — (0.4) 107.0 Corporate debt securities 539.9 (7.4) 532.5 Municipal bonds 1.0 — — 1.0 U.S. Agency securities 67.1 — (1.4) 65.7 U.S. Treasury securities 528.2 0.3 (4.2) 524.3 Total short-term investments $ 1,271.9 $ 0.3 $ (13.4) $ 1,258.8 We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in value. For our debt instruments, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three months ended October 1, 2022 and October 2, 2021, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale. During the three months ended October 1, 2022 and October 2, 2021, our other income (expense), net was $13.8 million income and $0.6 million income, respectively, which includes interest and investment income on cash equivalents and short-term investments of $4.8 million and $0.6 million, respectively. As of October 1, 2022 and July 2, 2022, we recorded interest receivables of $3.9 million and $3.9 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented as there were no such losses. As of October 1, 2022, we had corporate debt securities and U.S. government bonds of $148.9 million and $19.7 million, respectively, that have been in a continuous unrealized loss position for more than 12 months with an unrealized loss position of $2.6 million and $0.4 million, respectively. As of July 2, 2022, we had corporate debt securities of $57.4 million that have been in a continuous loss position for more than 12 months with an unrealized loss position of $0.9 million. The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for less than 12 months as of the periods presented ( in millions ): Fair Value Unrealized Losses October 1, 2022: U.S. Agency securities $ 86.4 (1.8) Certificates of deposit 6.4 — Commercial paper 90.2 (0.4) Corporate debt securities 334.4 (5.0) U.S. government bonds 262.5 (3.7) Total $ 779.9 $ (10.9) July 2, 2022: U.S. Agency securities $ 73.7 $ (1.4) Certificates of deposit 16.2 — Commercial paper 130.7 (0.4) Corporate debt securities 473.2 (6.5) Municipal bonds 1.0 — U.S. government bonds 366.0 (4.2) Total $ 1,060.8 $ (12.5) The following table classifies our short-term investments by contractual maturities ( in millions ): October 1, 2022 July 2, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year $ 831.3 $ 821.2 $ 1,010.9 $ 1,002.2 Due in 1 year through 5 years 202.2 198.4 261.0 256.6 $ 1,033.5 $ 1,019.6 $ 1,271.9 $ 1,258.8 All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3: Inputs are unobservable inputs based on our assumptions. The fair value of our Level 1 financial instruments, such as money market funds and U.S. Treasury securities, which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our pricing service against fair values obtained from another independent source. Financial assets measured at fair value on a recurring basis are summarized below ( in millions ): Level 1 Level 2 Level 3 Total October 1, 2022: (1) Assets: Cash equivalents: Commercial paper $ — $ 24.5 $ — $ 24.5 Money market funds 221.1 — — 221.1 U.S. Agency securities — 9.0 — 9.0 U.S. Treasury securities 23.8 — — 23.8 Short-term investments: Certificates of deposit — 33.3 — 33.3 Commercial paper — 65.7 — 65.7 Corporate debt securities — 484.8 — 484.8 Municipal bonds — 1.0 — 1.0 U.S. Agency securities — 85.7 — 85.7 U.S. Treasury securities 349.1 — — 349.1 Total assets $ 594.0 $ 704.0 $ — $ 1,298.0 (1) Excludes $326.9 million in cash held in our bank accounts as of October 1, 2022. Level 1 Level 2 Level 3 Total July 2, 2022: (1) Assets: Cash equivalents: Commercial paper $ — $ 23.6 $ — $ 23.6 Money market funds 1,000.2 — — 1,000.2 U.S. Agency securities — 8.0 — 8.0 U.S. Treasury securities 22.5 — — 22.5 Short-term investments: Certificates of deposit — 28.3 — 28.3 Commercial paper — 107.0 — 107.0 Corporate debt securities — 532.5 — 532.5 Municipal bonds — 1.0 — 1.0 U.S. Agency securities — 65.7 — 65.7 U.S. Treasury securities 524.3 — — 524.3 Total assets $ 1,547.0 $ 766.1 $ — $ 2,313.1 (1) Excludes $235.9 million in cash held in our bank accounts as of July 2, 2022. Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value with the exception of the 2028 Notes, 2026 Notes and 2024 Notes. The estimated fair value of the convertible notes was determined based on the trading price of the convertible notes as of the last day of trading for the period. We consider the fair value of the notes to be a Level 2 measurement as they are not actively traded in markets. The carrying amounts and estimated fair values of the 2028 Notes, 2026 Notes and 2024 Notes are as follows for the periods presented ( in millions ): October 1, 2022 July 2, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2028 Notes $ 854.5 $ 691.4 $ 634.7 $ 735.7 2026 Notes 1,045.0 983.8 831.4 1,065.0 2024 Notes 415.2 553.9 409.9 614.2 $ 2,314.7 $ 2,229.1 $ 1,876.0 $ 2,414.9 Assets Measured at Fair Value on a Non-Recurring Basis We periodically review our intangible and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. If not recoverable, an impairment loss would be calculated based on the excess of the carrying amount over the fair value. Management utilizes various valuation methods, including an income approach, a market approach and a cost approach, to estimate the fair value of intangibles and other long-lived assets. During the annual impairment testing performed in the fourth quarter of fiscal 2022, we concluded that our intangible and other long-lived assets were not impaired. We review our intangible and other long-lived assets for impairment at least annually in the fourth quarter of each fiscal year, absent any interim indicators of impairment. There were no indicators of impairment during the three months ended October 1, 2022.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Note 7. Balance Sheet Details Allowance for Current Expected Credit Losses We did not have any allowance for credit losses other than our allowance for uncollectible accounts receivable. As of October 1, 2022 and July 2, 2022, the allowance for credit losses on our trade receivables was $0.1 million and $0.1 million, respectively. Inventories The components of inventories were as follows ( in millions ): October 1, 2022 July 2, 2022 Raw materials and purchased parts $ 150.6 $ 98.9 Work in process 133.3 92.2 Finished goods 82.3 59.0 Inventories $ 366.2 $ 250.1 The inventory balance as of October 1, 2022 includes $80.7 million inventory from the merger with NeoPhotonics, net of amortization of fair value step-up of $4.6 million during the three months ended October 1, 2022. Operating Lease Right-of-Use Assets Operating lease right-of-use assets, net were as follows ( in millions ): October 1, 2022 July 2, 2022 Operating lease right-of-use assets $ 120.7 $ 102.1 Less: accumulated amortization (31.3) (28.5) Operating lease right-of-use assets, net $ 89.4 $ 73.6 In connection with the NeoPhotonics merger, we acquired $16.9 million right-of-use assets related to leases of real estate properties used as our manufacturing and R&D premises. These leases are accounted for as operating leases and have the remaining lease term ranging from 3.8 to 6.4 years years at the merger Closing date. Property, Plant and Equipment, Net The components of property, plant and equipment, net were as follows ( in millions ): October 1, 2022 July 2, 2022 Land $ 63.3 $ 49.7 Buildings and improvement 142.7 105.3 Machinery and equipment 614.4 548.8 Computer equipment and software 35.5 31.3 Furniture and fixtures 9.7 8.9 Leasehold improvements 44.6 35.7 Construction in progress 56.4 47.0 966.6 826.7 Less: Accumulated depreciation (488.6) (466.2) Property, plant and equipment, net $ 478.0 $ 360.5 In connection with our merger with NeoPhotonics, we assumed $106.6 million of property, plant and equipment, net. Our construction in progress primarily includes machinery and equipment that we expect to place in service in the next 12 months. During the three months ended October 1, 2022 and October 2, 2021, we recorded depreciation expense of $24.5 million and $20.4 million, respectively. Other Current Liabilities The components of other current liabilities were as follows (in millions) : October 1, 2022 July 2, 2022 Restructuring accrual and related charges (1) $ 3.1 $ — Warranty accrual 10.1 10.0 Income tax payable (2) 27.0 26.0 Other current liabilities 8.1 3.4 Other current liabilities $ 48.3 $ 39.4 (1) Refer to “Note 11. Restructuring and Related Charges.” (2) Refer to “Note 12. Income Taxes.” Other Non-Current Liabilities The components of other non-current liabilities were as follows ( in millions ): October 1, 2022 July 2, 2022 Asset retirement obligations $ 8.0 $ 4.6 Pension and related accrual (1) 9.4 7.7 Unrecognized tax benefit 50.9 30.5 Other non-current liabilities 7.6 0.1 Other non-current liabilities $ 75.9 $ 42.9 (1) We have defined benefit pension plans in Japan, Switzerland, and Thailand. In connection with our merger with NeoPhotonics, we assumed an additional defined benefit plan covering employees in Japan. As of October 1, 2022, the projected benefit obligations, net of plan assets, in Japan, Switzerland and Thailand were $4.3 million, $1.7 million and $3.4 million, respectively. As of July 2, 2022, the projected benefit obligations, net of plan assets, in Japan, Switzerland and Thailand were $2.6 million, $1.7 million and $3.4 million, respectively. We typically re-evaluate the assumptions related to the fair value of our defined benefit obligations annually and make any updates as necessary.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 8. Goodwill and Other Intangible Assets Goodwill In the first quarter of fiscal 2023, we completed two acquisitions, our merger with NeoPhotonics and the acquisition of IPG Photonics’ telecom transmission product lines. As of the acquisition dates, we recognized goodwill in the amount of $318.3 million related to the NeoPhotonics merger and $6.5 million related to the acquisition of the IPG Photonics’ telecom transmission product lines. We allocated the entire goodwill amount in connection with the acquisitions to the OpComms segment. The following table presents the changes in goodwill by reportable segments during the three months ended October 1, 2022 ( in millions) : Optical Communications Commercial Lasers Total Balance as of July 2, 2022 $ 363.5 $ 5.4 $ 368.9 Acquisition of NeoPhotonics 318.3 — 318.3 Acquisition of IPG Photonics’ Telecom Transmission Product Lines 6.5 — 6.5 Balance as of October 1, 2022 $ 688.3 $ 5.4 $ 693.7 Impairment of Goodwill We review goodwill for impairment during the fourth quarter of each fiscal year or more frequently if events or circumstances indicate that an impairment loss may have occurred. In the fourth quarter of fiscal 2022, we completed the annual impairment test of goodwill, which indicated there was no goodwill impairment. There were no indicators of goodwill impairment during the three months ended October 1, 2022. Other Intangibles The intangible assets are amortized on a straight-line basis over the estimated useful lives, except for customer relationships, which are amortized using an accelerated method of amortization over the expected customer lives, more accurately reflecting the pattern of realization of economic benefits expected to be obtained. Acquired developed technologies are amortized to cost of sales and customer relationships are amortized to selling, general and administrative expenses in the consolidated statement of operations. In-process research and development (IPR&D) is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable purchased intangible asset and amortized over the asset’s estimated useful life. In the first quarter of fiscal 2023, we recorded the preliminary fair value of acquired intangible assets of $412.5 million related to the merger with NeoPhotonics and $40.0 million related to the acquisition of IPG Photonics’ telecom transmission product lines (“IPG product lines”). Refer to “Note 4. Business Combinations.” The intangible assets acquired from the acquisitions in the first quarter of fiscal 2023 were as follows ( in millions, except for weighted average amortization periods ): Preliminary fair value at the acquisition date Weighted average amortization period NeoPhotonics IPG product lines Total acquired Acquired developed technologies $ 220.0 $ 8.6 $ 228.6 5.2 Customer relationships 144.5 2.3 146.8 5.9 In-process research and development 48.0 29.1 77.1 n/a $ 412.5 $ 40.0 $ 452.5 The following tables present details of our other intangibles, including those acquired in connection with our acquisitions in the first quarter of fiscal 2023, as of the periods presented ( in millions, except for weighted average remaining amortization period ): October 1, 2022 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted average remaining amortization period (years) Acquired developed technologies $ 618.9 $ (327.0) $ 291.9 4.9 Customer relationships 291.8 (84.8) 207.0 5.5 In-process research and development 77.1 — 77.1 n/a Total intangible assets $ 987.8 $ (411.8) $ 576.0 July 2, 2022 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted average remaining amortization period (years) Acquired developed technologies $ 390.3 $ (303.6) $ 86.7 2.5 Customer relationships 145.0 (76.0) 69.0 4.4 Total intangible assets $ 535.3 $ (379.6) $ 155.7 The following table presents details of amortization for the periods presented (in millions ): Three Months Ended October 1, 2022 October 2, 2021 Cost of sales $ 22.9 $ 15.8 Selling, general and administrative 9.3 5.6 Total amortization of intangibles $ 32.2 $ 21.4 Based on the carrying amount of our acquired developed technologies and customer relationships as of October 1, 2022, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions) : Fiscal Years Remainder of 2023 $ 93.6 2024 110.2 2025 97.3 2026 84.9 2027 73.0 Thereafter 39.9 Total future amortization $ 498.9

Debt

Debt	3 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Debt	Note 9. Debt Convertible Notes 2028 Notes In March 2022, we issued $861.0 million in aggregate principal amount of 0.50% Convertible Notes due in 2028 (the “2028 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes are governed by an indenture between the Company and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association), as a trustee (the “2028 Indenture”). The 2028 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The net proceeds from the sale of the 2028 Notes was $854.8 million, after deducting $6.2 million in issuance costs. In addition, we incurred $0.7 million in professional fees in connection with this transaction. Concurrent with the issuance of the 2028 Notes, we used $200.0 million of the net proceeds to repurchase our common stock in privately negotiated transactions. We intend to use the remaining net proceeds for general corporate purposes, which may include capital expenditures and working capital. The 2028 Notes bear interest at a rate of 0.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. The 2028 Notes will mature on June 15, 2028, unless earlier redeemed, repurchased by us, or converted pursuant to the terms. The initial conversion rate is 7.6319 shares of common stock per $1,000 principal amount of the 2028 Notes (which is equivalent to an initial conversion price of approximately $131.03 per share). The conversion rate is subject to adjustment upon the occurrence of certain specified events, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert the 2028 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding March 15, 2028, holders of the 2028 Notes may convert their 2028 Notes only under the following circumstances: • during any fiscal quarter commencing after July 2, 2022 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price, or $170.34, on each applicable trading day; • during the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2028 Notes for each trading day of such measurement was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; • if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or • upon the occurrence of specified corporate events, as specified in the 2028 Indentures. On or after March 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2028 Notes at any time. Upon conversion, we may satisfy our conversion obligation in cash, shares of common stock or a combination of cash and shares of common stock, at our election. We may redeem for cash all or any of the 2028 Notes, at our option (subject to the partial redemption limitation set forth in the 2028 Indenture), on or after June 20, 2025, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes. If we elect to redeem fewer than all of the outstanding 2028 Notes, at least $100.0 million aggregate principal amount of the 2028 Notes must be outstanding and not subject to redemption as of the redemption notice date. Upon the occurrence of a fundamental change (as defined in the 2028 Indenture), holders may require the Company to repurchase all or a portion of their 2028 Notes for cash at a price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. We initially bifurcated the principal amount of the 2028 Notes into liability and equity components. The liability component of the 2028 Notes was initially valued at $629.8 million based on the contractual cash flow discounted at an appropriate comparable market on non-convertible debt borrowing rate at the date of issuance, which was 5.7%, with the equity component representing the residual amount of the proceeds of $231.2 million, which was recorded as a debt discount. Upon adoption of ASU 2020-06 in the first quarter of fiscal 2023, our 2028 Notes were accounted for as a single liability measured at amortized cost. Refer to “Note 2. Recently Issued Accounting Pronouncement” for the detailed adoption impact. 2026 Notes In December 2019, we issued $1,050.0 million in aggregate principal amount of 0.50% Convertible Notes due in 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2026 Notes are governed by an indenture between the Company and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association, as a trustee (the “2026 Indenture”). We used approximately $196.0 million of the net proceeds of the offering to repay in full all amounts outstanding under our term loan credit facility, and a portion of the net proceeds of the offering to purchase approximately $200.0 million of our common stock concurrently with the pricing of the offering in privately negotiated transactions. The 2026 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The 2026 Notes bear interest at a rate of 0.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2020. The 2026 Notes will mature on December 15, 2026, unless earlier redeemed, repurchased by us, or converted pursuant to their terms. The initial conversion rate is 10.0711 shares of common stock per $1,000 principal amount of the 2026 Notes (which is equivalent to an initial conversion price of approximately $99.29 per share). The conversion rate is subject to adjustment upon the occurrence of certain events specified in the 2026 Indenture but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change or our issuance of a notice of redemption, we will, in certain circumstances, increase the conversion rate by a number of additional shares set forth in the 2026 Indenture or a holder that elects to convert the 2026 Notes in connection with such make-whole fundamental change or notice of redemption. Prior to the close of business on the business day immediately preceding September 15, 2026, holders of the 2026 Notes may convert their 2026 Notes only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2026 Notes, or $129.08 on each applicable trading day; • during the five business day period after any five consecutive trading day period (the "2026 measurement period") in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of the 2026 measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the 2026 Notes on each such trading day; • if we call any or all of the 2026 Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the relevant redemption date; or • upon the occurrence of specified corporate events. On or after September 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert the 2026 Notes at any time. Upon conversion, we may satisfy our conversion obligation in cash, shares of common stock or a combination of cash and shares of common stock, at our election. We may redeem for cash, for all or any portion of the 2026 Notes, at our option, on or after December 20, 2023, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide a notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes. Upon the occurrence of a fundamental change (as defined in the 2026 Indenture), holders may require us to repurchase all or a portion of the 2026 Notes for cash at a price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. We initially bifurcated the principal amount of the 2026 Notes into liability and equity components. The liability component of the 2026 Notes was initially valued at $734.8 million based on the contractual cash flows discounted at an appropriate comparable market non-convertible debt borrowing rate at the date of issuance of 5.8% with the equity component representing the residual amount of the proceeds of $315.2 million, which was recorded as a debt discount. Upon adoption of ASU 2020-06 in the first quarter of fiscal 2023, our 2026 Notes were accounted for as a single liability measured at amortized cost. Refer to “Note 2. Recently Issued Accounting Pronouncement” for the detailed adoption impact. 2024 Notes In March 2017, we issued $450.0 million in aggregate principal amount 2024 Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2024 Notes are governed by an indenture between the Company, as the issuer, and U.S. Bank Trust Company National Association (as successor in interest to U.S. Bank National Association), as trustee (the “2024 Indenture”). The 2024 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or the issuance or repurchase of securities by us. The 2024 Notes bear interest at a rate of 0.25% per year. Interest on the 2024 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The 2024 Notes will mature on March 15, 2024, unless earlier repurchased by us or converted pursuant to their terms. The initial conversion rate of the 2024 Notes is 16.4965 shares of common stock per $1,000 principal amount of 2024 Notes, which is equivalent to an initial conversion price of approximately $60.62 per share, a 132.5% premium to the fair market value at the date of issuance. Prior to the close of business on the business day immediately preceding December 15, 2023, each holder of the 2024 Notes may convert their 2024 Notes only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price, or $78.80 on each applicable trading day; • during the five consecutive business day period after any five consecutive trading day period (the “2024 measurement period”) in which the trading price per $1,000 principal amount of 2024 Notes for each trading day of such 2024 measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such trading day; • upon the occurrence of specified corporate events. On or after December 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2024 Indenture), we will, in certain circumstances, increase the conversion rate by a number of additional shares set forth in the 2024 Indenture for a holder that elects to convert 2024 Notes in connection with such make-whole fundamental change. We may not redeem the 2024 Notes prior to their maturity date and no sinking fund is provided for the 2024 Notes. Upon the occurrence of a fundamental change, holders may require us to repurchase all or a portion of their 2024 Notes for cash at a price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus any accrued and unpaid interest. During the three months ended October 1, 2022 , we received conversion requests of less than $0.1 million principal amount of the 2024 Notes, which we settled with cash in accordance with the 2024 Indenture. Since issuing the 2024 Notes, we have converted a total of approximately $1.9 million principal amount of the 2024 Notes. The remaining principal amount of the 2024 Notes as of October 1, 2022 was $448.1 million. We considered the features embedded in the 2024 Notes other than the conversion feature, including the holders’ put feature, our call feature, and the make-whole feature, and concluded that they are not required to be bifurcated and accounted for separately from the host debt instrument. Prior to the Tax Matters Agreement settlement condition (“TMA settlement condition”), because we could only settle the 2024 Notes in cash, we determined that the conversion feature met the definition of a derivative liability. We separated the derivative liability from the host debt instrument based on the fair value of the derivative liability. During fiscal 2017, we satisfied the TMA settlement condition. As such, the value of the conversion option is no longer marked-to-market and was reclassified to additional paid-in capital within stockholders’ equity on our condensed consolidated balance sheets. The adoption of ASU 2020-06 did not change the presentation of the 2024 Notes, as the conversion feature associated with the 2024 Notes continues to be classified within stockholders’ equity. Convertible Notes - Additional Disclosures Our convertible notes consisted of the following components as of the periods presented ( in millions ): Liability component: October 1, 2022 July 2, 2022 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) Principal $ 448.1 $ 1,050.0 $ 861.0 $ 448.1 $ 1,050.0 $ 861.0 Unamortized debt discount and issuance costs (32.9) (5.0) (6.5) (38.2) (218.6) (226.3) Net carrying amount of the liability component $ 415.2 $ 1,045.0 $ 854.5 $ 409.9 $ 831.4 $ 634.7 (1) If the closing price of our stock exceeds $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of any future quarter, our 2024 Notes would become convertible at the option of the holders. During the fourth quarter of fiscal 2022, the 2024 Notes were convertible at the option of the holders and therefore, the debt component of our 2024 Notes was classified as current liabilities in our condensed consolidated balance sheet. While the 2024 Notes will not be convertible during the second quarter of fiscal 2023, as our stock price did not exceed $78.80 for 20 of the last 30 trading days of the quarter ended October 1, 2022, we continue to classify the 2024 Notes in current liabilities as this presentation provides consistency and better comparability with our prior periods. (2) If the closing price of our stock exceeds $129.08 (or 130% of the conversion price of $99.29) for 20 of the last 30 trading days of any future quarter, our 2026 Notes would become convertible at the option of the holders and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (3) If the closing price of our stock exceeds $170.34 (or 130% of the conversion price of $131.03) for 20 of the last 30 trading days of such quarter, our 2028 Notes would become convertible at the option of the holders and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. The following table sets forth interest expense information related to the convertible notes for the periods presented (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Contractual interest expense $ 2.7 $ 1.6 Amortization of the debt discount and debt issuance costs 5.7 15.3 Total interest expense $ 8.4 $ 16.9 The future interest and principal payments related to our convertible notes are as follows as of October 1, 2022 (in millions) : Fiscal Years 2024 Notes 2026 Notes 2028 Notes Total Remainder of 2023 $ 0.6 $ 5.3 $ 4.3 $ 10.2 2024 449.2 5.3 4.3 458.8 2025 — 5.3 4.3 9.6 2026 — 5.3 4.3 9.6 2027 — 1,052.4 869.6 1,922.0 Total convertible notes payments $ 449.8 $ 1,073.6 $ 886.8 $ 2,410.2 The principal balances of our convertible notes are reflected in the payment periods in the table above based on their respective contractual maturities. Mitsubishi Bank Loans In connection with our merger of NeoPhotonics, we assumed several loan agreements with MUFG Bank, Ltd. (the “Mitsubishi Bank”). In February 2015, NeoPhotonics entered into a loan agreement with Mitsubishi Bank, that provided for a term loan in the aggregate principal amount of 1.0 billion JPY (approximately $6.9 million based on the exchange rate on October 1, 2022) (the “2015 Mitsubishi Bank Loan”). The 2015 Mitsubishi Bank Loan is secured by a mortgage on certain real property and buildings owned by NeoPhotonic’s Japanese subsidiary. The 2015 Mitsubishi Bank Loan accrues interest and is paid monthly based upon the annual rate of the monthly Tokyo Interbank Offer Rate ("TIBOR") plus 1.40%. The term loan requires equal monthly payments of principal equal to 8.3 million JPY (approximately $0.1 million based on the exchange rate on October 1, 2022) until the maturity date of February 25, 2025, with a lump sum payment of the balance of 8.4 million JPY (approximately $0.1 million based on the exchange rate on October 1, 2022) on the maturity date. The outstanding principal balance for the 2015 Mitsubishi Bank Loan was 241.7 million JPY (approximately $1.6 million) as of October 1, 2022. In March 2017, NeoPhotonics entered into a loan agreement with Mitsubishi Bank for a term loan of 690.0 million JPY (approximately $4.8 million based on the exchange rate on October 1, 2022) (the “2017 Mitsubishi Bank Loan”) to acquire manufacturing equipment for its Japanese subsidiary. This loan is secured by the manufacturing equipment owned by the NeoPhotonics' subsidiary in Japan. Interest on the 2017 Mitsubishi Bank Loan is based on the annual rate of the monthly TIBOR rate plus 1.00%. The 2017 Mitsubishi Bank Loan matures on March 29, 2024 and requires monthly interest and principal payments over 72 months commencing in April 2018. The outstanding principal balance for the 2017 Mitsubishi Bank Loan was 172.5 million JPY (approximately $1.3 million) as of October 1, 2022. In January 2018, NeoPhotonics entered into a term loan agreement with Mitsubishi Bank and The Yamanashi Chuo Bank, Ltd. for a term loan in the aggregate principal amount of 850.0 million JPY (approximately $5.9 million based on the exchange rate on October 1, 2022) (the “2018 Mitsubishi Bank Loan”). The purpose of this term loan was to obtain machinery for the core parts of the manufacturing line and payments for related expenses by NeoPhotonics' subsidiary in Japan. This term loan requires no additional security. Interest on the term loan is based upon the annual rate of the three months TIBOR rate plus 1.00%. The term loan requires quarterly interest payments, along with the principal payments, over 82 months commencing in April 2018. The outstanding principal balance for the 2018 Mitsubishi Bank Loan was approximately 303.6 million JPY (approximately $2.1 million) as of October 1, 2022. All of these term loans contain customary representations and warranties, and customary affirmative and negative covenants applicable to NeoPhotonics’ Japanese subsidiary, including, among other things, restrictions on cessation in business, management, mergers or acquisitions. These term loans contain customary covenants relating to minimum net assets, maximum ordinary loss and a coverage ratio covenant. We are in compliance with the related covenants for all these term loans as of October 1, 2022. We intend to repay all amounts outstanding under the 2015 Mitsubishi Bank Loan, 2017 Mitsubishi Bank Loan and 2018 Mitsubishi Bank Loan during fiscal year 2023. As such, we presented these term loans within short term debt in our condensed consolidated balance sheet.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 10. Accumulated Other Comprehensive Income (Loss) Our accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments, the defined benefit obligations and available-for-sale securities. The changes in accumulated other comprehensive income (loss) were as follows for the periods as presented ( in millions ): Foreign currency translation adjustments, net of tax (1) Defined benefit obligations, net of tax (2) Unrealized gain (loss) on available-for-sale securities, net of tax Total Beginning balance as of July 2, 2022 $ 9.7 $ 1.0 $ (10.3) $ 0.4 Other comprehensive loss — — (0.6) (0.6) Ending balance as of October 1, 2022 9.7 1.0 (10.9) (0.2) Foreign currency translation adjustments, net of tax (1) Defined benefit obligations, net of tax (2) Unrealized gain (loss) on available-for-sale securities, net of tax Total Beginning balance as of July 3, 2021 $ 9.7 $ (1.4) $ (0.1) $ 8.2 Other comprehensive income — — 0.3 0.3 Ending balance as of October 2, 2021 9.7 (1.4) 0.2 8.5 (1) In fiscal 2019, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to December 10, 2018 remain as a component of accumulated other comprehensive income (loss) in our condensed consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated. (2) We re-evaluate the assumptions related to the fair value of our defined benefit obligations annually and make any updates as necessary.

Restructuring and Related Charg

Restructuring and Related Charges	3 Months Ended
	Oct. 01, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Note 11. Restructuring and Related Charges We have initiated various strategic restructuring actions primarily intended to reduce costs, consolidate our operations, rationalize the manufacturing of our products and align our business in response to market conditions and as a result of our acquisitions in the first quarter of fiscal 2023. The following table summarizes the activity of restructuring and related charges for the periods as presented ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Balance as of beginning of period $ — $ 5.7 Charges (reversals), net 9.3 (1.1) Payments (6.2) (3.8) Balance as of end of period $ 3.1 $ 0.8 During the three months ended October 1, 2022, we recorded restructuring and related charges of $9.3 million in our condensed consolidated statements of operations which was primarily attributable to severance and employee-related benefits associated with NeoPhotonics’ executive severance and retention agreements. These retention agreements provide, under certain circumstances, for payments and benefits upon an involuntary termination of employment. We made $6.2 million of payments in connection with these agreements during the three months ended October 1, 2022. During the three months ended October 2, 2021, we recorded a net reversal to our restructuring and related charges of $1.1 million in our condensed consolidated statements of operations, which was attributable to lower than anticipated employee severance charges primarily as a result of retaining and re-assigning certain employees. Any changes in the estimates of executing our restructuring activities will be reflected in our future results of operations.

Income Taxes

Income Taxes	3 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. Our quarterly tax provision and estimate of our annual effective tax rate are subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how we do business, and tax law developments. We recorded a tax provision of $19.2 million and $18.1 million for the three months ended October 1, 2022 and October 2, 2021 , respectively. Our tax provision for the three months ended October 1, 2022 includes a discrete tax expense of $13.1 million , primarily related to the international restructuring and currency re-measurement of certain tax related accounts, partially offset by the tax benefit from tax rate changes. Our estimated effective tax rate for fiscal 2023 also differs from the 21% U.S. statutory rate primarily due to the income tax expense from the tax effect of Global Intangible Low-Taxed Income (“GILTI”), net of benefit for foreign tax credits, subpart F inclusion and non-deductible stock-based compensation, partially offset by the income tax benefit from the earnings of our foreign subsidiaries being taxed at rates that differ from the U.S. statutory rate, and U.S. federal R&D tax credits . As of October 1, 2022, we had $53.8 million of unrecognized tax benefits, which, if recognized, would affect the effective tax rate. We are subject to examination of income tax returns by various domestic and foreign tax authorities. The timing of resolution and closure of tax audits is highly unpredictable. Although it is possible that certain ongoing tax audits may be concluded within the next 12 months, we cannot reasonably estimate the impact to tax expense and net income from tax exams that could be resolved or closed within the next 12 months. Subject to audit timing and uncertainty, we expect the amount of unrecognized tax benefit that would become recognized due to expiration of the statute of limitations and affect the effective tax rate to decrease by $0.5 million over the next 12 months.

Equity

Equity	3 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Equity	Note 13. Equity Description of Lumentum Stock-Based Benefit Plans Equity Incentive Plan As of October 1, 2022, we had 4.1 million shares subject to restricted stock units, restricted stock awards, and performance stock units issued and outstanding under the 2015 Equity Incentive Plan (“2015 Plan”). These grants are performance-based, time-based or a combination of both and are expected to vest over one Replacement Awards In connection with the merger with NeoPhotonics, we issued equity awards to certain NeoPhotonics employees, consisting of restricted stock units (the “Replacement Awards”) in exchange for their NeoPhotonics equity awards. The terms of these Replacement Awards are substantially similar to the original NeoPhotonics equity awards. The Replacement Awards consisted of 0.4 million restricted stock units with a grant date fair value of $93.4 per share, which represents our closing stock price on the Closing date. The total fair value of these Replacement Awards is $40.2 million, $3.5 million of which is attributed to employee services rendered through August 3, 2022, the merger Closing date, and was recognized as a component of the merger consideration. The remaining fair value of the Replacement Awards is recorded as stock-based compensation over the remaining vesting period. Refer to “Note 4. Business Combinations.” Restricted Stock Units Restricted stock units (“RSUs”) under the 2015 Plan are grants of shares of our common stock, the vesting of which is based on the requisite service requirement. Generally, our RSUs are subject to forfeiture and are expected to vest over one During the three months ended October 1, 2022, our board of directors approved grants of 1.5 million RSUs which primarily vest over three years. In addition, we issued 0.4 million RSUs that were issued as part of the Replacement Awards in connection with the merger with NeoPhotonics as described above. Performance Stock Units Performance stock units (“PSUs”) under the 2015 Plan are grants of shares of our common stock that vest upon the achievement of certain performance and service conditions. We begin recognizing compensation expense when we conclude that it is probable that the performance conditions will be achieved. We reassess the probability of vesting at each reporting period and adjust our compensation cost based on this probability assessment. Our PSUs are subject to risk of forfeiture until performance and service conditions are satisfied and generally vest between one During the three months ended October 1, 2022, 0.3 million PSUs were issued to executive and certain non-executive employees as part of our revised Annual Incentive Plan. These PSUs have an aggregate grant date fair value of $26.0 million and are subject to performance targets and service conditions, and vest over a one Employee Stock Purchase Plan Our 2015 Employee Stock Purchase Plan (the “2015 Purchase Plan”) provides eligible employees with the opportunity to acquire an ownership interest in the Company through periodic payroll deductions and provides a 15% purchase price discount as well a s a 6-month look-back peri od. The 2015 Purchase Plan is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended. The 2015 Purchase Plan will terminate upon the date on which all shares available for issuance have been sold. Of the 3.0 million shares authorized under the 2015 Purchase Plan, 1.4 million shares remained available for issuance as of October 1, 2022. Stock-Based Compensation The impact on our results of operations of recording stock-based compensation by function for the periods presented was as follows (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Cost of sales $ 5.5 $ 4.6 Research and development 9.6 5.0 Selling, general and administrative 31.5 15.2 Total stock-based compensation $ 46.6 $ 24.8 In connection with the NeoPhotonics merger, certain equity awards for NeoPhotonics employees were accelerated. The total stock-based compensation associated with the acceleration was $11.9 million for the three months ended October 1, 2022, of which $9.0 million was settled in cash. Refer to “ Note 4. Business Combinations.” Included in stock-based compensation for the three months ended October 1, 2022 and October 2, 2021 , is $8.8 million and $4.7 million of stock-based compensation costs related to PSUs, respectively. The amount of stock-based compensation expense recognized in any one period related to PSUs can vary based on the achievement or anticipated achievement of the performance conditions. If the performance conditions are not met or not expected to be met, no compensation cost would be recognized on the underlying PSUs, and any previously recognized compensation expense related to those PSUs would be reversed. Total income tax benefit associated with stock-based compensation recognized in our condensed consolidated statements of operations during the years presented was as follows (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Income tax benefit associated with stock-based compensation $ 5.1 $ 4.0 Approximately $10.3 million and $6.4 million of stock-based compensation was capitalized to inventory as of October 1, 2022 and July 2, 2022, respectively. As of October 1, 2022, $266.5 million of stock-based compensation cost related to RSU awards remains to be amortized. That RSU cost is expected to be recognized over an estimated amortization period of 2.3 years . Stock Award Activity The following table summarizes our award activity for the three months ended October 1, 2022 (in millions, except per share amounts) : Restricted Stock Units Performance Stock Units Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of July 2, 2022 2.0 $ 85.9 0.3 $ 81.9 Replacement Awards Issued 0.4 93.4 — — Granted 1.5 89.2 0.5 88.3 Vested (0.5) 81.7 (0.1) 68.8 Canceled (0.1) 85.0 — 82.6 Balance as of October 1, 2022 3.3 $ 88.9 0.7 $ 89.3 A summary of awards available for grant is as follows (in millions) : Awards Available for Grant Balance as of July 2, 2022 3.8 Assumed in connection with NeoPhotonics merger 0.4 Replacement Awards (0.4) Granted (2.0) Canceled 0.1 Balance as of October 1, 2022 1.9 Employee Stock Purchase Plan Activity The 2015 Purchase Plan expense for the three months ended October 1, 2022 and October 2, 2021 was $1.2 million and $1.2 million, respectively. The expense related to the 2015 Purchase Plan is recorded on a straight-line basis over the relevant subscription period. During the three months ended October 1, 2022 and October 2, 2021, there were no shares issued to employees through the 2015 Purchase Plan. Repurchase and Retirement of Common Stock On May 7, 2021, our board of directors approved the 2021 share buyback program, which authorizes us to use up to $700.0 million to purchase our own shares of common stock. On March 3, 2022, our board of directors approved an increase in our share buyback program, which authorizes us to use up to an aggregate amount of $1.0 billion (an increase from $700.0 million) to purchase our own shares of common stock through May 2024, but may be suspended or terminated by the board of directors at any time. During the three months ended October 1, 2022, we repurchased 0.3 million shares of our common stock at an average price of $89.80 per share for an aggregate purchase price of $25.7 million. Since the share buyback program was approved by the board of directors, we have repurchased 7.4 million shares in aggregate at an average price of $83.38 per share for a total purchase price of $615.5 million. We recorded the $615.5 million aggregate purchase price as a reduction of retained earnings within our condensed consolidated balance sheet. All repurchased shares were retired immediately. The price, timing, amount, and method of future repurchases will be determined based on the valuation of market conditions and other factors, at prices determined to be attractive and in the best interests of both the Company and our stockholders.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies Purchase Obligations Purchase obligations of $416.2 million as of October 1, 2022, represent legally-binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. In addition, we assumed certain purchase orders in connection with our merger with NeoPhotonics for the purchase of inventory and other items in the ordinary course of its business. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the option to cancel, reschedule and adjust the requirements based on our business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. We depend on a limited number of contract manufacturers, subcontractors and suppliers for raw materials, packages and standard components. We generally purchase these single or limited source products through standard purchase orders or one-year supply agreements and have no significant long-term guaranteed supply agreements with such vendors. While we seek to maintain a sufficient safety stock of such products and maintain on-going communications with our suppliers to guard against interruptions or cessation of supply, our business and results of operations could be adversely affected by a stoppage or delay of supply, substitution of more expensive or less reliable products, receipt of defective parts or contaminated materials, increases in the price of such supplies, or our inability to obtain reduced pricing from our suppliers in response to competitive pressures. Product Warranties We provide reserves for the estimated costs of product warranties at the time revenue is recognized. We typically offer a twelve month warranty for most of our products. However, in some instances depending upon the product, product components or application of our products by the end customer, our warranties can vary and generally range from six months to five years. We estimate the costs of our warranty obligations on an annualized basis based on our historical experience of known product failure rates, use of materials to repair or replace defective products and service delivery costs incurred in correcting product failures. In addition, from time to time, specific warranty accruals may be made if unforeseen technical problems arise with specific products. We assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. The following table presents the changes in our warranty reserve for the periods presented ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Balance as of beginning of period $ 10.0 $ 5.0 Warranties assumed in NeoPhotonics merger 0.7 — Provision for warranty 1.5 1.7 Utilization of reserve (2.1) (1.6) Balance as of end of period $ 10.1 $ 5.1 Environmental Liabilities Our research and development, manufacturing and distribution operations involve the use of hazardous substances and are regulated under international, federal, state and local laws governing health and safety and the environment. We apply strict standards for protection of the environment and occupational health and safety to sites inside and outside the United States, even if not subject to regulations imposed by foreign governments. We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and occupational health and safety laws. However, the risk of environmental liabilities cannot be completely eliminated and there can be no assurance that the application of environmental and health and safety laws will not require us to incur significant expenditures. We are also regulated under a number of international, federal, state and local laws regarding recycling, product packaging and product content requirements. The environmental, product content/disposal and recycling laws are gradually becoming more stringent and may cause us to incur significant expenditures in the future. Legal Proceedings We are subject to a variety of claims and suits that arise from time to time in the ordinary course of our business. While management currently believes that resolving claims against us, individually or in the aggregate, will not have a material adverse impact on our financial position, results of operations or statements of cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. We accrue for loss contingencies when it is both probable that we will incur the loss and when we can reasonably estimate the amount of the loss or range of loss. Oclaro Merger Litigation In connection with our acquisition of Oclaro in 2018, seven lawsuits were filed by purported stockholders of Oclaro challenging the proposed merger (the “Merger”). All but one was voluntarily dismissed after the Oclaro Merger closed. The remaining lawsuit, SaiSravan B. Karri v. Oclaro, Inc., et al., No. 3:18-cv-03435-JD (the “Karri Lawsuit”), was filed in the United States District Court for the Northern District of California and is styled as a class action. The Karri Lawsuit alleges, among other things, that Oclaro and its directors violated Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder by disseminating an incomplete and misleading Form S-4, including proxy statement/prospectus. The Karri Lawsuit further alleged that Oclaro’s directors violated Section 20(a) of the Exchange Act by failing to exercise proper control over the person(s) who violated Section 14(a) of the Exchange Act. The plaintiff in the Karri Lawsuit seeks, among other things, damages to be awarded to the plaintiff and any class, if a class is certified, and litigation costs, including attorneys’ fees. After the plaintiff in the Karri Lawsuit was appointed as lead plaintiff and his counsel as lead counsel, the plaintiff filed a first amended complaint on April 15, 2019. The first amended complaint, also named Lumentum as a defendant but Lumentum has since been dismissed from the action. On October 8, 2020, the court granted in part and denied in part the defendant’s motion to dismiss the first amended complaint. On December 1, 2020, defendants answered the first amended complaint. On September 17, 2021, lead plaintiff filed a second amended complaint. Defendants moved to stay discovery in light of the second amended complaint. On January 11, 2022 the Court struck the second amended complaint as untimely, terminated defendants’ motions to dismiss as moot, and lifted the stay. On August 16, 2022, Plaintiff moved for class certification and to be appointed class representative. Defendants opposed the motion. A hearing on the motion is scheduled for November 17, 2022. Defendants intend to continue to defend the Karri Lawsuit vigorously. NeoPhotonics Merger Litigation In connection with our planned acquisition of NeoPhotonics Corporation (“NeoPhotonics”) announced in November 2021, ten lawsuits (the “NeoPhotonics Lawsuits”) were filed by purported stockholders of NeoPhotonics challenging the proposed merger (the “NeoPhotonics Merger”). All of the NeoPhotonics Lawsuits have been dismissed. Indemnifications In the normal course of business, we enter into agreements that contain a variety of representations and warranties and provide for general indemnification. Exposure under these agreements is unknown because claims may be made against us in the future, and we may record charges in the future as a result of these indemnification obligations. As of October 1, 2022, we did not have any material indemnification claims that were probable or reasonably possible. Audit Proceedings We are under audit by various domestic and foreign tax authorities with regards to income tax and indirect tax matters. In some, although not all cases, we have reserved for potential adjustments to our provision for income taxes and accrual of indirect taxes that may result from examinations by these tax authorities or final outcomes in judicial proceedings, and we believe that the final outcome of these examinations, agreements or judicial proceedings will not have a material effect on our results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of the federal, state, and foreign income tax liabilities and indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense.

Operating Segments and Geograph

Operating Segments and Geographic Information	3 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Operating Segments and Geographic Information	Note 15. Operating Segments and Geographic Information Our chief executive officer is our Chief Operating Decision Maker (“CODM”). The CODM allocates resources to the segments based on their business prospects, competitive factors, net revenue and gross margin. We do not track all of our property, plant and equipment by operating segments. The geographic identification of these assets is set forth below. We are an industry leading provider of optical and photonic products defined by revenue and market share addressing a range of end-market applications including optical communications and commercial lasers. We have two operating segments, Optical Communications, which we refer to as OpComms, and Commercial Lasers, which we refer to as Lasers. Our OpComms products address the following markets: telecommunications and data communications (“Telecom and Datacom”), and consumer and industrial (“Consumer and Industrial”), and include product lines from the recent merger of NeoPhotonics and the acquisition of IPG Photonics’ telecom transmission product lines. The two operating segments were primarily determined based on how the CODM views and evaluates our operations. The CODM regularly reviews operating results to make decisions about resources to be allocated to the segments and to assess their performance. Other factors, including market separation and customer specific applications, go-to-market channels, products and manufacturing, are considered in determining the formation of these operating segments. OpComms Our OpComms products include a wide range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide) and submarine (undersea) applications. Additionally, our products address enterprise, cloud, and data center applications, including storage-access networks (“SANs”), local-area networks (“LANs”) and wide-area networks (“WANs”). These products enable the transmission and transport of video, audio and data over high-capacity fiber-optic cables. We maintain leading positions in these fast growing OpComms markets through our extensive product portfolio, including reconfigurable optical add/drop multiplexers (“ROADMs”), coherent dense wavelength division multiplexing (“DWDM”) pluggable transceivers, and tunable small form-factor pluggable transceivers. We also sell laser chips for use in the manufacture of high-speed Datacom transceivers. In the Consumer and Industrial market, our OpComms diode laser products include vertical cavity surface emitting lasers (“VCSELs”) and edge emitting lasers. In the Consumer end-market, our laser light sources are integrated into 3D sensing cameras which are used in applications in mobile devices, gaming, payment kiosks, computers, and other consumer electronics devices. Applications include biometric identification, computational photography, virtual and augmented reality, and natural user interfaces. Emerging applications for our lasers include automotive safety systems, LiDAR for advanced driver assistance systems in automobiles and autonomous vehicles, self-navigating robotics and drones in industrial applications, and 3D capture of objects coupled with 3D imaging or printing. In the Industrial end-market, our diode lasers are used primarily as pump sources for pulsed and kilowatt class fiber lasers. Lasers Our Lasers products serve our customers in markets and applications such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining such as drilling in printed circuit boards, wafer singulation, glass cutting and solar cell scribing. Our Lasers products are used in a variety of OEM applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers such as argon-ion and helium-neon lasers. Fiber lasers provide kW-class output powers combined with excellent beam quality and are used in sheet metal processing and metal welding applications. Diode-pumped solid-state lasers provide excellent beam quality, low noise and exceptional reliability and are used in biotechnology, graphics and imaging, remote sensing, materials processing and precision machining applications. Diode and direct-diode lasers address a wide variety of applications, including laser pumping, thermal exposure, illumination, ophthalmology, image recording, printing, plastic welding and selective soldering. Gas lasers such as argon-ion and helium-neon lasers provide a stable, low-cost and reliable solution over a wide range of operating conditions, making them well-suited for complex, high-resolution OEM applications such as flow cytometry, DNA sequencing, graphics and imaging and semiconductor inspection. We also provide high-powered and ultrafast lasers for the industrial and scientific markets. Manufacturers use high-power, ultrafast lasers to create micro parts for consumer electronics and to process semiconductor, LED, and other types of chips. Use of ultrafast lasers for micromachining applications is being driven primarily by the increasing use of consumer electronics and connected devices globally. Reportable Segments We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because management does not include the information in its measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, stock-based compensation and certain other charges impacting the gross margin of each segment because management does not include this information in its measurement of the performance of the operating segments. Information on reportable segments utilized by our CODM is as follows ( in millions) : Three Months Ended October 1, 2022 October 2, 2021 Net revenue: OpComms $ 453.4 $ 406.0 Lasers 53.4 42.4 Net revenue $ 506.8 $ 448.4 Gross profit: OpComms $ 216.0 $ 225.9 Lasers 28.1 20.8 Total segment gross profit 244.1 246.7 Unallocated corporate items: Stock-based compensation (5.5) (4.6) Amortization of acquired intangibles (22.9) (15.8) Amortization of acquired inventory fair value adjustments (4.6) — Other (charges) gains (1) (9.9) 5.9 Gross profit $ 201.2 $ 232.2 (1) Other (charges) gains of unallocated corporate items for the three months ended October 1, 2022 primarily relate to $7.3 million of charges to acquire components from various brokers to satisfy customer demand. Other (charges) gains of unallocated corporate items for the three months ended October 2, 2021 primarily relate to $5.9 million of gain as a result of selling equipment that was no longer needed after we transferred certain product lines to new production facilities in fiscal 2021. Concentrations We operate in three geographic regions: Americas, Asia-Pacific, and EMEA (Europe, Middle East, and Africa). Net revenue is assigned to the geographic region and country where our product is initially shipped. For example, certain customers may request shipment of our product to a contract manufacturer in one country, which may differ from the location of their end customers. The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that generally represented 10% or more of our total net revenue (in millions, except percentage data): Three Months Ended October 1, 2022 October 2, 2021 Amount % of Total Amount % of Total Net revenue: Americas: United States $ 62.2 12.3 % $ 28.1 6.3 % Other Americas 59.8 11.8 35.0 7.8 Total Americas $ 122.0 24.1 % $ 63.1 14.1 % Asia-Pacific: Hong Kong $ 77.6 15.3 % $ 142.3 31.7 % South Korea 67.7 13.4 105.1 23.4 Thailand 57.5 11.3 17.1 3.8 Other Asia-Pacific 133.7 26.4 95.0 21.2 Total Asia-Pacific $ 336.5 66.4 % $ 359.5 80.1 % EMEA $ 48.3 9.5 % $ 25.8 5.8 % Total net revenue $ 506.8 $ 448.4 During the three months ended October 1, 2022, our net revenue from a single customer, which represented 10% or greater of the total net revenue, was concentrated with two customers, who collectively accounted for 34% of our total net revenue. During the three months ended October 2, 2021, our net revenue from a single customer, which represented 10% or greater of total net revenue was concentrated with one customer, who accounted for 41% of our total net revenue. As of October 1, 2022, our accounts receivable from a single customer, which represented 10% or greater of the total accounts receivable, was concentrated with two customers, which individually represented 13% and 11% of gross accounts receivable, respectively. As of July 2, 2022, our accounts receivable from a single customer, which represented 10% or greater of the total accounts receivable, was concentrated with two customers, which individually represented 10% and 10% of gross accounts receivable, respectively. 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) : October 1, 2022 July 2, 2022 Property, plant and equipment, net United States $ 136.9 $ 107.8 Thailand 118.0 107.6 Japan 89.2 38.9 China 58.4 32.7 Other countries 75.5 73.5 Total property, plant and equipment, net $ 478.0 $ 360.5 We purchase a portion of our inventory from contract manufacturers and vendors located primarily in Taiwan, Thailand and Malaysia. During the three months ended October 1, 2022 and October 2, 2021, our net inventory purchases from a single contract manufacturer, which represented 10% or greater of our total net inventory purchases, were concentrated with two contract manufacturers. These two contract manufacturers collectively accounted for 51% of the total net inventory purchases during the three months ended October 1, 2022 and 64% of the total net inventory purchases during the three months ended October 2, 2021.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Oct. 01, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Note 16. Revenue Recognition Disaggregation of Revenue We disaggregate revenue by product and by geography. We do not present other levels of disaggregation, such as by type of products, customer, markets, contracts, duration of contracts, timing of transfer of control and sales channels, as this information is not used by our CODM to manage the business. The table below discloses our total net revenue attributable to each of our two reportable segments. In addition, the table sets forth the percentage of our total net revenue attributable to our product offerings that serve Telecom and Datacom, and Consumer and Industrial markets accounted for 10% or more of our total net revenue during the periods presented ( in millions, except percentage data ): Three Months Ended October 1, 2022 October 2, 2021 OpComms: Telecom and Datacom $ 360.1 71.1 % $ 216.0 48.2 % Industrial and Consumer 93.3 18.4 190.0 42.3 % Total OpComms $ 453.4 89.5 % $ 406.0 90.5 % Lasers 53.4 10.5 % 42.4 9.5 % Net Revenue $ 506.8 $ 448.4 Contract Balances The following table reflects the changes in contract balances for the periods presented ( in millions, except percentages ): Contract balances Balance sheet location October 1, 2022 July 2, 2022 Change Percentage Change Accounts receivable, net Accounts receivable, net $ 340.5 $ 262.0 $ 78.5 30.0 % Deferred revenue and customer deposits Other current liabilities $ 1.1 $ — $ 1.1 n/a

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact us in the future, actual results may be different from the estimates. Operating results for the quarter ended October 1, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 1, 2023. In the opinion of the Company’s management, the information presented herein reflects all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position, stockholders’ equity and cash flows. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are inventory valuation, revenue recognition, income taxes, goodwill and business combinations.
Fiscal Years	Fiscal Years We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30th. Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2023 is a 52-week year ending on July 1, 2023, with the quarter ended October 1, 2022 being a 13-week quarterly period. Our fiscal 2022 was a 52-week year that ended on July 2, 2022, with the quarter ended October 2, 2021 being a 13-week quarterly period.
Principles of Consolidation	Principles of Consolidation These interim unaudited condensed consolidated financial statements include the accounts of Lumentum Holdings Inc. and its wholly-owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassification of the prior period amounts did not impact previously reported condensed consolidated financial statements.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers . This ASU is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 is effective for us in our first quarter of fiscal year 2024. We early adopted the new standard in the first quarter of fiscal 2023 in connection with the merger with NeoPhotonics Corporation (“NeoPhotonics”), noting no material impact to our condensed consolidated financial statements as of and for the period ended October 1, 2022. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by removing the separation models for (i) convertible debt with a cash conversion feature and (ii) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument is accounted for as a single liability measured at its amortized cost. ASU 2020-06 also requires the application of the if-converted method for calculating diluted earnings per share. We adopted the standard as of July 3, 2022, using the modified retrospective approach. Upon adoption, our 2026 Notes and 2028 Notes were accounted for as a single liability measured at amortized cost, resulting in: (i) an increase to the convertible notes liability balance of $433.0 million to reflect the full principal amount of the convertible notes outstanding, net of issuance costs; (ii) a reduction to additional paid-in capital, net of estimated income tax effects, of $426.5 million, to remove the equity component separately recorded for the conversion features associated with the convertible notes; (iii) an increase to deferred tax assets, net of $92.1 million; and (iv) a cumulative-effect adjustment of $85.6 million, net of estimated income tax effects, to decrease the accumulated deficit. In addition, the adoption requires the use of the if-converted method for all convertible notes in the diluted net income per share calculation and the inclusion of the effect of potential share settlement of the convertible notes, if the effect is more dilutive. There was no impact to diluted earnings per share for the three months ended October 1, 2022, as the inclusion of potential shares of common stock related to the convertible notes w as anti-dilutive. Refer to “Note 9. Debt” for further information. The following table sets forth the impact upon adoption of ASU 2020-06 as of July 3, 2022 ( in millions ): Short Term Debt - 2024 Notes Long Term Debt - 2026 Notes Long Term Debt - 2028 Notes Additional Paid-In Capital Accumulated Deficit Deferred Tax Asset (Liability), net Balances pre-adoption of ASC 2020-06 $ 409.9 $ 831.4 $ 634.7 $ 2,003.6 $ 129.1 $ 12.9 Reclassify amounts from equity to debt — 312.9 229.3 (542.2) — — Adjustment for interest accretion — (99.5) (9.7) — (109.2) — Tax effect — — — 115.7 23.6 92.1 Balances upon adoption of ASC 2020-06 $ 409.9 $ 1,044.8 $ 854.3 $ 1,577.1 $ 43.5 $ 105.0
Fair Value Measurements	We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3: Inputs are unobservable inputs based on our assumptions. The fair value of our Level 1 financial instruments, such as money market funds and U.S. Treasury securities, which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our pricing service against fair values obtained from another independent source. Assets Measured at Fair Value on a Non-Recurring Basis We periodically review our intangible and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. If not recoverable, an impairment loss would be calculated based on the excess of the carrying amount over the fair value.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following table sets forth the impact upon adoption of ASU 2020-06 as of July 3, 2022 ( in millions ): Short Term Debt - 2024 Notes Long Term Debt - 2026 Notes Long Term Debt - 2028 Notes Additional Paid-In Capital Accumulated Deficit Deferred Tax Asset (Liability), net Balances pre-adoption of ASC 2020-06 $ 409.9 $ 831.4 $ 634.7 $ 2,003.6 $ 129.1 $ 12.9 Reclassify amounts from equity to debt — 312.9 229.3 (542.2) — — Adjustment for interest accretion — (99.5) (9.7) — (109.2) — Tax effect — — — 115.7 23.6 92.1 Balances upon adoption of ASC 2020-06 $ 409.9 $ 1,044.8 $ 854.3 $ 1,577.1 $ 43.5 $ 105.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Oct. 01, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income (Loss) Attributable to Common Stockholders Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share ( in millions, except per share data ): Three Months Ended October 1, 2022 October 2, 2021 Numerator: Net income (loss) - basic and diluted $ (0.4) $ 81.5 Denominator: Weighted average common shares outstanding - basic 68.1 72.7 Effect of dilutive securities from 2015 Equity Incentive Plan — 0.6 Shares issuable assuming conversion of the convertible notes — 2.1 Weighted average common shares outstanding - diluted 68.1 75.4 Net income (loss) per share: Basic $ (0.01) $ 1.12 Diluted $ (0.01) $ 1.08

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Oct. 01, 2022
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following tables summarize the total purchase price consideration ( in millions ): Fair Value Cash consideration for outstanding NeoPhotonics common stock (1) $ 867.3 Settlement of pre-existing relationship (loan to NeoPhotonics) (2) 50.0 Share-based compensation (3) 17.1 Total purchase price consideration $ 934.4 (1) Under the terms of the Merger Agreement, NeoPhotonics stockholders received $16.00 per share for each of the 54.2 million NeoPhotonics common stock outstanding at the Closing date. As a result, we paid $867.3 million of cash consideration to shareholders of NeoPhotonics on the Closing Date. (2) As contemplated by the Merger Agreement, on January 14, 2022, Lumentum and NeoPhotonics entered into a credit agreement where Lumentum agreed to make term loans (“loans”) to NeoPhotonics in an aggregate principal amount not to exceed $50.0 million to help fund capital expenditures and increase working capital associated with NeoPhotonics’ growth plans. During fiscal 2022, the Company funded a $30.0 million loan request to NeoPhotonics. On August 1, 2022, we funded an additional $20.0 million loan request to NeoPhotonics. The interest was payable monthly in arrears on the first day of each month. The loans would have matured on January 14, 2024 unless earlier repaid or accelerated. The $50.0 million loans in aggregate were included as part of the total purchase price consideration. (3) We paid $22.6 million cash consideration to holders of vested NeoPhotonics equity awards as of closing, of which $13.6 million was allocated to the purchase price consideration and $9.0 million was expensed immediately after the Closing date. Additionally, we issued replacement equity awards (the “Replacement Awards”) in settlement of certain NeoPhotonics equity awards that did not become vested at the Closing date, with the total fair value of $40.2 million based on our closing stock price on the Closing date. The portion of Replacement Awards attributed to pre-merger service was recorded as part of the consideration transferred, which was $3.5 million.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Our preliminary allocation of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date is as follows ( in millions ): Fair Value Total purchase price consideration $ 934.4 Assets acquired Cash and cash equivalents $ 92.9 Accounts receivable, net 66.5 Inventories 85.3 Prepayments and other current assets 24.2 Property, plant and equipment, net 106.6 Operating lease right-of-use assets, net 16.9 Other intangible assets, net (1) 412.5 Other non-current assets 1.9 Total assets 806.8 Liabilities assumed Accounts payable 79.6 Accrued payroll and related expenses 12.0 Accrued expenses 4.1 Other current liabilities 10.6 Operating lease liabilities, current 2.8 Operating lease liabilities, non-current 13.2 Deferred tax liability 40.1 Other non-current liabilities 28.3 Total liabilities 190.7 Goodwill $ 318.3 (1) Other intangible assets include customer relationship of $144.5 million, developed technology of $220.0 million, and in-process research and development (“IPR&D”) of $48.0 million. Refer to “Note 8. Goodwill and Other Intangible Assets” for more information.
Pro Forma Financial Information	The supplemental pro forma financial information for the periods presented is as follows ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Net revenue $ 530.7 $ 532.1 Net income 32.4 22.2

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-term Investments (Tables)	3 Months Ended
	Oct. 01, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Short-Term Investments	The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented ( in millions ): Amortized Gross Gross Fair Value October 1, 2022: Cash $ 326.9 $ — $ — $ 326.9 Cash equivalents: Commercial paper 24.5 — — 24.5 Money market funds 221.1 — — 221.1 U.S. Agency securities 9.0 — — 9.0 U.S. Treasury securities 23.8 — — 23.8 Total cash and cash equivalents $ 605.3 $ — $ — $ 605.3 Short-term investments: Certificates of deposit $ 33.3 $ — $ — $ 33.3 Commercial paper 66.1 — (0.4) 65.7 Corporate debt securities 492.4 — (7.6) 484.8 Municipal bonds 1.0 — — 1.0 U.S. Agency securities 87.5 — (1.8) 85.7 U.S. Treasury securities 353.2 0.1 (4.2) 349.1 Total short-term investments $ 1,033.5 $ 0.1 $ (14.0) $ 1,019.6 July 2, 2022: Cash $ 235.9 $ — $ — $ 235.9 Cash equivalents: Commercial paper 23.6 — — 23.6 Money market funds 1,000.2 — — 1,000.2 U.S. Agency securities 8.0 — — 8.0 U.S. Treasury securities 22.5 — 22.5 Total cash and cash equivalents $ 1,290.2 $ — $ — $ 1,290.2 Short-term investments: Certificates of deposit $ 28.3 $ — $ — $ 28.3 Commercial paper 107.4 — (0.4) 107.0 Corporate debt securities 539.9 (7.4) 532.5 Municipal bonds 1.0 — — 1.0 U.S. Agency securities 67.1 — (1.4) 65.7 U.S. Treasury securities 528.2 0.3 (4.2) 524.3 Total short-term investments $ 1,271.9 $ 0.3 $ (13.4) $ 1,258.8
Schedule of Unrealized Losses on Cash Equivalents and Short-Term Investments	The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for less than 12 months as of the periods presented ( in millions ): Fair Value Unrealized Losses October 1, 2022: U.S. Agency securities $ 86.4 (1.8) Certificates of deposit 6.4 — Commercial paper 90.2 (0.4) Corporate debt securities 334.4 (5.0) U.S. government bonds 262.5 (3.7) Total $ 779.9 $ (10.9) July 2, 2022: U.S. Agency securities $ 73.7 $ (1.4) Certificates of deposit 16.2 — Commercial paper 130.7 (0.4) Corporate debt securities 473.2 (6.5) Municipal bonds 1.0 — U.S. government bonds 366.0 (4.2) Total $ 1,060.8 $ (12.5)
Schedule of Investments in Debt Securities by Contractual Maturities	The following table classifies our short-term investments by contractual maturities ( in millions ): October 1, 2022 July 2, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year $ 831.3 $ 821.2 $ 1,010.9 $ 1,002.2 Due in 1 year through 5 years 202.2 198.4 261.0 256.6 $ 1,033.5 $ 1,019.6 $ 1,271.9 $ 1,258.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	Financial assets measured at fair value on a recurring basis are summarized below ( in millions ): Level 1 Level 2 Level 3 Total October 1, 2022: (1) Assets: Cash equivalents: Commercial paper $ — $ 24.5 $ — $ 24.5 Money market funds 221.1 — — 221.1 U.S. Agency securities — 9.0 — 9.0 U.S. Treasury securities 23.8 — — 23.8 Short-term investments: Certificates of deposit — 33.3 — 33.3 Commercial paper — 65.7 — 65.7 Corporate debt securities — 484.8 — 484.8 Municipal bonds — 1.0 — 1.0 U.S. Agency securities — 85.7 — 85.7 U.S. Treasury securities 349.1 — — 349.1 Total assets $ 594.0 $ 704.0 $ — $ 1,298.0 (1) Excludes $326.9 million in cash held in our bank accounts as of October 1, 2022. Level 1 Level 2 Level 3 Total July 2, 2022: (1) Assets: Cash equivalents: Commercial paper $ — $ 23.6 $ — $ 23.6 Money market funds 1,000.2 — — 1,000.2 U.S. Agency securities — 8.0 — 8.0 U.S. Treasury securities 22.5 — — 22.5 Short-term investments: Certificates of deposit — 28.3 — 28.3 Commercial paper — 107.0 — 107.0 Corporate debt securities — 532.5 — 532.5 Municipal bonds — 1.0 — 1.0 U.S. Agency securities — 65.7 — 65.7 U.S. Treasury securities 524.3 — — 524.3 Total assets $ 1,547.0 $ 766.1 $ — $ 2,313.1 (1) Excludes $235.9 million in cash held in our bank accounts as of July 2, 2022.
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The carrying amounts and estimated fair values of the 2028 Notes, 2026 Notes and 2024 Notes are as follows for the periods presented ( in millions ): October 1, 2022 July 2, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2028 Notes $ 854.5 $ 691.4 $ 634.7 $ 735.7 2026 Notes 1,045.0 983.8 831.4 1,065.0 2024 Notes 415.2 553.9 409.9 614.2 $ 2,314.7 $ 2,229.1 $ 1,876.0 $ 2,414.9

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Inventories	The components of inventories were as follows ( in millions ): October 1, 2022 July 2, 2022 Raw materials and purchased parts $ 150.6 $ 98.9 Work in process 133.3 92.2 Finished goods 82.3 59.0 Inventories $ 366.2 $ 250.1 The inventory balance as of October 1, 2022 includes $80.7 million inventory from the merger with NeoPhotonics, net of amortization of fair value step-up of $4.6 million during the three months ended October 1, 2022.
Schedule of Operating Lease, Right-of-Use Assets, Net	Operating lease right-of-use assets, net were as follows ( in millions ): October 1, 2022 July 2, 2022 Operating lease right-of-use assets $ 120.7 $ 102.1 Less: accumulated amortization (31.3) (28.5) Operating lease right-of-use assets, net $ 89.4 $ 73.6 In connection with the NeoPhotonics merger, we acquired $16.9 million right-of-use assets related to leases of real estate properties used as our manufacturing and R&D premises. These leases are accounted for as operating leases and have the remaining lease term ranging from 3.8 to 6.4 years years at the merger Closing date.
Schedule of Components of Property, Plant and Equipment, Net	The components of property, plant and equipment, net were as follows ( in millions ): October 1, 2022 July 2, 2022 Land $ 63.3 $ 49.7 Buildings and improvement 142.7 105.3 Machinery and equipment 614.4 548.8 Computer equipment and software 35.5 31.3 Furniture and fixtures 9.7 8.9 Leasehold improvements 44.6 35.7 Construction in progress 56.4 47.0 966.6 826.7 Less: Accumulated depreciation (488.6) (466.2) Property, plant and equipment, net $ 478.0 $ 360.5
Schedule of Components of Other Current Liabilities	The components of other current liabilities were as follows (in millions) : October 1, 2022 July 2, 2022 Restructuring accrual and related charges (1) $ 3.1 $ — Warranty accrual 10.1 10.0 Income tax payable (2) 27.0 26.0 Other current liabilities 8.1 3.4 Other current liabilities $ 48.3 $ 39.4 (1) Refer to “Note 11. Restructuring and Related Charges.”
Schedule of Components of Other Non-Current Liabilities	The components of other non-current liabilities were as follows ( in millions ): October 1, 2022 July 2, 2022 Asset retirement obligations $ 8.0 $ 4.6 Pension and related accrual (1) 9.4 7.7 Unrecognized tax benefit 50.9 30.5 Other non-current liabilities 7.6 0.1 Other non-current liabilities $ 75.9 $ 42.9 (1) We have defined benefit pension plans in Japan, Switzerland, and Thailand. In connection with our merger with NeoPhotonics, we assumed an additional defined benefit plan covering employees in Japan. As of October 1, 2022, the projected benefit obligations, net of plan assets, in Japan, Switzerland and Thailand were $4.3 million, $1.7 million and $3.4 million, respectively. As of July 2, 2022, the projected benefit obligations, net of plan assets, in Japan, Switzerland and Thailand were $2.6 million, $1.7 million and $3.4 million, respectively. We typically re-evaluate the assumptions related to the fair value of our defined benefit obligations annually and make any updates as necessary.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table presents the changes in goodwill by reportable segments during the three months ended October 1, 2022 ( in millions) : Optical Communications Commercial Lasers Total Balance as of July 2, 2022 $ 363.5 $ 5.4 $ 368.9 Acquisition of NeoPhotonics 318.3 — 318.3 Acquisition of IPG Photonics’ Telecom Transmission Product Lines 6.5 — 6.5 Balance as of October 1, 2022 $ 688.3 $ 5.4 $ 693.7
Schedule of Acquired Developed Technology and Other Intangibles	The intangible assets acquired from the acquisitions in the first quarter of fiscal 2023 were as follows ( in millions, except for weighted average amortization periods ): Preliminary fair value at the acquisition date Weighted average amortization period NeoPhotonics IPG product lines Total acquired Acquired developed technologies $ 220.0 $ 8.6 $ 228.6 5.2 Customer relationships 144.5 2.3 146.8 5.9 In-process research and development 48.0 29.1 77.1 n/a $ 412.5 $ 40.0 $ 452.5 The following tables present details of our other intangibles, including those acquired in connection with our acquisitions in the first quarter of fiscal 2023, as of the periods presented ( in millions, except for weighted average remaining amortization period ): October 1, 2022 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted average remaining amortization period (years) Acquired developed technologies $ 618.9 $ (327.0) $ 291.9 4.9 Customer relationships 291.8 (84.8) 207.0 5.5 In-process research and development 77.1 — 77.1 n/a Total intangible assets $ 987.8 $ (411.8) $ 576.0 July 2, 2022 Gross Carrying Amounts Accumulated Amortization Net Carrying Amounts Weighted average remaining amortization period (years) Acquired developed technologies $ 390.3 $ (303.6) $ 86.7 2.5 Customer relationships 145.0 (76.0) 69.0 4.4 Total intangible assets $ 535.3 $ (379.6) $ 155.7
Schedule of Amortization Expense	The following table presents details of amortization for the periods presented (in millions ): Three Months Ended October 1, 2022 October 2, 2021 Cost of sales $ 22.9 $ 15.8 Selling, general and administrative 9.3 5.6 Total amortization of intangibles $ 32.2 $ 21.4
Schedule of Estimated Future Amortization Expense	Based on the carrying amount of our acquired developed technologies and customer relationships as of October 1, 2022, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions) : Fiscal Years Remainder of 2023 $ 93.6 2024 110.2 2025 97.3 2026 84.9 2027 73.0 Thereafter 39.9 Total future amortization $ 498.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Schedule of Convertible Notes	Our convertible notes consisted of the following components as of the periods presented ( in millions ): Liability component: October 1, 2022 July 2, 2022 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) 2024 Notes (1) 2026 Notes (2) 2028 Notes (3) Principal $ 448.1 $ 1,050.0 $ 861.0 $ 448.1 $ 1,050.0 $ 861.0 Unamortized debt discount and issuance costs (32.9) (5.0) (6.5) (38.2) (218.6) (226.3) Net carrying amount of the liability component $ 415.2 $ 1,045.0 $ 854.5 $ 409.9 $ 831.4 $ 634.7 (1) If the closing price of our stock exceeds $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of any future quarter, our 2024 Notes would become convertible at the option of the holders. During the fourth quarter of fiscal 2022, the 2024 Notes were convertible at the option of the holders and therefore, the debt component of our 2024 Notes was classified as current liabilities in our condensed consolidated balance sheet. While the 2024 Notes will not be convertible during the second quarter of fiscal 2023, as our stock price did not exceed $78.80 for 20 of the last 30 trading days of the quarter ended October 1, 2022, we continue to classify the 2024 Notes in current liabilities as this presentation provides consistency and better comparability with our prior periods. (2) If the closing price of our stock exceeds $129.08 (or 130% of the conversion price of $99.29) for 20 of the last 30 trading days of any future quarter, our 2026 Notes would become convertible at the option of the holders and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet. (3) If the closing price of our stock exceeds $170.34 (or 130% of the conversion price of $131.03) for 20 of the last 30 trading days of such quarter, our 2028 Notes would become convertible at the option of the holders and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet.
Schedule of Interest Expense	The following table sets forth interest expense information related to the convertible notes for the periods presented (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Contractual interest expense $ 2.7 $ 1.6 Amortization of the debt discount and debt issuance costs 5.7 15.3 Total interest expense $ 8.4 $ 16.9
Schedule of Future Interest and Principal Payments Related to Debts	The future interest and principal payments related to our convertible notes are as follows as of October 1, 2022 (in millions) : Fiscal Years 2024 Notes 2026 Notes 2028 Notes Total Remainder of 2023 $ 0.6 $ 5.3 $ 4.3 $ 10.2 2024 449.2 5.3 4.3 458.8 2025 — 5.3 4.3 9.6 2026 — 5.3 4.3 9.6 2027 — 1,052.4 869.6 1,922.0 Total convertible notes payments $ 449.8 $ 1,073.6 $ 886.8 $ 2,410.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) were as follows for the periods as presented ( in millions ): Foreign currency translation adjustments, net of tax (1) Defined benefit obligations, net of tax (2) Unrealized gain (loss) on available-for-sale securities, net of tax Total Beginning balance as of July 2, 2022 $ 9.7 $ 1.0 $ (10.3) $ 0.4 Other comprehensive loss — — (0.6) (0.6) Ending balance as of October 1, 2022 9.7 1.0 (10.9) (0.2) Foreign currency translation adjustments, net of tax (1) Defined benefit obligations, net of tax (2) Unrealized gain (loss) on available-for-sale securities, net of tax Total Beginning balance as of July 3, 2021 $ 9.7 $ (1.4) $ (0.1) $ 8.2 Other comprehensive income — — 0.3 0.3 Ending balance as of October 2, 2021 9.7 (1.4) 0.2 8.5 (1) In fiscal 2019, we established the functional currency for our worldwide operations as the U.S. dollar. Translation adjustments reported prior to December 10, 2018 remain as a component of accumulated other comprehensive income (loss) in our condensed consolidated balance sheets, until all or a part of the investment in the subsidiaries is sold or liquidated. (2) We re-evaluate the assumptions related to the fair value of our defined benefit obligations annually and make any updates as necessary.

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	3 Months Ended
	Oct. 01, 2022
Restructuring and Related Activities [Abstract]
Schedule of Activity of Restructuring and Related Charges	The following table summarizes the activity of restructuring and related charges for the periods as presented ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Balance as of beginning of period $ — $ 5.7 Charges (reversals), net 9.3 (1.1) Payments (6.2) (3.8) Balance as of end of period $ 3.1 $ 0.8

Equity (Tables)

Equity (Tables)	3 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Schedule of Impact on Results of Operations of Recording Stock-Based Compensation by Function	The impact on our results of operations of recording stock-based compensation by function for the periods presented was as follows (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Cost of sales $ 5.5 $ 4.6 Research and development 9.6 5.0 Selling, general and administrative 31.5 15.2 Total stock-based compensation $ 46.6 $ 24.8
Schedule of Income Tax Benefit Associated with Stock-Based Compensation	Total income tax benefit associated with stock-based compensation recognized in our condensed consolidated statements of operations during the years presented was as follows (in millions) : Three Months Ended October 1, 2022 October 2, 2021 Income tax benefit associated with stock-based compensation $ 5.1 $ 4.0
Schedule of Awards Activity	The following table summarizes our award activity for the three months ended October 1, 2022 (in millions, except per share amounts) : Restricted Stock Units Performance Stock Units Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of July 2, 2022 2.0 $ 85.9 0.3 $ 81.9 Replacement Awards Issued 0.4 93.4 — — Granted 1.5 89.2 0.5 88.3 Vested (0.5) 81.7 (0.1) 68.8 Canceled (0.1) 85.0 — 82.6 Balance as of October 1, 2022 3.3 $ 88.9 0.7 $ 89.3
Schedule of Awards Available for Grant	A summary of awards available for grant is as follows (in millions) : Awards Available for Grant Balance as of July 2, 2022 3.8 Assumed in connection with NeoPhotonics merger 0.4 Replacement Awards (0.4) Granted (2.0) Canceled 0.1 Balance as of October 1, 2022 1.9

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Reserve	The following table presents the changes in our warranty reserve for the periods presented ( in millions ): Three Months Ended October 1, 2022 October 2, 2021 Balance as of beginning of period $ 10.0 $ 5.0 Warranties assumed in NeoPhotonics merger 0.7 — Provision for warranty 1.5 1.7 Utilization of reserve (2.1) (1.6) Balance as of end of period $ 10.1 $ 5.1

Operating Segments and Geogra_2

Operating Segments and Geographic Information (Tables)	3 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Schedule of Information on Reportable Segments	Information on reportable segments utilized by our CODM is as follows ( in millions) : Three Months Ended October 1, 2022 October 2, 2021 Net revenue: OpComms $ 453.4 $ 406.0 Lasers 53.4 42.4 Net revenue $ 506.8 $ 448.4 Gross profit: OpComms $ 216.0 $ 225.9 Lasers 28.1 20.8 Total segment gross profit 244.1 246.7 Unallocated corporate items: Stock-based compensation (5.5) (4.6) Amortization of acquired intangibles (22.9) (15.8) Amortization of acquired inventory fair value adjustments (4.6) — Other (charges) gains (1) (9.9) 5.9 Gross profit $ 201.2 $ 232.2 (1) Other (charges) gains of unallocated corporate items for the three months ended October 1, 2022 primarily relate to $7.3 million of charges to acquire components from various brokers to satisfy customer demand. Other (charges) gains of unallocated corporate items for the three months ended October 2, 2021 primarily relate to $5.9 million of gain as a result of selling equipment that was no longer needed after we transferred certain product lines to new production facilities in fiscal 2021.
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 generally represented 10% or more of our total net revenue (in millions, except percentage data): Three Months Ended October 1, 2022 October 2, 2021 Amount % of Total Amount % of Total Net revenue: Americas: United States $ 62.2 12.3 % $ 28.1 6.3 % Other Americas 59.8 11.8 35.0 7.8 Total Americas $ 122.0 24.1 % $ 63.1 14.1 % Asia-Pacific: Hong Kong $ 77.6 15.3 % $ 142.3 31.7 % South Korea 67.7 13.4 105.1 23.4 Thailand 57.5 11.3 17.1 3.8 Other Asia-Pacific 133.7 26.4 95.0 21.2 Total Asia-Pacific $ 336.5 66.4 % $ 359.5 80.1 % EMEA $ 48.3 9.5 % $ 25.8 5.8 % Total net revenue $ 506.8 $ 448.4
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) : October 1, 2022 July 2, 2022 Property, plant and equipment, net United States $ 136.9 $ 107.8 Thailand 118.0 107.6 Japan 89.2 38.9 China 58.4 32.7 Other countries 75.5 73.5 Total property, plant and equipment, net $ 478.0 $ 360.5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Oct. 01, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Concentration Risks	The table below discloses our total net revenue attributable to each of our two reportable segments. In addition, the table sets forth the percentage of our total net revenue attributable to our product offerings that serve Telecom and Datacom, and Consumer and Industrial markets accounted for 10% or more of our total net revenue during the periods presented ( in millions, except percentage data ): Three Months Ended October 1, 2022 October 2, 2021 OpComms: Telecom and Datacom $ 360.1 71.1 % $ 216.0 48.2 % Industrial and Consumer 93.3 18.4 190.0 42.3 % Total OpComms $ 453.4 89.5 % $ 406.0 90.5 % Lasers 53.4 10.5 % 42.4 9.5 % Net Revenue $ 506.8 $ 448.4
Schedule of Changes in Contract Balances	The following table reflects the changes in contract balances for the periods presented ( in millions, except percentages ): Contract balances Balance sheet location October 1, 2022 July 2, 2022 Change Percentage Change Accounts receivable, net Accounts receivable, net $ 340.5 $ 262.0 $ 78.5 30.0 % Deferred revenue and customer deposits Other current liabilities $ 1.1 $ — $ 1.1 n/a

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Business Acquisition
Increase in inventories	$ 24.6	$ 10.3
Unusual or Infrequent Item, or Both
Business Acquisition
Increase in inventories	$ 21.9

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 03, 2022	Jul. 02, 2022
New Accounting Pronouncements or Change in Accounting Principle
Additional paid-in capital	$ (1,596.1)	$ (1,577.1)	$ (2,003.6)
Deferred tax asset	100.5		27
Accumulated deficit	$ (69.6)	(43.5)	$ (129.1)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Long term debt		433
Additional paid-in capital		426.5
Deferred tax asset		92.1
Accumulated deficit		$ (85.6)

Recently Issued Accounting Pr_3

Recently Issued Accounting Pronouncements- Accounting Standard Update (Details) - USD ($) $ in Millions	Jul. 03, 2022	Oct. 01, 2022	Jul. 02, 2022
New Accounting Pronouncements or Change in Accounting Principle
Additional paid-in capital	$ 1,577.1	$ 1,596.1	$ 2,003.6
Accumulated deficit	43.5	$ 69.6	129.1
Deferred Tax Asset (Liability), net	105		12.9
Short Term Debt - 2024 Notes
New Accounting Pronouncements or Change in Accounting Principle
Short term debt	409.9		409.9
Long Term Debt - 2026 Notes
New Accounting Pronouncements or Change in Accounting Principle
Long term debt	1,044.8		831.4
Convertible Senior Notes Due 2028
New Accounting Pronouncements or Change in Accounting Principle
Long term debt	854.3		634.7
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Long term debt	433
Additional paid-in capital	(426.5)
Accumulated deficit	85.6
Cumulative Effect, Period of Adoption, Adjustment | Adjustment for interest accretion
New Accounting Pronouncements or Change in Accounting Principle
Accumulated deficit			(109.2)
Cumulative Effect, Period of Adoption, Adjustment | Adjustment for interest accretion | Long Term Debt - 2026 Notes
New Accounting Pronouncements or Change in Accounting Principle
Interest expense	(99.5)
Cumulative Effect, Period of Adoption, Adjustment | Adjustment for interest accretion | Convertible Senior Notes Due 2028
New Accounting Pronouncements or Change in Accounting Principle
Interest expense	$ (9.7)
Cumulative Effect, Period of Adoption, Adjustment | Tax effect
New Accounting Pronouncements or Change in Accounting Principle
Additional paid-in capital			115.7
Accumulated deficit			23.6
Deferred Tax Asset (Liability), net			92.1
Reclassify amounts from equity to debt | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Additional paid-in capital			(542.2)
Reclassify amounts from equity to debt | Cumulative Effect, Period of Adoption, Adjustment | Long Term Debt - 2026 Notes
New Accounting Pronouncements or Change in Accounting Principle
Long term debt			312.9
Reclassify amounts from equity to debt | Cumulative Effect, Period of Adoption, Adjustment | Convertible Senior Notes Due 2028
New Accounting Pronouncements or Change in Accounting Principle
Long term debt			$ 229.3

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Numerator:
Net Income (Loss) Attributable to Parent	$ (0.4)	$ 81.5
Net Income - Basic	(0.4)	81.5
Net income - Diluted	$ (0.4)	$ 81.5
Denominator:
Weighted average common shares outstanding - basic (in shares)	68.1	72.7
Effect of dilutive securities from 2015 Equity Incentive Plan (in shares)	0	0.6
Shares issuable assuming conversion of the 2024 Notes (in shares)	0	2.1
Weighted average common shares outstanding - diluted (in shares)	68.1	75.4
Net income (loss) per share:
Basic (in usd per share)	$ (0.01)	$ 1.12
Diluted (in usd per share)	$ (0.01)	$ 1.08

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Potential Shares (Details) - shares shares in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Convertible debt securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive shares (in shares)	28.4
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive shares (in shares)	0.5	0.4

Business Combinations - Conside

Business Combinations - Consideration Transferred (Details) - USD ($) $ / shares in Units, shares in Millions			3 Months Ended		12 Months Ended
	Aug. 03, 2022	Aug. 01, 2022	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022	Jan. 14, 2022
Business Acquisition
Settlement of pre-existing relationship (loan to NeoPhotonics)			$ 50,000,000	$ 0
NeoPhotonics
Business Acquisition
Term loan funding provided to NeoPhotonics		$ 20,000,000			$ 30,000,000
NeoPhotonics
Business Acquisition
Maximum borrowing capacity (up to)						$ 50,000,000
PSUs | 2015 Plan
Business Acquisition
Fair value	$ 40,200,000		$ 26,000,000
Employee | PSUs | 2015 Plan
Business Acquisition
Fair value	3,500,000
NeoPhotonics
Business Acquisition
Cash consideration for outstanding NeoPhotonics common stock	867,300,000
Settlement of pre-existing relationship (loan to NeoPhotonics)	50,000,000
Share-based compensation	17,100,000
Total purchase price consideration	$ 934,400,000
Per share consideration price (in usd per share)	$ 16
Shares acquired (shares)	54.2
Consideration paid to settle outstanding stock award	$ 22,600,000
Expenses recognized	9,000,000
NeoPhotonics | Replacement Award
Business Acquisition
Total purchase price consideration	$ 13,600,000

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions			2 Months Ended	3 Months Ended
	Aug. 15, 2022	Aug. 03, 2022	Oct. 01, 2022	Oct. 01, 2022	Jul. 02, 2022
Business Acquisition
Goodwill			$ 693.7	$ 693.7	$ 368.9
Acquired developed technologies
Business Acquisition
Acquired finite lived intangible assets				228.6
Customer relationships
Business Acquisition
Acquired finite lived intangible assets				146.8
OpComms
Business Acquisition
Goodwill			688.3	688.3	$ 363.5
NeoPhotonics
Business Acquisition
Total consideration		$ 934.4
Transaction cost		20.9
Goodwill		318.3
Goodwill, acquired during period				318.3
Net revenue from date of acquisition			$ 72.8
Other non-current assets		1.9
Other non-current liabilities		$ 28.3
NeoPhotonics | Acquired developed technologies
Business Acquisition
Acquired finite lived intangible assets				220
NeoPhotonics | Customer relationships
Business Acquisition
Acquired finite lived intangible assets				144.5
NeoPhotonics | OpComms
Business Acquisition
Goodwill, acquired during period				318.3
NeoPhotonics | Selling, general and administrative
Business Acquisition
Transaction cost				12.6
IPG product lines
Business Acquisition
Total consideration	$ 55.9
Transaction cost				1.4
Goodwill, acquired during period				6.5
Other non-current assets	9.4
Other non-current liabilities	9.4
IPG product lines | In-process research and development
Business Acquisition
Acquired finite lived intangible assets	29.1
IPG product lines | Acquired developed technologies
Business Acquisition
Acquired finite lived intangible assets	8.6			8.6
IPG product lines | Customer relationships
Business Acquisition
Acquired finite lived intangible assets	$ 2.3			2.3
IPG product lines | OpComms
Business Acquisition
Goodwill, acquired during period				$ 6.5

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Aug. 03, 2022	Oct. 01, 2022	Jul. 02, 2022
Liabilities assumed
Goodwill		$ 693.7	$ 368.9
NeoPhotonics
Business Acquisition
Total consideration	$ 934.4
Assets acquired
Cash and cash equivalents	92.9
Accounts receivable, net	66.5
Inventories	85.3
Prepayments and other current assets	24.2
Property, plant and equipment, net	106.6
Operating lease right-of-use assets, net	16.9
Other intangible assets, net	412.5
Other non-current assets	1.9
Total assets	806.8
Liabilities assumed
Accounts payable	79.6
Accrued payroll and related expenses	12
Accrued expenses	4.1
Other current liabilities	10.6
Operating lease liabilities, current	2.8
Operating lease liabilities, non-current	13.2
Deferred tax liability	40.1
Other non-current liabilities	28.3
Total liabilities	190.7
Goodwill	318.3
NeoPhotonics | Customer relationships
Assets acquired
Other intangible assets, net	144.5
NeoPhotonics | Acquired developed technologies
Assets acquired
Other intangible assets, net	220
NeoPhotonics | In-process research and development
Assets acquired
Other intangible assets, net	$ 48

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - NeoPhotonics - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Business Acquisition
Net revenue	$ 530.7	$ 532.1
Net income	$ 32.4	$ 22.2

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-term Investments - Summary of Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Cash and cash equivalents:
Cash	$ 326.9	$ 235.9
Cash and cash equivalents	605.3	1,290.2
Short-term investments:
Amortized Cost	1,033.5	1,271.9
Gross Unrealized Gains	0.1	0.3
Gross Unrealized Losses	(14)	(13.4)
Fair Value	1,019.6	1,258.8
Certificates of deposit
Short-term investments:
Amortized Cost	33.3	28.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	33.3	28.3
Commercial paper
Short-term investments:
Amortized Cost	66.1	107.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.4)	(0.4)
Fair Value	65.7	107
Corporate debt securities
Short-term investments:
Amortized Cost	492.4	539.9
Gross Unrealized Gains	0
Gross Unrealized Losses	(7.6)	(7.4)
Fair Value	484.8	532.5
Municipal bonds
Short-term investments:
Amortized Cost	1	1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1	1
U.S. Agency securities
Short-term investments:
Amortized Cost	87.5	67.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1.8)	(1.4)
Fair Value	85.7	65.7
U.S. Treasury securities
Short-term investments:
Amortized Cost	353.2	528.2
Gross Unrealized Gains	0.1	0.3
Gross Unrealized Losses	(4.2)	(4.2)
Fair Value	349.1	524.3
Commercial paper
Cash and cash equivalents:
Cash equivalents:	24.5	23.6
Money market funds
Cash and cash equivalents:
Cash equivalents:	221.1	1,000.2
U.S. Agency securities
Cash and cash equivalents:
Cash equivalents:	9	8
U.S. Treasury securities
Cash and cash equivalents:
Cash equivalents:	$ 23.8	$ 22.5

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-term Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022
Cash and Cash Equivalents [Abstract]
Other nonoperating income (expense)	$ 13.8	$ 0.6
Income on short-term investments and cash equivalents	4.8	$ 0.6
Interest receivable in prepayments and other current assets	3.9		$ 3.9
Corporate debt securities
Cash and Cash Equivalents
Unrealized losses, greater than 12 months	148.9		57.4
Debt securities, available-for-sale, unrealized loss position	2.6
U.S. government bonds
Cash and Cash Equivalents
Unrealized losses, greater than 12 months	19.7
Debt securities, available-for-sale, unrealized loss position	$ 0.4		$ 0.9

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-term Investments - Summary of Unrealized Losses (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Cash and Cash Equivalents
Fair Value	$ 779.9	$ 1,060.8
Unrealized Losses
Unrealized Losses, Less than 12 months	(10.9)	(12.5)
U.S. Agency securities
Cash and Cash Equivalents
Fair Value	86.4	73.7
Unrealized Losses
Unrealized Losses, Less than 12 months	(1.8)	(1.4)
Certificates of deposit
Cash and Cash Equivalents
Fair Value	6.4	16.2
Unrealized Losses
Unrealized Losses, Less than 12 months	0	0
Commercial paper
Cash and Cash Equivalents
Fair Value	90.2	130.7
Unrealized Losses
Unrealized Losses, Less than 12 months	(0.4)	(0.4)
Corporate debt securities
Cash and Cash Equivalents
Fair Value	334.4	473.2
Unrealized Losses
Unrealized Losses, Less than 12 months	(5)	(6.5)
Municipal bonds
Cash and Cash Equivalents
Fair Value		1
Unrealized Losses
Unrealized Losses, Less than 12 months		0
U.S. government bonds
Cash and Cash Equivalents
Fair Value	262.5	366
Unrealized Losses
Unrealized Losses, Less than 12 months	$ (3.7)	$ (4.2)

Cash, Cash Equivalents and Sh_6

Cash, Cash Equivalents and Short-term Investments - Investments in Debt Securities by Contractual Maturities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Amortized Cost
Due in 1 year	$ 831.3	$ 1,010.9
Due in 1 year through 5 years	202.2	261
Total	1,033.5	1,271.9
Fair Value
Due in 1 year	821.2	1,002.2
Due in 1 year through 5 years	198.4	256.6
Total	$ 1,019.6	$ 1,258.8

Fair Value Measurements - Measu

Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Assets:
Short-term investment, fair value disclosure	$ 1,019.6	$ 1,258.8
Cash held in bank	326.9	235.9
Certificates of deposit
Assets:
Short-term investment, fair value disclosure	33.3	28.3
Commercial paper
Assets:
Short-term investment, fair value disclosure	65.7	107
Corporate debt securities
Assets:
Short-term investment, fair value disclosure	484.8	532.5
Municipal bonds
Assets:
Short-term investment, fair value disclosure	1	1
U.S. Agency securities
Assets:
Short-term investment, fair value disclosure	85.7	65.7
U.S. Treasury securities
Assets:
Short-term investment, fair value disclosure	349.1	524.3
Recurring basis
Assets:
Total assets, fair value disclosure	1,298	2,313.1
Recurring basis | Certificates of deposit
Assets:
Short-term investment, fair value disclosure	33.3	28.3
Recurring basis | Commercial paper
Assets:
Short-term investment, fair value disclosure	65.7	107
Recurring basis | Corporate debt securities
Assets:
Short-term investment, fair value disclosure	484.8	532.5
Recurring basis | Municipal bonds
Assets:
Short-term investment, fair value disclosure	1	1
Recurring basis | U.S. Agency securities
Assets:
Short-term investment, fair value disclosure	85.7	65.7
Recurring basis | U.S. Treasury securities
Assets:
Short-term investment, fair value disclosure	349.1	524.3
Recurring basis | Commercial paper
Assets:
Cash and cash equivalents, fair value disclosure	24.5	23.6
Recurring basis | Money market funds
Assets:
Cash and cash equivalents, fair value disclosure	221.1	1,000.2
Recurring basis | U.S. Agency securities
Assets:
Cash and cash equivalents, fair value disclosure	9	8
Recurring basis | U.S. Treasury securities
Assets:
Cash and cash equivalents, fair value disclosure	23.8	22.5
Recurring basis | Level 1
Assets:
Total assets, fair value disclosure	594	1,547
Recurring basis | Level 1 | Certificates of deposit
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 1 | Commercial paper
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 1 | Corporate debt securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 1 | Municipal bonds
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 1 | U.S. Agency securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 1 | U.S. Treasury securities
Assets:
Short-term investment, fair value disclosure	349.1	524.3
Recurring basis | Level 1 | Commercial paper
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 1 | Money market funds
Assets:
Cash and cash equivalents, fair value disclosure	221.1	1,000.2
Recurring basis | Level 1 | U.S. Agency securities
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 1 | U.S. Treasury securities
Assets:
Cash and cash equivalents, fair value disclosure	23.8	22.5
Recurring basis | Level 2
Assets:
Total assets, fair value disclosure	704	766.1
Recurring basis | Level 2 | Certificates of deposit
Assets:
Short-term investment, fair value disclosure	33.3	28.3
Recurring basis | Level 2 | Commercial paper
Assets:
Short-term investment, fair value disclosure	65.7	107
Recurring basis | Level 2 | Corporate debt securities
Assets:
Short-term investment, fair value disclosure	484.8	532.5
Recurring basis | Level 2 | Municipal bonds
Assets:
Short-term investment, fair value disclosure	1	1
Recurring basis | Level 2 | U.S. Agency securities
Assets:
Short-term investment, fair value disclosure	85.7	65.7
Recurring basis | Level 2 | U.S. Treasury securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 2 | Commercial paper
Assets:
Cash and cash equivalents, fair value disclosure	24.5	23.6
Recurring basis | Level 2 | Money market funds
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 2 | U.S. Agency securities
Assets:
Cash and cash equivalents, fair value disclosure	9	8
Recurring basis | Level 2 | U.S. Treasury securities
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 3
Assets:
Total assets, fair value disclosure	0	0
Recurring basis | Level 3 | Certificates of deposit
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | Commercial paper
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | Corporate debt securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | Municipal bonds
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | U.S. Agency securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | U.S. Treasury securities
Assets:
Short-term investment, fair value disclosure	0	0
Recurring basis | Level 3 | Commercial paper
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 3 | Money market funds
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 3 | U.S. Agency securities
Assets:
Cash and cash equivalents, fair value disclosure	0	0
Recurring basis | Level 3 | U.S. Treasury securities
Assets:
Cash and cash equivalents, fair value disclosure	$ 0	$ 0

Fair Value Measurements - Not R

Fair Value Measurements - Not Recorded at Fair Value on a Recurring Basis Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022	Mar. 31, 2022	Dec. 31, 2019
Level 2 | Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	$ 2,314.7	$ 1,876
Level 2 | Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	2,229.1	2,414.9
2028 Notes
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value			$ 629.8
2028 Notes | Level 2 | Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	854.5	634.7
2028 Notes | Level 2 | Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	691.4	735.7
2026 Notes
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value				$ 734.8
2026 Notes | Level 2 | Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	1,045	831.4
2026 Notes | Level 2 | Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	983.8	1,065
2024 Notes | Level 2 | Carrying Amount
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	415.2	409.9
2024 Notes | Level 2 | Estimated Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
Convertible senior notes fair value	$ 553.9	$ 614.2

Balance Sheet Details - Account

Balance Sheet Details - Accounts Receivable Allowances (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable allowance for credit losses	$ 0.1	$ 0.1

Balance Sheet Details - Invento

Balance Sheet Details - Inventories (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Oct. 01, 2022	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022
Inventory, Net
Raw materials and purchased parts	$ 150.6	$ 150.6		$ 98.9
Work in process	133.3	133.3		92.2
Finished goods	82.3	82.3		59
Inventories	366.2	366.2		$ 250.1
Property, Plant and Equipment
Amortization of inventory fair value adjustment in connection with acquisition		$ 4.6	$ 0
NeoPhotonics
Property, Plant and Equipment
Inventory balance from NeoPhotonics merger	$ 80.7

Balance Sheet Details - Operati

Balance Sheet Details - Operating Lease Right-of-Use Assets (Details) - USD ($) $ in Millions	Aug. 03, 2022	Oct. 01, 2022	Jul. 02, 2022
Assets and Liabilities, Lessee
Operating lease right-of-use assets		$ 120.7	$ 102.1
Less: accumulated amortization		(31.3)	(28.5)
Operating lease right-of-use assets, net		$ 89.4	$ 73.6
NeoPhotonics
Property, Plant and Equipment
Operating lease right-of-use assets, net	$ 16.9
NeoPhotonics | Minimum
Property, Plant and Equipment
Leases remaining term	3 years 9 months 18 days
NeoPhotonics | Maximum
Property, Plant and Equipment
Leases remaining term	6 years 4 months 24 days

Balance Sheet Details - Propert

Balance Sheet Details - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 966.6		$ 826.7
Less: Accumulated depreciation	(488.6)		(466.2)
Property, plant and equipment, net	478		360.5
Depreciation expense	24.5	$ 20.4
Land
Property, Plant and Equipment
Property, plant and equipment, gross	63.3		49.7
Buildings and improvement
Property, Plant and Equipment
Property, plant and equipment, gross	142.7		105.3
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	614.4		548.8
Computer equipment and software
Property, Plant and Equipment
Property, plant and equipment, gross	35.5		31.3
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	9.7		8.9
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	44.6		35.7
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 56.4		$ 47

Balance Sheet Details - Other C

Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022	Oct. 02, 2021	Jul. 03, 2021
Other Liabilities, Current
Restructuring accrual and related charges	$ 3.1	$ 0	$ 0.8	$ 5.7
Warranty accrual	10.1	10
Income tax payable	27	26
Other current liabilities	8.1	3.4
Other current liabilities	$ 48.3	$ 39.4

Balance Sheet Details - Other N

Balance Sheet Details - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Other Liabilities, Noncurrent
Asset retirement obligations	$ 8	$ 4.6
Pension and related accrual	9.4	7.7
Unrecognized tax benefit	50.9	30.5
Other non-current liabilities	7.6	0.1
Other non-current liabilities	75.9	42.9
China
Other Liabilities, Noncurrent
Pension and related accrual	4.3	2.6
Switzerland
Other Liabilities, Noncurrent
Pension and related accrual	1.7	1.7
Thailand
Other Liabilities, Noncurrent
Pension and related accrual	$ 3.4	$ 3.4

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended
	Oct. 01, 2022 USD ($) business	Jul. 02, 2022 USD ($)	Aug. 03, 2022 USD ($)
Goodwill
Number of businesses acquired (business) | business	2
Goodwill impairment	$ 0	$ 0
NeoPhotonics
Goodwill
Goodwill, acquired during period	318,300,000
Other intangible assets, net			$ 412,500,000
NeoPhotonics | OpComms
Goodwill
Goodwill, acquired during period	318,300,000
NeoPhotonics | Lasers
Goodwill
Goodwill, acquired during period	0
IPG product lines
Goodwill
Goodwill, acquired during period	6,500,000
Other intangible assets, net			$ 40,000,000
IPG product lines | OpComms
Goodwill
Goodwill, acquired during period	6,500,000
IPG product lines | Lasers
Goodwill
Goodwill, acquired during period	$ 0

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($)
Changes in goodwill
Balance as of July 2, 2022	$ 368.9
Balance as of October 1, 2022	693.7
Optical Communications
Changes in goodwill
Balance as of July 2, 2022	363.5
Balance as of October 1, 2022	688.3
Commercial Lasers
Changes in goodwill
Balance as of July 2, 2022	5.4
Balance as of October 1, 2022	5.4
NeoPhotonics
Changes in goodwill
Goodwill, acquired during period	318.3
NeoPhotonics | Optical Communications
Changes in goodwill
Goodwill, acquired during period	318.3
NeoPhotonics | Commercial Lasers
Changes in goodwill
Goodwill, acquired during period	0
IPG product lines
Changes in goodwill
Goodwill, acquired during period	6.5
IPG product lines | Optical Communications
Changes in goodwill
Goodwill, acquired during period	6.5
IPG product lines | Commercial Lasers
Changes in goodwill
Goodwill, acquired during period	$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 15, 2022	Oct. 01, 2022
Acquired Finite-Lived Intangible Assets
Intangible assets acquired		$ 452.5
NeoPhotonics
Acquired Finite-Lived Intangible Assets
Intangible assets acquired		412.5
IPG product lines
Acquired Finite-Lived Intangible Assets
Intangible assets acquired		40
Acquired developed technologies
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets		$ 228.6
Weighted average amortization period (in years)		5 years 2 months 12 days
Acquired developed technologies | NeoPhotonics
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets		$ 220
Acquired developed technologies | IPG product lines
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets	$ 8.6	8.6
Customer relationships
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets		$ 146.8
Weighted average amortization period (in years)		5 years 10 months 24 days
Customer relationships | NeoPhotonics
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets		$ 144.5
Customer relationships | IPG product lines
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets	2.3	2.3
In-process research and development
Acquired Finite-Lived Intangible Assets
Acquire indefinite lived intangible assets		77.1
In-process research and development | NeoPhotonics
Acquired Finite-Lived Intangible Assets
Acquire indefinite lived intangible assets		48
In-process research and development | IPG product lines
Acquired Finite-Lived Intangible Assets
Acquired finite lived intangible assets	$ 29.1
Acquire indefinite lived intangible assets		$ 29.1

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Acquired Developed Technology and Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 01, 2022	Apr. 02, 2022	Jul. 02, 2022
Finite-Lived Intangible Assets
Gross Carrying Amounts	$ 987.8		$ 535.3
Accumulated Amortization	(411.8)		(379.6)
Net Carrying Amounts	576		155.7
Acquired developed technologies
Finite-Lived Intangible Assets
Gross Carrying Amounts	618.9		390.3
Accumulated Amortization	(327)		(303.6)
Net Carrying Amounts	$ 291.9		86.7
Weighted average remaining amortization period (years)	4 years 10 months 24 days	2 years 6 months
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amounts	$ 291.8		145
Accumulated Amortization	(84.8)		(76)
Net Carrying Amounts	$ 207		$ 69
Weighted average remaining amortization period (years)	5 years 6 months	4 years 4 months 24 days
In-process research and development
Finite-Lived Intangible Assets
Accumulated Amortization	$ 0
Indefinite-lived intangible asset	$ 77.1

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Details of Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Finite-Lived Intangible Assets
Total amortization of intangibles	$ 32.2	$ 21.4
Cost of sales
Finite-Lived Intangible Assets
Total amortization of intangibles	22.9	15.8
Selling, general and administrative
Finite-Lived Intangible Assets
Total amortization of intangibles	$ 9.3	$ 5.6

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Fiscal Years
Net Carrying Amounts	$ 576	$ 155.7
Intangibles excluding in-process research and development
Fiscal Years
Remainder of 2023	93.6
2024	110.2
2025	97.3
2026	84.9
2027	73
Thereafter	39.9
Net Carrying Amounts	$ 498.9

Debt - Convertible Notes Narrat

Debt - Convertible Notes Narrative (Details)	1 Months Ended					3 Months Ended			67 Months Ended
	Mar. 31, 2022 USD ($) trading_day $ / shares Rate	Dec. 31, 2019 USD ($) d trading_day $ / shares Rate	Jan. 31, 2018 JPY (¥)	Mar. 31, 2017 USD ($) trading_day d $ / shares Rate	Feb. 28, 2015 JPY (¥)	Oct. 01, 2022 USD ($) trading_day $ / shares	Oct. 01, 2022 JPY (¥) trading_day	Oct. 02, 2021 USD ($)	Oct. 01, 2022 USD ($) $ / shares	Oct. 01, 2022 JPY (¥)	Jul. 02, 2022 USD ($)	Mar. 31, 2017 JPY (¥) d
Debt Instrument
Repurchase of common stock						$ 35,800,000		$ 91,700,000
Remaining principal balance						2,410,200,000			$ 2,410,200,000
2028 Notes | Convertible Debt
Debt Instrument
Debt, aggregate principal amount	$ 861,000,000					$ 861,000,000			$ 861,000,000		$ 861,000,000
Debt interest rate (as a percent)	0.50%
Proceeds from convertible debt	$ 854,800,000
Payments of debt issuance costs	6,200,000
Debt related professional fees	700,000
Repurchase of common stock	$ 200,000,000
Debt instrument conversion ratio | Rate	0.76319%
Conversion price (in usd per share) | $ / shares	$ 131.03					$ 131.03			$ 131.03
Number of days to trigger conversion (in days)	20 days					20 days	20 days
Conversion threshold consecutive trading days (in days) | trading_day	30					30	30
Conversion threshold percentage of stock price trigger (as a percent)	130%					130%	130%
Conversion threshold percentage of conversion rate from measurement period (as a percent)	98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)		100%
Debt instrument redemption threshold	$ 100,000,000
Liability component	$ 629,800,000
Effective interest rate percentage (as a percent)	5.70%
Discount	$ 231,200,000					$ 6,500,000			$ 6,500,000		226,300,000
Sale price of common stock (in usd per share) | $ / shares	$ 170.34					$ 170.34
Remaining principal balance						$ 886,800,000			886,800,000
2026 Notes
Debt Instrument
Sale price of common stock (in usd per share) | $ / shares		$ 129.08
2026 Notes | Convertible Debt
Debt Instrument
Debt, aggregate principal amount		$ 1,050,000,000				$ 1,050,000,000			$ 1,050,000,000		1,050,000,000
Debt interest rate (as a percent)		0.50%
Repurchase of common stock		$ 200,000,000
Debt instrument conversion ratio | Rate		1.00711%
Conversion price (in usd per share) | $ / shares		$ 99.29				$ 99.29			$ 99.29
Number of days to trigger conversion (in days)						20 days	20 days
Conversion threshold consecutive trading days (in days) | trading_day		30				30	30
Conversion threshold percentage of stock price trigger (as a percent)		130%				130%	130%
Conversion threshold percentage of conversion rate from measurement period (as a percent)		98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)		100%
Liability component		$ 734,800,000
Effective interest rate percentage (as a percent)		5.80%
Discount		$ 315,200,000				$ 5,000,000			$ 5,000,000		218,600,000
Repayments of debt		$ 196,000,000
Sale price of common stock (in usd per share) | $ / shares						$ 129.08
Conversion threshold trading days | trading_day		20
Threshold measurement period | d		5
Remaining principal balance						$ 1,073,600,000			1,073,600,000
2024 Notes | Convertible Debt
Debt Instrument
Debt, aggregate principal amount				$ 450,000,000		$ 448,100,000			$ 448,100,000		448,100,000
Debt interest rate (as a percent)				0.25%								0.25%
Debt instrument conversion ratio | Rate				1.64965%
Conversion price (in usd per share) | $ / shares				$ 60.62		$ 60.62			$ 60.62
Number of days to trigger conversion (in days)						20 days	20 days
Conversion threshold consecutive trading days (in days) | trading_day				30		30	30
Conversion threshold percentage of stock price trigger (as a percent)				130%		130%	130%
Conversion threshold percentage of conversion rate from measurement period (as a percent)				98%
Percentage of principal amount required to be paid upon contingent note repurchase (as a percent)				100%
Discount						$ 32,900,000			$ 32,900,000		$ 38,200,000
Principal amount of debt converted (less than)						$ 100,000			1,900,000
Conversion price premium, percent				132.50%
Sale price of common stock (in usd per share) | $ / shares				$ 78.80		$ 78.80
Threshold measurement period | d				5								5
Remaining principal balance						$ 449,800,000			449,800,000
2015 Mitsubishi Term Loan | Secured debt | Mitsubishi Bank | NeoPhotonics
Debt Instrument
Remaining principal balance						1,600,000			1,600,000	¥ 241,700,000
Periodic principal payment						100,000	¥ 8,300,000
Lump sum payment					¥ 8,400,000	100,000
2015 Mitsubishi Term Loan | Secured debt | Mitsubishi Bank | NeoPhotonics
Debt Instrument
Debt, aggregate principal amount					¥ 1,000,000,000	6,900,000			6,900,000
2015 Mitsubishi Term Loan | Secured debt | Mitsubishi Bank | Tokyo Interbank Offer Rate | NeoPhotonics
Debt Instrument
Variable rate (in percent)					1.40%
2017 Mitsubishi Bank Loan | Secured debt | Mitsubishi Bank | NeoPhotonics
Debt Instrument
Debt, aggregate principal amount						4,800,000			4,800,000			¥ 690,000,000
Remaining principal balance						1,300,000			1,300,000			¥ 172,500,000
Variable rate (in percent)				1%
Debt instrument term				72 months
2018 Mitsubishi Term Loan | Secured debt | Mitsubishi Bank | NeoPhotonics
Debt Instrument
Debt, aggregate principal amount			¥ 850,000,000			5,900,000			5,900,000
Remaining principal balance			¥ 303,600,000			$ 2,100,000			$ 2,100,000
Variable rate (in percent)			1%
Debt instrument term			82 months

Debt - Components of Convertibl

Debt - Components of Convertible Notes (Details)	1 Months Ended			3 Months Ended
	Mar. 31, 2022 USD ($) trading_day $ / shares	Dec. 31, 2019 USD ($) trading_day $ / shares	Mar. 31, 2017 USD ($) trading_day $ / shares	Oct. 01, 2022 USD ($) trading_day $ / shares	Jul. 02, 2022 USD ($)
2026 Notes
Liability component:
Sale price of common stock (in usd per share) | $ / shares		$ 129.08
Convertible Debt | 2024 Notes
Liability component:
Principal			$ 450,000,000	$ 448,100,000	$ 448,100,000
Unamortized debt discount and issuance costs				(32,900,000)	(38,200,000)
Net carrying amount of the liability component				$ 415,200,000	409,900,000
Sale price of common stock (in usd per share) | $ / shares			$ 78.80	$ 78.80
Conversion threshold percentage of stock price trigger (as a percent)			130%	130%
Conversion price (in usd per share) | $ / shares			$ 60.62	$ 60.62
Number of days to trigger conversion (in days)				20 days
Conversion threshold consecutive trading days (in days) | trading_day			30	30
Convertible Debt | 2026 Notes
Liability component:
Principal		$ 1,050,000,000		$ 1,050,000,000	1,050,000,000
Unamortized debt discount and issuance costs		$ (315,200,000)		(5,000,000)	(218,600,000)
Net carrying amount of the liability component				$ 1,045,000,000	831,400,000
Sale price of common stock (in usd per share) | $ / shares				$ 129.08
Conversion threshold percentage of stock price trigger (as a percent)		130%		130%
Conversion price (in usd per share) | $ / shares		$ 99.29		$ 99.29
Number of days to trigger conversion (in days)				20 days
Conversion threshold consecutive trading days (in days) | trading_day		30		30
Convertible Debt | 2028 Notes
Liability component:
Principal	$ 861,000,000			$ 861,000,000	861,000,000
Unamortized debt discount and issuance costs	$ (231,200,000)			(6,500,000)	(226,300,000)
Net carrying amount of the liability component				$ 854,500,000	$ 634,700,000
Sale price of common stock (in usd per share) | $ / shares	$ 170.34			$ 170.34
Conversion threshold percentage of stock price trigger (as a percent)	130%			130%
Conversion price (in usd per share) | $ / shares	$ 131.03			$ 131.03
Number of days to trigger conversion (in days)	20 days			20 days
Conversion threshold consecutive trading days (in days) | trading_day	30			30

Debt - Interest Expense Related

Debt - Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Debt Instrument
Amortization of the debt discount and debt issuance costs	$ 5.7	$ 15.3
Convertible Debt
Debt Instrument
Contractual interest expense	2.7	1.6
Amortization of the debt discount and debt issuance costs	5.7	15.3
Total interest expense	$ 8.4	$ 16.9

Debt - Future Interest and Prin

Debt - Future Interest and Principal Payments (Details) $ in Millions	Oct. 01, 2022 USD ($)
Debt Instrument
Remainder of 2023	$ 10.2
2024	458.8
2025	9.6
2026	9.6
2027	1,922
Total convertible notes payments	2,410.2
Convertible Debt | 2024 Notes
Debt Instrument
Remainder of 2023	0.6
2024	449.2
2025	0
2026	0
2027	0
Total convertible notes payments	449.8
Convertible Debt | 2026 Notes
Debt Instrument
Remainder of 2023	5.3
2024	5.3
2025	5.3
2026	5.3
2027	1,052.4
Total convertible notes payments	1,073.6
Convertible Debt | 2028 Notes
Debt Instrument
Remainder of 2023	4.3
2024	4.3
2025	4.3
2026	4.3
2027	869.6
Total convertible notes payments	$ 886.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	$ 1,875	$ 1,972.8
Other comprehensive income (loss)	(0.6)	0.3
Balance at the end of the period	1,526.4	1,971.4
Total
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	0.4	8.2
Other comprehensive income (loss)	(0.6)	0.3
Balance at the end of the period	(0.2)	8.5
Foreign currency translation adjustments, net of tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	9.7	9.7
Other comprehensive income (loss)	0	0
Balance at the end of the period	9.7	9.7
Defined benefit obligations, net of tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	1	(1.4)
Other comprehensive income (loss)	0	0
Balance at the end of the period	1	(1.4)
Unrealized gain (loss) on available-for-sale securities, net of tax
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(10.3)	(0.1)
Other comprehensive income (loss)	(0.6)	0.3
Balance at the end of the period	$ (10.9)	$ 0.2

Restructuring and Related Cha_3

Restructuring and Related Charges - Summary of Activity of Restructuring and Related Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Summary of Restructuring Activity and Related Charges
Balance as of beginning of period	$ 0	$ 5.7
Charges (reversals), net	9.3	(1.1)
Payments	(6.2)	(3.8)
Balance as of end of period	$ 3.1	$ 0.8

Restructuring and Related Cha_4

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Restructuring and Related Activities [Abstract]
Charges (reversals), net	$ 9.3	$ (1.1)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19.2	$ 18.1
Discrete tax expense related to international restructuring	13.1
Unrecognized tax benefit that would impact tax rate if recognized	53.8
Unrecognized tax benefit that could affect tax rate to decrease over next 12 months	$ 0.5

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Aug. 03, 2022	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock available for grant (in shares)		1,900,000			3,800,000
Stock-based compensation expense		$ 46.6	$ 24.8
Stock-based compensation capitalized to inventory		10.3		$ 6.4
NeoPhotonics
Share-based Compensation Arrangement by Share-based Payment Award
Accelerated cost	$ 105
Stock-based compensation expense		11.9
Share based compensation settled in cash		$ 9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)		1,500,000
Nonvested, weighted average grant date fair value (in usd per share)		$ 88.9			$ 85.9
Stock-based compensation cost related to awards granted to employees		$ 266.5
Estimated amortization period (in years)		2 years 3 months 18 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)		500,000
Nonvested, weighted average grant date fair value (in usd per share)		$ 89.3			$ 81.9
Stock-based compensation expense		$ 8.8	4.7
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized for issuance under plan (in shares)		4,100,000
2015 Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		3 years
2015 Plan | PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		3 years
Stock units granted (in shares)		300,000
Fair value	40.2	$ 26
2015 Plan | PSUs | Executive Officers And Senior Management
Share-based Compensation Arrangement by Share-based Payment Award
Fair value		$ 22.6
2015 Plan | PSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award
Fair value	$ 3.5
2015 Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
2015 Plan | Minimum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
2015 Plan | Minimum | PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
2015 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		4 years
2015 Plan | Maximum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		4 years
Replacement Award | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)		400,000
Nonvested, weighted average grant date fair value (in usd per share)	$ 93.4
Replacement Award | PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)		0
Nonvested, weighted average grant date fair value (in usd per share)	$ 0
Fiscal 2015 Equity Incentive Plan | PSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award
Stock units granted (in shares)		200,000
2015 Purchase Plan | Employee stock
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized for issuance under plan (in shares)		3,000,000
Shares of common stock available for grant (in shares)		1,400,000
Discount rate provided under purchase plan (as a percent)		15%
Look-back period (in months)		6 months
Stock-based compensation expense		$ 1.2	$ 1.2

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 46.6	$ 24.8
Income tax benefit associated with stock-based compensation	5.1	4
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	5.5	4.6
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	9.6	5
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 31.5	$ 15.2

Equity - Stock Award Activity (

Equity - Stock Award Activity (Details) shares in Millions	3 Months Ended
	Oct. 01, 2022 $ / shares shares
Restricted Stock Units
Number of Shares
Balance at beginning of period (in shares)	2
Granted (in shares)	1.5
Vested (in shares)	(0.5)
Canceled (in shares)	(0.1)
Balance at end of period (in shares)	3.3
Weighted-Average Grant Date Fair Value per Share
Balance at beginning of period (in usd per share) | $ / shares	$ 85.9
Granted (in usd per share) | $ / shares	89.2
Vested (in usd per share) | $ / shares	81.7
Canceled (in usd per share) | $ / shares	85
Balance at end of period (in usd per share) | $ / shares	$ 88.9
Restricted Stock Units | Replacement Award
Number of Shares
Granted (in shares)	0.4
Performance Stock Units
Number of Shares
Balance at beginning of period (in shares)	0.3
Granted (in shares)	0.5
Vested (in shares)	(0.1)
Canceled (in shares)	0
Balance at end of period (in shares)	0.7
Weighted-Average Grant Date Fair Value per Share
Balance at beginning of period (in usd per share) | $ / shares	$ 81.9
Granted (in usd per share) | $ / shares	88.3
Vested (in usd per share) | $ / shares	68.8
Canceled (in usd per share) | $ / shares	82.6
Balance at end of period (in usd per share) | $ / shares	$ 89.3
Performance Stock Units | Replacement Award
Number of Shares
Granted (in shares)	0

Equity - Awards Available for G

Equity - Awards Available for Grant (Details)	3 Months Ended
	Oct. 01, 2022 shares
Awards Available for Grant
Balance as of beginning of period (in shares)	3,800,000
Assumed in connection with NeoPhotonics merger (in shares)	400,000
Granted (in shares)	(2,000,000)
Canceled (in shares)	100,000
Balance as of end of period (in shares)	1,900,000
Replacement Award
Awards Available for Grant
Shares issued (in shares)	(400,000)

Equity - Employee Stock Purchas

Equity - Employee Stock Purchase Plan Activity Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 46.6	$ 24.8
2015 Purchase Plan | Employee stock
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1.2	$ 1.2
Shares issued to employees (in shares)	0	0

Equity - Repurchase and Retirem

Equity - Repurchase and Retirement of Common Stock Narrative (Details) - USD ($)	3 Months Ended		11 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022	Mar. 03, 2022	May 07, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Repurchases of common stock (in shares)	300,000		7,400,000
Average cost per share (in dollars per share)	$ 89.80		$ 83.38
Repurchase of common stock	$ 35,800,000	$ 91,700,000
Shares authorized for repurchase (up to)				$ 1,000,000,000	$ 700,000,000
Repurchases of common stock, excluding accrued repurchases	$ 25,700,000
Retained Earnings (Accumulated Deficit)
Share-based Compensation Arrangement by Share-based Payment Award
Repurchase of common stock			$ 615,500,000

Commitments and Contingencies -

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legally-binding purchase commitment obligations	$ 416.2
Typical duration of supply agreements with single or limited source vendors (in years)	1 year

Commitments and Contingencies_2

Commitments and Contingencies - Product Warranties Narrative (Details)	3 Months Ended
	Oct. 01, 2022
Loss Contingencies
Product warranty term (in months)	12 months
Minimum
Loss Contingencies
Product warranty term (in months)	6 months
Maximum
Loss Contingencies
Product warranty term (in months)	5 years

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Changes in Warranty Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Changes in warranty reserve
Balance as of beginning of period	$ 10	$ 5
Warranties assumed in NeoPhotonics merger	0.7	0
Provision for warranty	1.5	1.7
Utilization of reserve	(2.1)	(1.6)
Balance as of end of period	$ 10.1	$ 5.1

Commitments and Contingencies_4

Commitments and Contingencies - Litigation (Details) - lawsuit	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2018
Oclaro
Business Acquisition
Number of lawsuits filed		7
Number of pending claims		1
NeoPhotonics
Business Acquisition
Number of lawsuits filed	10

Operating Segments and Geogra_3

Operating Segments and Geographic Information - Narrative (Details)	3 Months Ended
	Oct. 01, 2022 segment customer region	Oct. 02, 2021 customer
Concentration Risk
Number of operating segments | segment	2
Number of geographic regions | region	3
Inventory Purchases | Customer concentration risk | Two Vendors
Concentration Risk
Concentration risk (as a percent)	51%	64%
Customer A | Accounts Receivable | Customer concentration risk
Concentration Risk
Concentration risk (as a percent)	13%
Customer B | Accounts Receivable | Customer concentration risk
Concentration Risk
Concentration risk (as a percent)	11%
One Customer | Revenue | Customer concentration risk
Concentration Risk
Number Of Customers		1
Concentration risk (as a percent)		41%
Two Customers | Revenue | Customer concentration risk
Concentration Risk
Number Of Customers	2
Concentration risk (as a percent)	34%

Operating Segments and Geogra_4

Operating Segments and Geographic Information - Schedule of Information on Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Information on reportable segments
Net revenue	$ 506.8	$ 448.4
Gross profit	201.2	232.2
Stock-based compensation	(46.6)	(24.8)
Amortization of acquired intangibles	(32.2)	(21.4)
Gain recognized on disposition of land and building	(0.3)	5.3
Disposed of by Sale | Manufacturing Site | Equipment
Information on reportable segments
Gain recognized on disposition of land and building		5.9
Operating segments
Information on reportable segments
Net revenue	506.8	448.4
Gross profit	244.1	246.7
Operating segments | OpComms
Information on reportable segments
Net revenue	453.4	406
Gross profit	216	225.9
Operating segments | Lasers
Information on reportable segments
Net revenue	53.4	42.4
Gross profit	28.1	20.8
Unallocated corporate items:
Information on reportable segments
Stock-based compensation	(5.5)	(4.6)
Amortization of acquired intangibles	(22.9)	(15.8)
Amortization of acquired inventory fair value adjustments	(4.6)	0
Other (charges) gains	(9.9)	$ 5.9
Supply chain constraints	$ 7.3

Operating Segments and Geogra_5

Operating Segments and Geographic Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Net revenue and identifiable assets by geographic regions
Amount	$ 506.8	$ 448.4
Americas: | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 122	$ 63.1
Concentration risk (as a percent)	24.10%	14.10%
United States | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 62.2	$ 28.1
Concentration risk (as a percent)	12.30%	6.30%
Other Americas | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 59.8	$ 35
Concentration risk (as a percent)	11.80%	7.80%
Asia-Pacific: | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 336.5	$ 359.5
Concentration risk (as a percent)	66.40%	80.10%
Hong Kong | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 77.6	$ 142.3
Concentration risk (as a percent)	15.30%	31.70%
South Korea | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 67.7	$ 105.1
Concentration risk (as a percent)	13.40%	23.40%
Thailand | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 57.5	$ 17.1
Concentration risk (as a percent)	11.30%	3.80%
Other Asia-Pacific | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 133.7	$ 95
Concentration risk (as a percent)	26.40%	21.20%
EMEA | Geographic Concentration Risk | Total Net Revenue
Net revenue and identifiable assets by geographic regions
Amount	$ 48.3	$ 25.8
Concentration risk (as a percent)	9.50%	5.80%

Operating Segments and Geogra_6

Operating Segments and Geographic Information - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Property, plant and equipment, net
Total property, plant and equipment, net	$ 478	$ 360.5
United States
Property, plant and equipment, net
Total property, plant and equipment, net	136.9	107.8
Thailand
Property, plant and equipment, net
Total property, plant and equipment, net	118	107.6
Japan
Property, plant and equipment, net
Total property, plant and equipment, net	89.2	38.9
China
Property, plant and equipment, net
Total property, plant and equipment, net	58.4	32.7
Other countries
Property, plant and equipment, net
Total property, plant and equipment, net	$ 75.5	$ 73.5

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	3 Months Ended
	Oct. 01, 2022 segment
Revenue Recognition and Deferred Revenue [Abstract]
Number of reportable segments	2

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Percentage of Total Net Revenue Attributable to Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Concentration Risk
Net Revenue	$ 506.8	$ 448.4
Product offerings | OpComms
Concentration Risk
Net Revenue	$ 453.4	$ 406
Product offerings | OpComms | Revenue
Concentration Risk
Concentration risk (as a percent)	89.50%	90.50%
Product offerings | Lasers
Concentration Risk
Net Revenue		$ 42.4
Product offerings | Lasers | Revenue
Concentration Risk
Concentration risk (as a percent)	10.50%	9.50%
Telecom and Datacom | Product offerings | OpComms
Concentration Risk
Net Revenue	$ 360.1	$ 216
Telecom and Datacom | Product offerings | OpComms | Revenue
Concentration Risk
Concentration risk (as a percent)	71.10%	48.20%
Industrial and Consumer | Product offerings | OpComms
Concentration Risk
Net Revenue	$ 93.3	$ 190
Industrial and Consumer | Product offerings | OpComms | Revenue
Concentration Risk
Concentration risk (as a percent)	18.40%	42.30%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Contract Balances (Details) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($)
Accounts receivable, net
Accounts receivable, net, beginning balance	$ 262
Accounts receivable, net, change	78.5
Accounts receivable, net, ending balance	$ 340.5
Accounts receivable, net, percentage change (as a percent)	30%
Deferred revenue and customer deposits
Deferred revenue and customer deposits, beginning balance	$ 0
Deferred revenue and customer deposits, change	1.1
Deferred revenue and customer deposits, ending balance	$ 1.1