Viavi Solutions (VIAV) 10-K 17 Aug 23 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Jul. 01, 2023	Jul. 29, 2023	Dec. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 01, 2023
Current Fiscal Year End Date	--07-01
Document Transition Report	false
Entity File Number	000-22874
Entity Registrant Name	Viavi Solutions Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2579683
Entity Address, Address Line One	1445 South Spectrum Blvd, Suite 102
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85286
City Area Code	408
Local Phone Number	404-3600
Title of 12(b) Security	Common Stock, par value of $0.001 per share
Trading Symbol	VIAV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.3
Entity Common Stock, Shares Outstanding		221,495,490
Documents Incorporated by Reference	Portions of the Registrant’s Notice of Annual Meeting of Stockholders and Proxy Statement to be filed pursuant to Regulation 14A within 120 days after Registrant’s fiscal year end of July 1, 2023 are incorporated by reference into Part III of this Report.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000912093

Audit Information

Audit Information	12 Months Ended
	Jul. 01, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Phoenix, Arizona
Auditor Firm ID	238

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Revenues:
Total net revenue	$ 1,106.1	$ 1,292.4	$ 1,198.9
Cost of revenues:
Amortization of acquired technologies	24.6	30	33.2
Total cost of revenues	467.3	518.9	484.5
Gross profit	638.8	773.5	714.4
Operating expenses:
Research and development	206.9	213.2	203
Selling, general and administrative	328.7	365.7	337.5
Amortization of other intangibles	8.7	9.7	33.3
Restructuring and related charges (benefits)	12.1	(0.1)	(1.6)
Total operating expenses	556.4	588.5	572.2
Income from operations	82.4	185	142.2
Loss on convertible note settlement	0	(101.8)	0
Loss on convertible note modification	(2.2)	0	0
Interest and other income, net	7.6	5.2	3.3
Interest expense	(27.1)	(23.3)	(14.7)
Income before income taxes	60.7	65.1	130.8
Provision for income taxes	35.2	49.6	63.3
Net income	$ 25.5	$ 15.5	$ 67.5
Net income per share:
Basic (usd per share)	$ 0.11	$ 0.07	$ 0.30
Diluted (usd per share)	$ 0.11	$ 0.07	$ 0.29
Shares used in per-share calculations:
Basic (in shares)	224.6	230.9	228.7
Diluted (in shares)	226.6	238.2	236.3
Product
Revenues:
Total net revenue	$ 936.1	$ 1,135.5	$ 1,051.4
Cost of revenues:
Cost of revenue	364.9	421.3	391.7
Service
Revenues:
Total net revenue	170	156.9	147.5
Cost of revenues:
Cost of revenue	$ 77.8	$ 67.6	$ 59.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 25.5	$ 15.5	$ 67.5
Other comprehensive income (loss):
Net change in cumulative translation adjustment, net of tax	18.8	(76.1)	61.5
Net change in available-for-sale investments, net of tax:
Unrealized holding (losses) gains arising during period	(0.3)	0.1	0
Net change in defined benefit obligation, net of tax:
Unrealized actuarial gains arising during period	2	13.9	4.1
Amortization of actuarial (gains) losses	(0.1)	2.9	3.1
Net change in accumulated other comprehensive income (loss)	20.4	(59.2)	68.7
Comprehensive income (loss)	$ 45.9	$ (43.7)	$ 136.2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Current assets:
Cash and cash equivalents	$ 506.5	$ 559.9
Short-term investments	14.6	1.4
Restricted cash	4.5	3.6
Accounts receivable, net	231.2	260.9
Inventories, net	116.1	110.1
Prepayments and other current assets	72.1	69.2
Total current assets	945	1,005.1
Property, plant and equipment, net	243	228.9
Goodwill, net	455.2	387.6
Intangibles, net	58.6	54.2
Deferred income taxes	87	86.3
Other non-current assets	61.7	65.8
Total assets	1,850.5	1,827.9
Current liabilities:
Accounts payable	47.2	58.3
Accrued payroll and related expenses	50.5	76
Deferred revenue	78.6	81
Accrued expenses	21.2	29.3
Short-term debt	96.2	68.4
Other current liabilities	49.8	56.3
Total current liabilities	343.5	369.3
Long-term debt	629.5	616.5
Other non-current liabilities	186.7	170.4
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.001 par value; 1 million shares authorized, no shares issued or outstanding at July 1, 2023 and July 2, 2022.	0	0
Common stock, $0.001 par value; 1 billion shares authorized; 222 million shares at July 1, 2023 and 226 million shares at July 2, 2022, issued and outstanding	0.2	0.2
Additional paid-in capital	70,427.3	70,370.2
Accumulated deficit	(69,600.7)	(69,542.3)
Accumulated other comprehensive loss	(136)	(156.4)
Total stockholders’ equity	690.8	671.7
Total liabilities and stockholders’ equity	$ 1,850.5	$ 1,827.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 01, 2023	Jul. 02, 2022
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, authorized (in shares)	1,000,000	1,000,000
Preferred Stock, issued (in shares)	0	0
Preferred Stock, outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common Stock, issued (in shares)	222,000,000	226,000,000
Common Stock, outstanding (in shares)	222,000,000	226,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Jul. 01, 2023		Jul. 02, 2022		Jul. 03, 2021
OPERATING ACTIVITIES:
Net income		$ 25.5		$ 15.5		$ 67.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		36.2		35.7		35.8
Amortization of acquired technologies and other intangibles		33.3		39.7		66.5
Stock-based compensation		51.2		52.3		48.3
Amortization of debt issuance costs and accretion of debt discount		4.2		2.8		2.3
Net change in fair value of contingent liabilities		(4.6)		0		(5.3)
Loss on disposal of long-lived assets		0.9		2.3		0.1
Loss on convertible note debt modification and settlement		2.2		101.8		0
Deferred taxes, net		4.8		(10.5)		0.6
Restructuring		12.1		0		0
Gain on legal settlement		(6.7)		0		0
Other		4.7		2		2.8
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		37.4		(18.3)		(15)
Inventories		(10.7)		(27.7)		(14.3)
Other current and non-currents assets		10.3		(11.3)		14.9
Accounts payable		(9.4)		(5.6)		7
Income taxes payable		(2)		(18.2)		18.1
Deferred revenue, current and non-current		(2.1)		13.2		12.3
Accrued payroll and related expenses		(25.8)		3		23.1
Accrued expenses and other current and non-current liabilities		(47.4)		1.4		(21.4)
Net cash provided by operating activities		114.1		178.1		243.3
INVESTING ACTIVITIES:
Purchases of short-term investments		(13.1)		0		0
Acquisition of businesses, net of cash acquired		(67.3)		(8.3)		(0.7)
Purchase price adjustment related to business acquisition		(0.7)		0		0
Capital expenditures		(51.1)		(72.5)		(52.1)
Proceeds from the sale of assets		5.1		9.8		4.1
Net cash used in investing activities		(127.1)		(71)		(48.7)
FINANCING ACTIVITIES:
Proceeds from issuance of senior notes		118		400		0
Payment of debt issuance costs		(4.2)		(10.5)		(0.1)
Repurchase and retirement of common stock		(83.9)		(235.9)		(42.2)
Payment of financing obligations		(0.1)		(0.1)		(1.2)
Retirement of convertible notes upon maturity		(68.1)		0		0
Cash paid in convertible note settlement		0		(351.6)		0
Proceeds from exercise of employee stock options and employee stock purchase plan		7.9		7.8		6.6
Withholding tax payment on vesting of restricted stock awards		(11.8)		(14.1)		(17.9)
Proceeds from revolving credit facility		0		150		0
Repayment of revolving credit facility		0		(150)		0
Payment of acquisition related contingent consideration and obligations		(7.8)		(6)		(4)
Net cash used in financing activities		(50)		(210.4)		(58.8)
Effect of exchange rates on cash, cash equivalents and restricted cash		5.8		(32.3)		25.2
Net (decrease) increase in cash, cash equivalents and restricted cash		(57.2)		(135.6)		161
Cash, cash equivalents and restricted cash at beginning of period	[2]	572.8	[1]	708.4	[1]	547.4
Cash, cash equivalents and restricted cash at end of period	[1]	515.6		572.8	[2]	708.4	[2]
Supplemental disclosure of cash flow information
Cash paid for interest		22		17.9		12.3
Cash paid for income taxes, net of refunds		$ 47.5		$ 77.1		$ 36.7
[1](2) These amounts include both current and non-current balances of restricted cash totaling $9.1 million, $12.9 million and $10.6 million as of July 1, 2023, July 2, 2022 and July 3, 2021, respectively.[2] (1) These amounts include both current and non-current balances of restricted cash totaling $12.9 million, $10.6 million and $8.4 million as of July 2, 2022, July 3, 2021, and June 27, 2020, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Statement of Cash Flows [Abstract]
Restricted cash	$ 9.1	$ 12.9	$ 10.6	$ 8.4

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Jun. 27, 2020		228.3
Beginning balance at Jun. 27, 2020	$ 633.2	$ 0.2	$ 70,146.1	$ (69,347.2)	$ (165.9)
Increase (Decrease) in Stockholders' Equity
Net income	67.5			67.5
Other comprehensive income (loss)	68.7				68.7
Shares issued under employee stock plans, net of tax effects (in shares)		3
Shares issued under employee stock plans, net of tax effects	(11.5)		(11.5)
Stock-based compensation	$ 48.6		48.6
Repurchase of common stock (in shares)	(3)	(3)
Repurchase of common stock	$ (42.6)			(42.6)
Balance (in shares) at Jul. 03, 2021		228.3
Ending balance at Jul. 03, 2021	763.9	$ 0.2	70,183.2	(69,322.3)	(97.2)
Increase (Decrease) in Stockholders' Equity
Net income	15.5			15.5
Other comprehensive income (loss)	(59.2)				(59.2)
Shares issued under employee stock plans, net of tax effects (in shares)		2.3
Shares issued under employee stock plans, net of tax effects	(6.1)		(6.1)
Stock-based compensation	$ 52		52
Repurchase of common stock (in shares)	(14.8)	(14.8)
Repurchase of common stock	$ (235.5)			(235.5)
Convertible note settlement (in shares)		10.6
Convertible note settlement	141.1		141.1
Balance (in shares) at Jul. 02, 2022		226.4
Ending balance at Jul. 02, 2022	671.7	$ 0.2	70,370.2	(69,542.3)	(156.4)
Increase (Decrease) in Stockholders' Equity
Net income	25.5			25.5
Other comprehensive income (loss)	20.4				20.4
Shares issued under employee stock plans, net of tax effects (in shares)		2.4
Shares issued under employee stock plans, net of tax effects	(3.9)		(3.9)
Stock-based compensation	$ 51.2		51.2
Repurchase of common stock (in shares)	(7.3)	(7.3)
Repurchase of common stock	$ (84.2)		(0.3)	(83.9)
Convertible note settlement	10.1		10.1
Balance (in shares) at Jul. 01, 2023		221.5
Ending balance at Jul. 01, 2023	$ 690.8	$ 0.2	$ 70,427.3	$ (69,600.7)	$ (136)

Basis of Presentation

Basis of Presentation	12 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation Description of Business Viavi Solutions, Inc. (VIAVI, also referred to as the Company, we, our and us), is a global provider of network test, monitoring and assurance solutions to communications service providers (CSPs), enterprises, network equipment manufacturers (NEMs), original equipment manufacturers (OEMs), government and avionics. VIAVI is also a leader in light management solutions for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets. Fiscal Years The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s 2023 and 2022 fiscal years were 52-week years ending on July 1, 2023 and July 2, 2022, respectively. The Company’s 2021 fiscal year was a 53-week fiscal year ending on July 3, 2021 as the first quarter of fiscal year 2021 was a 14-week quarter compared to the standard 13-week quarters. Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Use of Estimates The preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information. Cash and Cash Equivalents The Company considers highly liquid instruments such as treasury bills, commercial paper and other money market instruments with original maturities of 90 days or less at the time of purchase to be cash equivalents. Restricted Cash At July 1, 2023 and July 2, 2022, the Company’s short-term restricted cash balances were $4.5 million and $3.6 million, respectively. The Company’s long-term restricted cash balances, included in Other non-current assets on the Consolidated Balance Sheets, were $4.6 million and $9.3 million as of July 1, 2023 and July 2, 2022, respectively. These balances primarily include interest-bearing investments in bank deposit and money market funds which act as collateral supporting the issuance of standby letters of credit and performance bonds for the benefit of third parties. Refer to “Note 18. Commitments and Contingencies” for more information. Investments The Company’s investments in debt securities are classified as available for sale investments, recorded at fair value. The cost of securities sold is based on the specific identified method. Unrealized gains and losses resulting from changes in fair value on available-for-sale investments, net of tax, are reported as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company periodically reviews investments in debt securities for impairment. If a debt security’s fair value is below amortized cost and the Company either intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the Company records an other-than-temporary impairment charge to current earnings for the entire amount of the impairment. If a debt security’s fair value is below amortized cost and the Company does not expect to recover the entire amortized cost of the security, the Company separates the other-than-temporary impairment into: (i) the portion of the loss related to credit factors, or the credit loss portion; and, (ii) the portion of the loss that is not related to credit factors, or the non-credit loss portion. The credit loss portion is recorded as an allowance to credit loss through Interest and other income, net, in the Consolidated Statement of Operations and the non-credit loss portion is recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company’s investments also include fixed term deposits with interest earned recorded as a component of Interest and other income, net, in the Consolidated Statement of Operations. Fair Value of Financial Instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. There is an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. Observable inputs are inputs which market participants would use in valuing an asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs which reflect the assumptions market participants would use in valuing an asset or liability. The three levels of inputs that may be used to measure fair value are: • Level 1 : includes financial instruments for which quoted market prices for identical instruments are available in active markets. Level 1 assets of the Company include money market funds, U.S. Treasury securities and marketable equity securities as they are traded with sufficient volume and frequency of transactions. • Level 2 : includes financial instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 2 instruments of the Company include asset-backed securities, foreign currency forward contracts and debt. To estimate their fair value, the Company utilizes pricing models based on market data. The significant inputs for the valuation model usually include benchmark yields, reported trades, broker and dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, and industry and economic events. • Level 3 : includes financial instruments for which fair value is derived from valuation-based inputs, that are unobservable and significant to the overall fair value measurement. As of July 1, 2023 and July 2, 2022, the Company did not hold any Level 3 investment securities. The Company’s Level 3 liabilities as of July 1, 2023 and July 2, 2022 consist of contingent purchase consideration liabilities related to business acquisitions. The fair value of such earn-out liabilities are generally determined using a Monte Carlo Simulation that includes significant unobservable inputs such as the risk-adjusted discount rate, gross profit volatility, and projected financial forecast of acquired business over the earn-out period. The fair value of certain earn-out liabilities is derived using the estimated probability of success of achieving the earn-out milestones discounted to present value. The fair value of contingent consideration liabilities is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized in the Selling, general and administrative (SG&A) expense of the Consolidated Statements of Operations. Inventories The Company’s inventory is valued at standard cost, which approximates actual cost computed on a first-in, first-out basis, not in excess of net realizable value. On a quarterly basis, the Company assesses the value of its inventory and writes down those inventories determined to be obsolete or in excess of its forecasted usage to their market value. The Company’s estimates of realizable value are based upon management analysis and assumptions including, but not limited to, forecasted sales levels by product, expected product life cycle, product development plans and future demand requirements. The Company’s product line management personnel play a key role in its excess review process by providing updated sales forecasts, managing product transitions and working with manufacturing to minimize excess inventory. Differences between actual market conditions and customer demand to the Company’s forecasts, may create favorable or unfavorable inventory positions, and may result in additional inventory write-downs or higher than expected income from operations. The Company’s inventory amounts include material, labor, and manufacturing overhead costs. Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. If the rate implicit in the lease is not readily determinable for our operating leases, the Company uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. Operating right-of-use (ROU) assets are recognized at commencement based on the amount of the initial measurement of the lease liability. Operating ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Operating ROU assets are included in Other non-current assets and lease liabilities are included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. Lease and non-lease components for all leases are accounted for separately. The Company does not recognize ROU assets and lease liabilities for leases with a lease term of twelve months or less. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using a straight-line method, over the estimated useful lives of the assets: building and improvements 5 to 50 years; machinery and equipment 3 to 30 years; and furniture, fixtures, software and office equipment 2 to 10 years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the asset or the remaining lease term. Demonstration units are amortized using the straight-line method and are Company products used for demonstration purposes for existing and prospective customers. These assets are generally not intended to be sold and have an estimated useful life of 3 to 5 years. Costs related to software acquired, developed or modified solely to meet the Company’s internal requirements and for which there are no substantive plans to market are capitalized in accordance with the authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. Only costs incurred after the preliminary planning stage of the project and after management has authorized and committed funds to the project are eligible for capitalization. Costs capitalized for computer software developed or obtained for internal use are included in Property, plant and equipment, net, on the Consolidated Balance Sheets. Business Combinations The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred. Goodwill Goodwill represents the excess of the purchase price paid over the net fair value of assets acquired and liabilities assumed. The Company tests goodwill for impairment at the reporting unit level at least annually, during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The accounting guidance provides the Company with the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carry amount. These events and circumstances include, macro-economic conditions, such as a significant adverse change in the Company’s operating environment, industry or market considerations; entity-specific events such as increasing costs, declining financial performance, or loss of key personnel, or other events, such as the sale of a reporting unit, adverse regulatory developments or a sustained decrease in the Company’s stock price. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is required. Otherwise, no further testing is required. Under the quantitative test, the Company compares the fair value of a reporting unit to its carrying value. If the estimated fair value exceeds book value, goodwill is considered not to be impaired. However, if the fair value of the reporting unit is less than book value, then goodwill will be impaired by the amount that the carrying amount exceeds the fair value, not to exceed the carrying amount of the goodwill. To estimate the fair value of each reporting unit, a combination of the income and market approach is used. The income approach uses discounted future cash flows in which sales, operating income and cash flow projections are based on assumptions driven by current economic conditions. Key assumptions used in the discounted future cash flow model include, but are not limited to, long-term annual growth rates, terminal growth rates, weighted average cost of capital and the Company’s effective tax rate. The market approach utilizes the Guideline Public Company Method and Guideline Transaction Method to derive fair value. The Guideline Public Company Method determines the fair value of an entity based upon trading multiples calculated using market value of minority interests in publicly-traded companies that are similar to the subject company. The Guideline Transaction Method calculates the fair value of an entity by analyzing recent sales of comparable entities. Refer to “Note 9. Goodwill” for more information. Intangible Assets In connection with the Company’s acquisitions, the Company generally recognizes assets for customer relationships, acquired developed technologies, patents, proprietary know-how, trade secrets, in-process research and development (IPR&D) and trademarks and trade names. Finite lived intangible assets are amortized using the straight-line method over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets. Refer to “Note 10. Acquired Developed Technology and Other Intangibles” for more information. Long-lived Assets Long-lived assets, including intangible assets and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of any asset or asset group may not be recoverable. Such an evaluation is performed at the lowest identifiable level of cash flows independent of other assets. An impairment loss would be recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset or asset group over its estimated fair value. Estimates of future cash flow require significant judgment based on anticipated future operating results, which are subject to variability and change. Pension and Other Post-retirement Benefits The funded status of the Company’s retirement-related benefit plans is recognized on the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at fiscal year end, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (PBO) and for the non-pension post-retirement benefit plan the benefit obligation is the accumulated post-retirement benefit obligation (APBO). The PBO represents the actuarial present value of benefits expected to be paid upon its employees’ retirement. The APBO represents the actuarial present value of post-retirement benefits attributed to employee services already rendered. Unfunded or partially funded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and recorded as a retirement and non-pension post-retirement benefit obligation equal to this excess. The current portion of the retirement-related benefit obligation represents the actuarial present value of benefits payable in the next 12 months in excess of the fair value of plan assets, measured on a plan-by-plan basis. This liability is recorded in Other current liabilities on the Consolidated Balance Sheets. Net periodic pension cost is recorded in the Consolidated Statements of Operations and includes service cost, interest cost, expected return on plan assets, amortization of prior service cost or credit, and gains or losses previously recognized as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Service cost represents the actuarial present value of participant benefits attributed to services rendered by employees in the current year. Interest cost represents the time value of money cost associated with the passage of time. Gains or losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Prior service cost or credit represents the cost of benefit improvements attributable to prior service granted in plan amendments. Gains or losses and prior service cost or credit not recognized as a component of net periodic pension cost in the Consolidated Statements of Operations are recognized as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets, net of tax. Those gains or losses and prior service cost or credit are subsequently recognized as a component of net periodic pension cost pursuant to the recognition and amortization provisions of the authoritative guidance. The measurement of the benefit obligation and net periodic pension cost is based on the Company’s estimates and actuarial valuations provided by third-party actuaries and are approved by management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases and mortality rates. The Company evaluates these assumptions periodically but not less than annually. In estimating the expected return on plan assets, the Company considers historical returns on plan assets, diversification of plan investments, adjusted for forward-looking considerations, inflation assumptions and the impact of the active management of the plan’s invested assets. The Company measures its benefit obligation and plan assets using the month-end date of June 30, which is closest to the Company’s fiscal year-end. Concentration of Credit and Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, restricted cash, trade receivables and foreign currency forward contracts. The Company’s cash and cash equivalents and short-term investments are held in safekeeping by large, creditworthy financial institutions. The Company invests its excess cash primarily in institutional money market funds, short-term deposits and similar short duration high quality, investment grade instruments. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain the safety and liquidity of these investments. The Company’s foreign exchange derivative instruments expose the Company to credit risk to the extent that the counterparties may be unable to meet the terms of the agreements. The Company seeks to mitigate such risk by limiting its counterparties to major financial institutions and by spreading such risk across several major financial institutions. Potential risk of loss with any one counterparty resulting from such risk is monitored by the Company on an ongoing basis. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. When the Company becomes aware that a specific customer is unable to meet its financial obligations, the Company records a specific allowance to reflect the level of credit risk in the customer’s outstanding receivable balance. In addition, the Company records additional allowances based on certain percentages of aged receivable balances. These percentages consider a variety of factors including, but not limited to, current economic trends, historical payment and bad debt write-off experience. The Company classifies bad debt expenses as SG&A expense in the Consolidated Statements of Operations. The Company is not able to predict changes in the financial stability of its customers. Any material changes in the financial status of any one customer or a group of customers could have a material adverse effect on the Company’s results of operations and financial condition. Although such losses have been within management’s expectations to date, there can be no assurance that such allowances will continue to be adequate. The Company has significant trade receivables concentrated in the telecommunications industry. While the Company’s allowance for doubtful accounts balance is based on historical loss experience along with anticipated economic trends, unanticipated financial instability in the telecommunications industry could lead to higher than anticipated losses. As of July 1, 2023, there were no customer balances that represented 10% or more of the Company’s total accounts receivable, net. As of July 2, 2022, one customer represented 10% or more of the Company’s total accounts receivable, net. During fiscal 2023, 2022 and 2021, one customer generated 10% or more of total net revenues. Refer to “Note 19. Operating Segments and Geographic Information” for more information. The Company relies on a limited number of suppliers and contract manufacturers for a number of key components and sub-assemblies contained in the Company’s products. The Company generally uses a rolling twelve-month forecast based on anticipated product orders, customer forecasts, product order history and backlog to determine its materials requirements for any one period. Lead times for the parts and components that the Company orders may vary significantly and depend on factors such as the specific supplier, contract terms and demand for a component at any given time. If the forecast does not meet actual demand, the Company may have surplus or dearth of some materials and components, as well as excess inventory purchase commitments. The Company could experience reduced or delayed product shipments or incur additional inventory write-downs and cancellation charges or penalties, which may result in increased costs and have a material adverse impact on the Company’s results of operations. Foreign Currency Forward Contracts The Company conducts its business and sells its products to customers primarily in North America, Europe, Asia and South America. In the normal course of business, the Company’s financial position is routinely subject to market risks associated with foreign currency rate fluctuations due to balance sheet positions in foreign currencies. The Company evaluates foreign exchange risks and utilizes foreign currency forward contracts to reduce such risks, hedging the gains or losses generated by the re-measurement of significant foreign currency-denominated monetary assets and liabilities. The fair value of these contracts is reflected as other current assets or liabilities and the change in fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The gain or loss from the change in fair value of these foreign currency forward contracts largely offsets the change in fair value of the foreign currency denominated monetary assets or liabilities, which is also recorded as a component of Interest and other income, net in the Consolidated Statements of Operations. Foreign Currency Translation VIAVI transacts business in various foreign currencies. In general, the functional currency of our non-US subsidiaries is the country’s local currency. Consequently, the assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Income and expense accounts are translated at exchange rates from the prior month end, which are deemed to approximate the exchange rate when the income and expense is recognized. Gains and losses from re-measurement of monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are included in the Consolidated Statements of Operations as a component of Interest and other income, net. Revenue Recognition The Company derives revenue from a diverse portfolio of network solutions and optical technology products and services, as follows: • Products: Network Enablement (NE) and Service Enablement (SE) products include instruments, microprobes and perpetual software licenses that support the development, production, maintenance and optimization of network systems. NE and SE are collectively referred to as Network and Service Enablement (NSE). The Company’s Optical Security and Performance (OSP) products include proprietary pigments used for optical security and optical filters used in commercial, government and 3D Sensing applications. • Services: The Company also offers a range of product support and professional services, primarily in the NE and SE segments, designed to comprehensively address customer requirements. These include repair, calibration, extended warranty, software support, technical assistance, training and consulting services. Implementation services provided in conjunction with hardware or software solution projects include sale of the products along with project management, set-up and installation. Steps of revenue recognition The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers , in which the following five steps are applied to recognize revenue: 1. Identify the contract with a customer: Generally, the Company considers customer purchase orders which, in some cases are governed by master sales or other purchase agreements, to be the customer contract. All of the following criteria must be met before the Company considers an agreement to qualify as a contract with a customer under the revenue standard: (i) it must be approved by all parties; (ii) each party’s rights regarding the goods and services to be transferred can be identified; (iii) the payment terms for the goods and services can be identified; (iv) the customer has the ability and intent to pay and collection of substantially all of the consideration is probable; and, (v) the agreement has commercial substance. The Company utilizes judgment to determine the customer’s ability and intent to pay, which is based upon various factors including the customer’s historical payment experience or credit and financial information and credit risk management measures implemented by the Company. 2. Identify the performance obligations in the contract: The Company assesses whether each promised good or service is distinct for the purpose of identifying the various performance obligations in each contract. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and, (ii) the Company's promise to transfer the good or service to the customer is separately identifiable or distinct from other promises in the contract. The Company's performance obligations consist of a variety of products and services offerings which include networking equipment; proprietary pigment, optical filters, proprietary software licenses; support and maintenance which includes hardware support that extends beyond the Company's standard warranties, software maintenance, installation, professional and implementation services, and training. Identifying and evaluating whether products and services are considered distinct performance obligations may require significant judgment particularly in NSE due to the nature of the product and service offerings. The Company may enter into contracts that involve a significant level of integration and interdependency between a software license and installation services. Judgment may be required to determine whether the software license is considered distinct in the context of the contract and accounted for separately, or not distinct in the context of the contract and accounted for together with the installation service. 3. Determine the transaction price: Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to the customer. The Company’s contracts may include terms that could cause variability in the transaction price including rebates, sales returns, market incentives and volume discounts. Variable consideration is generally accounted for at the portfolio level and estimated based on historical information. If a contract includes a variable amount, the price adjustments are estimated at contract inception. In both cases, estimates are updated at the end of each reporting period as additional information becomes available. 4. Allocate the transaction price to performance obligations in the contract: If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Many of the Company’s contracts include multiple performance obligations with a combination of distinct products and services, maintenance and support, professional services and/or training. Contracts may also include rights or options to acquire future products and/or services, which are accounted for as separate performance obligations by the Company, only if the right or option provides the customer with a material right that it would not receive without entering into the contract. For contracts wi

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Jul. 01, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Note 2. Recently Issued Accounting Pronouncements Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments with characteristics of liability and equity. This new guidance removes separation models for certain convertible debt instruments which will now be accounted for as a single liability measured at amortized cost. In addition, the interest expense recognized for these instruments will typically be closer to the coupon interest rate due to the removal of the separation model's non-cash discount amortization. The Company adopted ASU 2020-06 effective the first quarter of fiscal 2022, on a full retrospective basis. The elimination of the separation model for the convertible debt instruments reclassified the equity components of the Company’s Senior Convertible Notes previously in Additional paid-in capital to Long-term debt. Consequently, the temporary equity balance for the Senior Convertible Notes as of July 3, 2021 was eliminated. In addition, interest expense was reduced and net income was increased by $21.4 million for fiscal 2021. The adoption had no impact on total cash provided by (used in) operating, investing or financing activities in the Consolidated Statements of Cash Flows. The following table presents the impact of the standard adoption to select line items of the Consolidated Balance Sheet as of July 3, 2021 ( in millions ): July 3, 2021 As Reported Adjustment As Adjusted LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt $ 414.2 $ 42.4 $ 456.6 Long-term debt 209.8 14.3 224.1 Mezzanine equity - Senior Convertible Notes 45.8 (45.8) — Additional paid-in capital 70,265.5 (82.3) 70,183.2 Accumulated deficit $ (69,393.7) $ 71.4 $ (69,322.3) The following table presents the impact of the standard adoption to select line items of the Consolidated Statement of Operations for the year ended July 3, 2021 ( in millions, except per-share data ): Year Ended July 3, 2021 As Reported Adjustment As Adjusted Interest Expense $ (36.1) $ 21.4 $ (14.7) Net income $ 46.1 $ 21.4 $ 67.5 Net income per share: Basic $ 0.20 $ 0.10 $ 0.30 Diluted $ 0.20 $ 0.09 $ 0.29 Shares used in per-share calculation: Basic 228.7 — 228.7 Diluted 235.9 0.4 236.3 In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . ASU 2021-10 requires annual disclosures about transactions with a government entity that are accounted for by applying a grant or contribution accounting model including the disclosure of the types of assistance, an entity's accounting for the assistance, and the effect of the assistance on an entity's financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-10 on July 3, 2022 on a prospective basis. We often receive government assistance in the form of research grants and tax credits in certain jurisdictions, recorded as a reduction of R&D expense in the Consolidated Statements of Operations. The Company recorded approximately $4.0 million in R&D credits during fiscal 2023. As of July 1, 2023, the Company had pending receipts of approximately $14.5 million related to government assistance primarily in the U.K. included in Prepayments and other current assets on the Consolidated Balance Sheets. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815) , which clarifies guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments in this update expand the current last-of-layer method of hedge accounting that permits only one hedged layer to now allow designation of multiple hedged layers with a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) , which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310 and amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to the accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancing and restructurings for borrowers experiencing financial difficulty. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The Company adopted this guidance in the fourth quarter of fiscal 2023, which had no impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which makes a number of changes meant to add certain disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s disclosures in the Annual Report on Form 10-K for the year ended July 1, 2023. We will assess future impact, if any, in subsequent periods.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 3. Earnings Per Share Basic net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. If dilutive, the effect of outstanding Employee Stock Purchase Program (ESPP) purchase rights, restricted stock units (RSUs), performance-based stock units (PSUs), market-based stock units (MSUs), stock options and Senior Convertible Notes is reflected in diluted net income per share by application of the treasury stock method and/or the if-converted method, as applicable. The calculation of diluted net income per share excludes all anti-dilutive common shares. The following table sets forth the computation of basic and diluted net income per share ( in millions, except per share data ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Numerator: Net income $ 25.5 $ 15.5 $ 67.5 Denominator: Weighted-average shares outstanding: Basic 224.6 230.9 228.7 Shares issuable assuming conversion of convertible notes (1) 0.3 4.8 5.0 Effect of dilutive securities from stock-based compensation plans 1.7 2.5 2.6 Diluted 226.6 238.2 236.3 Net income per share: Basic $ 0.11 $ 0.07 $ 0.30 Diluted $ 0.11 $ 0.07 $ 0.29 (1) Represents the dilutive impact for the Company's 1.75% Senior Convertible Notes due 2023 (2023 Notes), the 1.00% Senior Convertible Notes due 2024 (2024 Notes) and the 1.625% Senior Convertible Notes due 2026 (2026 Notes). The par amount of the Company’s convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and the “in-the money” conversion benefit feature above the conversion price is payable in cash, shares of the Company’s common stock or a combination of both, at the Company’s election. Refer to “Note 11. Debt” for more information. The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Full Value Awards (1) 3.7 0.6 0.4 (1) See Note 16. Stock-Based Compensation for definition of Full Value Awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Jul. 01, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Note 4. Accumulated Other Comprehensive Loss The Company’s accumulated other comprehensive loss consists of the accumulated net unrealized gains and losses on available-for-sale investments, foreign currency translation adjustments and change in unrealized components of defined benefit obligations. Changes in accumulated other comprehensive loss by component, net of tax, were as follows ( in millions ): Unrealized (losses) Foreign currency translation adjustments Change in unrealized components of defined benefit obligations, net of tax (1) Total Beginning balance as of July 2, 2022 $ (5.0) $ (144.2) $ (7.2) $ (156.4) Other comprehensive (loss) income before reclassification (0.3) 18.8 2.0 20.5 Amounts reclassified from accumulated other comprehensive (loss) income — — (0.1) (0.1) Net current period other comprehensive (loss) income (0.3) 18.8 1.9 20.4 Ending balance as of July 1, 2023 $ (5.3) $ (125.4) $ (5.3) $ (136.0) (1) Activity before reclassifications to the Consolidated Statements of Operations during the fiscal year ended July 1, 2023 relates to the unrealized actuarial gain of $2.8 million, net of income tax effect of $0.8 million. The amount reclassified out of accumulated other comprehensive (loss) income represents the amortization of actuarial losses included as a component of SG&A expense in the Consolidated Statement of Operations for the year ended July 1, 2023. Refer to “Note 17. Employee Pension and Other Benefit Plans” for more details on the computation of net periodic cost for pension plans.

Acquisitions

Acquisitions	12 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Note 5. Acquisitions On October 5, 2022, the Company acquired all of the equity of Jackson Labs Technologies, LLC (Jackson Labs), a privately held company which specializes in Position, Navigation and Timing (PNT) solutions for critical infrastructure serving both military and civilian applications. The acquisition enables the Company to broaden its solutions offering into the rapidly developing PNT landscape. The total purchase consideration included approximately $49.9 million paid in cash at closing and additional contingent consideration of up to $117.0 million for which future cash payments are dependent on the achievement of certain operational and revenue targets over the course of a three-year period beginning in January 2023. The cash consideration paid at closing included escrow payments of $5.0 million for indemnity holdback and $2.0 million subject to final cash and net working capital adjustments. The acquisition met the definition of a business and has been accounted for in accordance with the authoritative guidance on business combinations; therefore, the tangible and intangible assets acquired and liabilities assumed were recorded at fair value on the acquisition date. Acquisition related costs incurred were approximately $0.8 million and have been recorded within SG&A expense in the Consolidated Statements of Operations. The Company has included the financial results of Jackson Labs in its consolidated financial statements from the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the Consolidated Statements of Operations. The total purchase consideration was allocated to tangible and intangible assets acquired and liabilities assumed based on the preliminary fair value on the acquisition date. The following table presents the allocation of the purchase price (in millions): Amount Cash and cash equivalents $ 1.1 Accounts receivable, net 2.3 Inventory, net 3.2 Goodwill (1) 48.3 Identified intangible assets acquired 30.6 Other non-current assets 0.1 Accounts payable (0.6) Accrued expenses (3.4) Deferred revenue (2.1) Other current liabilities (0.5) Total purchase consideration $ 79.0 1) Goodwill at acquisition date of $48.8 million reduced by measurement period adjustment of $0.5 million. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition ( in millions, except useful life ): Estimated Useful Life Amount Developed technology 6 years $ 25.0 Customer relationship 3 years 2.7 Tradename 2 years 0.5 Backlog 1 year 2.4 Total identifiable assets acquired $ 30.6 Goodwill represents the excess of the preliminary estimated purchase consideration over the preliminary estimates of the fair value of the net tangible and intangible assets acquired and has been allocated to the Network Enablement segment. Goodwill is primarily attributable to expected synergies in the acquired technologies that may be leveraged by the Company in future PNT offerings. The goodwill is expected to be deductible for U.S. income tax purposes. Other Acquisitions: On March 29, 2023, April 21, 2023 and June 8, 2023, the Company completed acquisitions accounted for as asset purchases consisting of cash paid at closing of $2.9 million and $0.2 million of indemnity holdback. In connection with these acquisitions, the Company recorded developed technology intangibles of $2.5 million which will be amortized over their estimated useful life of five years. On July 18, 2022, the Company completed an acquisition accounted for as a business combination consisting of cash paid at closing of $17.5 million and $2.0 million of indemnity holdback. In connection with this acquisition, the Company recorded approximately $11.2 million of goodwill, $5.1 million of developed technology and $1.8 million of deferred tax liability. The acquired developed technology asset is being amortized over its estimated useful life of four years. On May 13, 2022 and May 20, 2022, the Company completed acquisitions accounted for as business combinations for cash paid at close of $9.5 million, additional earn-outs of up to $3.3 million cash to be paid based on the occurrence or achievement of certain agreed upon targets and $2.0 million of indemnity holdback. In connection with these acquisitions, the Company recorded $10.0 million of goodwill, $7.3 million of developed technology and other intangibles and $1.6 million of deferred tax liability. The acquired developed technology and other intangible assets are being amortized over their estimated useful lives ranging from one On September 17, 2021, the Company acquired all of the equity of one business for approximately $1.6 million. The acquisition was accounted for as an asset purchase. The developed technology will be amortized over its estimated useful life of five years. Acquisition-related Contingent Consideration The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended July 1, 2023 and July 2, 2022, as follows ( in millions ): Total Balance July 3, 2021 $ 4.0 Additions to Contingent Consideration 2.5 Change in Fair Value measurement 0.3 Currency translation adjustment 0.1 Payments of Contingent Consideration (4.4) Balance July 2, 2022 (1) $ 2.5 Additions to Contingent Consideration 29.4 Change in Fair Value measurement (4.6) Payments of Contingent Consideration (7.6) Balance July 1, 2023 (2) $ 19.7 (1) Includes $1.8 million in Other current liabilities and $0.7 million in Other non-current liabilities on the Consolidated Balance Sheets. (2) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets.

Balance Sheet and Other Details

Balance Sheet and Other Details	12 Months Ended
	Jul. 01, 2023
Balance Sheet and Other Details
Balance Sheet and Other Details	Note 6. Balance Sheet and Other Details Contract Balances Unbilled Receivables: The Company records a receivable when an unconditional right to consideration exists and transfer of control has occurred, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of customer invoicing. Payment terms vary based on product or service offerings and payment is generally required within 30 to 90 days from date of invoicing. Certain performance obligations may require payment before delivery of the service to the customer . Contract assets: A Contract Asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract Assets include fixed fee professional services, where the transfer of services has occurred in advance of the Company's right to invoice. Contract Assets, included in Accounts receivable, net, on the Consolidated Balance Sheets, are not material to the Consolidated Financial Statements. Contract Asset balances will fluctuate based upon the timing of transfer of services, billings and customers’ acceptance of contractual milestones. Gross receivables include both billed and Unbilled Receivables/Contract Assets. As of July 1, 2023 and July 2, 2022, the Company had total Unbilled Receivables/Contract Assets of $13.7 million and $7.3 million, respectively. Deferred revenue: Deferred revenue consists of contract liabilities primarily related to support, solution deployment services, software maintenance, product, professional services, and training when the Company has a right to invoice or payments have been received and transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term. Contract liabilities are included in Other current liabilities on the Consolidated Balance Sheets. The Company also has short-term and long-term deferred revenues related to undelivered hardware and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer. The following table summarizes the activity related to deferred revenue, for the year ended July 1, 2023 ( in millions ): July 1, 2023 Deferred revenue: Balance at beginning of period $ 100.4 Revenue deferrals for new contracts (1) 127.9 Revenue recognized during the period (2) (126.3) Balance at end of period (3) $ 102.0 Short-term deferred revenue $ 78.6 Long-term deferred revenue $ 23.4 (1) Included in these amounts is the impact from foreign currency exchange rate fluctuations. (2) Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the following period quarter-end deferrals. (3) The long-term portion of deferred revenue is included as a component of Other non-current liabilities on the Consolidated Balance Sheets. Remaining performance obligations: Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered or are incomplete, as of July 1, 2023. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded. The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancellable contracts where there is no substantive termination penalty. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that has not materialized, and adjustments for currency. The value of the transaction price allocated to remaining performance obligations as of July 1, 2023, was $256.3 million. The Company expects to recognize 89% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter. Accounts Receivable Allowances The table below presents the activities and balances for allowance for doubtful accounts, as follows ( in millions ): Balance at Beginning of Period Charged to Costs and Expenses Deduction (1) Balance at Year Ended July 1, 2023 $ 1.4 $ 0.4 $ (0.8) $ 1.0 Year Ended July 2, 2022 $ 2.0 $ 0.9 $ (1.5) $ 1.4 Year Ended July 3, 2021 $ 3.0 $ 1.1 $ (2.1) $ 2.0 (1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. Inventories, net The following table presents the components of inventories, net, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Finished goods $ 49.0 $ 41.6 Work in process 17.7 17.7 Raw materials 49.4 50.8 Inventories, net $ 116.1 $ 110.1 Prepayments and Other Current Assets The following table presents the components of prepayments and other current assets, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Refundable income taxes $ 27.6 $ 14.5 Prepayments 16.5 16.0 Advances to contract manufacturers 9.8 11.8 Transaction tax receivables 5.1 10.4 Fair value of forward contracts 3.5 3.8 Assets held for sale 2.5 2.5 Other current assets 7.1 10.2 Prepayments and other current assets $ 72.1 $ 69.2 Property, Plant and Equipment, net The following table presents the components of property, plant and equipment, net, as follows ( in millions ): July 1, 2023 July 2, 2022 Land $ 19.6 $ 19.2 Buildings and improvements 74.9 41.7 Machinery and equipment 362.6 316.7 Furniture, fixtures, software and office equipment 76.7 74.0 Leasehold improvements 70.7 69.8 Construction in progress 24.5 71.2 Property, plant and equipment, gross 629.0 592.6 Less : Accumulated depreciation and amortization (386.0) (363.7) Property, plant and equipment, net $ 243.0 $ 228.9 Other non-current assets The following table presents the components of other non-current assets, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Operating ROU assets (Note 12) $ 40.4 $ 45.2 Long-term restricted cash 4.6 9.3 Deferred contract cost 2.9 2.4 Debt issuance cost - Revolving Credit Facility 2.8 3.5 Deposits 2.3 1.9 Other non-current assets 8.7 3.5 Other non-current assets $ 61.7 $ 65.8 Other current liabilities The following table presents the components of other current liabilities, as follows ( in millions ): July 1, 2023 July 2, 2022 Operating lease liabilities (Note 12) $ 10.1 $ 10.1 Income tax payable 4.4 9.6 Restructuring accrual (Note 13) 5.8 — Interest payable 5.5 4.6 Transaction tax payable 4.3 11.5 Warranty accrual 4.2 4.4 Acquisition related holdback and related accruals 4.1 0.1 Fair value of forward contracts 2.4 8.4 Fair value of contingent consideration (Note 5) 1.1 1.8 Other 7.9 5.8 Other current liabilities $ 49.8 $ 56.3 Other Non-current Liabilities The following table presents the components of other non-current liabilities, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Pension and post-employment benefits $ 53.2 $ 59.6 Operating lease liabilities (Note 12) 29.4 33.5 Long-term deferred revenue 23.4 19.4 Fair value of contingent consideration (Note 5) 18.6 0.7 Financing obligation 15.8 16.0 Uncertain tax position 15.8 12.9 Deferred tax liability 13.9 9.5 Warranty accrual 4.8 6.2 Asset retirement obligations 3.8 3.7 Other 8.0 8.9 Other non-current liabilities $ 186.7 $ 170.4 Interest and Other Income, net The following table presents the components of interest and other income, net, as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Interest income $ 10.2 $ 3.4 $ 2.9 Foreign exchange gain, net (2.2) 1.4 — Other income, net (0.4) 0.4 0.4 Interest and other income, net $ 7.6 $ 5.2 $ 3.3

Investments and Forward Contrac

Investments and Forward Contracts	12 Months Ended
	Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Investments and Forward Contracts	Note 7. Investments and Forward Contracts Short-Term Investments As of July 1, 2023, the Company’s short-term investments of $14.6 million were comprised of a 30-day term deposit of $13.1 million and trading securities related to the deferred compensation plan of $1.5 million, of which $0.1 million was invested in debt securities, $1.2 million was invested in equity securities and $0.2 million was invested in money market instruments. Trading securities are reported at fair value, with the unrealized gains or losses resulting from changes in fair value recognized in the Consolidated Statements of Operations as a component of Interest and other income, net. As of July 2, 2022, the Company’s short-term investments of $1.4 million were comprised of trading securities related to the deferred compensation plan, of which $0.3 million was invested in debt securities, $1.0 million was invested in equity securities and $0.1 million was invested in money market instruments. Trading securities are reported at fair value, with the unrealized gains or losses resulting from changes in fair value recognized in the Consolidated Statements of Operations as a component of Interest and other income, net. Non-Designated Foreign Currency Forward Contracts The Company has foreign subsidiaries that operate and sell the Company’s products in various markets around the world. As a result, the Company is exposed to foreign exchange risks. The Company utilizes foreign exchange forward contracts to manage foreign currency risk associated with foreign currency denominated monetary assets and liabilities, primarily certain short-term intercompany receivables and payables, and to reduce the volatility of earnings and cash flows related to foreign-currency transactions. The Company does not use these foreign currency forward contracts for trading purposes. As of July 1, 2023, the Company had forward contracts that were effectively closed but not settled with the counterparties by year end. Therefore, the fair value of these contracts of $3.5 million and $2.4 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets, respectively. As of July 2, 2022, the fair value of these contracts of $3.8 million and $8.3 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets, respectively. The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near fiscal year end; therefore, the fair value of the contracts is minimal as of July 1, 2023 and a value of $0.1 million is reflected in Other current liabilities on the Consolidated Balance Sheets as of July 2, 2022. As of July 1, 2023 and July 2, 2022, the notional amounts of the forward contracts that the Company held to purchase foreign currencies were $87.5 million and $119.1 million, respectively, and the notional amounts of forward contracts that Company held to sell foreign currencies were $19.3 million and $80.5 million, respectively. The change in the fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The cash flows related to the settlement of foreign currency forward contracts are classified as operating activities. The foreign exchange forward contracts incurred a gain of $1.2 million and a loss of $8.3 million for the years ended July 1, 2023 and July 2, 2022, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements Fair Value Measurements The Company’s assets and liabilities measured at fair value for the periods presented are as follows ( in millions ): July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Debt available-for-sale securities: Asset-backed securities (1) $ 0.3 $ — $ 0.3 $ — $ 0.6 $ — $ 0.6 $ — Total debt available-for-sale securities 0.3 — 0.3 — 0.6 — 0.6 — Money market funds (2) 344.8 344.8 — — 313.2 313.2 — — Trading securities (3) 1.5 1.5 — — 1.4 1.4 — — Foreign currency forward contracts (4) 3.5 — 3.5 — 3.8 — 3.8 — Total assets $ 350.1 $ 346.3 $ 3.8 $ — $ 319.0 $ 314.6 $ 4.4 $ — Liability: Foreign currency forward contracts (5) 2.4 $ — 2.4 — 8.4 — 8.4 $ — Contingent consideration (6) 19.7 — — 19.7 2.5 — — 2.5 Total liabilities $ 22.1 $ — $ 2.4 $ 19.7 $ 10.9 $ — $ 8.4 $ 2.5 (1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. Other Fair Value Measures Fair Value of Debt: If measured at fair value on the Consolidated Balance Sheets, the Company’s 3.75% Senior Notes (2029 Notes), 1.625% Senior Convertible Notes (2026 Notes), 1.00% Senior Convertible Notes (2024 Notes) and 1.75% Senior Convertible Notes (2023 Notes) would be classified in Level 2 of the fair value hierarchy as they are not actively traded in the markets. The Company’s debt measured at fair value for the periods presented are as follows: July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt: 3.75% Senior Notes $ 341.8 $ — $ 341.8 $ — $ 337.5 $ — $ 337.5 $ — 1.625% Senior Convertible Notes 262.7 — 262.7 — — — — — 1.00% Senior Convertible Notes 95.6 — 95.6 — 250.7 — 250.7 — 1.75% Senior Convertible Notes — — — — 73.4 — 73.4 — Total liabilities $ 700.1 $ — $ 700.1 $ — $ 661.6 $ — $ 661.6 $ — See “Note 11. Debt”, for further discussion of the Company’s debt.

Goodwill

Goodwill	12 Months Ended
	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note 9. Goodwill Changes in the carry value of goodwill allocated segment are as follows (in millions) : Network Service Optical Security Total Balance as of July 3, 2021 (1) $ 349.7 $ 4.6 $ 42.2 $ 396.5 Acquisitions (2) — 10.0 — 10.0 Currency translation and other adjustments (18.1) (0.8) — (18.9) Balance as of July 2, 2022 (3) $ 331.6 $ 13.8 $ 42.2 $ 387.6 Acquisitions (2) 60.0 — — 60.0 Measurement period adjustment (2) (0.5) — — (0.5) Currency translation adjustments 6.9 1.2 — 8.1 Balance as of July 1, 2023 (4) $ 398.0 $ 15.0 $ 42.2 $ 455.2 (1) Gross goodwill balances for NE, SE and OSP were $651.6 million, $277.2 million and $126.7 million, respectively as of July 3, 2021. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 3, 2021. (2) See “Note 5. Acquisitions” of the Notes to Consolidated Financial Statement for additional information related to the Company’s acquisitions. (3) Gross goodwill balances for NE, SE and OSP were $633.5 million, $286.4 million and $126.7 million, respectively as of July 2, 2022. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 2, 2022. (4) Gross goodwill balances for NE, SE and OSP were $699.9 million, $287.6 million and $126.7 million, respectively as of July 1, 2023. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 1, 2023. Impairment of Goodwill The Company tests goodwill at the reporting unit level for impairment annually, during the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that the asset may be impaired. The Company determined that, based on its organizational structure and the financial information that is provided to and reviewed by the Company’s Chief Operating Decision Maker (CODM) during fiscal 2023, 2022 and 2021 that its reporting units were NE, SE and OSP. As part of the annual impairment test, the Company performed a quantitative assessment of goodwill impairment for all reporting units. For the quantitative analysis, the Company compares the fair value of a reporting unit to its carrying value. If the estimated fair value exceeds book value, goodwill is considered not to be impaired. However, if the fair value of the reporting unit is less than book value, then goodwill will be impaired by the amount that the carrying amount exceeds the fair value, not to exceed the carrying amount of the goodwill. To estimate the fair value of each reporting unit, we applied a combination of the income approach and the market approach. The income approach used discounted future cash flows in which sales, operating income and cash flow projections were based on assumptions driven by current economic conditions. The market approach utilized the Guideline Public Company Method and Guideline Transaction Method to derive fair value. The Guideline Public Company Method determines the fair value of an entity based upon trading multiples calculated using market value of minority interests in publicly-traded companies that are similar to the subject company. The Guideline Transaction Method calculates the fair value of an entity by analyzing recent sales of comparable entities. Based on our testing during the fourth quarter of fiscal 2023, the fair value of each of the Company’s reporting units was at least two times the carrying value, and therefore no impairment was identified. In addition, no indications of impairment were identified under the qualitative tests performed for fiscal years ending on July 2, 2022 and July 3, 2021.

Acquired Developed Technology a

Acquired Developed Technology and Other Intangibles	12 Months Ended
	Jul. 01, 2023
Acquired Developed Technology and Other Intangibles
Acquired Developed Technology and Other Intangibles	Note 10. Acquired Developed Technology and Other Intangibles The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles as of July 1, 2023, and July 2, 2022, ( in millions ): As of July 1, 2023 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Acquired developed technology (1) 3.9 years $ 438.5 $ (390.2) $ 48.3 Customer relationships 2.0 years 195.2 (185.9) 9.3 Other (2) 0.7 years 39.8 (38.8) 1.0 Total intangibles $ 673.5 $ (614.9) $ 58.6 As of July 2, 2022 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Acquired developed technology 3.3 years $ 416.6 $ (375.8) $ 40.8 Customer relationships 2.8 years 189.7 (177.8) 11.9 Other (2) 0.7 years 36.0 (34.5) 1.5 Total intangibles $ 642.3 $ (588.1) $ 54.2 (1) During fiscal 2023, we recorded a $0.6 million non-cash charge due to the discontinued use of certain intellectual property. This charge has been recorded within SG&A (2) Other intangibles consist of customer backlog, patents, proprietary know-how and trade secrets, trademarks and trade names. Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of July 1, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows ( in millions ): Fiscal Years 2024 $ 20.2 2025 15.9 2026 11.4 2027 7.5 2028 3.0 Thereafter 0.6 Total amortization $ 58.6

Debt

Debt	12 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt	Note 11. Debt As of July 1, 2023 and July 2, 2022, the Company’s debt on the Consolidated Balance Sheets was as follows, including the carrying amounts of the Senior Convertible and Senior Notes, net of unamortized issuance costs ( in millions ): July 1, 2023 July 2, 2022 Principal amount of 1.00% Senior Convertible Notes $ 96.4 $ — Unamortized 1.00% Senior Convertible Notes debt issuance cost (0.2) — Principal amount of 1.75% Senior Convertible Notes — 68.1 Unamortized 1.75% Senior Convertible Notes debt issuance cost — (0.1) Other short-term debt — 0.4 Short-term debt $ 96.2 $ 68.4 Principal amount of 3.75% Senior Notes $ 400.0 $ 400.0 Unamortized 3.75% Senior Notes debt issuance cost (5.5) (6.4) Principal amount of 1.625% Senior Convertible Notes 250.0 — Unamortized 1.625% Senior Convertible Notes debt discount (12.9) — Unamortized 1.625% Senior Convertible Notes debt issuance cost (2.1) — Principal amount of 1.00% Senior Convertible Notes — 223.9 Unamortized 1.00% Senior Convertible Notes debt issuance cost — (1.0) Long-term debt $ 629.5 $ 616.5 The Company was in compliance with all debt covenants as of July 1, 2023 and July 2, 2022. 1.625% Senior Convertible Notes (2026 Notes) On March 6, 2023, the Company issued $250.0 million aggregate principal amount of 1.625% Senior Convertible Notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company issued $132.0 million aggregate principal amount of the 2026 Notes to certain holders of the 1.00% Senior Convertible Notes due 2024 (2024 Notes) in exchange for $127.5 million principal amount of the 2024 Notes (the Exchange Transaction) and issued and sold $118.0 million aggregate principal amount of the 2026 Notes in a private placement to accredited institutional buyers (the Subscription Transactions). The Exchange Transaction was accounted for as a modification. The $127.5 million principal of the 2024 Notes was reduced by $10.1 million, with offsetting increase to additional paid-in capital, to account for the increase in the fair value of the embedded conversion option in the modification. The increase in principal and coupon interest, along with the increased option value, totaled $14.6 million and is a direct reduction from the carrying amount of the debt on the Consolidated Balance Sheets. This amount will be accreted as an adjustment to interest expense on a straight-line basis and will accrete up to the full face value of the 2026 Notes at maturity. The proceeds of the Subscription Transactions amounted to $113.8 million after issuance costs of $4.2 million. The exchange resulted in $2.2 million of the issuance costs to be recorded as Loss on convertible note modification in the Consolidated Statements of Operations. The remaining issuance costs of $2.0 million as well as $0.3 million of unamortized issuance costs carried over from the 2024 Notes at the exchange date were capitalized within Long-term debt (as a contra-balance) on the Consolidated Balance Sheets and will be amortized as an adjustment to interest expense on a straight-line basis until maturity. The 2026 Notes are an unsecured obligation of the Company and bear interest at an annual rate of 1.625%, payable in cash semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2023. The 2026 Notes mature on March 15, 2026 unless earlier converted, redeemed or repurchased. The 2026 Notes may be converted under certain circumstances, based on an initial conversion rate of 75.7963 shares (equivalent to an initial conversion price of approximately $13.19 per share) at the option of the holders into cash up to the principal amount, with the remaining amount converted into cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock at the Company’s election. The initial conversion price represents a 22.5% premium to the closing price of the Company’s common stock on the pricing date, March 1, 2023, which will be subject to customary anti-dilution adjustments. The 2026 Notes may be converted at any time on or prior to the close of business on the business day immediately preceding December 15, 2025, in multiples of $1,000 principal amount, at the option of the holder under the following circumstances: • On any date during any calendar quarter beginning after June 30, 2023 (and only during such calendar quarter) if the closing price of the Company’s common stock was more than 130% of the then current conversion price for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading-day period ending on the last trading day of the previous calendar quarter; • If the Company distributes to all or substantially all holders of its common stock rights or warrants (other than pursuant to a stockholder rights plan) entitling them to purchase, for a period of 45 calendar days or less, shares of VIAVI’s common stock at a price less than the average closing sale price of VIAVI’s common stock for the ten trading days preceding the declaration date for such distribution; • If the Company distributes to all or substantially all holders of its common stock, cash or other assets, debt securities or rights to purchase our securities (other than pursuant to a stockholder rights plan), at a per share value exceeding 10% of the closing sale price of the Company’s common stock on the trading day preceding the declaration date for such distribution; • If the Company is party to a specified transaction, a fundamental change or a make-whole fundamental change (each as defined in the indenture of the 2026 Notes); or • During the five consecutive business-day period immediately following any ten consecutive trading-day period in which the trading price per $1,000 principal amount of the 2026 Notes for each day during such ten consecutive trading-day period was less than 98% of the product of the closing sale price of VIAVI’s common stock and the applicable conversion rate on such date. • If the Company calls any or all of the 2026 Notes for Optional Redemption. During the periods from, and including, December 15, 2025 until the close of business on the business day immediately preceding March 15, 2026, holders may convert the 2026 Notes at any time regardless of the foregoing circumstances. Holders of the 2026 Notes may require the Company to purchase all or a portion of the 2026 Notes upon the occurrence of a fundamental change at a purchase price equal to 100% of the principal amount of the 2026 Notes to be purchased, plus accrued and unpaid interest to, but excluding, the fundamental repurchase date. The Company may not redeem the 2026 Notes prior to March 20, 2025. The Company may redeem for cash all or part of the 2026 Notes, at its option, on or after March 20, 2025 if the closing price of the Company’s common stock was at least 130% of the then current conversion price 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 the redemption notice in accordance with the Indenture. If the Company redeems less than all the outstanding 2026 Notes, at least $75.0 million aggregate principal amount of 2026 Notes must be outstanding and not subject to redemption as of the relevant redemption notice date. The Indenture provides for customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the 2026 Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable, subject to certain conditions set forth in the Indenture. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of July 1, 2023, the expected remaining term of the 2026 Notes is 2.7 years. 3.75% Senior Notes (2029 Notes) On September 29, 2021, the Company issued $400.0 million aggregate principal amount of 3.75% Senior Notes due 2029 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In connection with the issuance of the 2029 Notes, the Company incurred $7.0 million of issuance costs. The debt issuance costs were capitalized and are being amortized to interest expense using the straight-line method. The 2029 Notes are an unsecured obligation of the Company and bear annual interest of 3.75%, payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2022. The 2029 Notes mature on October 1, 2029 unless earlier redeemed or repurchased. As of July 1, 2023, the expected remaining term of the 2029 Notes is 6.2 years. 1.75% Senior Convertible Notes (2023 Notes) On May 29, 2018, the Company issued $225.0 million aggregate principal amount of 1.75% Senior Convertible Notes due 2023 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company issued $155.5 million aggregate principal of the 2023 Notes to certain holders of the 2033 Notes in exchange for $151.5 million principal of the 2033 Notes and issued and sold $69.5 million aggregate principal amount of the 2023 Notes in a private placement to accredited institutional buyers (the Private Placement). In connection with the issuance of the 2023 Notes, the Company incurred $2.2 million of issuance costs. The debt issuance costs were capitalized and amortized to interest expense using the effective interest rate method from issuance date through maturity on June 1, 2023. See Senior Convertible Notes Settlement section below for details of the 2023 Notes exchange transactions during fiscal 2022. On June 1, 2023, remaining 2023 Notes were retired upon maturity. 1.00% Senior Convertible Notes (2024 Notes) On March 3, 2017, the Company issued $400.0 million aggregate principal amount of 1.00% Senior Convertible Notes due 2024 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. On March 22, 2017, the Company issued an additional $60.0 million upon exercise of the over-allotment option of the initial purchasers. The total proceeds from the 2024 Notes amounted to $451.1 million after issuance costs. The 2024 Notes are an unsecured obligation of the Company and bear interest at an annual rate of 1.00% payable in cash semi-annually in arrears on March 1 and September 1 of each year. The 2024 Notes mature on March 1, 2024 unless earlier converted or repurchased. In connection with the issuance of the 2024 Notes, the Company incurred $8.9 million of issuance costs. The debt issuance costs were capitalized and are being amortized to interest expense using the straight-line method. The 2024 Notes may be converted under certain circumstances, based on an initial conversion rate of 75.6229 shares (equivalent to an initial conversion price of approximately $13.22 per share), at the option of the holders into cash up to the principal amount, with the remaining amount converted into cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock at the Company’s election. The conversion rate, and thus the conversion price, may be adjusted under certain circumstances. The initial conversion price represents a 32.5% premium to the closing sale price of the Company’s common stock on the pricing date, February 27, 2017, which will be subject to customary anti-dilution adjustments. The 2024 Notes may be converted at any time on or prior to the close of business on the business day immediately preceding December 1, 2023, in multiples of $1,000 principal amount, at the option of the holder only under the following circumstances: • On any date during any calendar quarter beginning after June 30, 2017 (and only during such calendar quarter) if the closing price of the Company’s common stock was more than 130% of the then current conversion price for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading-day period ending on the last trading day of the previous calendar quarter; • If the Company distributes to all or substantially all holders of its common stock rights or warrants (other than pursuant to a stockholder rights plan) entitling them to purchase, for a period of 45 calendar days or less, shares of VIAVI’s common stock at a price less than the average closing sale price of VIAVI’s common stock for the ten trading days preceding the declaration date for such distribution; • If the Company distributes to all or substantially all holders of its common stock, cash or other assets, debt securities or rights to purchase our securities (other than pursuant to a stockholder rights plan), at a per share value exceeding 10% of the closing sale price of the Company’s common stock on the trading day preceding the declaration date for such distribution; • If the Company is party to a specified transaction, a fundamental change or a make-whole fundamental change (each as defined in the Indenture of the 2024 Notes); or • During the five consecutive business-day period immediately following any ten consecutive trading-day period in which the trading price per $1,000 principal amount of the 2024 Notes for each day of such ten consecutive trading-day period was less than 98% of the product of the closing sale price of VIAVI’s common stock and the applicable conversion rate on such date. During the periods from, and including December 1, 2023 until the close of business on the business day immediately preceding March 1, 2024, holders may convert the 2024 Notes at any time regardless of the foregoing circumstances. Holders of the 2024 Notes may require the Company to purchase all or a portion of the 2024 Notes upon the occurrence of a fundamental change at a purchase price equal to 100% of the principal amount of the 2024 Notes to be purchased, plus accrued and unpaid interest to, but excluding, the fundamental repurchase date. The Indenture provides for customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the 2024 Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable, subject to certain conditions set forth in the Indenture. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of July 1, 2023, the expected remaining term of the 2024 Notes is 0.7 years. See Senior Convertible Notes Settlement section below for details of the 2024 Notes exchange transactions during fiscal 2022. Senior Convertible Notes Settlement On September 2, 2021, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $93.8 million principal amount of the 2023 Notes and $181.2 million principal amount of the 2024 Notes in exchange for an aggregate of 10.6 million shares of its common stock, par value $0.001 per share, and $196.5 million in cash. The Company recorded a loss of $85.9 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations. On November 17, 2021 and November 22, 2021, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $20.6 million principal amount of the 2023 Notes and $25.0 million principal amount of the 2024 Notes in exchange for $59.0 million in cash. The Company recorded a loss of $6.4 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations. On March 2, 2022, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $23.2 million principal amount of the 2023 Notes and $26.8 million principal amount of the 2024 Notes in exchange for $64.7 million in cash. The Company recorded a loss of $6.4 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations. On June 3, 2022, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $19.3 million principal amount of the 2023 Notes and $3.1 million principal amount of the 2024 Notes in exchange for $27.1 million in cash. The Company recorded a loss of $3.1 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations. Senior Secured Asset-Based Revolving Credit Facility On December 30, 2021, we entered into a credit agreement (the Credit Agreement) with Wells Fargo Bank, National Association (Wells Fargo) as administrative agent, and other lender related parties. The Credit Agreement provides for a senior secured asset-based revolving credit facility in a maximum aggregate amount of $300 million, which matures on December 30, 2026. The Credit Agreement also provides that, under certain circumstances, the Company may increase the aggregate amount of revolving commitments thereunder by an aggregate amount of up to $100 million so long as certain conditions are met. The proceeds from the credit facility established under the Credit Agreement will be used for working capital and other general corporate purposes. The obligations under the Credit Agreement are secured by substantially all of the assets of the Company and those of its subsidiaries that are borrowers and guarantors under the Credit Agreement. Amounts outstanding under the Credit Agreement accrue interest as follows: (i) if the amounts outstanding are denominated in US Dollars, at a per annum rate equal to either, at the Company’s election, Term Secured Overnight Financing Rate (SOFR) plus a margin of 1.35% to 1.85% per annum, or a specified base rate plus a margin of 0.25% to 0.75%, in each case, depending on the average excess availability under the facility, (ii) if the amounts outstanding are denominated in Sterling, at a per annum rate equal to the Sterling Overnight Interbank Average Rate (SONIA) plus a margin of 1.2825% to 1.7825%, depending on the average excess availability under the facility, (iii) if the amounts outstanding are denominated in Euros, at a per annum rate equal to the Euro Interbank Offered Rate plus a margin of 1.25% to 1.75%, depending on the average excess availability under the facility, or (iv) if the amounts outstanding are denominated in Canadian Dollars, at a per annum rate equal to either, at the Company’s election, the Canadian Dollar Offered Rate plus a margin of 1.25% to 1.75%, or a specified base rate plus a margin of 0.25% to 0.75%, in each case, depending on the average excess availability under the facility. The covenants of the Credit Agreement include customary restrictive covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted payments. In addition, the Credit Agreement contains certain financial covenants that require the Company to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 if excess availability under the facility is less than the greater of 10% of the lesser of maximum revolver amount and borrowing base and $20 million. As of July 1, 2023, we had no borrowings under this facility and our available borrowing capacity was approximately $172.5 million, net of outstanding standby letters of credit of $4.1 million. Revolving Credit Facility On May 5, 2020, the Company entered into a credit agreement with Wells Fargo as administrative agent, and other lender related parties. The Company borrowed $150 million and repaid $150 million under this Credit Agreement during the first quarter of fiscal 2022. In connection with the entry into the Senior Secured Asset-Based Revolving Credit Facility noted above, the Company terminated this facility. Interest Expense The following table presents the interest expense for contractual interest and amortization of debt issuance costs ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Interest expense-contractual interest $ 19.2 $ 16.5 $ 8.5 Amortization of debt issuance cost 2.5 2.8 2.3 Accretion of debt discount 1.6 — — Other 3.8 4.0 3.9 Total Interest Expense $ 27.1 $ 23.3 $ 14.7 The effective interest rate on the Company’s contractual debt was 2.65%, 2.25% and 1.25% for fiscal 2023, 2022 and 2021, respectively.

Leases

Leases	12 Months Ended
	Jul. 01, 2023
Leases [Abstract]
Leases	Note 12. Leases The Company is a lessee in several operating leases, primarily real estate facilities for office space. The Company's lease arrangements are composed of operating leases with various expiration dates through March 31, 2042. The Company's leases do not contain any material residual value guarantees. Lease expense, cash flow and balance sheet information related to our operating leases is as follows ( in millions ): July 1, 2023 July 2, 2022 Operating lease costs (1) $ 13.1 $ 14.0 Cash paid for amounts included in the measurement of operating lease liabilities 14.4 15.5 Operating ROU assets obtained in exchange for operating lease obligations 7.0 14.7 Operating ROU assets (Other non-current assets) 40.4 45.2 Other current liabilities 10.1 10.1 Other non-current liabilities 29.4 33.5 Total operating lease liabilities $ 39.5 $ 43.6 Weighted-average remaining lease term 6.8 years 7.2 years Weighted-average discount rate 4.8 % 4.4 % (1) Total variable lease costs were immaterial during the fiscal years ended July 1, 2023 and July 2, 2022. The total operating costs were included in cost of revenues, R&D and SG&A in the Consolidated Statements of Operations. Future minimum operating lease payments as of July 1, 2023 are as follows ( in millions ): Operating Leases Fiscal 2024 $ 10.3 Fiscal 2025 9.4 Fiscal 2026 7.2 Fiscal 2027 5.6 Fiscal 2028 4.0 Thereafter 9.7 Total lease payments 46.2 Less: Interest (6.7) Present value of lease liabilities $ 39.5 Future minimum operating lease payments as of July 2, 2022, were as follows ( in millions ): Operating Leases Fiscal 2023 $ 10.2 Fiscal 2024 9.8 Fiscal 2025 7.8 Fiscal 2026 6.0 Fiscal 2027 4.6 Thereafter 12.8 Total lease payments 51.2 Less: Interest (7.6) Present value of lease liabilities $ 43.6

Restructuring and Related Charg

Restructuring and Related Charges	12 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Note 13. Restructuring and Related Charges The Company’s restructuring events are primarily intended to reduce costs, consolidate operations, integrate various acquisitions, streamline product manufacturing and address market conditions. Restructuring charges include severance, benefit and outplacement costs to eliminate a specified number of positions. The timing of associated cash payments is dependent upon the jurisdiction of the affected employees and can extend over multiple periods. Fiscal 2023 Plan During the second quarter of fiscal 2023, Management approved a restructuring and workforce reduction plan (the Fiscal 2023 Plan) to better align the Company’s workforce with current business needs and strategic growth opportunities. The Company expects approximately 5% of its global workforce to be affected. As a result, the Company recorded charges of $12.1 million during the year to Restructuring and related charges (benefits) line within our Consolidated Statements of Operations, of which $10.4 million is related to Phase I of the Fiscal 2023 Plan and $1.7 million is related to Phase II of the Fiscal 2023 Plan. The first phase of the Fiscal 2023 Plan impacted all segments and corporate functions and the Company anticipates this phase of the Fiscal 2023 Plan to be substantially complete by the end of the first quarter of fiscal 2024. The second phase of the Fiscal 2023 Plan is primarily focused on reducing costs in our SE segment and the Company anticipates this phase of the Fiscal 2023 Plan to be substantially complete by the end of the second quarter of fiscal 2024. A summary of the activity in the restructuring accrual is outlined below (in millions): Balance as of July 2, 2022 Restructuring and related charges Cash Settlements Balance as of July 1, 2023 Fiscal 2023 Plan NSE/Corp $ — $ 9.1 $ (5.6) $ 3.5 OSP — 1.3 (0.7) 0.6 Fiscal 2023 Plan Phase I — 10.4 (6.3) 4.1 NSE — 1.7 — 1.7 Fiscal 2023 Plan Phase II — 1.7 — 1.7 Total (1) $ — $ 12.1 $ (6.3) $ 5.8 (1) Included in Other current liabilities on the Consolidated Balance Sheets as of July 1, 2023. Other Plans During fiscal 2022 and 2021, the Company recorded a benefit related to restructuring actions of $0.1 million and $1.6 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The Company’s income (loss) before income taxes consisted of the following ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Domestic $ (37.6) $ (82.6) $ (21.7) Foreign 98.3 147.7 152.5 Income before income taxes $ 60.7 $ 65.1 $ 130.8 The Company’s income tax expense (benefit) consisted of the following ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Federal: Current $ — $ — $ — Deferred — — — Total federal income tax expense — — — State: Current 2.6 (2.2) 20.1 Deferred — — — Total state income tax expense (benefit) 2.6 (2.2) 20.1 Foreign: Current 27.6 63.2 44.8 Deferred 5.0 (11.4) (1.6) Total foreign income tax expense 32.6 51.8 43.2 Total income tax expense $ 35.2 $ 49.6 $ 63.3 The state current expense primarily relates to the impact of additional capitalization of R&D costs. The foreign current expense primarily relates to the Company’s profitable operations in certain foreign jurisdictions. The foreign deferred tax expense primarily relates to deferred tax expense accrued on intercompany dividends. A reconciliation of the Company’s income tax expense at the federal statutory rate to the income tax expense at the effective tax rate is as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Income tax expense computed at federal statutory rate $ 12.8 $ 13.7 $ 27.5 Withholding Taxes 8.0 8.7 8.7 U.S. Inclusion of foreign earnings 1.3 19.8 3.6 Internal Intellectual Property Restructuring 1.2 10.1 19.1 Valuation allowance 0.5 3.3 1.0 Foreign rate differential 4.5 6.9 3.9 Reserves 2.9 1.7 1.5 Permanent items 1.1 0.3 (0.6) Fair value change of the earn-out liability (1.0) 0.1 (1.5) Impact of prior years’ taxes (0.5) (8.6) (2.1) Research and experimentation benefits and other tax credits (1.3) (1.1) (0.5) State taxes 2.6 0.8 0.9 Disallowed compensations 3.3 2.2 1.4 Senior Convertible Notes settlements — (8.3) — Other (0.2) — 0.4 Income tax expense $ 35.2 $ 49.6 $ 63.3 The components of the Company’s net deferred taxes consisted of the following ( in millions ): Balance as of July 1, 2023 July 2, 2022 July 3, 2021 Gross deferred tax assets: Tax credit carryforwards $ 136.4 $ 136.7 $ 135.7 Net operating loss carryforwards 437.5 491.8 536.1 Capital loss carryforwards 1.1 1.0 1.1 Inventories 40.2 34.5 28.9 Accruals and reserves 58.1 58.5 66.5 Intangibles including acquisition-related items 597.5 603.6 632.4 Capitalized research costs 186.7 100.3 15.7 Other 44.3 45.7 65.9 Gross deferred tax assets 1,501.8 1,472.1 1,482.3 Valuation allowance (1,351.5) (1,320.8) (1,308.9) Deferred tax assets 150.3 151.3 173.4 Gross deferred tax liabilities: Acquisition-related items (30.9) (31.9) (29.1) Tax on unrepatriated earnings (13.7) (7.2) (18.4) Foreign branch taxes (15.0) (17.8) (22.2) Other (17.7) (17.6) (18.7) Deferred tax liabilities (77.3) (74.5) (88.4) Total net deferred tax assets $ 73.0 $ 76.8 $ 85.0 As of July 1, 2023, the Company had federal, state and foreign tax net operating loss carryforwards of $1,695.5 million, $364.6 million and $461.0 million, respectively, and federal and state research tax credit carryforwards of $81.9 million and $54.2 million respectively. The federal tax net operating loss carryforwards start to expire in fiscal 2024 and at various dates through 2038 if not utilized. The federal research credit carryforwards start to expire fiscal 2024 and at various dates through fiscal 2044 if not utilized. The state tax net operating loss carryforwards start to expire in fiscal 2024 and at various dates through 2041 if not utilized. The state research credit start to expire in fiscal 2024 but a majority of the state credits have an indefinite carryforward period. In addition, a portion of the foreign tax net operating loss and capital loss carryforwards have an indefinite carryforward period. Utilization of the tax net operating losses may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state and foreign provisions. Loss carryforward limitations may result in the expiration or reduced utilization of a portion of the Company’s net operating losses. During fiscal 2022, the Company completed a planned internal transaction moving certain of VIAVI’s intellectual properties out of a foreign jurisdiction where tax rates are scheduled to increase to the U.S. entity established in fiscal 2021 to own and manage VIAVI’s other intellectual properties. The Company recorded foreign tax expense of $13.2 million related to this transaction. Foreign withholding taxes associated with the repatriation of earnings of foreign subsidiaries have not been provided on $7.9 million of undistributed earnings for certain foreign subsidiaries. The Company intends to reinvest these earnings indefinitely outside of the United States. The Company estimates that an additional $1.0 million of foreign withholding taxes would have to be provided if these earnings were repatriated back to the U.S. During fiscal 2021, the Company completed a planned series of internal transactions restructuring certain of VIAVI’s intellectual properties. The result of which aligned the properties in a single entity which owns, manages, directs, and protects the properties, including but not limited to patents, product designs, processes, manufacturing technologies, know-how, and trade secrets. In conjunction with the internal restructuring $2.3 billion ($482 million tax effected) of U.S. federal net operating loss carryforwards were utilized, and the Company recognized a new deferred tax asset relating to the book and tax basis difference of certain intangible assets of $589 million. Given the full valuation allowance that is carried on the Company’s U.S. deferred tax assets, the change in the deferred taxes as a result of the transaction does not have a material impact on the financial statements. The Company recorded state tax expense including reserves for uncertain tax positions of $19.1 million related to this transaction . The valuation allowance increased by $30.7 million in fiscal 2023, increased by $11.9 million in fiscal 2022, and decreased by $114.2 million in fiscal 2021. The increase during fiscal 2023 was primarily due to the increase in capitalization of federal research expenditures in the U.S. This includes the effects of the mandatory capitalization and amortization of research and development expenses incurred in fiscal 2023, as required by the 2017 Tax Cuts and Jobs Act (Tax Act) . The increase during fiscal 2022 was primarily due to the increase in capitalization of federal research expenditures in the U.S. The decrease during fiscal 2021 was primarily due to the expiration of federal net operating losses, federal capital losses, and federal research credits. The following table provides information about the activity of our deferred tax valuation allowance (in millions) : Deferred Tax Valuation Allowance Balance at Additions Charged to Expenses or Other Accounts (1) Deductions Credited to Expenses or Other Accounts (2) Balance at Year Ended July 1, 2023 $ 1,320.8 $ 114.4 $ (83.7) $ 1,351.5 Year Ended July 2, 2022 $ 1,308.9 $ 101.7 $ (89.8) $ 1,320.8 Year Ended July 3, 2021 $ 1,423.1 $ 617.5 $ (731.7) $ 1,308.9 (1) Additions include current year additions charged to expenses and current year build due to increases in net deferred tax assets, return to provision true-ups, and other adjustments. (2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net deferred tax assets, return to provision true-ups, other adjustments and increases in deferred tax liabilities. A reconciliation of unrecognized tax benefits between June 27, 2020 and July 1, 2023 is as follows ( in millions ): Balance at June 27, 2020 $ 52.0 Additions based on tax positions related to current year 14.8 Reduction based on tax positions related to prior year (6.8) Reduction related to settlement (0.5) Reductions for lapse of statute of limitations (0.4) Balance at July 3, 2021 59.1 Additions based on tax positions related to current year 0.4 Additions based on tax positions related to prior year 2.6 Reduction based on tax positions related to prior year (2.6) Reductions for lapse of statute of limitations (6.1) Balance at July 2, 2022 53.4 Additions based on tax positions related to current year 2.7 Addition based on tax positions related to prior year 0.1 Reduction based on tax positions related to prior year (1.1) Reductions for lapse of statute of limitations (0.2) Balance at July1, 2023 $ 54.9 The unrecognized tax benefits relate primarily to the allocations of revenue and costs among the Company’s global operations and the validity of some U.S. tax credits. Included in the balance of unrecognized tax benefits at July 1, 2023 are $12.9 million of tax benefits that, if recognized, would impact the effective tax rate. Also included in the balance of unrecognized tax benefits at July 1, 2023 are $38.2 million of tax benefits that, if recognized, would result in adjustments to the valuation allowance. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits within th e income tax provision. The amount of interest and penalties accrued as of July 1, 2023, July 2, 2022 and July 3, 2021 was approximately $2.9 million, $2.1 million, and $4.0 million, respectively. During fiscal 2023, the Company’s accrued interest and penalties increased by $0.8 million. The timing and resolution of income tax examinations is uncertain, and the amounts ultimately paid, if any, upon resolution of issues raised by the taxing authorities may differ from the amounts accrued for each year. Although we do not expect that our balance of gross unrecognized tax benefits will change materially in the next 12 months, given the uncertainty in the development of ongoing income tax examinations, we are unable to estimate the full range of possible adjustments to this balance. The Company is routinely subject to various federal, state and foreign audits by taxing authorities. The Company believes that adequate amounts have been provided for any adjustments that may result from these examinations. The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by such jurisdictions as of July 1, 2023: Tax Jurisdictions Tax Years United States (1) 2005 and onward Canada 2022 and onward China 2018 and onward France 2020 and onward Germany 2018 and onward Korea 2019 and onward United Kingdom 2020 and onward (1) Although the Company is generally subject to a three-year statute of limitations in the U.S., tax authorities maintain the ability to adjust tax attribute carryforwards generated in earlier years.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jul. 01, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 15. Stockholders' Equity Repurchase of Common Stock In September 2022 the Board of Directors authorized a new stock repurchase plan (“2022 Repurchase Plan”) of up to $300 million effective October 1, 2022 which will remain in effect until the amount authorized has been fully repurchased or until suspension or termination of the program. Under the 2022 Repurchase Plan, the Company is authorized to repurchase shares through a variety of methods, including open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans. The timing of repurchases under the plan will depend upon business and financial market conditions. The 2022 Repurchase Plan replaces the $200 million stock repurchase plan that the Board previously authorized in September 2019 (“2019 Repurchase Plan”) and expired on September 30, 2022, as well as the stock repurchase plan that the Board of Directors authorized in September 2021 (“2021 Repurchase Plan”) used during fiscal 2022 for the purpose of repurchasing the Company’s common stock issued in connection with the exchange transactions with certain holders of its Senior Convertible Notes (refer to Senior Convertible Notes Settlement section of “Note 11. Debt” for more details). During fiscal 2023, the Company repurchased 1.3 million shares of its common stock for $18.7 million under the 2019 Repurchase Plan. During fiscal 2023, the Company repurchased 6.0 million shares of its common stock for $65.2 million under the 2022 Repurchase Plan. As of July 1, 2023, the Company had remaining authorization of $234.8 million for future share repurchases under the 2022 Repurchase Plan. The following table summarizes share repurchase activity related to the Company’s stock repurchase program (in millions, except average price per share amounts) : Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Total number of shares repurchased 7.3 14.8 3.0 Average price per share $ 11.49 $ 15.91 $ 14.21 Total purchase price $ 83.9 $ 235.5 $ 42.6 Remaining authorization at end of period $ 234.8 $ 67.3 $ 112.9 The total purchase price of these repurchases was reflected as a decrease to common stock based on the stated par value per share with the remainder charged to accumulated deficit. All common shares repurchased during fiscal 2023, 2022 and 2021 have been canceled and retired. On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was enacted into law. The Company evaluated the provisions of the new legislation, which included an excise tax on share repurchases. The IRA was effective as of January 1, 2023 and repurchase activity after that date resulted in an accrual of $0.3 million recorded in Other current liabilities on the Consolidated Balance Sheets. Preferred Stock The Company’s Board of Directors has authority to issue up to 1,000,000 shares of undesignated preferred stock and to determine the powers, preferences and rights and the qualifications, limitations or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock and to fix the number of shares constituting any series and the designation of such series, without the consent of the Company’s stockholders. The preferred stock could be issued with voting, liquidation, dividend and other rights superior to those of the holders of common stock. Subsequent issuance of any preferred stock by the Company’s Board of Directors, under some circumstances, could have the effect of delaying, deferring or preventing a change in control.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 16. Stock-Based Compensation Stock-Based Benefit Plans Stock Option Plans The Company’s Amended and Restated 2003 Plan provides for the granting of stock options, stock appreciation rights (SARs), dividend equivalent rights, restricted stocks, restricted stock units, performance units and performance shares, the vesting of which may be time-based or upon satisfaction of performance criteria or other conditions. As of July 1, 2023, the Company had 8.7 million shares subject to (i) Full Value Awards (defined below) issued and outstanding under the Amended and Restated 2003 Plan and (ii) stock options grant made in connection with the new CEO appointment in fiscal 2016. The exercise price for stock options is equal to the fair value of the underlying stock at the date of grant. The Company issues new shares of common stock upon exercise of stock options. As of July 1, 2023, 7.5 million shares of common stock, primarily under Amended and Restated 2003 Plan, were available for grant. Employee Stock Purchase Plans In June 1998, the Company adopted the ESPP, which became effective August 1, 1998 and provides eligible employees with the opportunity to acquire an ownership interest in the Company through periodic payroll deductions and provides a discounted purchase price as well as a look-back period. The ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986. As of July 1, 2023, 1.5 million shares remained available for issuance. The ESPP as amended provides for a 15% discount with a look-back period of six months. Full Value Awards The Company's stock-based compensation includes a combination of time-based RSUs and performance- based MSUs and PSUs. RSUs are granted without an exercise price and are converted to shares immediately upon vesting. When converted into shares upon vesting, shares equivalent in value to the minimum withholding taxes liability on the vested shares are withheld by the Company for the payment of such taxes. For performance-based awards, shares attained over target upon vesting are reflected as awards granted during the period. Time-based RSU awards will generally vest in annual installments over a period of three one Stock-Based Compensation The impact on the Company’s results of operations of recording stock-based compensation expense by function for fiscal 2023, 2022 and 2021 was as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Cost of revenue $ 4.8 $ 5.2 $ 4.8 Research and development 8.6 8.6 8.9 Selling, general and administrative 37.8 38.5 34.6 Total stock-based compensation expense $ 51.2 $ 52.3 $ 48.3 Approximately $1.2 million of stock-based compensation expense was capitalized to inventory at July 1, 2023 and July 2, 2022. Stock Option Activity There has been no activity for stock-based compensation expense related to stock options during the fiscal years ended July 1, 2023, July 2, 2022, and July 3, 2021. The following table summarizes outstanding and exercisable options as of July 1, 2023 all of which have been fully amortized and recognized since before June 29, 2019. Options Outstanding Options Exercisable Exercise Price Number of Shares Weighted Average Remaining Contractual Term Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Remaining Contractual Term Weighted Average Exercise Price Aggregate Intrinsic Value $5.95 1,180,257 0.62 $ 5.95 $ 6.3 1,180,257 0.62 $ 5.95 $ 6.3 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $11.33 as of July 1, 2023, which would have been received had the options been exercised as of that date. The total number of in-the-money options exercisable as of July 1, 2023 was 1.2 million. Employee Stock Purchase Plan Activity The expense related to the ESPP is recorded on a straight-line basis over the relevant subscription period. During fiscal 2023, the Company issued shares of 435,195 and 292,910 on January 31, 2023 and July 31, 2022, respectively, as part of the ESPP. As of July 1, 2023, there was $0.2 million of unrecognized stock-based compensation cost related to the ESPP that remains to be amortized. The cost will be recognized in the first quarter of fiscal 2024. Full Value Awards Activity A summary of the status of the Company’s non-vested Full Value Awards as of July 1, 2023 and changes during the same period is presented below ( amount in millions, except per share amounts ): Full Value Awards Performance Shares (1) Non-Performance Shares Total Number of Shares Weighted-average Grant-dated Fair Value Non-vested June 27, 2020 1.0 5.1 6.1 $ 12.97 Awards granted 1.3 3.3 4.6 $ 14.15 Awards vested (0.6) (3.1) (3.7) $ 12.58 Awards forfeited (0.2) (0.5) (0.7) $ 13.83 Non-vested July 3, 2021 1.5 4.8 6.3 $ 13.98 Awards granted 0.4 2.4 2.8 $ 16.95 Awards vested (0.4) (2.2) (2.6) $ 13.38 Awards forfeited (0.1) (0.2) (0.3) $ 14.64 Non-vested July 2, 2022 1.4 4.8 6.2 $ 15.55 Awards granted 0.9 3.1 4.0 $ 14.35 Awards vested (0.6) (1.8) (2.4) $ 15.23 Awards forfeited — (0.3) (0.3) $ 14.78 Non-vested July 1, 2023 1.7 5.8 7.5 $ 15.06 (1) Performance Shares refer to the Company’s MSU and PSU awards, where the actual number of shares awarded upon vesting may be higher or lower than the target amount depending on the achievement of the relevant market conditions and performance goal achievement. The majority of MSUs vest in equal annual installments over three As of July 1, 2023, $60.1 million of unrecognized stock-based compensation cost related to Full Value Awards remains to be amortized. That cost is expected to be recognized over the remaining amortization period of 1.6 years. Valuation Assumptions The Company estimates the fair value of time-based RSU awards based on the closing market price of the Company’s common stock on the date of grant. In the case of PSUs that are performance-based awards without a market condition, the Company will estimate the fair value of the awards using a probability weighted model. In the case of MSUs or PSUs, that are performance-based awards and include a market condition, the Company will estimate the fair value of the awards using a combination of the closing market price of the Company’s common stock on the grant date and the Monte Carlo simulation model. The weighted-average assumptions used to measure fair value of performance-based awards with a market condition were as follows: Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Volatility of common stock 31.2 % 33.8 % 38.5 % Average volatility of peer companies 62.1 % 58.7 % 65.7 % Average correlation coefficient of peer companies 0.3111 0.3442 0.3653 Risk-free interest rate 3.4 % 0.2 % 0.3 % The Company did not issue stock option grants during the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021. The Company estimates the fair value ESPP purchase rights using a BSM valuation model. The fair value is estimated on the date of grant using the BSM option valuation model with the following weighted-average assumptions: Employee Stock Purchase Plans July 1, 2023 July 2, 2022 July 3, 2021 Expected term (in years) 0.5 0.5 0.5 Expected volatility 37.2 % 24.3 % 44.9 % Risk-free interest rate 3.8 % 0.3 % 0.1 % Expected Term: The Company's expected term for stock options was calculated utilizing the simplified method in accordance with the authoritative guidance. The Company used the simplified method as the Company does not have sufficient historical share option exercise data due to the limited number of shares granted as well as changes in the Company's business following the separation from Lumentum, rendering existing historical experience less reliable in formulating expectations for current grants. The Company’s purchase right period is six months under the ESPP. Expected Volatility: The expected volatility for stock options was based on the historical volatility of the Company's common stock and its peers. The expected volatility for ESPP purchase rights was based on the historical volatility of its stock price with a similar expected term. Risk-Free Interest Rate: The Company bases the risk-free interest rate used in the BSM valuation method on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term. Expected Dividend: The BSM valuation model calls for a single expected dividend yield as an input. The Company has not paid and does not anticipate paying any dividends in the near future.

Employee Pension and Other Bene

Employee Pension and Other Benefit Plans	12 Months Ended
	Jul. 01, 2023
Retirement Benefits [Abstract]
Employee Pension and Other Benefit Plans	Note 17. Employee Pension and Other Benefit Plans Employee 401(k) Plans The Company sponsors the Viavi Solutions 401(k) Plan (the 401(k) Plan), a defined contribution plan under ERISA, which provides retirement benefits for its eligible employees through tax deferred salary deductions. The 401(k) Plan allows employees to contribute up to 50% of their annual compensation, with contributions limited to $22,500 in calendar year 2023 as set by the Internal Revenue Service. For all eligible employees, the Company offers a 401(k) Plan that provides a 100% match of employees’ contributions up to the first 3% of annual compensation and 50% match on the next 2% of compensation. All matching contributions are made in cash and vest immediately. The Company’s matching contributions to the 401(k) Plan were $5.4 million, $5.1 million and $4.7 million in fiscal 2023, 2022 and 2021, respectively. Employee Defined Benefit Plans The Company is responsible for a non-pension post-retirement benefit obligation assumed from a past acquisition, which is closed to new participants. As of July 1, 2023 and July 2, 2022, the liability balances related to the non-pension post-retirement benefit plan were $0.4 million. The liability balances were included in Other non-current liabilities on the Consolidated Balance Sheets. The Company sponsors significant qualified and non-qualified pension plans for certain past and present employees in the U.K. and Germany including the plan assumed in a prior acquisition. Most of these pension plans have been closed to new participants and no additional service costs are being accrued, except for certain plans in Germany assumed in connection with an acquisition during fiscal 2010. Benefits are generally based upon years of service and compensation or stated amounts for each year of service. As of July 1, 2023, the U.K. plan was fully funded while the other plans were unfunded. The Company’s policy for funded plans is to make contributions equal to or greater than the requirements prescribed by law or regulation. For unfunded plans, the Company pays the post-retirement benefits when due. Future estimated benefit payments are summarized under the Future Benefit Payments’ section below. No other required contributions are expected in fiscal 2024, but the Company, at its discretion, can make contributions to one or more of the defined benefit plans. The Company accounts for its obligations under these pension plans in accordance with the authoritative guidance which requires the Company to record its obligation to the participants, as well as the corresponding net periodic cost. The Company determines its obligation to the participants and its net periodic cost principally using actuarial valuations provided by third-party actuaries. The obligation the Company records on its Consolidated Balance Sheets is reflective of the total PBO and the fair value of plan assets. The following table presents the components of the net periodic benefit cost for the pension and benefits plans ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Service cost $ — $ 0.2 $ 0.2 Interest cost 2.7 1.6 1.5 Expected return on plan assets (1.7) (1.7) (1.7) Recognized net actuarial (gains) losses (0.1) 2.9 3.1 Net periodic benefit cost $ 0.9 $ 3.0 $ 3.1 The Company’s accumulated other comprehensive (loss) income includes unrealized net actuarial (gains)/losses. The amount of unrealized net actuarial (gain)/loss expected to be recognized in net periodic benefit cost during fiscal 2024 is $0.1 million. The changes in the benefit obligations and plan assets of the pension and benefits plans were ( in millions ): Pension Benefit Plans July 1, 2023 July 2, 2022 Change in benefit obligation Benefit obligation at beginning of year $ 95.5 $ 140.5 Service cost — 0.2 Interest cost 2.7 1.6 Actuarial gains (4.2) (25.7) Benefits paid (5.6) (6.3) Foreign exchange impact (2.3) (14.8) Benefit obligation at end of year $ 86.1 $ 95.5 Change in plan assets Fair value of plan assets at beginning of year $ 29.3 $ 36.2 Actual return on plan assets 0.2 (3.0) Employer contributions 5.6 6.7 Benefits paid (5.6) (6.3) Foreign exchange impact 1.6 (4.3) Fair value of plan assets at end of year 31.1 29.3 Funded status (55.0) (66.2) Accumulated benefit obligation $ 86.1 $ 95.5 Pension Benefit Plans July 1, 2023 July 2, 2022 Amount recognized on the Consolidated Balance Sheets at end of year: Non-current assets $ 5.6 $ — Current liabilities 7.8 7.0 Non-current liabilities 52.8 59.2 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net actuarial gain $ 2.0 $ 13.9 Amortization of accumulated net actuarial (gains) losses (0.1) 2.9 Total recognized in other comprehensive income (loss) $ 1.9 $ 16.8 During fiscal 2023, the Company (amounts represented as £ and $ denote GBP and USD, respectively) contributed £1.0 million or approximately $1.2 million, while in fiscal 2022, the Company contributed £1.0 million or approximately $1.3 million to its U.K. pension plan. These contributions allowed the Company to comply with regulatory funding requirements. Assumptions Underlying both the calculation of the PBO and net periodic cost are actuarial valuations. These valuations use participant-specific information such as salary, age, years of service, and assumptions about interest rates, compensation increases and other factors. At a minimum, the Company evaluates these assumptions annually and makes changes as necessary. The discount rate reflects the estimated rate at which the pension benefits could be effectively settled. In developing the discount rate, the Company considered the yield available on an appropriate AA corporate bond index, adjusted to reflect the term of the scheme’s liabilities as well as a yield curve model developed by the Company’s actuaries. The expected return on assets was estimated by using the weighted average of the real expected long-term return (net of inflation) on the relevant classes of assets based on the target asset mix and adding the chosen inflation assumption. The following table summarizes the weighted average assumptions used to determine net periodic cost and benefit obligation for the Company’s U.K. and German pension plans: Pension Benefit Plans July 1, 2023 July 2, 2022 July 3, 2021 Used to determine net period cost at end of year: Discount rate 4.1 % 3.2 % 1.2 % Expected long-term return on plan assets 5.9 % 6.2 % 5.4 % Rate of pension increase 2.5 % 2.2 % 2.2 % Used to determine benefit obligation at end of year: Discount rate 4.1 % 3.2 % 1.2 % Rate of pension increase 2.5 % 2.2 % 2.3 % Investment Policies and Strategies The Company’s investment objectives for its funded pension plan are to ensure that there are sufficient assets available to pay out members’ benefits as and when they arise and that, should the plan be discontinued at any point in time, there would be sufficient assets to meet the discontinuance liabilities. To achieve these objectives, the trustee of the U.K. pension plan is responsible for regularly monitoring the funding position and managing the risk by investing in assets expected to outperform the increase in value of the liabilities in the long term and by investing in a diversified portfolio of assets in order to minimize volatility in the funding position. The trustee invests in a range of frequently traded funds (pooled funds) rather than direct holdings in individual securities to maintain liquidity, achieve diversification and reduce the potential for risk concentration. The funded plan assets are managed by professional third-party investment managers. Fair Value Measurement of Plan Assets The following table sets forth the plan assets at fair value and the percentage of assets allocations as of July 1, 2023 ( in millions, except percentage data ): Fair value as of July 1, 2023 Target Allocation Total Percentage of Plan Assets Level 1 Level 2 Assets: Global equity 40 % $ 10.5 33.8 % $ — $ 10.5 Fixed income 40 % 10.0 32.1 % — 10.0 Other 20 % 7.9 25.4 % — 7.9 Cash 2.7 8.7 % 2.7 — Total assets $ 31.1 100.0 % $ 2.7 $ 28.4 The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of July 2, 2022 ( in millions, except percentage data ): Fair value as of July 2, 2022 Target Allocation Total Percentage of Plan Assets Level 1 Level 2 Assets: Global equity 40 % $ 10.3 35.2 % $ — $ 10.3 Fixed income 40 % 10.4 35.5 % — 10.4 Other 20 % 6.4 21.8 % — 6.4 Cash 2.2 7.5 % 2.2 — Total assets $ 29.3 100.0 % $ 2.2 $ 27.1 The Company’s pension assets consist of multiple institutional funds (pension funds) of which the fair values are based on the quoted prices of the underlying funds. Pension funds are classified as Level 2 assets since such funds are not directly traded in active markets. Global equity consists of several index funds that invest primarily in U.K. equities and other overseas equities. Fixed income consists of several funds that invest primarily in index-linked Gilts (over 5 year), sterling-denominated investment grade corporate bonds, and overseas government bonds. Other consists of several funds that primarily invest in global equities, bonds, private equity, global real estate and infrastructure funds. Future Benefit Payments The following table reflects the expected benefit payments to defined benefit pension plan participants. These payments have been estimated based on the same assumptions used to measure the Company’s PBO at fiscal year end and include benefits attributable to estimated future compensation increases ( in millions ). Pension Benefit Plans 2024 $ 9.2 2025 6.1 2026 6.3 2027 6.2 2028 5.6 2029-2033 25.4

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 18. Commitments and Contingencies Royalty payments The Company is obligated to make future minimum royalty payments of $1.5 million measured as of July 1, 2023 for the use of certain licensed technologies. Future minimum payments are expected to be paid through the third quarter of fiscal 2026, as follows ( in millions): Royalty Payments 2024 $ 0.8 2025 0.4 2026 0.3 Total $ 1.5 Purchase Obligations Purchase obligations of $124.0 million as of July 1, 2023, represent legally-binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. 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 the Company’s 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. The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for raw materials, packages and standard components. The Company generally purchases these single or limited source products through standard purchase orders or one-year supply agreements and has no significant long-term guaranteed supply agreements with such vendors. While the Company seeks to maintain a sufficient safety stock of such products and maintains on-going communications with its suppliers to guard against interruptions or cessation of supply, the Company’s 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 the Company’s inability to obtain reduced pricing from its suppliers in response to competitive pressures. Financing Obligations On August 21, 2007, the Company entered into a sale and lease-back of certain buildings and land in Santa Rosa, California (the Santa Rosa Transactions), under which we leased back certain buildings. The net cash proceeds received from the transaction were $32.2 million. The lease terms range from a one-year lease with multiple renewal options to a ten-year lease with two five-year renewal options. These buildings did not qualify for sale and lease back accounting due to various forms of continuing involvement and, as a result, they were accounted for as financing transactions. In August 2012 and May 2019, the Company entered into two lease amendments to extend the term of the lease to August 31, 2032 with a ten-year renewal option. In the first quarter of fiscal 2020, the Company reassessed whether a sale would have occurred on the date of adoption of ASC 842 and, at which time, concluded that the buildings did not qualify for sale and lease back accounting in accordance with ASC 842. As a result, they were continuously accounted for as financing transactions. As of July 1, 2023, $0.2 million was included in Other current liabilities Other non-current liabilities Other current liabilities Other non-current liabilities As of July 1, 2023, future minimum annual lease payments of Santa Rosa’s non-cancelable leaseback agreements were as follows (in millions) : 2024 $ 3.0 2025 3.1 2026 3.1 2027 3.2 2028 2.7 Thereafter 10.9 Total minimum leaseback payments $ 26.0 Guarantees Authoritative guidance requires upon issuance of a guarantee the guarantor must recognize a liability for the fair value of the obligation that it assumes under the guarantee. In addition, disclosures about the guarantees that an entity has issued, including a tabular reconciliation of the changes of the entity’s product warranty liabilities, are required. The Company from time to time enters into certain types of contracts that contingently require the Company to indemnify parties against third-party claims. These contracts primarily relate to: (i) divestiture agreements, under which the Company may provide customary indemnifications to purchasers of the Company’s businesses or assets; (ii) certain real estate leases, under which the Company may be required to indemnify property owners for environmental and other liabilities, and other claims arising from the Company’s use of the applicable premises; and (iii) certain agreements with the Company’s officers, directors and employees, under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship. The terms of such obligations vary. Generally, a maximum obligation is not explicitly stated. Because the obligated amounts of these types of agreements often are not explicitly stated, the overall maximum amount of the obligations cannot be reasonably estimated. Historically, the Company has not been obligated to make significant payments for these obligations, and no liabilities have been recorded for these obligations on the Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022. Outstanding Standby Letters of Credit and Performance Bonds As of July 1, 2023, the Company had standby letters of credit of $8.4 million, and other claims of $0.7 million collateralized by restricted cash. Product Warranties The Company provides reserves for the estimated costs of product warranties at the time revenue is recognized. Prior to January 1, 2023 the Company offered its customers warranties up to three years for most of its products. On January 1, 2023, the Company changed the standard warranty for most of its products to one year. The Company estimates the costs of its warranty obligations based on its 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. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. The following table presents the changes in the Company’s warranty reserve during fiscal 2023 and 2022 ( in millions ): Year Ended July 1, 2023 July 2, 2022 Balance as of beginning of period $ 10.6 $ 9.7 Provision for warranty 1.6 5.2 Utilization of reserve (1.2) (2.4) Adjustments related to pre-existing warranties (including changes in estimates) (2.0) (1.9) Balance as of end of period $ 9.0 $ 10.6 Legal Proceedings In June 2016, the Company received a court decision regarding the validity of an amendment to a pension deed of trust related to one of its foreign subsidiaries which the Company contends contained an error requiring the Company to increase the pension plan’s benefit. The Company had subsequently further amended the deed to rectify the error. The court ruled that the amendment increasing the pension plan benefit was valid until the subsequent amendment. The Company estimated the liability to range from (amounts represented as £ denote GBP) £5.7 million to £8.4 million. The Company determined the likelihood of loss to be probable and accrued £5.7 million as of July 2, 2016 in accordance with authoritative guidance on contingencies. The Company pursued an appeal of the court decision. In March 2018, the appellate court affirmed the decision of the lower court. The Company pursued a motion for summary judgement on the deed of rectification claim and continues to pursue a claim against the U.K. law firm responsible for the error. As of July 2, 2022, the related accrued pension liability of £5.4 million or $6.5 million was included in pension and post-employment benefits within Other non-current liabilities on the Consolidated Balance Sheets. In September 2022, the Company received a favorable court decision which removed completely and definitively the obligation to fund the increased pension benefit with retrospective effect to 1999. As a result of the judgment, and in accordance with authoritative guidance on contingencies, the Company reversed the liability and recorded a gain (reduction to SG&A expense in the Consolidated Statements of Operations) of £5.7 million or $6.7 million during fiscal 2023. The Company is subject to a variety of claims and suits that arise from time to time in the ordinary course of its business. While management currently believes that resolving claims against the Company, individually or in aggregate, will not have a material adverse impact on its financial position, results of operations or statement of cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. Were an unfavorable final outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position, results of operations or cash flows for the period in which the effect becomes reasonably estimable.

Operating Segments and Geograph

Operating Segments and Geographic Information	12 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Operating Segments and Geographic Information	Note 19. Operating Segments and Geographic Information The Company evaluates its reportable segments in accordance with the authoritative guidance on segment reporting. The Company’s Chief Executive Officer, as the Company’s Chief Operating Decision Maker (CODM), uses operating segment financial information to evaluate segment performance and to allocate resources. The Company’s reportable segments are: (i) Network Enablement: NE provides an integrated portfolio of testing solutions that access the network to perform build-out and maintenance tasks. These solutions include instruments, software and services to design, build, turn-up, certify, troubleshoot and optimize networks. The Company also offers a range of product support and professional services such as repair, calibration, software support and technical assistance for its products. NE’s avionics products provide test and measuring solutions for aviation, aerospace, government, defense, communications and public safety. (ii) Service Enablement: SE provides embedded systems and enterprise performance management solutions that give global CSPs, enterprises and cloud operators visibility into network, service and application data. These solutions—including instruments, microprobes and software—monitor, collect and analyze network data to reveal the actual customer experience and to identify opportunities for new revenue streams and network optimization. (iii) Optical Security and Performance Products: OSP leverages its core optical coating technologies and volume manufacturing capability to design, manufacture, and sell technologies for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets. Segment Reporting The CODM manages the Company in two broad business categories: NSE and OSP. The CODM evaluates segment performance of the NSE business based on the combined segment gross and operating margins. Operating expenses associated with the NSE business are not allocated to the individual segments within NSE, as they are managed centrally at the business unit level. The CODM evaluates segment performance of the OSP business based on segment operating margin. The Company allocates corporate-level operating expenses to its segment results, except for certain non-core operating and non-operating activities as discussed below. The Company does not allocate stock-based compensation, acquisition-related charges, amortization of intangibles, restructuring and related charges, impairment of goodwill, non-operating income and expenses, changes in fair value of contingent consideration liabilities, or other charges unrelated to core operating performance to its segments because management does not include this information in its measurement of the performance of the operating segments. These items are presented as “Other Items” in the table below. Additionally, the Company does not specifically identify and allocate all assets by operating segment. Information on the Company’s reportable segments is as follows ( in millions ): Year Ended July 1, 2023 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 583.9 $ 47.4 $ 631.3 $ 304.8 $ — $ 936.1 Service revenue 113.6 56.3 169.9 0.1 — 170.0 Net revenue $ 697.5 $ 103.7 $ 801.2 $ 304.9 $ — $ 1,106.1 Gross profit 440.1 70.1 510.2 158.6 (30.0) 638.8 Gross margin 63.1 % 67.6 % 63.7 % 52.0 % 57.8 % Operating income 61.2 111.3 (90.1) 82.4 Operating margin 7.6 % 36.5 % 7.4 % Year Ended July 2, 2022 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 739.7 $ 53.0 $ 792.7 $ 342.8 $ — $ 1,135.5 Service revenue 106.1 50.3 156.4 0.5 — 156.9 Net revenue $ 845.8 $ 103.3 $ 949.1 $ 343.3 $ — $ 1,292.4 Gross profit 543.6 71.5 615.1 193.6 (35.2) 773.5 Gross margin 64.3 % 69.2 % 64.8 % 56.4 % 59.8 % Operating income 147.8 139.0 (101.8) 185.0 Operating margin 15.6 % 40.5 % 14.3 % Year Ended July 3, 2021 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 650.5 $ 40.6 $ 691.1 $ 360.3 $ — $ 1,051.4 Service revenue 96.1 50.7 146.8 0.7 — 147.5 Net revenue $ 746.6 $ 91.3 $ 837.9 $ 361.0 $ — $ 1,198.9 Gross profit 474.2 59.9 534.1 218.1 (37.8) 714.4 Gross margin 63.5 % 65.6 % 63.7 % 60.4 % 59.6 % Operating income 92.2 161.3 (111.3) 142.2 Operating margin 11.0 % 44.7 % 11.9 % Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Corporate reconciling items impacting gross profit: Total segment gross profit $ 668.8 $ 808.7 $ 752.2 Stock-based compensation (4.8) (5.2) (4.8) Amortization of intangibles (24.6) (30.0) (33.2) Other (charges) benefits unrelated to core operating performance (1) (0.6) — 0.2 GAAP gross profit $ 638.8 $ 773.5 $ 714.4 Corporate reconciling items impacting operating income: Total segment operating income $ 172.5 $ 286.8 $ 253.5 Stock-based compensation (51.2) (52.3) (48.3) Amortization of intangibles (33.3) (39.7) (66.5) Change in fair value of contingent liability 4.5 (0.3) 5.3 Other benefits (charges) unrelated to core operating performance (1) 2.0 (9.6) (3.4) Restructuring and related (charges) benefits (12.1) 0.1 1.6 GAAP operating income from continuing operations $ 82.4 $ 185.0 $ 142.2 (1) During the years ended July 1, 2023, July 2, 2022, and July 3, 2021 other benefits (charges) unrelated to core operating performance primarily consisted of certain acquisition and integration related charges, transformational initiatives such as site consolidations, reorganization, accretion of debt discount, intangible impairment and loss on disposal of long-lived assets. The Company operates primarily in three geographic regions: Americas, Asia-Pacific, and Europe, Middle East and Africa (EMEA). Net revenue is assigned to the geographic region and country where the Company’s product is initially shipped. For example, certain customers may request shipment of 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 the Company operates in and net revenue from countries that exceeded 10% of the Company’s total net revenue ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Product Revenue Service Revenue Total Product Revenue Service Revenue Total Product Revenue Service Revenue Total Americas: United States $ 303.5 $ 59.4 $ 362.9 $ 332.5 $ 56.4 $ 388.9 $ 275.8 $ 54.2 $ 330.0 Other Americas 60.3 14.9 75.2 82.2 14.6 96.8 72.7 12.9 85.6 Total Americas $ 363.8 $ 74.3 $ 438.1 $ 414.7 $ 71.0 $ 485.7 $ 348.5 $ 67.1 $ 415.6 Asia-Pacific: Greater China $ 203.5 $ 7.4 $ 210.9 $ 247.5 $ 8.9 $ 256.4 $ 265.8 $ 11.2 $ 277.0 Other Asia 140.2 26.4 166.6 185.2 20.1 205.3 118.5 15.0 133.5 Total Asia-Pacific $ 343.7 $ 33.8 $ 377.5 $ 432.7 $ 29.0 $ 461.7 $ 384.3 $ 26.2 $ 410.5 EMEA: $ 228.6 $ 61.9 $ 290.5 $ 288.1 $ 56.9 $ 345.0 $ 318.6 $ 54.2 $ 372.8 Total net revenue $ 936.1 $ 170.0 $ 1,106.1 $ 1,135.5 $ 156.9 $ 1,292.4 $ 1,051.4 $ 147.5 $ 1,198.9 SICPA Holding SA Company (SICPA), a customer of the Company’s OSP segment, generated more than 10% of VIAVI net revenue from continuing operations during fiscal 2023, 2022 and 2021 as summarized below ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 SICPA - OSP customer $ 157.7 $ 178.4 $ 193.9 Property, plant and equipment, net was identified based on the operations in the corresponding geographic areas ( in millions ): Years Ended July 1, 2023 July 2, 2022 United States $ 166.9 $ 148.3 Other Americas 1.3 1.8 China 33.6 39.7 Other Asia-Pacific 4.0 4.5 United Kingdom 24.6 25.7 Other EMEA 12.6 8.9 Total property, plant and equipment, net $ 243.0 $ 228.9

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Jul. 01, 2023
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Information (unaudited)	Note 20. Selected Quarterly Financial Information (unaudited) The following table presents the Company’s selected quarterly financial information from the Consolidated Statements of Operations for fiscal 2023 and 2022 ( in millions, except per share data ): July 1, 2023 April 1, 2023 December 31, 2022 October 1, 2022 July 2, 2022 April 2, 2022 January 1, 2022 October 2, 2021 Net revenue $ 263.6 $ 247.8 $ 284.5 $ 310.2 $ 335.3 $ 315.5 $ 314.8 $ 326.8 Gross profit 146.0 141.0 167.0 184.8 201.1 186.9 190.5 195.0 Net (loss) income $ (0.1) $ (15.4) $ 8.4 $ 32.6 $ 16.5 $ 19.2 $ 34.6 $ (54.8) Net (loss) income per share - basic: Net (loss) income (1) $ — $ (0.07) $ 0.04 $ 0.14 $ 0.07 $ 0.08 $ 0.15 $ (0.24) Net (loss) income per share - diluted: Net (loss) income (1) $ — $ (0.07) $ 0.04 $ 0.14 $ 0.07 $ 0.08 $ 0.14 $ (0.24) Shares used in per-share calculation: Basic 222.2 224.1 225.9 226.3 227.2 229.2 236.0 231.1 Diluted 222.2 224.1 227.1 230.4 231.3 236.8 242.3 231.1 (1) Net (loss) income per share is computed independently for each of the fiscal quarters presented. Therefore, the sum of the quarterly basic and diluted Net (loss) income per share amounts may not equal the annual basic and diluted Net (loss) income per share amount for the full fiscal years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Pay vs Performance Disclosure
Net income	$ (0.1)	$ (15.4)	$ 8.4	$ 32.6	$ 16.5	$ 19.2	$ 34.6	$ (54.8)	$ 25.5	$ 15.5	$ 67.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	12 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Years	Fiscal Years The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s 2023 and 2022 fiscal years were 52-week years ending on July 1, 2023 and July 2, 2022, respectively. The Company’s 2021 fiscal year was a 53-week fiscal year ending on July 3, 2021 as the first quarter of fiscal year 2021 was a 14-week quarter compared to the standard 13-week quarters.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated.
Use of Estimates	Use of EstimatesThe preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers highly liquid instruments such as treasury bills, commercial paper and other money market instruments with original maturities of 90 days or less at the time of purchase to be cash equivalents.
Restricted Cash	Restricted CashAt July 1, 2023 and July 2, 2022, the Company’s short-term restricted cash balances were $4.5 million and $3.6 million, respectively. The Company’s long-term restricted cash balances, included in Other non-current assets on the Consolidated Balance Sheets, were $4.6 million and $9.3 million as of July 1, 2023 and July 2, 2022, respectively. These balances primarily include interest-bearing investments in bank deposit and money market funds which act as collateral supporting the issuance of standby letters of credit and performance bonds for the benefit of third parties.
Investments	Investments The Company’s investments in debt securities are classified as available for sale investments, recorded at fair value. The cost of securities sold is based on the specific identified method. Unrealized gains and losses resulting from changes in fair value on available-for-sale investments, net of tax, are reported as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company periodically reviews investments in debt securities for impairment. If a debt security’s fair value is below amortized cost and the Company either intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the Company records an other-than-temporary impairment charge to current earnings for the entire amount of the impairment. If a debt security’s fair value is below amortized cost and the Company does not expect to recover the entire amortized cost of the security, the Company separates the other-than-temporary impairment into: (i) the portion of the loss related to credit factors, or the credit loss portion; and, (ii) the portion of the loss that is not related to credit factors, or the non-credit loss portion. The credit loss portion is recorded as an allowance to credit loss through Interest and other income, net, in the Consolidated Statement of Operations and the non-credit loss portion is recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company’s investments also include fixed term deposits with interest earned recorded as a component of Interest and other income, net, in the Consolidated Statement of Operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. There is an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. Observable inputs are inputs which market participants would use in valuing an asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs which reflect the assumptions market participants would use in valuing an asset or liability. The three levels of inputs that may be used to measure fair value are: • Level 1 : includes financial instruments for which quoted market prices for identical instruments are available in active markets. Level 1 assets of the Company include money market funds, U.S. Treasury securities and marketable equity securities as they are traded with sufficient volume and frequency of transactions. • Level 2 : includes financial instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 2 instruments of the Company include asset-backed securities, foreign currency forward contracts and debt. To estimate their fair value, the Company utilizes pricing models based on market data. The significant inputs for the valuation model usually include benchmark yields, reported trades, broker and dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, and industry and economic events. • Level 3 : includes financial instruments for which fair value is derived from valuation-based inputs, that are unobservable and significant to the overall fair value measurement. As of July 1, 2023 and July 2, 2022, the Company did not hold any Level 3 investment securities. The Company’s Level 3 liabilities as of July 1, 2023 and July 2, 2022 consist of contingent purchase consideration liabilities related to business acquisitions. The fair value of such earn-out liabilities are generally determined using a Monte Carlo Simulation that includes significant unobservable inputs such as the risk-adjusted discount rate, gross profit volatility, and projected financial forecast of acquired business over the earn-out period. The fair value of certain earn-out liabilities is derived using the estimated probability of success of achieving the earn-out milestones discounted to present value. The fair value of contingent consideration liabilities is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized in the Selling, general and administrative (SG&A) expense of the Consolidated Statements of Operations.
Inventories	InventoriesThe Company’s inventory is valued at standard cost, which approximates actual cost computed on a first-in, first-out basis, not in excess of net realizable value. On a quarterly basis, the Company assesses the value of its inventory and writes down those inventories determined to be obsolete or in excess of its forecasted usage to their market value. The Company’s estimates of realizable value are based upon management analysis and assumptions including, but not limited to, forecasted sales levels by product, expected product life cycle, product development plans and future demand requirements. The Company’s product line management personnel play a key role in its excess review process by providing updated sales forecasts, managing product transitions and working with manufacturing to minimize excess inventory. Differences between actual market conditions and customer demand to the Company’s forecasts, may create favorable or unfavorable inventory positions, and may result in additional inventory write-downs or higher than expected income from operations. The Company’s inventory amounts include material, labor, and manufacturing overhead costs.
Leases	Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. If the rate implicit in the lease is not readily determinable for our operating leases, the Company uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. Operating right-of-use (ROU) assets are recognized at commencement based on the amount of the initial measurement of the lease liability. Operating ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Operating ROU assets are included in Other non-current assets and lease liabilities are included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. Lease and non-lease components for all leases are accounted for separately. The Company does not recognize ROU assets and lease liabilities for leases with a lease term of twelve months or less.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using a straight-line method, over the estimated useful lives of the assets: building and improvements 5 to 50 years; machinery and equipment 3 to 30 years; and furniture, fixtures, software and office equipment 2 to 10 years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the asset or the remaining lease term. Demonstration units are amortized using the straight-line method and are Company products used for demonstration purposes for existing and prospective customers. These assets are generally not intended to be sold and have an estimated useful life of 3 to 5 years. Costs related to software acquired, developed or modified solely to meet the Company’s internal requirements and for which there are no substantive plans to market are capitalized in accordance with the authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. Only costs incurred after the preliminary planning stage of the project and after management has authorized and committed funds to the project are eligible for capitalization. Costs capitalized for computer software developed or obtained for internal use are included in Property, plant and equipment, net, on the Consolidated Balance Sheets.
Business Combinations	Business Combinations The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred.
Goodwill	Goodwill Goodwill represents the excess of the purchase price paid over the net fair value of assets acquired and liabilities assumed. The Company tests goodwill for impairment at the reporting unit level at least annually, during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The accounting guidance provides the Company with the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carry amount. These events and circumstances include, macro-economic conditions, such as a significant adverse change in the Company’s operating environment, industry or market considerations; entity-specific events such as increasing costs, declining financial performance, or loss of key personnel, or other events, such as the sale of a reporting unit, adverse regulatory developments or a sustained decrease in the Company’s stock price. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is required. Otherwise, no further testing is required. Under the quantitative test, the Company compares the fair value of a reporting unit to its carrying value. If the estimated fair value exceeds book value, goodwill is considered not to be impaired. However, if the fair value of the reporting unit is less than book value, then goodwill will be impaired by the amount that the carrying amount exceeds the fair value, not to exceed the carrying amount of the goodwill. To estimate the fair value of each reporting unit, a combination of the income and market approach is used. The income approach uses discounted future cash flows in which sales, operating income and cash flow projections are based on assumptions driven by current economic conditions. Key assumptions used in the discounted future cash flow model include, but are not limited to, long-term annual growth rates, terminal growth rates, weighted average cost of capital and the Company’s effective tax rate.
Intangible Assets	Intangible AssetsIn connection with the Company’s acquisitions, the Company generally recognizes assets for customer relationships, acquired developed technologies, patents, proprietary know-how, trade secrets, in-process research and development (IPR&D) and trademarks and trade names. Finite lived intangible assets are amortized using the straight-line method over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets.
Long-lived Assets	Long-lived Assets Long-lived assets, including intangible assets and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of any asset or asset group may not be recoverable. Such an evaluation is performed at the lowest identifiable level of cash flows independent of other assets. An impairment loss would be recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset or asset group over its estimated fair value. Estimates of future cash flow require significant judgment based on anticipated future operating results, which are subject to variability and change.
Pension and Other Postretirement Benefits	Pension and Other Post-retirement Benefits The funded status of the Company’s retirement-related benefit plans is recognized on the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at fiscal year end, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (PBO) and for the non-pension post-retirement benefit plan the benefit obligation is the accumulated post-retirement benefit obligation (APBO). The PBO represents the actuarial present value of benefits expected to be paid upon its employees’ retirement. The APBO represents the actuarial present value of post-retirement benefits attributed to employee services already rendered. Unfunded or partially funded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and recorded as a retirement and non-pension post-retirement benefit obligation equal to this excess. The current portion of the retirement-related benefit obligation represents the actuarial present value of benefits payable in the next 12 months in excess of the fair value of plan assets, measured on a plan-by-plan basis. This liability is recorded in Other current liabilities on the Consolidated Balance Sheets. Net periodic pension cost is recorded in the Consolidated Statements of Operations and includes service cost, interest cost, expected return on plan assets, amortization of prior service cost or credit, and gains or losses previously recognized as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Service cost represents the actuarial present value of participant benefits attributed to services rendered by employees in the current year. Interest cost represents the time value of money cost associated with the passage of time. Gains or losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Prior service cost or credit represents the cost of benefit improvements attributable to prior service granted in plan amendments. Gains or losses and prior service cost or credit not recognized as a component of net periodic pension cost in the Consolidated Statements of Operations are recognized as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets, net of tax. Those gains or losses and prior service cost or credit are subsequently recognized as a component of net periodic pension cost pursuant to the recognition and amortization provisions of the authoritative guidance. The measurement of the benefit obligation and net periodic pension cost is based on the Company’s estimates and actuarial valuations provided by third-party actuaries and are approved by management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases and mortality rates. The Company evaluates these assumptions periodically but not less than annually. In estimating the expected return on plan assets, the Company considers historical returns on plan assets, diversification of plan investments, adjusted for forward-looking considerations, inflation assumptions and the impact of the active management of the plan’s invested assets.
Concentration of Credit and Other Risks	Concentration of Credit and Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, restricted cash, trade receivables and foreign currency forward contracts. The Company’s cash and cash equivalents and short-term investments are held in safekeeping by large, creditworthy financial institutions. The Company invests its excess cash primarily in institutional money market funds, short-term deposits and similar short duration high quality, investment grade instruments. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain the safety and liquidity of these investments. The Company’s foreign exchange derivative instruments expose the Company to credit risk to the extent that the counterparties may be unable to meet the terms of the agreements. The Company seeks to mitigate such risk by limiting its counterparties to major financial institutions and by spreading such risk across several major financial institutions. Potential risk of loss with any one counterparty resulting from such risk is monitored by the Company on an ongoing basis. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. When the Company becomes aware that a specific customer is unable to meet its financial obligations, the Company records a specific allowance to reflect the level of credit risk in the customer’s outstanding receivable balance. In addition, the Company records additional allowances based on certain percentages of aged receivable balances. These percentages consider a variety of factors including, but not limited to, current economic trends, historical payment and bad debt write-off experience. The Company classifies bad debt expenses as SG&A expense in the Consolidated Statements of Operations. The Company is not able to predict changes in the financial stability of its customers. Any material changes in the financial status of any one customer or a group of customers could have a material adverse effect on the Company’s results of operations and financial condition. Although such losses have been within management’s expectations to date, there can be no assurance that such allowances will continue to be adequate. The Company has significant trade receivables concentrated in the telecommunications industry. While the Company’s allowance for doubtful accounts balance is based on historical loss experience along with anticipated economic trends, unanticipated financial instability in the telecommunications industry could lead to higher than anticipated losses. As of July 1, 2023, there were no customer balances that represented 10% or more of the Company’s total accounts receivable, net. As of July 2, 2022, one customer represented 10% or more of the Company’s total accounts receivable, net. During fiscal 2023, 2022 and 2021, one customer generated 10% or more of total net revenues. Refer to “Note 19. Operating Segments and Geographic Information” for more information. The Company relies on a limited number of suppliers and contract manufacturers for a number of key components and sub-assemblies contained in the Company’s products. The Company generally uses a rolling twelve-month forecast based on anticipated product orders, customer forecasts, product order history and backlog to determine its materials requirements for any one period. Lead times for the parts and components that the Company orders may vary significantly and depend on factors such as the specific supplier, contract terms and demand for a component at any given time. If the forecast does not meet actual demand, the Company may have surplus or dearth of some materials and components, as well as excess inventory purchase commitments. The Company could experience reduced or delayed product shipments or incur additional inventory write-downs and cancellation charges or penalties, which may result in increased costs and have a material adverse impact on the Company’s results of operations.
Foreign Currency Forward Contracts	Foreign Currency Forward Contracts The Company conducts its business and sells its products to customers primarily in North America, Europe, Asia and South America. In the normal course of business, the Company’s financial position is routinely subject to market risks associated with foreign currency rate fluctuations due to balance sheet positions in foreign currencies. The Company evaluates foreign exchange risks and utilizes foreign currency forward contracts to reduce such risks, hedging the gains or losses generated by the re-measurement of significant foreign currency-denominated monetary assets and liabilities. The fair value of these contracts is reflected as other current assets or liabilities and the change in fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The gain or loss from the change in fair value of these foreign currency forward contracts largely offsets the change in fair value of the foreign currency denominated monetary assets or liabilities, which is also recorded as a component of Interest and other income, net in the Consolidated Statements of Operations.
Foreign Currency Translation	Foreign Currency Translation VIAVI transacts business in various foreign currencies. In general, the functional currency of our non-US subsidiaries is the country’s local currency. Consequently, the assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Income and expense accounts are translated at exchange rates from the prior month end, which are deemed to approximate the exchange rate when the income and expense is recognized. Gains and losses from re-measurement of monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are included in the Consolidated Statements of Operations as a component of Interest and other income, net.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition The Company derives revenue from a diverse portfolio of network solutions and optical technology products and services, as follows: • Products: Network Enablement (NE) and Service Enablement (SE) products include instruments, microprobes and perpetual software licenses that support the development, production, maintenance and optimization of network systems. NE and SE are collectively referred to as Network and Service Enablement (NSE). The Company’s Optical Security and Performance (OSP) products include proprietary pigments used for optical security and optical filters used in commercial, government and 3D Sensing applications. • Services: The Company also offers a range of product support and professional services, primarily in the NE and SE segments, designed to comprehensively address customer requirements. These include repair, calibration, extended warranty, software support, technical assistance, training and consulting services. Implementation services provided in conjunction with hardware or software solution projects include sale of the products along with project management, set-up and installation. Steps of revenue recognition The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers , in which the following five steps are applied to recognize revenue: 1. Identify the contract with a customer: Generally, the Company considers customer purchase orders which, in some cases are governed by master sales or other purchase agreements, to be the customer contract. All of the following criteria must be met before the Company considers an agreement to qualify as a contract with a customer under the revenue standard: (i) it must be approved by all parties; (ii) each party’s rights regarding the goods and services to be transferred can be identified; (iii) the payment terms for the goods and services can be identified; (iv) the customer has the ability and intent to pay and collection of substantially all of the consideration is probable; and, (v) the agreement has commercial substance. The Company utilizes judgment to determine the customer’s ability and intent to pay, which is based upon various factors including the customer’s historical payment experience or credit and financial information and credit risk management measures implemented by the Company. 2. Identify the performance obligations in the contract: The Company assesses whether each promised good or service is distinct for the purpose of identifying the various performance obligations in each contract. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and, (ii) the Company's promise to transfer the good or service to the customer is separately identifiable or distinct from other promises in the contract. The Company's performance obligations consist of a variety of products and services offerings which include networking equipment; proprietary pigment, optical filters, proprietary software licenses; support and maintenance which includes hardware support that extends beyond the Company's standard warranties, software maintenance, installation, professional and implementation services, and training. Identifying and evaluating whether products and services are considered distinct performance obligations may require significant judgment particularly in NSE due to the nature of the product and service offerings. The Company may enter into contracts that involve a significant level of integration and interdependency between a software license and installation services. Judgment may be required to determine whether the software license is considered distinct in the context of the contract and accounted for separately, or not distinct in the context of the contract and accounted for together with the installation service. 3. Determine the transaction price: Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to the customer. The Company’s contracts may include terms that could cause variability in the transaction price including rebates, sales returns, market incentives and volume discounts. Variable consideration is generally accounted for at the portfolio level and estimated based on historical information. If a contract includes a variable amount, the price adjustments are estimated at contract inception. In both cases, estimates are updated at the end of each reporting period as additional information becomes available. 4. Allocate the transaction price to performance obligations in the contract: If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Many of the Company’s contracts include multiple performance obligations with a combination of distinct products and services, maintenance and support, professional services and/or training. Contracts may also include rights or options to acquire future products and/or services, which are accounted for as separate performance obligations by the Company, only if the right or option provides the customer with a material right that it would not receive without entering into the contract. For contracts with multiple performance obligations, the Company allocates the total transaction value to each distinct performance obligation based on relative standalone selling price (SSP). Judgment is required to determine the SSP for each distinct performance obligation. The best evidence of SSP is the observable price of a good or service when the Company sells that good or service separately under similar circumstances to similar customers. If a directly observable price is not available, the SSP must be estimated based on multiple factors including, but not limited to, historical pricing practices, internal costs, and profit objectives as well as overall market conditions. 5. Recognize revenue when (or as) performance obligations are satisfied: Revenue is recognized at the point in time control is transferred to the customer. For hardware sales, transfer of control to the customer typically occurs at the point the product is shipped or delivered to the customer’s designated location. For software license sales transfer of control to the customer typically occurs upon shipment, electronic delivery, or when the software is available for download by the customer. For sales of implementation service and solution contracts or in instances where software is sold along with essential installation services, transfer of control occurs and revenue is typically recognized upon customer acceptance. In certain instances, acceptance is deemed to have occurred if all acceptance provisions lapse, or if the Company has evidence that all acceptance provisions will be, or have been, satisfied. For fixed-price support and extended warranty contracts, or certain software arrangements which provide customers with a right to access over a discrete period, control is deemed to transfer over time and revenue is recognized on a straight-line basis over the contract term due to the stand-ready nature of the performance obligation. Revenue from hardware repairs and calibration services outside of an extended warranty or support contract is recognized at the time of completion of the related service. For other professional services or time-based labor contracts, revenue is recognized as the Company performs the services and the customers receive and/or consume the benefits. Revenue policy and practical expedients The following policy and practical expedient elections have been made by the Company under the revenue standard: • Revenue-based taxes as assessed by governmental authorities have been excluded from the measurement of transaction price. • Shipping and handling activities performed after the customer obtains control of the good are treated as activities to fulfill the promise (cost of fulfillment). Therefore, the Company does not evaluate whether the shipping and handling activities are promised services. • Incremental costs of obtaining contracts that would have been recognized within one year or less are recognized as an expense when incurred. These costs are included in SG&A expense in the Consolidated Statements of Operations. The costs of obtaining contracts where the amortization period for recognition of the expense is beyond a year are capitalized and recognized over the revenue recognition period of the original contract. • The portfolio approach is used for certain types of variable consideration for contracts with similar characteristics. The methodology is used when the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts within that portfolio. • If at contract inception, the expected period between the transfer of promised goods or services and payment is within one year or less, the Company forgoes adjustment for the impact of significant financing component for the contract. Disaggregation of Revenue The Company's revenue is presented on a disaggregated basis in the Consolidated Statements of Operations and in “Note 19. Operating Segments and Geographic Information”. This information includes revenue from reportable segments and a break-out of products and services for which the nature and timing of the revenue as characterized above is generally at a point in time and over time, respectively. Shipping and Handling Costs The Company records costs related to shipping and handling of revenue in cost of sales for all periods presented. Unbilled Receivables: The Company records a receivable when an unconditional right to consideration exists and transfer of control has occurred, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of customer invoicing. Payment terms vary based on product or service offerings and payment is generally required within 30 to 90 days from date of invoicing. Certain performance obligations may require payment before delivery of the service to the customer . Contract assets: A Contract Asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract Assets include fixed fee professional services, where the transfer of services has occurred in advance of the Company's right to invoice. Contract Assets, included in Accounts receivable, net, on the Consolidated Balance Sheets, are not material to the Consolidated Financial Statements. Contract Asset balances will fluctuate based upon the timing of transfer of services, billings and customers’ acceptance of contractual milestones. Gross receivables include both billed and Unbilled Receivables/Contract Assets. As of July 1, 2023 and July 2, 2022, the Company had total Unbilled Receivables/Contract Assets of $13.7 million and $7.3 million, respectively. Deferred revenue: Deferred revenue consists of contract liabilities primarily related to support, solution deployment services, software maintenance, product, professional services, and training when the Company has a right to invoice or payments have been received and transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term. Contract liabilities are included in Other current liabilities on the Consolidated Balance Sheets. Remaining performance obligations: Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered or are incomplete, as of July 1, 2023. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded. The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancellable contracts where there is no substantive termination penalty. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that has not materialized, and adjustments for currency.
Warranty	Warranty The Company provides reserves for the estimated costs of product warranties at the time revenue is recognized. Warranty cost estimates are based on 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.
Advertising Expense	Advertising ExpenseThe Company expenses advertising costs as incurred.
Research and Development Expense	Research and Development Expense Costs related to Research and Development (R&D) primarily consists of labor and benefits, supplies, facilities, consulting and outside service fees. The authoritative guidance allows for capitalization of software development costs incurred after a product’s technological feasibility has been established until the product is available for general release to the public. The Company believes its software development process is completed concurrent with the establishment of technological feasibility. As such, software development costs have been expensed as incurred.
Government Assistance	Government AssistanceFrom time to time the Company will receive government assistance in the form of grants and tax credits in certain jurisdictions, generally recorded as a reduction of R&D expense
Stock-Based Compensation	Stock-Based Compensation The Company's stock-based compensation includes a combination of time-based restricted stock awards and performance-based awards, stock options, and an Employee Stock Purchase Plan (ESPP). Restricted stock awards are granted without an exercise price and are converted to shares immediately upon vesting. When converted into shares upon vesting, shares equivalent in value to the minimum withholding taxes liability on the vested shares are withheld by the Company for the payment of such taxes. Time-based restricted stock awards will generally vest in annual installments over a period of three The Company's performance-based awards may include performance conditions, market conditions, time-based service conditions or a combination there of and are generally expected to vest over one The Company estimates the fair value of ESPP and stock options purchase rights using the Black-Scholes Merton (BSM) option-pricing model. This option-pricing model requires the input of assumptions, including the award’s expected life and the price volatility of the underlying stock. The Company does not apply expected forfeiture rate and accounts for forfeitures as they occur. The total fair value of the equity awards is recorded on a straight-line basis, over the requisite service period of the awards for each separate vesting period of the award, except for certain performance-based awards which are amortized based upon the graded vesting method.
Income Taxes	Income Taxes In accordance with the authoritative guidance on accounting for income taxes, the Company recognizes income taxes using an asset and liability approach. This approach requires the recognition of taxes payable or refundable for the current year and deferred tax liabilities and assets for future tax consequences of events that have been recognized in the Company’s Consolidated Financial Statements or tax returns. The measurement of current and deferred taxes is based on provisions of the enacted tax law and the effects of future changes in tax laws or rates are not anticipated. The authoritative guidance provides for recognition of deferred tax assets if the realization of such deferred tax assets is more likely than not to occur based on an evaluation of both positive and negative evidence and the relative weight of the evidence. With the exception of certain international jurisdictions, the Company has determined that at this time it is more likely than not that deferred tax assets attributable to the remaining jurisdictions will not be realized, primarily due to uncertainties related to its ability to utilize its net operating loss carryforwards before they expire. Accordingly, the Company has established a valuation allowance for such deferred tax assets. If there is a change in the Company’s ability to realize its deferred tax assets for which a valuation allowance has been established, then its tax provision may decrease in the period in which it determines that realization is more likely than not. Likewise, if the Company determines that it is not more likely than not that its deferred tax assets will be realized, then a valuation allowance may be established for such deferred tax assets and the Company’s tax provision may increase in the period in which the Company makes the determination. The authoritative guidance on accounting for uncertainty in income taxes prescribes the recognition threshold and measurement attributes for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Additionally, it provides guidance on recognition, classification, and disclosure of tax positions. The Company is subject to income tax audits by the respective tax authorities in the jurisdictions in which it operates. The determination of tax liabilities in each of these jurisdictions requires the interpretation and application of complex and sometimes uncertain tax laws and regulations. The Company recognizes liabilities based on its estimate of whether, and the extent to which, additional tax liabilities are more likely than not. If the Company ultimately determines that the payment of such a liability is not necessary, then it reverses the liability and recognizes a tax benefit during the period it is determined no longer necessary. The recognition and measurement of current taxes payable or refundable and deferred tax assets and liabilities requires that the Company make certain estimates and judgments. Changes to these estimates or a change in judgment may have a material impact on the Company’s tax provision in a future period.
Restructuring Accrual	Restructuring Accrual In accordance with authoritative guidance on accounting for costs associated with exit or disposal activities, generally costs associated with restructuring activities are recognized when they are incurred. A liability for post-employment benefits for workforce reductions related to restructuring activities is recorded when payment is probable, and the amount is reasonably estimable. The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional liabilities or reverse a portion of existing liabilities.
Contingencies	Contingencies The Company is subject to various potential loss contingencies arising in the ordinary course of business. In determining a loss contingency, the Company considers the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss. An estimated loss is accrued when it is probable that an asset has been impaired, a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required. Contingent liabilities include contingent consideration in connection with the Company’s acquisitions, which represent earn-out payments and is recognized at fair value on the acquisition date and is remeasured each reporting period with subsequent adjustments recognized in the SG&A expense of the Consolidated Statements of Operations. While the Company believes the estimates and assumptions are reasonable, there is significant judgment and uncertainty involved.
Asset Retirement Obligations	Asset Retirement ObligationsAsset Retirement Obligations (ARO) are legal obligations associated with the retirement of long-lived assets pertaining to leasehold improvements. These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the asset carrying value and ARO by the same amount. Asset retirement costs are subsequently depreciated over the useful lives of the related assets. Subsequent to initial recognition, the Company records period-to-period changes in the ARO liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. The Company derecognizes ARO liabilities when the related obligations are settled.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments with characteristics of liability and equity. This new guidance removes separation models for certain convertible debt instruments which will now be accounted for as a single liability measured at amortized cost. In addition, the interest expense recognized for these instruments will typically be closer to the coupon interest rate due to the removal of the separation model's non-cash discount amortization. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . ASU 2021-10 requires annual disclosures about transactions with a government entity that are accounted for by applying a grant or contribution accounting model including the disclosure of the types of assistance, an entity's accounting for the assistance, and the effect of the assistance on an entity's financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-10 on July 3, 2022 on a prospective basis. We often receive government assistance in the form of research grants and tax credits in certain jurisdictions, recorded as a reduction of R&D expense in the Consolidated Statements of Operations. The Company recorded approximately $4.0 million in R&D credits during fiscal 2023. As of July 1, 2023, the Company had pending receipts of approximately $14.5 million related to government assistance primarily in the U.K. included in Prepayments and other current assets on the Consolidated Balance Sheets. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815) , which clarifies guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments in this update expand the current last-of-layer method of hedge accounting that permits only one hedged layer to now allow designation of multiple hedged layers with a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) , which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310 and amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to the accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancing and restructurings for borrowers experiencing financial difficulty. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The Company adopted this guidance in the fourth quarter of fiscal 2023, which had no impact on the Company’s Consolidated Financial Statements. We will assess future impact, if any, in subsequent periods. In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which makes a number of changes meant to add certain disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The Company adopted this guidance in the fourth quarter of fiscal 2023, which did not have an impact on the Company’s disclosures in the Annual Report on Form 10-K for the year ended July 1, 2023. We will assess future impact, if any, in subsequent periods.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	12 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Asset Retirement Obligations	A summary of the activity in the ARO accrual is outlined below ( in millions ): Balance at Beginning of Period Liabilities Incurred Liabilities Settled Accretion Expense Revisions to Estimates Balance at End of Period Year ended July 1, 2023 $ 4.2 $ 0.3 $ (0.3) $ 0.1 $ — $ 4.3 Year ended July 2, 2022 $ 3.7 $ 0.8 $ (0.4) $ 0.1 $ — $ 4.2

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Tables)	12 Months Ended
	Jul. 01, 2023
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following table presents the impact of the standard adoption to select line items of the Consolidated Balance Sheet as of July 3, 2021 ( in millions ): July 3, 2021 As Reported Adjustment As Adjusted LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt $ 414.2 $ 42.4 $ 456.6 Long-term debt 209.8 14.3 224.1 Mezzanine equity - Senior Convertible Notes 45.8 (45.8) — Additional paid-in capital 70,265.5 (82.3) 70,183.2 Accumulated deficit $ (69,393.7) $ 71.4 $ (69,322.3) The following table presents the impact of the standard adoption to select line items of the Consolidated Statement of Operations for the year ended July 3, 2021 ( in millions, except per-share data ): Year Ended July 3, 2021 As Reported Adjustment As Adjusted Interest Expense $ (36.1) $ 21.4 $ (14.7) Net income $ 46.1 $ 21.4 $ 67.5 Net income per share: Basic $ 0.20 $ 0.10 $ 0.30 Diluted $ 0.20 $ 0.09 $ 0.29 Shares used in per-share calculation: Basic 228.7 — 228.7 Diluted 235.9 0.4 236.3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table sets forth the computation of basic and diluted net income per share ( in millions, except per share data ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Numerator: Net income $ 25.5 $ 15.5 $ 67.5 Denominator: Weighted-average shares outstanding: Basic 224.6 230.9 228.7 Shares issuable assuming conversion of convertible notes (1) 0.3 4.8 5.0 Effect of dilutive securities from stock-based compensation plans 1.7 2.5 2.6 Diluted 226.6 238.2 236.3 Net income per share: Basic $ 0.11 $ 0.07 $ 0.30 Diluted $ 0.11 $ 0.07 $ 0.29
Schedule of Antidilutive Securities	The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Full Value Awards (1) 3.7 0.6 0.4 (1) See Note 16. Stock-Based Compensation for definition of Full Value Awards.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Jul. 01, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Components of AOCI	Changes in accumulated other comprehensive loss by component, net of tax, were as follows ( in millions ): Unrealized (losses) Foreign currency translation adjustments Change in unrealized components of defined benefit obligations, net of tax (1) Total Beginning balance as of July 2, 2022 $ (5.0) $ (144.2) $ (7.2) $ (156.4) Other comprehensive (loss) income before reclassification (0.3) 18.8 2.0 20.5 Amounts reclassified from accumulated other comprehensive (loss) income — — (0.1) (0.1) Net current period other comprehensive (loss) income (0.3) 18.8 1.9 20.4 Ending balance as of July 1, 2023 $ (5.3) $ (125.4) $ (5.3) $ (136.0) (1) Activity before reclassifications to the Consolidated Statements of Operations during the fiscal year ended July 1, 2023 relates to the unrealized actuarial gain of $2.8 million, net of income tax effect of $0.8 million. The amount reclassified out of accumulated other comprehensive (loss) income represents the amortization of actuarial losses included as a component of SG&A expense in the Consolidated Statement of Operations for the year ended July 1, 2023. Refer to “Note 17. Employee Pension and Other Benefit Plans” for more details on the computation of net periodic cost for pension plans.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Allocation of Purchase Price	The following table presents the allocation of the purchase price (in millions): Amount Cash and cash equivalents $ 1.1 Accounts receivable, net 2.3 Inventory, net 3.2 Goodwill (1) 48.3 Identified intangible assets acquired 30.6 Other non-current assets 0.1 Accounts payable (0.6) Accrued expenses (3.4) Deferred revenue (2.1) Other current liabilities (0.5) Total purchase consideration $ 79.0 1) Goodwill at acquisition date of $48.8 million reduced by measurement period adjustment of $0.5 million.
Schedule of Identifiable Intangible Assets Acquired and Estimated Useful Lives	The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition ( in millions, except useful life ): Estimated Useful Life Amount Developed technology 6 years $ 25.0 Customer relationship 3 years 2.7 Tradename 2 years 0.5 Backlog 1 year 2.4 Total identifiable assets acquired $ 30.6
Schedule of Changes in Earn-out Liabilities	The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended July 1, 2023 and July 2, 2022, as follows ( in millions ): Total Balance July 3, 2021 $ 4.0 Additions to Contingent Consideration 2.5 Change in Fair Value measurement 0.3 Currency translation adjustment 0.1 Payments of Contingent Consideration (4.4) Balance July 2, 2022 (1) $ 2.5 Additions to Contingent Consideration 29.4 Change in Fair Value measurement (4.6) Payments of Contingent Consideration (7.6) Balance July 1, 2023 (2) $ 19.7 (1) Includes $1.8 million in Other current liabilities and $0.7 million in Other non-current liabilities on the Consolidated Balance Sheets. (2) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets. The Company’s assets and liabilities measured at fair value for the periods presented are as follows ( in millions ): July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Debt available-for-sale securities: Asset-backed securities (1) $ 0.3 $ — $ 0.3 $ — $ 0.6 $ — $ 0.6 $ — Total debt available-for-sale securities 0.3 — 0.3 — 0.6 — 0.6 — Money market funds (2) 344.8 344.8 — — 313.2 313.2 — — Trading securities (3) 1.5 1.5 — — 1.4 1.4 — — Foreign currency forward contracts (4) 3.5 — 3.5 — 3.8 — 3.8 — Total assets $ 350.1 $ 346.3 $ 3.8 $ — $ 319.0 $ 314.6 $ 4.4 $ — Liability: Foreign currency forward contracts (5) 2.4 $ — 2.4 — 8.4 — 8.4 $ — Contingent consideration (6) 19.7 — — 19.7 2.5 — — 2.5 Total liabilities $ 22.1 $ — $ 2.4 $ 19.7 $ 10.9 $ — $ 8.4 $ 2.5 (1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.

Balance Sheet and Other Detai_2

Balance Sheet and Other Details (Tables)	12 Months Ended
	Jul. 01, 2023
Balance Sheet and Other Details
Summary of Activity Related to Deferred Revenue and Financed Unearned Services Revenue	The following table summarizes the activity related to deferred revenue, for the year ended July 1, 2023 ( in millions ): July 1, 2023 Deferred revenue: Balance at beginning of period $ 100.4 Revenue deferrals for new contracts (1) 127.9 Revenue recognized during the period (2) (126.3) Balance at end of period (3) $ 102.0 Short-term deferred revenue $ 78.6 Long-term deferred revenue $ 23.4 (1) Included in these amounts is the impact from foreign currency exchange rate fluctuations. (2) Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the following period quarter-end deferrals. (3) The long-term portion of deferred revenue is included as a component of Other non-current liabilities on the Consolidated Balance Sheets.
Activities and Balances for Allowance for Doubtful Accounts	The table below presents the activities and balances for allowance for doubtful accounts, as follows ( in millions ): Balance at Beginning of Period Charged to Costs and Expenses Deduction (1) Balance at Year Ended July 1, 2023 $ 1.4 $ 0.4 $ (0.8) $ 1.0 Year Ended July 2, 2022 $ 2.0 $ 0.9 $ (1.5) $ 1.4 Year Ended July 3, 2021 $ 3.0 $ 1.1 $ (2.1) $ 2.0 (1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.
Schedule of Components of Inventories	The following table presents the components of inventories, net, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Finished goods $ 49.0 $ 41.6 Work in process 17.7 17.7 Raw materials 49.4 50.8 Inventories, net $ 116.1 $ 110.1
Schedule of Components of Prepayments and Other Current Assets	The following table presents the components of prepayments and other current assets, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Refundable income taxes $ 27.6 $ 14.5 Prepayments 16.5 16.0 Advances to contract manufacturers 9.8 11.8 Transaction tax receivables 5.1 10.4 Fair value of forward contracts 3.5 3.8 Assets held for sale 2.5 2.5 Other current assets 7.1 10.2 Prepayments and other current assets $ 72.1 $ 69.2
Schedule of Components of Property, Plant and Equipment	The following table presents the components of property, plant and equipment, net, as follows ( in millions ): July 1, 2023 July 2, 2022 Land $ 19.6 $ 19.2 Buildings and improvements 74.9 41.7 Machinery and equipment 362.6 316.7 Furniture, fixtures, software and office equipment 76.7 74.0 Leasehold improvements 70.7 69.8 Construction in progress 24.5 71.2 Property, plant and equipment, gross 629.0 592.6 Less : Accumulated depreciation and amortization (386.0) (363.7) Property, plant and equipment, net $ 243.0 $ 228.9
Schedule of Components of Other Current Assets	The following table presents the components of other non-current assets, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Operating ROU assets (Note 12) $ 40.4 $ 45.2 Long-term restricted cash 4.6 9.3 Deferred contract cost 2.9 2.4 Debt issuance cost - Revolving Credit Facility 2.8 3.5 Deposits 2.3 1.9 Other non-current assets 8.7 3.5 Other non-current assets $ 61.7 $ 65.8
Schedule of Components of Other Current Liabilities	The following table presents the components of other current liabilities, as follows ( in millions ): July 1, 2023 July 2, 2022 Operating lease liabilities (Note 12) $ 10.1 $ 10.1 Income tax payable 4.4 9.6 Restructuring accrual (Note 13) 5.8 — Interest payable 5.5 4.6 Transaction tax payable 4.3 11.5 Warranty accrual 4.2 4.4 Acquisition related holdback and related accruals 4.1 0.1 Fair value of forward contracts 2.4 8.4 Fair value of contingent consideration (Note 5) 1.1 1.8 Other 7.9 5.8 Other current liabilities $ 49.8 $ 56.3
Schedule of Components of Other Non-current Liabilities	The following table presents the components of other non-current liabilities, as follo ws ( in millions ): July 1, 2023 July 2, 2022 Pension and post-employment benefits $ 53.2 $ 59.6 Operating lease liabilities (Note 12) 29.4 33.5 Long-term deferred revenue 23.4 19.4 Fair value of contingent consideration (Note 5) 18.6 0.7 Financing obligation 15.8 16.0 Uncertain tax position 15.8 12.9 Deferred tax liability 13.9 9.5 Warranty accrual 4.8 6.2 Asset retirement obligations 3.8 3.7 Other 8.0 8.9 Other non-current liabilities $ 186.7 $ 170.4
Schedule of Components of Interest and Other Income (Expense), Net	The following table presents the components of interest and other income, net, as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Interest income $ 10.2 $ 3.4 $ 2.9 Foreign exchange gain, net (2.2) 1.4 — Other income, net (0.4) 0.4 0.4 Interest and other income, net $ 7.6 $ 5.2 $ 3.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The Company’s assets and liabilities measured at fair value for the periods presented are as follows ( in millions ): July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Debt available-for-sale securities: Asset-backed securities (1) $ 0.3 $ — $ 0.3 $ — $ 0.6 $ — $ 0.6 $ — Total debt available-for-sale securities 0.3 — 0.3 — 0.6 — 0.6 — Money market funds (2) 344.8 344.8 — — 313.2 313.2 — — Trading securities (3) 1.5 1.5 — — 1.4 1.4 — — Foreign currency forward contracts (4) 3.5 — 3.5 — 3.8 — 3.8 — Total assets $ 350.1 $ 346.3 $ 3.8 $ — $ 319.0 $ 314.6 $ 4.4 $ — Liability: Foreign currency forward contracts (5) 2.4 $ — 2.4 — 8.4 — 8.4 $ — Contingent consideration (6) 19.7 — — 19.7 2.5 — — 2.5 Total liabilities $ 22.1 $ — $ 2.4 $ 19.7 $ 10.9 $ — $ 8.4 $ 2.5 (1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Schedule of Changes in Fair Value of Level 3 Liabilities	The following table provides a reconciliation of changes in fair value of the Company’s earn-out liabilities for the years ended July 1, 2023 and July 2, 2022, as follows ( in millions ): Total Balance July 3, 2021 $ 4.0 Additions to Contingent Consideration 2.5 Change in Fair Value measurement 0.3 Currency translation adjustment 0.1 Payments of Contingent Consideration (4.4) Balance July 2, 2022 (1) $ 2.5 Additions to Contingent Consideration 29.4 Change in Fair Value measurement (4.6) Payments of Contingent Consideration (7.6) Balance July 1, 2023 (2) $ 19.7 (1) Includes $1.8 million in Other current liabilities and $0.7 million in Other non-current liabilities on the Consolidated Balance Sheets. (2) Includes $1.1 million in Other current liabilities and $18.6 million in Other non-current liabilities on the Consolidated Balance Sheets. The Company’s assets and liabilities measured at fair value for the periods presented are as follows ( in millions ): July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Debt available-for-sale securities: Asset-backed securities (1) $ 0.3 $ — $ 0.3 $ — $ 0.6 $ — $ 0.6 $ — Total debt available-for-sale securities 0.3 — 0.3 — 0.6 — 0.6 — Money market funds (2) 344.8 344.8 — — 313.2 313.2 — — Trading securities (3) 1.5 1.5 — — 1.4 1.4 — — Foreign currency forward contracts (4) 3.5 — 3.5 — 3.8 — 3.8 — Total assets $ 350.1 $ 346.3 $ 3.8 $ — $ 319.0 $ 314.6 $ 4.4 $ — Liability: Foreign currency forward contracts (5) 2.4 $ — 2.4 — 8.4 — 8.4 $ — Contingent consideration (6) 19.7 — — 19.7 2.5 — — 2.5 Total liabilities $ 22.1 $ — $ 2.4 $ 19.7 $ 10.9 $ — $ 8.4 $ 2.5 (1) Included in Other non-current assets on the Consolidated Balance Sheets. (2) Includes, as of July 1, 2023, $336.5 million in cash and cash equivalents, $4.3 million in restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 2, 2022, $301.5 million in cash and cash equivalents, $3.1 million in restricted cash, and $8.6 million in Other non-current assets on the Consolidated Balance Sheets. (3) Included in Short-term investments on the Consolidated Balance Sheets. (4) Included in Other current assets on the Consolidated Balance Sheets. (5) Included in Other current liabilities on the Consolidated Balance Sheets. (6) As of July 1, 2023 and July 2,2022, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Schedule of Debt Measures at Fair Value	The Company’s debt measured at fair value for the periods presented are as follows: July 1, 2023 July 2, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt: 3.75% Senior Notes $ 341.8 $ — $ 341.8 $ — $ 337.5 $ — $ 337.5 $ — 1.625% Senior Convertible Notes 262.7 — 262.7 — — — — — 1.00% Senior Convertible Notes 95.6 — 95.6 — 250.7 — 250.7 — 1.75% Senior Convertible Notes — — — — 73.4 — 73.4 — Total liabilities $ 700.1 $ — $ 700.1 $ — $ 661.6 $ — $ 661.6 $ —

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	Changes in the carry value of goodwill allocated segment are as follows (in millions) : Network Service Optical Security Total Balance as of July 3, 2021 (1) $ 349.7 $ 4.6 $ 42.2 $ 396.5 Acquisitions (2) — 10.0 — 10.0 Currency translation and other adjustments (18.1) (0.8) — (18.9) Balance as of July 2, 2022 (3) $ 331.6 $ 13.8 $ 42.2 $ 387.6 Acquisitions (2) 60.0 — — 60.0 Measurement period adjustment (2) (0.5) — — (0.5) Currency translation adjustments 6.9 1.2 — 8.1 Balance as of July 1, 2023 (4) $ 398.0 $ 15.0 $ 42.2 $ 455.2 (1) Gross goodwill balances for NE, SE and OSP were $651.6 million, $277.2 million and $126.7 million, respectively as of July 3, 2021. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 3, 2021. (2) See “Note 5. Acquisitions” of the Notes to Consolidated Financial Statement for additional information related to the Company’s acquisitions. (3) Gross goodwill balances for NE, SE and OSP were $633.5 million, $286.4 million and $126.7 million, respectively as of July 2, 2022. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 2, 2022. (4) Gross goodwill balances for NE, SE and OSP were $699.9 million, $287.6 million and $126.7 million, respectively as of July 1, 2023. Accumulated impairment for NE, SE and OSP was $301.9 million, $272.6 million and $84.5 million, respectively as of July 1, 2023.

Acquired Developed Technology_2

Acquired Developed Technology and Other Intangibles (Tables)	12 Months Ended
	Jul. 01, 2023
Acquired Developed Technology and Other Intangibles
Schedule of Acquired Developed Technology and Other Intangibles	The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles as of July 1, 2023, and July 2, 2022, ( in millions ): As of July 1, 2023 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Acquired developed technology (1) 3.9 years $ 438.5 $ (390.2) $ 48.3 Customer relationships 2.0 years 195.2 (185.9) 9.3 Other (2) 0.7 years 39.8 (38.8) 1.0 Total intangibles $ 673.5 $ (614.9) $ 58.6 As of July 2, 2022 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Acquired developed technology 3.3 years $ 416.6 $ (375.8) $ 40.8 Customer relationships 2.8 years 189.7 (177.8) 11.9 Other (2) 0.7 years 36.0 (34.5) 1.5 Total intangibles $ 642.3 $ (588.1) $ 54.2 (1) During fiscal 2023, we recorded a $0.6 million non-cash charge due to the discontinued use of certain intellectual property. This charge has been recorded within SG&A (2) Other intangibles consist of customer backlog, patents, proprietary know-how and trade secrets, trademarks and trade names.
Schedule of Estimated Future Amortization	Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of July 1, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows ( in millions ): Fiscal Years 2024 $ 20.2 2025 15.9 2026 11.4 2027 7.5 2028 3.0 Thereafter 0.6 Total amortization $ 58.6

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Amount of Debt	As of July 1, 2023 and July 2, 2022, the Company’s debt on the Consolidated Balance Sheets was as follows, including the carrying amounts of the Senior Convertible and Senior Notes, net of unamortized issuance costs ( in millions ): July 1, 2023 July 2, 2022 Principal amount of 1.00% Senior Convertible Notes $ 96.4 $ — Unamortized 1.00% Senior Convertible Notes debt issuance cost (0.2) — Principal amount of 1.75% Senior Convertible Notes — 68.1 Unamortized 1.75% Senior Convertible Notes debt issuance cost — (0.1) Other short-term debt — 0.4 Short-term debt $ 96.2 $ 68.4 Principal amount of 3.75% Senior Notes $ 400.0 $ 400.0 Unamortized 3.75% Senior Notes debt issuance cost (5.5) (6.4) Principal amount of 1.625% Senior Convertible Notes 250.0 — Unamortized 1.625% Senior Convertible Notes debt discount (12.9) — Unamortized 1.625% Senior Convertible Notes debt issuance cost (2.1) — Principal amount of 1.00% Senior Convertible Notes — 223.9 Unamortized 1.00% Senior Convertible Notes debt issuance cost — (1.0) Long-term debt $ 629.5 $ 616.5
Schedule of Convertible Note Interest	The following table presents the interest expense for contractual interest and amortization of debt issuance costs ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Interest expense-contractual interest $ 19.2 $ 16.5 $ 8.5 Amortization of debt issuance cost 2.5 2.8 2.3 Accretion of debt discount 1.6 — — Other 3.8 4.0 3.9 Total Interest Expense $ 27.1 $ 23.3 $ 14.7

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jul. 01, 2023
Leases [Abstract]
Lease, Cost	Lease expense, cash flow and balance sheet information related to our operating leases is as follows ( in millions ): July 1, 2023 July 2, 2022 Operating lease costs (1) $ 13.1 $ 14.0 Cash paid for amounts included in the measurement of operating lease liabilities 14.4 15.5 Operating ROU assets obtained in exchange for operating lease obligations 7.0 14.7 Operating ROU assets (Other non-current assets) 40.4 45.2 Other current liabilities 10.1 10.1 Other non-current liabilities 29.4 33.5 Total operating lease liabilities $ 39.5 $ 43.6 Weighted-average remaining lease term 6.8 years 7.2 years Weighted-average discount rate 4.8 % 4.4 % (1) Total variable lease costs were immaterial during the fiscal years ended July 1, 2023 and July 2, 2022. The total operating costs were included in cost of revenues, R&D and SG&A in the Consolidated Statements of Operations.
Lessee, Operating Lease, Liability, Maturity	Future minimum operating lease payments as of July 1, 2023 are as follows ( in millions ): Operating Leases Fiscal 2024 $ 10.3 Fiscal 2025 9.4 Fiscal 2026 7.2 Fiscal 2027 5.6 Fiscal 2028 4.0 Thereafter 9.7 Total lease payments 46.2 Less: Interest (6.7) Present value of lease liabilities $ 39.5 Future minimum operating lease payments as of July 2, 2022, were as follows ( in millions ): Operating Leases Fiscal 2023 $ 10.2 Fiscal 2024 9.8 Fiscal 2025 7.8 Fiscal 2026 6.0 Fiscal 2027 4.6 Thereafter 12.8 Total lease payments 51.2 Less: Interest (7.6) Present value of lease liabilities $ 43.6

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	12 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Plans	A summary of the activity in the restructuring accrual is outlined below (in millions): Balance as of July 2, 2022 Restructuring and related charges Cash Settlements Balance as of July 1, 2023 Fiscal 2023 Plan NSE/Corp $ — $ 9.1 $ (5.6) $ 3.5 OSP — 1.3 (0.7) 0.6 Fiscal 2023 Plan Phase I — 10.4 (6.3) 4.1 NSE — 1.7 — 1.7 Fiscal 2023 Plan Phase II — 1.7 — 1.7 Total (1) $ — $ 12.1 $ (6.3) $ 5.8 (1) Included in Other current liabilities on the Consolidated Balance Sheets as of July 1, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Income Taxes	The Company’s income (loss) before income taxes consisted of the following ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Domestic $ (37.6) $ (82.6) $ (21.7) Foreign 98.3 147.7 152.5 Income before income taxes $ 60.7 $ 65.1 $ 130.8
Schedule of Income Tax Expense (Benefit)	The Company’s income tax expense (benefit) consisted of the following ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Federal: Current $ — $ — $ — Deferred — — — Total federal income tax expense — — — State: Current 2.6 (2.2) 20.1 Deferred — — — Total state income tax expense (benefit) 2.6 (2.2) 20.1 Foreign: Current 27.6 63.2 44.8 Deferred 5.0 (11.4) (1.6) Total foreign income tax expense 32.6 51.8 43.2 Total income tax expense $ 35.2 $ 49.6 $ 63.3
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the Company’s income tax expense at the federal statutory rate to the income tax expense at the effective tax rate is as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Income tax expense computed at federal statutory rate $ 12.8 $ 13.7 $ 27.5 Withholding Taxes 8.0 8.7 8.7 U.S. Inclusion of foreign earnings 1.3 19.8 3.6 Internal Intellectual Property Restructuring 1.2 10.1 19.1 Valuation allowance 0.5 3.3 1.0 Foreign rate differential 4.5 6.9 3.9 Reserves 2.9 1.7 1.5 Permanent items 1.1 0.3 (0.6) Fair value change of the earn-out liability (1.0) 0.1 (1.5) Impact of prior years’ taxes (0.5) (8.6) (2.1) Research and experimentation benefits and other tax credits (1.3) (1.1) (0.5) State taxes 2.6 0.8 0.9 Disallowed compensations 3.3 2.2 1.4 Senior Convertible Notes settlements — (8.3) — Other (0.2) — 0.4 Income tax expense $ 35.2 $ 49.6 $ 63.3
Schedule of Net Deferred Taxes	The components of the Company’s net deferred taxes consisted of the following ( in millions ): Balance as of July 1, 2023 July 2, 2022 July 3, 2021 Gross deferred tax assets: Tax credit carryforwards $ 136.4 $ 136.7 $ 135.7 Net operating loss carryforwards 437.5 491.8 536.1 Capital loss carryforwards 1.1 1.0 1.1 Inventories 40.2 34.5 28.9 Accruals and reserves 58.1 58.5 66.5 Intangibles including acquisition-related items 597.5 603.6 632.4 Capitalized research costs 186.7 100.3 15.7 Other 44.3 45.7 65.9 Gross deferred tax assets 1,501.8 1,472.1 1,482.3 Valuation allowance (1,351.5) (1,320.8) (1,308.9) Deferred tax assets 150.3 151.3 173.4 Gross deferred tax liabilities: Acquisition-related items (30.9) (31.9) (29.1) Tax on unrepatriated earnings (13.7) (7.2) (18.4) Foreign branch taxes (15.0) (17.8) (22.2) Other (17.7) (17.6) (18.7) Deferred tax liabilities (77.3) (74.5) (88.4) Total net deferred tax assets $ 73.0 $ 76.8 $ 85.0
Summary of Activity Of Deferred Tax Valuation Allowance	The following table provides information about the activity of our deferred tax valuation allowance (in millions) : Deferred Tax Valuation Allowance Balance at Additions Charged to Expenses or Other Accounts (1) Deductions Credited to Expenses or Other Accounts (2) Balance at Year Ended July 1, 2023 $ 1,320.8 $ 114.4 $ (83.7) $ 1,351.5 Year Ended July 2, 2022 $ 1,308.9 $ 101.7 $ (89.8) $ 1,320.8 Year Ended July 3, 2021 $ 1,423.1 $ 617.5 $ (731.7) $ 1,308.9 (1) Additions include current year additions charged to expenses and current year build due to increases in net deferred tax assets, return to provision true-ups, and other adjustments.
Schedule of Reconciliation of Unrecognized Tax Benefits	A reconciliation of unrecognized tax benefits between June 27, 2020 and July 1, 2023 is as follows ( in millions ): Balance at June 27, 2020 $ 52.0 Additions based on tax positions related to current year 14.8 Reduction based on tax positions related to prior year (6.8) Reduction related to settlement (0.5) Reductions for lapse of statute of limitations (0.4) Balance at July 3, 2021 59.1 Additions based on tax positions related to current year 0.4 Additions based on tax positions related to prior year 2.6 Reduction based on tax positions related to prior year (2.6) Reductions for lapse of statute of limitations (6.1) Balance at July 2, 2022 53.4 Additions based on tax positions related to current year 2.7 Addition based on tax positions related to prior year 0.1 Reduction based on tax positions related to prior year (1.1) Reductions for lapse of statute of limitations (0.2) Balance at July1, 2023 $ 54.9
Schedule of Tax Years That Remain Subject To Examination	The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by such jurisdictions as of July 1, 2023: Tax Jurisdictions Tax Years United States (1) 2005 and onward Canada 2022 and onward China 2018 and onward France 2020 and onward Germany 2018 and onward Korea 2019 and onward United Kingdom 2020 and onward (1) Although the Company is generally subject to a three-year statute of limitations in the U.S., tax authorities maintain the ability to adjust tax attribute carryforwards generated in earlier years.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jul. 01, 2023
Stockholders' Equity Note [Abstract]
Share Repurchase Activity	The following table summarizes share repurchase activity related to the Company’s stock repurchase program (in millions, except average price per share amounts) : Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Total number of shares repurchased 7.3 14.8 3.0 Average price per share $ 11.49 $ 15.91 $ 14.21 Total purchase price $ 83.9 $ 235.5 $ 42.6 Remaining authorization at end of period $ 234.8 $ 67.3 $ 112.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of the Impact on Results of Operations of Recording Stock-based Compensation	The impact on the Company’s results of operations of recording stock-based compensation expense by function for fiscal 2023, 2022 and 2021 was as follows ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Cost of revenue $ 4.8 $ 5.2 $ 4.8 Research and development 8.6 8.6 8.9 Selling, general and administrative 37.8 38.5 34.6 Total stock-based compensation expense $ 51.2 $ 52.3 $ 48.3
Schedule of Significant Ranges of Outstanding and Exercisable Options	The following table summarizes outstanding and exercisable options as of July 1, 2023 all of which have been fully amortized and recognized since before June 29, 2019. Options Outstanding Options Exercisable Exercise Price Number of Shares Weighted Average Remaining Contractual Term Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Remaining Contractual Term Weighted Average Exercise Price Aggregate Intrinsic Value $5.95 1,180,257 0.62 $ 5.95 $ 6.3 1,180,257 0.62 $ 5.95 $ 6.3
Schedule of Changes in Nonvested Full Value Awards	A summary of the status of the Company’s non-vested Full Value Awards as of July 1, 2023 and changes during the same period is presented below ( amount in millions, except per share amounts ): Full Value Awards Performance Shares (1) Non-Performance Shares Total Number of Shares Weighted-average Grant-dated Fair Value Non-vested June 27, 2020 1.0 5.1 6.1 $ 12.97 Awards granted 1.3 3.3 4.6 $ 14.15 Awards vested (0.6) (3.1) (3.7) $ 12.58 Awards forfeited (0.2) (0.5) (0.7) $ 13.83 Non-vested July 3, 2021 1.5 4.8 6.3 $ 13.98 Awards granted 0.4 2.4 2.8 $ 16.95 Awards vested (0.4) (2.2) (2.6) $ 13.38 Awards forfeited (0.1) (0.2) (0.3) $ 14.64 Non-vested July 2, 2022 1.4 4.8 6.2 $ 15.55 Awards granted 0.9 3.1 4.0 $ 14.35 Awards vested (0.6) (1.8) (2.4) $ 15.23 Awards forfeited — (0.3) (0.3) $ 14.78 Non-vested July 1, 2023 1.7 5.8 7.5 $ 15.06 (1) Performance Shares refer to the Company’s MSU and PSU awards, where the actual number of shares awarded upon vesting may be higher or lower than the target amount depending on the achievement of the relevant market conditions and performance goal achievement. The majority of MSUs vest in equal annual installments over three
Schedule of Valuation Assumptions of Fair Value Awards	The weighted-average assumptions used to measure fair value of performance-based awards with a market condition were as follows: Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Volatility of common stock 31.2 % 33.8 % 38.5 % Average volatility of peer companies 62.1 % 58.7 % 65.7 % Average correlation coefficient of peer companies 0.3111 0.3442 0.3653 Risk-free interest rate 3.4 % 0.2 % 0.3 % The Company did not issue stock option grants during the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021. The Company estimates the fair value ESPP purchase rights using a BSM valuation model. The fair value is estimated on the date of grant using the BSM option valuation model with the following weighted-average assumptions: Employee Stock Purchase Plans July 1, 2023 July 2, 2022 July 3, 2021 Expected term (in years) 0.5 0.5 0.5 Expected volatility 37.2 % 24.3 % 44.9 % Risk-free interest rate 3.8 % 0.3 % 0.1 %

Employee Pension and Other Be_2

Employee Pension and Other Benefit Plans (Tables)	12 Months Ended
	Jul. 01, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Cost	The following table presents the components of the net periodic benefit cost for the pension and benefits plans ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Service cost $ — $ 0.2 $ 0.2 Interest cost 2.7 1.6 1.5 Expected return on plan assets (1.7) (1.7) (1.7) Recognized net actuarial (gains) losses (0.1) 2.9 3.1 Net periodic benefit cost $ 0.9 $ 3.0 $ 3.1
Schedule of Changes in Benefit Obligations and Plan Assets	The changes in the benefit obligations and plan assets of the pension and benefits plans were ( in millions ): Pension Benefit Plans July 1, 2023 July 2, 2022 Change in benefit obligation Benefit obligation at beginning of year $ 95.5 $ 140.5 Service cost — 0.2 Interest cost 2.7 1.6 Actuarial gains (4.2) (25.7) Benefits paid (5.6) (6.3) Foreign exchange impact (2.3) (14.8) Benefit obligation at end of year $ 86.1 $ 95.5 Change in plan assets Fair value of plan assets at beginning of year $ 29.3 $ 36.2 Actual return on plan assets 0.2 (3.0) Employer contributions 5.6 6.7 Benefits paid (5.6) (6.3) Foreign exchange impact 1.6 (4.3) Fair value of plan assets at end of year 31.1 29.3 Funded status (55.0) (66.2) Accumulated benefit obligation $ 86.1 $ 95.5
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location	Pension Benefit Plans July 1, 2023 July 2, 2022 Amount recognized on the Consolidated Balance Sheets at end of year: Non-current assets $ 5.6 $ — Current liabilities 7.8 7.0 Non-current liabilities 52.8 59.2 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net actuarial gain $ 2.0 $ 13.9 Amortization of accumulated net actuarial (gains) losses (0.1) 2.9 Total recognized in other comprehensive income (loss) $ 1.9 $ 16.8
Schedule of Net Periodic Cost and Benefit Obligation Assumptions Used	The following table summarizes the weighted average assumptions used to determine net periodic cost and benefit obligation for the Company’s U.K. and German pension plans: Pension Benefit Plans July 1, 2023 July 2, 2022 July 3, 2021 Used to determine net period cost at end of year: Discount rate 4.1 % 3.2 % 1.2 % Expected long-term return on plan assets 5.9 % 6.2 % 5.4 % Rate of pension increase 2.5 % 2.2 % 2.2 % Used to determine benefit obligation at end of year: Discount rate 4.1 % 3.2 % 1.2 % Rate of pension increase 2.5 % 2.2 % 2.3 %
Schedule of Percentage of Asset Allocations and Plan Assets at Fair Value	The following table sets forth the plan assets at fair value and the percentage of assets allocations as of July 1, 2023 ( in millions, except percentage data ): Fair value as of July 1, 2023 Target Allocation Total Percentage of Plan Assets Level 1 Level 2 Assets: Global equity 40 % $ 10.5 33.8 % $ — $ 10.5 Fixed income 40 % 10.0 32.1 % — 10.0 Other 20 % 7.9 25.4 % — 7.9 Cash 2.7 8.7 % 2.7 — Total assets $ 31.1 100.0 % $ 2.7 $ 28.4 The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of July 2, 2022 ( in millions, except percentage data ): Fair value as of July 2, 2022 Target Allocation Total Percentage of Plan Assets Level 1 Level 2 Assets: Global equity 40 % $ 10.3 35.2 % $ — $ 10.3 Fixed income 40 % 10.4 35.5 % — 10.4 Other 20 % 6.4 21.8 % — 6.4 Cash 2.2 7.5 % 2.2 — Total assets $ 29.3 100.0 % $ 2.2 $ 27.1
Schedule of Total Expected Benefit Payments	The following table reflects the expected benefit payments to defined benefit pension plan participants. These payments have been estimated based on the same assumptions used to measure the Company’s PBO at fiscal year end and include benefits attributable to estimated future compensation increases ( in millions ). Pension Benefit Plans 2024 $ 9.2 2025 6.1 2026 6.3 2027 6.2 2028 5.6 2029-2033 25.4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Royalty Payments	Future minimum payments are expected to be paid through the third quarter of fiscal 2026, as follows (in millions): Royalty Payments 2024 $ 0.8 2025 0.4 2026 0.3 Total $ 1.5
Finance Lease Liabilities	As of July 1, 2023, future minimum annual lease payments of Santa Rosa’s non-cancelable leaseback agreements were as follows (in millions) : 2024 $ 3.0 2025 3.1 2026 3.1 2027 3.2 2028 2.7 Thereafter 10.9 Total minimum leaseback payments $ 26.0
Schedule of Changes in the Entity's Warranty Reserve	The following table presents the changes in the Company’s warranty reserve during fiscal 2023 and 2022 ( in millions ): Year Ended July 1, 2023 July 2, 2022 Balance as of beginning of period $ 10.6 $ 9.7 Provision for warranty 1.6 5.2 Utilization of reserve (1.2) (2.4) Adjustments related to pre-existing warranties (including changes in estimates) (2.0) (1.9) Balance as of end of period $ 9.0 $ 10.6

Operating Segments and Geogra_2

Operating Segments and Geographic Information (Tables)	12 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Schedule of Information on Reportable Segments	Information on the Company’s reportable segments is as follows ( in millions ): Year Ended July 1, 2023 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 583.9 $ 47.4 $ 631.3 $ 304.8 $ — $ 936.1 Service revenue 113.6 56.3 169.9 0.1 — 170.0 Net revenue $ 697.5 $ 103.7 $ 801.2 $ 304.9 $ — $ 1,106.1 Gross profit 440.1 70.1 510.2 158.6 (30.0) 638.8 Gross margin 63.1 % 67.6 % 63.7 % 52.0 % 57.8 % Operating income 61.2 111.3 (90.1) 82.4 Operating margin 7.6 % 36.5 % 7.4 % Year Ended July 2, 2022 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 739.7 $ 53.0 $ 792.7 $ 342.8 $ — $ 1,135.5 Service revenue 106.1 50.3 156.4 0.5 — 156.9 Net revenue $ 845.8 $ 103.3 $ 949.1 $ 343.3 $ — $ 1,292.4 Gross profit 543.6 71.5 615.1 193.6 (35.2) 773.5 Gross margin 64.3 % 69.2 % 64.8 % 56.4 % 59.8 % Operating income 147.8 139.0 (101.8) 185.0 Operating margin 15.6 % 40.5 % 14.3 % Year Ended July 3, 2021 Network and Service Enablement Network Enablement Service Enablement Network and Optical Security and Performance Products Other Items Consolidated GAAP Measures Product revenue $ 650.5 $ 40.6 $ 691.1 $ 360.3 $ — $ 1,051.4 Service revenue 96.1 50.7 146.8 0.7 — 147.5 Net revenue $ 746.6 $ 91.3 $ 837.9 $ 361.0 $ — $ 1,198.9 Gross profit 474.2 59.9 534.1 218.1 (37.8) 714.4 Gross margin 63.5 % 65.6 % 63.7 % 60.4 % 59.6 % Operating income 92.2 161.3 (111.3) 142.2 Operating margin 11.0 % 44.7 % 11.9 % Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Corporate reconciling items impacting gross profit: Total segment gross profit $ 668.8 $ 808.7 $ 752.2 Stock-based compensation (4.8) (5.2) (4.8) Amortization of intangibles (24.6) (30.0) (33.2) Other (charges) benefits unrelated to core operating performance (1) (0.6) — 0.2 GAAP gross profit $ 638.8 $ 773.5 $ 714.4 Corporate reconciling items impacting operating income: Total segment operating income $ 172.5 $ 286.8 $ 253.5 Stock-based compensation (51.2) (52.3) (48.3) Amortization of intangibles (33.3) (39.7) (66.5) Change in fair value of contingent liability 4.5 (0.3) 5.3 Other benefits (charges) unrelated to core operating performance (1) 2.0 (9.6) (3.4) Restructuring and related (charges) benefits (12.1) 0.1 1.6 GAAP operating income from continuing operations $ 82.4 $ 185.0 $ 142.2 (1) During the years ended July 1, 2023, July 2, 2022, and July 3, 2021 other benefits (charges) unrelated to core operating performance primarily consisted of certain acquisition and integration related charges, transformational initiatives such as site consolidations, reorganization, accretion of debt discount, intangible impairment and loss on disposal of long-lived assets. in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 Product Revenue Service Revenue Total Product Revenue Service Revenue Total Product Revenue Service Revenue Total Americas: United States $ 303.5 $ 59.4 $ 362.9 $ 332.5 $ 56.4 $ 388.9 $ 275.8 $ 54.2 $ 330.0 Other Americas 60.3 14.9 75.2 82.2 14.6 96.8 72.7 12.9 85.6 Total Americas $ 363.8 $ 74.3 $ 438.1 $ 414.7 $ 71.0 $ 485.7 $ 348.5 $ 67.1 $ 415.6 Asia-Pacific: Greater China $ 203.5 $ 7.4 $ 210.9 $ 247.5 $ 8.9 $ 256.4 $ 265.8 $ 11.2 $ 277.0 Other Asia 140.2 26.4 166.6 185.2 20.1 205.3 118.5 15.0 133.5 Total Asia-Pacific $ 343.7 $ 33.8 $ 377.5 $ 432.7 $ 29.0 $ 461.7 $ 384.3 $ 26.2 $ 410.5 EMEA: $ 228.6 $ 61.9 $ 290.5 $ 288.1 $ 56.9 $ 345.0 $ 318.6 $ 54.2 $ 372.8 Total net revenue $ 936.1 $ 170.0 $ 1,106.1 $ 1,135.5 $ 156.9 $ 1,292.4 $ 1,051.4 $ 147.5 $ 1,198.9 SICPA Holding SA Company (SICPA), a customer of the Company’s OSP segment, generated more than 10% of VIAVI net revenue from continuing operations during fiscal 2023, 2022 and 2021 as summarized below ( in millions ): Years Ended July 1, 2023 July 2, 2022 July 3, 2021 SICPA - OSP customer $ 157.7 $ 178.4 $ 193.9 Property, plant and equipment, net was identified based on the operations in the corresponding geographic areas ( in millions ): Years Ended July 1, 2023 July 2, 2022 United States $ 166.9 $ 148.3 Other Americas 1.3 1.8 China 33.6 39.7 Other Asia-Pacific 4.0 4.5 United Kingdom 24.6 25.7 Other EMEA 12.6 8.9 Total property, plant and equipment, net $ 243.0 $ 228.9

Selected Quarterly Financial _2

Selected Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Jul. 01, 2023
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Consolidated Statements	The following table presents the Company’s selected quarterly financial information from the Consolidated Statements of Operations for fiscal 2023 and 2022 ( in millions, except per share data ): July 1, 2023 April 1, 2023 December 31, 2022 October 1, 2022 July 2, 2022 April 2, 2022 January 1, 2022 October 2, 2021 Net revenue $ 263.6 $ 247.8 $ 284.5 $ 310.2 $ 335.3 $ 315.5 $ 314.8 $ 326.8 Gross profit 146.0 141.0 167.0 184.8 201.1 186.9 190.5 195.0 Net (loss) income $ (0.1) $ (15.4) $ 8.4 $ 32.6 $ 16.5 $ 19.2 $ 34.6 $ (54.8) Net (loss) income per share - basic: Net (loss) income (1) $ — $ (0.07) $ 0.04 $ 0.14 $ 0.07 $ 0.08 $ 0.15 $ (0.24) Net (loss) income per share - diluted: Net (loss) income (1) $ — $ (0.07) $ 0.04 $ 0.14 $ 0.07 $ 0.08 $ 0.14 $ (0.24) Shares used in per-share calculation: Basic 222.2 224.1 225.9 226.3 227.2 229.2 236.0 231.1 Diluted 222.2 224.1 227.1 230.4 231.3 236.8 242.3 231.1 (1) Net (loss) income per share is computed independently for each of the fiscal quarters presented. Therefore, the sum of the quarterly basic and diluted Net (loss) income per share amounts may not equal the annual basic and diluted Net (loss) income per share amount for the full fiscal years.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Property, Plant and Equipment
Restricted cash, current	$ 4.5	$ 3.6
Restricted cash, noncurrent	4.6	9.3
Advertising cost during the period	2.6	3.2	$ 2.7
Government assistance	4
Government assistance receivable	14.5
Asset retirement obligations, current	0.5	0.5
Asset retirement obligations	$ 3.8	$ 3.7
Minimum | Restricted Stock Units with Market and Performance Conditions
Property, Plant and Equipment
Vesting period	3 years
Minimum | Full Value Awards - Performance shares
Property, Plant and Equipment
Vesting period	1 year
Maximum | Restricted Stock Units with Market and Performance Conditions
Property, Plant and Equipment
Vesting period	4 years
Maximum | Full Value Awards - Performance shares
Property, Plant and Equipment
Vesting period	4 years
Customer A | Customer Concentration Risk | Accounts Receivable
Property, Plant and Equipment
Concentration risk percentage, more than		10%
Customer A | Customer Concentration Risk | Net Revenue
Property, Plant and Equipment
Concentration risk percentage, more than	10%	10%	10%
Building and improvements | Minimum
Property, Plant and Equipment
Estimated useful lives	5 years
Building and improvements | Maximum
Property, Plant and Equipment
Estimated useful lives	50 years
Machinery and equipment | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment
Estimated useful lives	30 years
Furniture, fixtures, software and office equipment | Minimum
Property, Plant and Equipment
Estimated useful lives	2 years
Furniture, fixtures, software and office equipment | Maximum
Property, Plant and Equipment
Estimated useful lives	10 years
Demonstration units | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Demonstration units | Maximum
Property, Plant and Equipment
Estimated useful lives	5 years

Basis of Presentation - Asset R

Basis of Presentation - Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 4.2	$ 3.7
Liabilities Incurred	0.3	0.8
Liabilities Settled	(0.3)	(0.4)
Accretion Expense	0.1	0.1
Revisions to Estimates	0	0
Balance at end of period	$ 4.3	$ 4.2

Recently Issued Accounting Pr_3

Recently Issued Accounting Pronouncements - Expected Impact on Balance Sheet (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt	$ 96.2				$ 68.4				$ 96.2	$ 68.4	$ 456.6
Long-term debt											224.1
Mezzanine equity - Senior Convertible Notes											0
Additional paid-in capital											70,183.2
Accumulated deficit	(69,600.7)				(69,542.3)				(69,600.7)	(69,542.3)	(69,322.3)
Income Statement [Abstract]
Interest Expense									(27.1)	(23.3)	(14.7)
Net income	$ (0.1)	$ (15.4)	$ 8.4	$ 32.6	$ 16.5	$ 19.2	$ 34.6	$ (54.8)	$ 25.5	$ 15.5	$ 67.5
Net income per share:
Basic (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.15	$ (0.24)	$ 0.11	$ 0.07	$ 0.30
Diluted (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.14	$ (0.24)	$ 0.11	$ 0.07	$ 0.29
Shares used in per-share calculation:
Basic (in shares)	222.2	224.1	225.9	226.3	227.2	229.2	236	231.1	224.6	230.9	228.7
Diluted (in shares)	222.2	224.1	227.1	230.4	231.3	236.8	242.3	231.1	226.6	238.2	236.3
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]									Research and development
Government assistance									$ 4
Government assistance receivable	$ 14.5								$ 14.5
Accounting Standards Update 2020-06
Income Statement [Abstract]
Interest Expense											$ 21.4
Net income											21.4
As Reported
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt											414.2
Long-term debt											209.8
Mezzanine equity - Senior Convertible Notes											45.8
Additional paid-in capital											70,265.5
Accumulated deficit											(69,393.7)
Income Statement [Abstract]
Interest Expense											(36.1)
Net income											$ 46.1
Net income per share:
Basic (usd per share)											$ 0.20
Diluted (usd per share)											$ 0.20
Shares used in per-share calculation:
Basic (in shares)											228.7
Diluted (in shares)											235.9
Adjustment | Accounting Standards Update 2020-06
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt											$ 42.4
Long-term debt											14.3
Mezzanine equity - Senior Convertible Notes											(45.8)
Additional paid-in capital											(82.3)
Accumulated deficit											71.4
Income Statement [Abstract]
Interest Expense											21.4
Net income											$ 21.4
Net income per share:
Basic (usd per share)											$ 0.10
Diluted (usd per share)											$ 0.09
Shares used in per-share calculation:
Basic (in shares)											0
Diluted (in shares)											0.4

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Mar. 06, 2023	May 29, 2018	Mar. 03, 2017
Numerator:
Net income	$ (0.1)	$ (15.4)	$ 8.4	$ 32.6	$ 16.5	$ 19.2	$ 34.6	$ (54.8)	$ 25.5	$ 15.5	$ 67.5
Weighted-average shares outstanding:
Basic (in shares)	222.2	224.1	225.9	226.3	227.2	229.2	236	231.1	224.6	230.9	228.7
Shares issuable assuming conversion of convertible notes (in shares)									0.3	4.8	5
Effect of dilutive securities from stock-based compensation plans (in shares)									1.7	2.5	2.6
Diluted (in shares)	222.2	224.1	227.1	230.4	231.3	236.8	242.3	231.1	226.6	238.2	236.3
Net income per share:
Basic (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.15	$ (0.24)	$ 0.11	$ 0.07	$ 0.30
Diluted (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.14	$ (0.24)	$ 0.11	$ 0.07	$ 0.29
1.75% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1.75%								1.75%				1.75%
1.00% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1%								1%					1%
1.625% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1.625%								1.625%			1.625%

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Potentially Dilutive Securities (Details) - shares shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Full Value Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3.7	0.6	0.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Changes in accumulated other comprehensive income (loss) by component
Beginning balance	$ 671.7	$ 763.9	$ 633.2
Net change in accumulated other comprehensive income (loss)	20.4	(59.2)	68.7
Ending balance	690.8	671.7	763.9
Unrealized actuarial gain	2.8
Income tax effect	0.8
Total
Changes in accumulated other comprehensive income (loss) by component
Beginning balance	(156.4)	(97.2)	(165.9)
Other comprehensive (loss) income before reclassification	20.5
Amounts reclassified from accumulated other comprehensive (loss) income	(0.1)
Net change in accumulated other comprehensive income (loss)	20.4	(59.2)	68.7
Ending balance	(136)	(156.4)	$ (97.2)
Unrealized (losses) on available-for-sale  investments
Changes in accumulated other comprehensive income (loss) by component
Beginning balance	(5)
Other comprehensive (loss) income before reclassification	(0.3)
Amounts reclassified from accumulated other comprehensive (loss) income	0
Net change in accumulated other comprehensive income (loss)	(0.3)
Ending balance	(5.3)	(5)
Foreign currency translation adjustments
Changes in accumulated other comprehensive income (loss) by component
Beginning balance	(144.2)
Other comprehensive (loss) income before reclassification	18.8
Amounts reclassified from accumulated other comprehensive (loss) income	0
Net change in accumulated other comprehensive income (loss)	18.8
Ending balance	(125.4)	(144.2)
Change in unrealized components of defined benefit obligations, net of tax
Changes in accumulated other comprehensive income (loss) by component
Beginning balance	(7.2)
Other comprehensive (loss) income before reclassification	2
Amounts reclassified from accumulated other comprehensive (loss) income	(0.1)
Net change in accumulated other comprehensive income (loss)	1.9
Ending balance	$ (5.3)	$ (7.2)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions					2 Months Ended	12 Months Ended
	Oct. 05, 2022	Jul. 18, 2022	May 20, 2022	Sep. 17, 2021	Jun. 08, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Business Acquisition [Line Items]
Contingent consideration						$ 19.7	$ 2.5
Goodwill, net						$ 455.2	$ 387.6	$ 396.5
Developed technology
Business Acquisition [Line Items]
Useful life						3 years 10 months 24 days	3 years 3 months 18 days
Other
Business Acquisition [Line Items]
Cash paid for asset purchases					$ 2.9
Indemnity holdback					0.2
Other | Developed technology
Business Acquisition [Line Items]
Assets acquired					$ 2.5
Useful life					5 years
Jackson Labs Technologies, LLC
Business Acquisition [Line Items]
Total consideration of acquisition	$ 49.9
Contingent consideration	$ 117
Contingent consideration period	3 years
Consideration liabilities incurred	$ 5
Final cash and net working capital adjustments	2
Acquisition related cost	0.8
Assets acquired	30.6
Goodwill, net	48.8					$ 48.3
Jackson Labs Technologies, LLC | Developed technology
Business Acquisition [Line Items]
Assets acquired	$ 25
Other
Business Acquisition [Line Items]
Total consideration of acquisition				$ 1.6
Contingent consideration			$ 3.3
Consideration liabilities incurred		$ 2	2
Cash consideration		17.5	9.5
Goodwill, net		11.2	10
Deferred tax liability		1.8	1.6
Other | Developed technology
Business Acquisition [Line Items]
Assets acquired		$ 5.1
Useful life		4 years		5 years
Other | Developed Technology and Other Intangibles
Business Acquisition [Line Items]
Assets acquired			$ 7.3
Other | Developed Technology and Other Intangibles | Minimum
Business Acquisition [Line Items]
Useful life			1 year
Other | Developed Technology and Other Intangibles | Maximum
Business Acquisition [Line Items]
Useful life			6 years

Acquisitions - Preliminary Allo

Acquisitions - Preliminary Allocation of Purchase Price (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Oct. 05, 2022	Jul. 02, 2022	Jul. 03, 2021
Business Acquisition [Line Items]
Goodwill	$ 455.2	$ 455.2		$ 387.6	$ 396.5
Measurement period adjustment		0.5
Jackson Labs Technologies, LLC
Business Acquisition [Line Items]
Cash and cash equivalents	1.1	1.1
Accounts receivable, net	2.3	2.3
Inventory, net	3.2	3.2
Goodwill	48.3	48.3	$ 48.8
Identified intangible assets acquired	30.6	30.6
Other non-current assets	0.1	0.1
Accounts payable	(0.6)	(0.6)
Accrued expenses	(3.4)	(3.4)
Deferred revenue	(2.1)	(2.1)
Other current liabilities	(0.5)	(0.5)
Total purchase consideration	79	$ 79
Measurement period adjustment	$ 0.5

Acquisitions - Preliminary Iden

Acquisitions - Preliminary Identified Intangible Assets Acquired (Details) - Jackson Labs Technologies, LLC $ in Millions	Oct. 05, 2022 USD ($)
Business Acquisition [Line Items]
Assets acquired	$ 30.6
Developed technology
Business Acquisition [Line Items]
Estimated Useful Life	6 years
Assets acquired	$ 25
Customer relationship
Business Acquisition [Line Items]
Estimated Useful Life	3 years
Assets acquired	$ 2.7
Tradename
Business Acquisition [Line Items]
Estimated Useful Life	2 years
Assets acquired	$ 0.5
Backlog
Business Acquisition [Line Items]
Estimated Useful Life	1 year
Assets acquired	$ 2.4

Acquisitions - Earn-out Liabili

Acquisitions - Earn-out Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in Fair Value measurement	$ (4.6)	$ 0	$ (5.3)
Currency translation and other adjustments		(18.9)
Payments of Contingent Consideration	(7.8)	(6)	(4)
Fair value of contingent consideration, current	1.1	1.8
Fair value of contingent consideration, non-current	18.6	0.7
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	2.5	4
Additions to Contingent Consideration	29.4	2.5
Change in Fair Value measurement	(4.6)	0.3
Currency translation and other adjustments		0.1
Payments of Contingent Consideration	(7.6)	(4.4)
End of period	$ 19.7	$ 2.5	$ 4

Balance Sheet and Other Detai_3

Balance Sheet and Other Details - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Capitalized Contract Cost [Line Items]
Contract asset	$ 13.7	$ 7.3
Change in Contract with Customer, Liability (Roll Forward)
Balance at beginning of period	100.4
Revenue deferrals for new contracts	127.9
Revenue recognized during the period	(126.3)
Balance at end of period	102
Short-term deferred revenue	78.6	81
Long-term deferred revenue	$ 23.4	$ 19.4
Minimum
Capitalized Contract Cost [Line Items]
Payment period from invoice date	30 days
Maximum
Capitalized Contract Cost [Line Items]
Payment period from invoice date	90 days

Balance Sheet and Other Detai_4

Balance Sheet and Other Details - Revenue Remaining Performance Obligation Narrative (Details) $ in Millions	Jul. 01, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 256.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	89%
Remaining performance obligation, period	12 months

Balance Sheet and Other Detai_5

Balance Sheet and Other Details - Accounts Receivable Reserves and Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Allowance for Doubtful Accounts Receivable
Balance at Beginning of Period	$ 1.4	$ 2	$ 3
Charged to Costs and Expenses	0.4	0.9	1.1
Deduction	(0.8)	(1.5)	(2.1)
Balance at End of Period	$ 1	$ 1.4	$ 2

Balance Sheet and Other Detai_6

Balance Sheet and Other Details - Inventories (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Inventories, net
Finished goods	$ 49	$ 41.6
Work in process	17.7	17.7
Raw materials	49.4	50.8
Inventories, net	$ 116.1	$ 110.1

Balance Sheet and Other Detai_7

Balance Sheet and Other Details - Prepayments and Other Current Assets (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Prepayments and other current assets
Refundable income taxes	$ 27.6	$ 14.5
Prepayments	16.5	16
Advances to contract manufacturers	9.8	11.8
Transaction tax receivables	5.1	10.4
Fair value of forward contracts	3.5	3.8
Assets held for sale	2.5	2.5
Other current assets	7.1	10.2
Prepayments and other current assets	$ 72.1	$ 69.2
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepayments and other current assets	Prepayments and other current assets

Balance Sheet and Other Detai_8

Balance Sheet and Other Details - Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 629	$ 592.6
Less: Accumulated depreciation and amortization	(386)	(363.7)
Property, plant and equipment, net	243	228.9
Land
Property, Plant and Equipment
Property, plant and equipment, gross	19.6	19.2
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	74.9	41.7
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	362.6	316.7
Furniture, fixtures, software and office equipment
Property, Plant and Equipment
Property, plant and equipment, gross	76.7	74
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	70.7	69.8
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 24.5	$ 71.2

Balance Sheet and Other Detai_9

Balance Sheet and Other Details - Other Non-Current Assets (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Balance Sheet and Other Details [Abstract]
Operating ROU assets	$ 40.4	$ 45.2
Long-term restricted cash	4.6	9.3
Deferred contract cost	2.9	2.4
Debt issuance cost - Revolving Credit Facility	2.8	3.5
Deposits	2.3	1.9
Other non-current assets	8.7	3.5
Other non-current assets	$ 61.7	$ 65.8

Balance Sheet and Other Deta_10

Balance Sheet and Other Details - Other Current Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Balance Sheet and Other Details [Abstract]
Operating lease liabilities	$ 10.1	$ 10.1
Income tax payable	4.4	9.6
Restructuring accrual	5.8	0
Interest payable	5.5	4.6
Transaction tax payable	4.3	11.5
Warranty accrual	4.2	4.4
Acquisition related holdback and related accruals	4.1	0.1
Fair value of forward contracts	2.4	8.4
Fair value of contingent consideration	1.1	1.8
Other	7.9	5.8
Other current liabilities	$ 49.8	$ 56.3

Balance Sheet and Other Deta_11

Balance Sheet and Other Details - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Balance Sheet and Other Details [Abstract]
Pension and post-employment benefits	$ 53.2	$ 59.6
Operating lease liabilities	29.4	33.5
Long-term deferred revenue	23.4	19.4
Fair value of contingent consideration	18.6	0.7
Financing obligation	15.8	16
Uncertain tax position	15.8	12.9
Deferred tax liability	13.9	9.5
Warranty accrual	4.8	6.2
Asset retirement obligations	3.8	3.7
Other	8	8.9
Other non-current liabilities	$ 186.7	$ 170.4
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities

Balance Sheet and Other Deta_12

Balance Sheet and Other Details - Interest and Other Income, net (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Balance Sheet and Other Details
Interest income	$ 10.2	$ 3.4	$ 2.9
Foreign exchange gain, net	(2.2)	1.4	0
Other income, net	(0.4)	0.4	0.4
Interest and other income, net	$ 7.6	$ 5.2	$ 3.3

Investments and Forward Contr_2

Investments and Forward Contracts - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Summary of Investment Holdings [Line Items]
Short-term investments	$ 14.6	$ 1.4
Deposit asset term	30 days
Deposit assets	$ 13.1
Trading securities	1.5	1.4
Debt securities	0.1	0.3
Equity securities	1.2	1
Market securities	0.2	0.1
Fair value of derivative assets	350.1	319
Fair value of derivative liabilities	22.1	10.9
Not designated | Foreign exchange forward contracts
Summary of Investment Holdings [Line Items]
Gain (loss) on derivatives	$ 1.2	(8.3)
Not designated | Foreign exchange forward contracts | Held to purchase
Summary of Investment Holdings [Line Items]
Derivative term	120 days
Notional amount of forward contracts	$ 87.5	119.1
Not designated | Foreign exchange forward contracts | Held to sell
Summary of Investment Holdings [Line Items]
Notional amount of forward contracts	19.3	80.5
Prepayments and other current assets
Summary of Investment Holdings [Line Items]
Fair value of derivative assets	3.5	3.8
Other current liabilities
Summary of Investment Holdings [Line Items]
Fair value of derivative liabilities	$ 2.4	8.3
Other current liabilities | Not designated | Foreign exchange forward contracts | Held to purchase
Summary of Investment Holdings [Line Items]
Fair value of derivative liabilities		$ 0.1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Assets:
Total debt available-for-sale securities	$ 0.3	$ 0.6
Money market funds	344.8	313.2
Trading securities	1.5	1.4
Foreign currency forward contracts	3.5	3.8
Total assets	350.1	319
Liability:
Foreign currency forward contracts	2.4	8.4
Contingent consideration	19.7	2.5
Total liabilities	22.1	10.9
Asset-backed securities
Assets:
Total debt available-for-sale securities	0.3	0.6
Level 1
Assets:
Total debt available-for-sale securities	0	0
Money market funds	344.8	313.2
Trading securities	1.5	1.4
Foreign currency forward contracts	0	0
Total assets	346.3	314.6
Liability:
Foreign currency forward contracts	0	0
Contingent consideration	0	0
Total liabilities	0	0
Level 1 | Asset-backed securities
Assets:
Total debt available-for-sale securities	0	0
Level 2
Assets:
Total debt available-for-sale securities	0.3	0.6
Money market funds	0	0
Trading securities	0	0
Foreign currency forward contracts	3.5	3.8
Total assets	3.8	4.4
Liability:
Foreign currency forward contracts	2.4	8.4
Contingent consideration	0	0
Total liabilities	2.4	8.4
Level 2 | Asset-backed securities
Assets:
Total debt available-for-sale securities	0.3	0.6
Level 3
Assets:
Total debt available-for-sale securities	0	0
Money market funds	0	0
Trading securities	0	0
Foreign currency forward contracts	0	0
Total assets	0	0
Liability:
Foreign currency forward contracts	0	0
Contingent consideration	19.7	2.5
Total liabilities	19.7	2.5
Level 3 | Asset-backed securities
Assets:
Total debt available-for-sale securities	0	0
Cash and cash equivalents
Assets:
Total assets	336.5	301.5
Restricted cash
Assets:
Total assets	4.3	3.1
Other non-current assets
Assets:
Total assets	$ 4	$ 8.6

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Measures (Details) - Convertible Debt - USD ($) $ in Millions	Jul. 01, 2023	Mar. 06, 2023	Jul. 02, 2022	May 29, 2018	Mar. 03, 2017
Debt Instrument [Line Items]
Long-term Debt	$ 700.1		$ 661.6
Level 1
Debt Instrument [Line Items]
Long-term Debt	0		0
Level 2
Debt Instrument [Line Items]
Long-term Debt	700.1		661.6
Level 3
Debt Instrument [Line Items]
Long-term Debt	$ 0		0
3.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.75%
Long-term Debt	$ 341.8		337.5
3.75% Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term Debt	0		0
3.75% Senior Notes | Level 2
Debt Instrument [Line Items]
Long-term Debt	341.8		337.5
3.75% Senior Notes | Level 3
Debt Instrument [Line Items]
Long-term Debt	$ 0		0
1.625% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	1.625%	1.625%
Long-term Debt	$ 262.7		0
1.625% Senior Convertible Notes | Level 1
Debt Instrument [Line Items]
Long-term Debt	0		0
1.625% Senior Convertible Notes | Level 2
Debt Instrument [Line Items]
Long-term Debt	262.7		0
1.625% Senior Convertible Notes | Level 3
Debt Instrument [Line Items]
Long-term Debt	$ 0		0
1.00% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	1%				1%
Long-term Debt	$ 95.6		250.7
1.00% Senior Convertible Notes | Level 1
Debt Instrument [Line Items]
Long-term Debt	0		0
1.00% Senior Convertible Notes | Level 2
Debt Instrument [Line Items]
Long-term Debt	95.6		250.7
1.00% Senior Convertible Notes | Level 3
Debt Instrument [Line Items]
Long-term Debt	$ 0		0
1.75% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	1.75%			1.75%
Long-term Debt	$ 0		73.4
1.75% Senior Convertible Notes | Level 1
Debt Instrument [Line Items]
Long-term Debt	0		0
1.75% Senior Convertible Notes | Level 2
Debt Instrument [Line Items]
Long-term Debt	0		73.4
1.75% Senior Convertible Notes | Level 3
Debt Instrument [Line Items]
Long-term Debt	$ 0		$ 0

Goodwill - Changes in Goodwill

Goodwill - Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Changes in goodwill
Balance at the beginning of the period	$ 387.6	$ 396.5
Acquisitions	60	10
Currency translation and other adjustments		(18.9)
Measurement period adjustment	(0.5)
Currency translation adjustments	8.1
Balance at the end of the period	455.2	387.6
Network Enablement
Changes in goodwill
Balance at the beginning of the period	331.6	349.7
Acquisitions	60	0
Currency translation and other adjustments		(18.1)
Measurement period adjustment	(0.5)
Currency translation adjustments	6.9
Balance at the end of the period	398	331.6
Goodwill balance	699.9	633.5	$ 651.6
Accumulated impairment losses	301.9	301.9	301.9
Service Enablement
Changes in goodwill
Balance at the beginning of the period	13.8	4.6
Acquisitions	0	10
Currency translation and other adjustments		(0.8)
Measurement period adjustment	0
Currency translation adjustments	1.2
Balance at the end of the period	15	13.8
Goodwill balance	287.6	286.4	277.2
Accumulated impairment losses	272.6	272.6	272.6
Optical Security and Performance Products
Changes in goodwill
Balance at the beginning of the period	42.2	42.2
Acquisitions	0	0
Currency translation and other adjustments		0
Measurement period adjustment	0
Currency translation adjustments	0
Balance at the end of the period	42.2	42.2
Goodwill balance	126.7	126.7	126.7
Accumulated impairment losses	$ 84.5	$ 84.5	$ 84.5

Acquired Developed Technology_3

Acquired Developed Technology and Other Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Acquired developed technology, customer relationships and other intangibles
Gross Carrying Amount	$ 673.5	$ 642.3
Accumulated Amortization	(614.9)	(588.1)
Total amortization	$ 58.6	$ 54.2
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative
Acquired developed technology
Acquired developed technology, customer relationships and other intangibles
Weighted-Average Remaining Useful Life	3 years 10 months 24 days	3 years 3 months 18 days
Gross Carrying Amount	$ 438.5	$ 416.6
Accumulated Amortization	(390.2)	(375.8)
Total amortization	48.3	$ 40.8
Impairment of intangible assets	$ 0.6
Customer relationships
Acquired developed technology, customer relationships and other intangibles
Weighted-Average Remaining Useful Life	2 years	2 years 9 months 18 days
Gross Carrying Amount	$ 195.2	$ 189.7
Accumulated Amortization	(185.9)	(177.8)
Total amortization	$ 9.3	$ 11.9
Other
Acquired developed technology, customer relationships and other intangibles
Weighted-Average Remaining Useful Life	8 months 12 days	8 months 12 days
Gross Carrying Amount	$ 39.8	$ 36
Accumulated Amortization	(38.8)	(34.5)
Total amortization	$ 1	$ 1.5

Acquired Developed Technology_4

Acquired Developed Technology and Other Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Acquired Developed Technology and Other Intangibles [Abstract]
2024	$ 20.2
2025	15.9
2026	11.4
2027	7.5
2028	3
Thereafter	0.6
Total amortization	$ 58.6	$ 54.2

Debt - Carrying Amounts of the

Debt - Carrying Amounts of the Liability and Equity Components (Details) - USD ($) $ in Millions	Jul. 01, 2023	Mar. 06, 2023	Jul. 02, 2022	Sep. 29, 2021	Jul. 03, 2021	May 29, 2018	Mar. 03, 2017
Debt Instrument [Line Items]
Short-term debt	$ 96.2		$ 68.4		$ 456.6
Unamortized 1.00% Senior Convertible Notes debt issuance cost	(2.8)		(3.5)
Long-term debt	629.5		616.5
Senior Notes | 3.75% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior convertible notes				3.75%
Principal amount of notes	400		400
Unamortized 1.00% Senior Convertible Notes debt issuance cost	(5.5)		(6.4)
Senior Notes | 1.625% Senior Convertible Notes
Debt Instrument [Line Items]
Principal amount of notes	250		0
Convertible Debt
Debt Instrument [Line Items]
Unamortized 1.00% Senior Convertible Notes debt issuance cost	$ 0		(1)
Convertible Debt | 1.00% Senior Convertible Notes
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1%						1%
Convertible Debt | 1.75% Senior Convertible Notes
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1.75%					1.75%
Principal amount of notes	$ 0		223.9
Convertible Debt | 3.75% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior convertible notes	3.75%
Convertible Debt | 1.625% Senior Convertible Notes
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1.625%	1.625%
Unamortized Senior Convertible Notes debt discount	$ (12.9)		0
Unamortized 1.00% Senior Convertible Notes debt issuance cost	(2.1)		0
Convertible Debt
Debt Instrument [Line Items]
Other short-term debt	0		0.4
Convertible Debt | 1.00% Senior Convertible Notes
Debt Instrument [Line Items]
Principal amount of notes	96.4		0
Unamortized Senior Convertible Notes debt issuance cost	(0.2)		0
Convertible Debt | 1.75% Senior Convertible Notes
Debt Instrument [Line Items]
Principal amount of notes	0		68.1
Unamortized Senior Convertible Notes debt issuance cost	$ 0		$ (0.1)

Debt - 1.625% Senior Convertibl

Debt - 1.625% Senior Convertible Notes (2026 Notes) (Details)									12 Months Ended
	Mar. 06, 2023 USD ($) day $ / shares shares	Mar. 01, 2023	Jun. 03, 2022 USD ($)	Mar. 02, 2022 USD ($)	Nov. 22, 2021 USD ($)	Sep. 02, 2021 USD ($)	Mar. 03, 2017 USD ($)	Feb. 27, 2017	Jul. 01, 2023 USD ($) $ / shares shares	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)	Mar. 22, 2017 USD ($)
Debt Instrument [Line Items]
Convertible note settlement									$ 10,100,000	$ 141,100,000
Loss on convertible note debt modification and settlement			$ 3,100,000	$ 6,400,000		$ 85,900,000			0	101,800,000	$ 0
Payments of debt issuance costs									4,200,000	10,500,000	100,000
Loss on convertible note modification									$ 2,200,000	$ 0	$ 0
1.625% Senior Convertible Notes
Debt Instrument [Line Items]
Loss on convertible note debt modification and settlement					$ 14,600,000
1.625% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1.625%								1.625%
Face amount of senior convertible notes	$ 250,000,000
Proceeds from debt before debt issuance costs	118,000,000
Proceeds from issuance of senior notes	113,800,000
Payments of debt issuance costs	4,200,000
Loss on convertible note modification	2,200,000
Issuance costs	$ 2,000,000
Conversion rate (shares) | shares	75.7963
Initial conversion price (usd per share) | $ / shares	$ 13.19
Premium to closing sale price of common stock (percent)		22.50%
Threshold percentage of stock price trigger	130%
Debt conversion, trading days threshold | day	20
Threshold consecutive trading days (days) | day	30
Repurchase price (percent)		100%
Threshold principal amount	$ 75,000,000
Expected remaining term									2 years 8 months 12 days
1.625% Senior Convertible Notes | Convertible Debt | Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130%
Debt conversion, trading days threshold | day	20
Threshold consecutive trading days (days) | day	30
1.625% Senior Convertible Notes | Convertible Debt | Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt conversion, trading days threshold | day	10
Trading day period	45 days
1.625% Senior Convertible Notes | Convertible Debt | Debt Conversion Terms Three
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	10%
1.625% Senior Convertible Notes | Convertible Debt | Debt Conversion Terms Four
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	98%
Debt conversion, trading days threshold | day	5
Threshold consecutive trading days (days) | day	10
1.625% Senior Convertible Notes | Convertible Debt | Exchange Transaction
Debt Instrument [Line Items]
Debt issued	$ 132,000,000
Repayments of debt	127,500,000
Convertible note settlement	10,100,000
1.00% Senior Convertible Notes
Debt Instrument [Line Items]
Loss on convertible note debt modification and settlement					6,400,000
1.00% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate on senior convertible notes							1%		1%
Face amount of senior convertible notes							$ 400,000,000					$ 60,000,000
Debt issued			$ 3,100,000	$ 26,800,000	$ 25,000,000	$ 181,200,000
Issuance costs	$ 300,000											$ 8,900,000
Conversion rate (shares) | shares									75.6229
Initial conversion price (usd per share) | $ / shares									$ 13.22
Premium to closing sale price of common stock (percent)								32.50%
Repurchase price (percent)							100%
Expected remaining term									8 months 12 days

Debt - 3.75% Senior Notes (2029

Debt - 3.75% Senior Notes (2029 Notes) (Details) - 3.75% Senior Notes - Senior Notes - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Sep. 29, 2021
Debt Instrument [Line Items]
Interest rate on senior convertible notes		3.75%
Face amount of senior convertible notes		$ 400
Issuance costs		$ 7
Expected remaining term	6 years 2 months 12 days

Debt - 1.75% Convertible Senior

Debt - 1.75% Convertible Senior Notes (2023 Notes) (Details) - Convertible Debt - 1.75% Senior Convertible Notes - USD ($)	Jun. 03, 2022	Mar. 02, 2022	Nov. 22, 2021	Sep. 02, 2021	May 29, 2018	Jul. 01, 2023
Debt Instrument [Line Items]
Interest rate on senior convertible notes					1.75%	1.75%
Face amount of senior convertible notes					$ 225,000,000
Debt issued	$ 19,300,000	$ 23,200,000	$ 20,600,000	$ 93,800,000
Proceeds from issuance of senior convertible debt					69,500,000
Issuance costs					2,200,000
Exchange Transaction
Debt Instrument [Line Items]
Debt issued					155,500,000
Repayments of debt					$ 151,500,000

Debt - 1.00% Senior Convertible

Debt - 1.00% Senior Convertible Notes (2024 Notes) (Details) - Convertible Debt - 1.00% Senior Convertible Notes			1 Months Ended	12 Months Ended
	Mar. 03, 2017 USD ($) day	Feb. 27, 2017	Mar. 22, 2017 USD ($)	Jul. 01, 2023 $ / shares shares	Mar. 06, 2023 USD ($)
Debt Instrument [Line Items]
Interest rate on senior convertible notes	1%			1%
Face amount of senior convertible notes | $	$ 400,000,000		$ 60,000,000
Proceeds from issuance of senior convertible debt, after issuance costs | $			451,100,000
Issuance costs | $			$ 8,900,000		$ 300,000
Conversion rate (shares) | shares				75.6229
Initial conversion price (usd per share) | $ / shares				$ 13.22
Premium to closing sale price of common stock (percent)		32.50%
Repurchase price (percent)	100%
Expected remaining term				8 months 12 days
Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130%
Threshold trading days (days)	20
Threshold consecutive trading days (days)	30
Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days (days)	45
Trading days used to calculate stock price trigger (days)	10
Debt Conversion Terms Three
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	10%
Debt Conversion Terms Four
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	98%
Threshold consecutive trading days (days)	10
Threshold consecutive business days (days)	5

Debt - Senior Convertible Notes

Debt - Senior Convertible Notes Settlement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions					12 Months Ended
	Jun. 03, 2022	Mar. 02, 2022	Nov. 22, 2021	Sep. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Debt Instrument [Line Items]
Debt conversion, shares issued				10.6
Common Stock, par value (in dollars per share)				$ 0.001	$ 0.001	$ 0.001
Repayments of senior debt		$ 64.7	$ 59	$ 196.5
Loss on convertible note settlement	$ (3.1)	(6.4)		(85.9)	$ 0	$ (101.8)	$ 0
1.75% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt issued	19.3	23.2	20.6	93.8
1.00% Senior Convertible Notes
Debt Instrument [Line Items]
Loss on convertible note settlement			(6.4)
1.00% Senior Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt issued	3.1	$ 26.8	$ 25	$ 181.2
Repayments of senior debt	$ 27.1

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Millions		3 Months Ended
	Dec. 30, 2021	Oct. 02, 2021	Jul. 01, 2023
Revolving Credit Facility | Wells Fargo
Debt Instrument [Line Items]
Proceeds from credit facility		$ 150
Repayment of credit facility		$ 150
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300
Potential increase to maximum borrowing capacity	$ 100
Fixed charge coverage ratio	1
Credit facility, excess availability rate	10%
Credit facility, borrowing base	$ 20
Available borrowing capacity			$ 172.5
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Base Rate | Maximum | Canadian dollars
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Base Rate | Minimum | Canadian dollars
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.7825%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.2825%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Euro Interbank Offered Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Euro Interbank Offered Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Canadian Dollar Offered Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Senior Secured Asset-based Revolving Credit Facility | Canadian Dollar Offered Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Letter of Credit | Senior Secured Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding			$ 4.1

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Debt Disclosure [Abstract]
Interest expense-contractual interest	$ 19.2	$ 16.5	$ 8.5
Amortization of debt issuance cost	2.5	2.8	2.3
Accretion of debt discount	1.6	0	0
Other	3.8	4	3.9
Total Interest Expense	$ 27.1	$ 23.3	$ 14.7
Effective interest rate	2.65%	2.25%	1.25%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Operating lease costs	$ 13.1	$ 14
Cash paid for amounts included in the measurement of operating lease liabilities	14.4	15.5
Operating ROU assets obtained in exchange for operating lease obligations	7	14.7
Operating ROU assets	$ 40.4	$ 45.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Other current liabilities	$ 10.1	$ 10.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other non-current liabilities	$ 29.4	$ 33.5
Total operating lease liabilities	$ 39.5	$ 43.6
Weighted-average remaining lease term	6 years 9 months 18 days	7 years 2 months 12 days
Weighted-average discount rate	4.80%	4.40%
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities

Leases - Future Minimum Operati

Leases - Future Minimum Operating Lease Payments (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Fiscal Year One	$ 10.3	$ 10.2
Fiscal Year Two	9.4	9.8
Fiscal Year Three	7.2	7.8
Fiscal Year Four	5.6	6
Fiscal Year Five	4	4.6
Thereafter	9.7	12.8
Total lease payments	46.2	51.2
Less: Interest	(6.7)	(7.6)
Present value of lease liabilities	$ 39.5	$ 43.6

Restructuring and Related Cha_3

Restructuring and Related Charges - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 01, 2024	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Restructuring and Related Charges
Restructuring and related charges (benefits)		$ 12.1	$ (0.1)	$ (1.6)
Forecast
Restructuring and Related Charges
Workforce reduction percentage	5%
Fiscal 2023 Plan
Restructuring and Related Charges
Restructuring and related charges (benefits)		12.1
Fiscal 2023 Plan Phase I
Restructuring and Related Charges
Restructuring and related charges (benefits)		10.4
Fiscal 2023 Plan Phase II
Restructuring and Related Charges
Restructuring and related charges (benefits)		$ 1.7
Other Restructuring Plans
Restructuring and Related Charges
Restructuring and related charges (benefits)			$ (0.1)	$ (1.6)

Restructuring and Related Cha_4

Restructuring and Related Charges - Summary of Restructuring Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Summary of various restructuring plans
Restructuring and related charges (benefits)	$ 12.1	$ (0.1)	$ (1.6)
Fiscal 2023 Plan
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	12.1
Cash Settlements	(6.3)
Accrual balance at the end of the period	5.8	0
Fiscal 2023 Plan Phase I
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	10.4
Cash Settlements	(6.3)
Accrual balance at the end of the period	4.1	0
Fiscal 2023 Plan Phase I | Network and Service Enablement
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	9.1
Cash Settlements	(5.6)
Accrual balance at the end of the period	3.5	0
Fiscal 2023 Plan Phase I | Optical Security and Performance Products
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	1.3
Cash Settlements	(0.7)
Accrual balance at the end of the period	0.6	0
Fiscal 2023 Plan Phase II
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	1.7
Cash Settlements	0
Accrual balance at the end of the period	1.7	0
Fiscal 2023 Plan Phase II | Network and Service Enablement
Summary of various restructuring plans
Accrual balance at the beginning of the period	0
Restructuring and related charges (benefits)	1.7
Cash Settlements	0
Accrual balance at the end of the period	$ 1.7	$ 0

Income Taxes - Income (Loss) Be

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Income (loss) before income taxes
Domestic	$ (37.6)	$ (82.6)	$ (21.7)
Foreign	98.3	147.7	152.5
Income before income taxes	$ 60.7	$ 65.1	$ 130.8

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Federal:
Current	$ 0	$ 0	$ 0
Deferred	0	0	0
Total federal income tax expense	0	0	0
State:
Current	2.6	(2.2)	20.1
Deferred	0	0	0
Total state income tax expense (benefit)	2.6	(2.2)	20.1
Foreign:
Current	27.6	63.2	44.8
Deferred	5	(11.4)	(1.6)
Total foreign income tax expense	32.6	51.8	43.2
Total income tax expense	$ 35.2	$ 49.6	$ 63.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Net operating loss carryforwards
Current expense	$ 27.6	$ 63.2	$ 44.8
Undistributed earnings of certain foreign subsidiaries	7.9
Estimated additional U.S. income or foreign withholding taxes that would have to be provided if earnings of foreign subsidiaries were repatriated to the U.S.	1
Increase (decrease) in deferred tax asset valuation allowances	30.7	11.9	(114.2)
Portion of unrecognized tax benefits, if recognized, would impact the effective tax rate	12.9
Portion of unrecognized tax benefits, if recognized, would impact the valuation allowance	38.2
Accrued interest and penalties related to unrecognized tax benefits	2.9	$ 2.1	4
Increase in accrued interest and penalties	0.8
Other Restructuring
Net operating loss carryforwards
Operating loss carryforwards utilized			2,300
Operating loss carry forwards utilized, tax effected			482
Deferred tax assets recognized on transaction			589
Federal
Net operating loss carryforwards
Operating loss carryforwards	1,695.5
Research and other tax credit carryforwards	81.9
State
Net operating loss carryforwards
Operating loss carryforwards	364.6
Research and other tax credit carryforwards	54.2
State | Other Restructuring
Net operating loss carryforwards
Foreign tax expense including reserves for uncertain tax positions			$ 19.1
Foreign
Net operating loss carryforwards
Operating loss carryforwards	461
Foreign | Other Restructuring
Net operating loss carryforwards
Foreign tax expense including reserves for uncertain tax positions	$ 13.2

Income Taxes - Income Tax Rate

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Reconciliation of the Company’s income tax expense at the federal statutory rate to the income tax expense at the effective tax rate
Income tax expense computed at federal statutory rate	$ 12.8	$ 13.7	$ 27.5
Withholding Taxes	8	8.7	8.7
U.S. Inclusion of foreign earnings	1.3	19.8	3.6
Internal Intellectual Property Restructuring	1.2	10.1	19.1
Valuation allowance	0.5	3.3	1
Foreign rate differential	4.5	6.9	3.9
Reserves	2.9	1.7	1.5
Permanent items	1.1	0.3	(0.6)
Fair value change of the earn-out liability	(1)	0.1	(1.5)
Impact of prior years’ taxes	(0.5)	(8.6)	(2.1)
Research and experimentation benefits and other tax credits	(1.3)	(1.1)	(0.5)
State taxes	2.6	0.8	0.9
Disallowed compensations	3.3	2.2	1.4
Senior Convertible Notes settlements	0	(8.3)	0
Other	(0.2)	0	0.4
Total income tax expense	$ 35.2	$ 49.6	$ 63.3

Income Taxes - Components of Ne

Income Taxes - Components of Net Deferred Taxes (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Gross deferred tax assets:
Tax credit carryforwards	$ 136.4	$ 136.7	$ 135.7
Net operating loss carryforwards	437.5	491.8	536.1
Capital loss carryforwards	1.1	1	1.1
Inventories	40.2	34.5	28.9
Accruals and reserves	58.1	58.5	66.5
Intangibles including acquisition-related items	597.5	603.6	632.4
Capitalized research costs	186.7	100.3	15.7
Other	44.3	45.7	65.9
Gross deferred tax assets	1,501.8	1,472.1	1,482.3
Valuation allowance	(1,351.5)	(1,320.8)	(1,308.9)
Deferred tax assets	150.3	151.3	173.4
Gross deferred tax liabilities:
Acquisition-related items	(30.9)	(31.9)	(29.1)
Tax on unrepatriated earnings	(13.7)	(7.2)	(18.4)
Foreign branch taxes	(15)	(17.8)	(22.2)
Other	(17.7)	(17.6)	(18.7)
Deferred tax liabilities	(77.3)	(74.5)	(88.4)
Total net deferred tax assets	$ 73	$ 76.8	$ 85

Income Taxes - Changes in Defer

Income Taxes - Changes in Deferred Tax Valuation Allowance (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 1,320.8	$ 1,308.9	$ 1,423.1
Additions Charged to Expenses or Other Accounts	114.4	101.7	617.5
Deductions Credited to Expenses or Other Accounts	(83.7)	(89.8)	(731.7)
Balance at End of Period	$ 1,351.5	$ 1,320.8	$ 1,308.9

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Reconciliation of unrecognized tax benefits
Balance at the beginning of the period	$ 53.4	$ 59.1	$ 52
Additions based on tax positions related to current year	2.7	0.4	14.8
Reduction based on tax positions related to prior year	(1.1)	(2.6)	(6.8)
Addition based on tax positions related to prior year	0.1	2.6
Reduction related to settlement			(0.5)
Reductions for lapse of statute of limitations	(0.2)	(6.1)	(0.4)
Balance at the end of the period	$ 54.9	$ 53.4	$ 59.1

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Sep. 30, 2022
Stock Repurchase Program
Repurchase of common stock (in shares)	7,300,000	14,800,000	3,000,000
Repurchases of common stock	$ 84.2	$ 235.5	$ 42.6
Remaining authorized amount for repurchase	$ 234.8	$ 67.3	$ 112.9
Average repurchase price per share (in dollars per share)	$ 11.49	$ 15.91	$ 14.21
Accrued excise tax	$ 0.3
Accumulated Deficit
Stock Repurchase Program
Repurchases of common stock	$ 83.9	$ 235.5	$ 42.6
Common Stock | 2022 Repurchase Plan
Stock Repurchase Program
Authorized amount under stock repurchase program				$ 300
Repurchase of common stock (in shares)	6,000,000
Repurchases of common stock	$ 65.2
Remaining authorized amount for repurchase	$ 234.8
Common Stock | 2019 Repurchase Plan
Stock Repurchase Program
Authorized amount under stock repurchase program				$ 200
Repurchase of common stock (in shares)	1,300,000
Repurchases of common stock	$ 18.7
Series B Preferred Stock
Stock Repurchase Program
Number of undesignated preferred shares authorized to be issued (in shares)	1,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Stock-Based Compensation
Shares of common stock available for grant (in shares)			7,500,000
Stock-based compensation capitalized to inventory			$ 1.2	$ 1.2
Closing stock price of company (in dollars per share)			$ 11.33
Number of exercisable in-the-money options (in shares)			1,200,000
Stock option grants issued (in shares)			0	0	0
Minimum remaining maturity period of traded options of the entity's common stock upon which implied volatility is based			6 months
Restricted Stock Units with Market and Performance Conditions | Minimum
Stock-Based Compensation
Vesting period			3 years
Restricted Stock Units with Market and Performance Conditions | Maximum
Stock-Based Compensation
Vesting period			4 years
Full Value Awards - Performance shares | Minimum
Stock-Based Compensation
Vesting period			1 year
Full Value Awards - Performance shares | Maximum
Stock-Based Compensation
Vesting period			4 years
Employee Stock Purchase Plan
Stock-Based Compensation
Stock option grants issued (in shares)	435,195	292,910
Unrecognized stock-based compensation			$ 0.2
Full Value Awards
Stock-Based Compensation
Unrecognized stock-based compensation			$ 60.1
Estimated amortization period			1 year 7 months 6 days
2003 Plan
Stock-Based Compensation
Stock options and Full Value Awards issued and outstanding (in shares)			8,700,000
1998 Purchase Plan
Stock-Based Compensation
Shares of common stock available for grant (in shares)			1,500,000
Discount rate provided under purchase plan			15%
Look-back period			6 months

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation by Function (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 51.2	$ 52.3	$ 48.3
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4.8	5.2	4.8
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8.6	8.6	8.9
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 37.8	$ 38.5	$ 34.6

Stock-Based Compensation - Rang

Stock-Based Compensation - Range of Exercise Prices (Details) - 5.95 $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares
Stock options outstanding and exercisable by exercise price range
Exercise price, lower range limit (in dollars per share)	$ 5.95
Exercise price, upper range limit (in dollars per share)	$ 5.95
Options Outstanding
Number of Shares (in shares) | shares	1,180,257
Weighted Average Remaining Contractual Term (years)	7 months 13 days
Weighted Average Exercise Price (in dollars per share)	$ 5.95
Aggregate Intrinsic Value (in dollars) | $	$ 6.3
Options Exercisable
Number of Shares (in shares) | shares	1,180,257
Weighted Average Remaining Contractual Term (years)	7 months 13 days
Weighted Average Exercise Price (in dollars per share)	$ 5.95
Aggregate intrinsic value (in dollars) | $	$ 6.3

Stock-Based Compensation - Full

Stock-Based Compensation - Full Value Awards Activity (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Full Value Awards - Total
Number of Shares
Balance at beginning of period (in shares)	6.2	6.3	6.1
Awards granted (in shares)	4	2.8	4.6
Awards vested (in shares)	(2.4)	(2.6)	(3.7)
Awards forfeited (in shares)	(0.3)	(0.3)	(0.7)
Balance at end of period (in shares)	7.5	6.2	6.3
Weighted-average Grant-dated Fair Value
Balance at beginning of period (in dollars per share)	$ 15.55	$ 13.98	$ 12.97
Awards granted (in dollars per share)	14.35	16.95	14.15
Awards vested (in dollars per share)	15.23	13.38	12.58
Awards forfeited (in dollars per share)	14.78	14.64	13.83
Balance at end of period (in dollars per share)	$ 15.06	$ 15.55	$ 13.98
Full Value Awards - Performance shares
Number of Shares
Balance at beginning of period (in shares)	1.4	1.5	1
Awards granted (in shares)	0.9	0.4	1.3
Awards vested (in shares)	(0.6)	(0.4)	(0.6)
Awards forfeited (in shares)	0	(0.1)	(0.2)
Balance at end of period (in shares)	1.7	1.4	1.5
Weighted-average Grant-dated Fair Value
Aggregate grant-date fair value (in dollars)	$ 0	$ 2,000,000	$ 0
Full Value Awards - Performance shares | Minimum
Weighted-average Grant-dated Fair Value
Vesting period	1 year
Full Value Awards - Performance shares | Maximum
Weighted-average Grant-dated Fair Value
Vesting period	4 years
MSUs
Weighted-average Grant-dated Fair Value
Aggregate grant-date fair value (in dollars)	$ 11,400,000	$ 7,900,000	$ 15,600,000
MSUs | Minimum
Weighted-average Grant-dated Fair Value
Vesting period	3 years
MSUs | Maximum
Weighted-average Grant-dated Fair Value
Vesting period	4 years
Full Value Awards - Non-performance shares
Number of Shares
Balance at beginning of period (in shares)	4.8	4.8	5.1
Awards granted (in shares)	3.1	2.4	3.3
Awards vested (in shares)	(1.8)	(2.2)	(3.1)
Awards forfeited (in shares)	(0.3)	(0.2)	(0.5)
Balance at end of period (in shares)	5.8	4.8	4.8

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details)	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
MSUs | Monte Carlo simulation
Valuation Assumptions
Expected volatility	31.20%	33.80%	38.50%
Average volatility of peer companies	62.10%	58.70%	65.70%
Average correlation coefficient of peer companies	0.3111	0.3442	0.3653
Risk-free interest rate	3.40%	0.20%	0.30%
Employee Stock Purchase Plan | BSM
Valuation Assumptions
Expected term (in years)	6 months	6 months	6 months
Expected volatility	37.20%	24.30%	44.90%
Risk-free interest rate	3.80%	0.30%	0.10%

Employee Pension and Other Be_3

Employee Pension and Other Benefit Plans - Additional Information (Details) £ in Millions	12 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 01, 2023 GBP (£)	Jul. 02, 2022 USD ($)	Jul. 02, 2022 GBP (£)	Jul. 03, 2021 USD ($)
Employee Defined Benefit Plans
Maximum contribution by an employee, as percentage of annual compensation	50%	50%
Maximum amount of contribution by an employee in a calendar year	$ 22,500
Employer match of employee's contributions of the first 3% of eligible compensation (as a percent)	100%	100%
Percentage of eligible compensation, matched 100% by employer	3%	3%
Employer match of employee's contributions of the next 2% of eligible compensation (as a percent)	50%	50%
Percentage of eligible compensation, matched 50% by employer	2%	2%
Company's matching contribution to the plan	$ 5,400,000		$ 5,100,000		$ 4,700,000
Required contributions expected in next fiscal year	$ 0
Minimum maturity period for investment in index-linked Gilts	5 years	5 years
Other Post Retirement Benefit Plans
Employee Defined Benefit Plans
Benefit obligation	$ 400,000		400,000
Pension Benefit Plans
Employee Defined Benefit Plans
Benefit obligation	86,100,000		95,500,000		$ 140,500,000
Future amortization of losses	100,000
Employer contributions	5,600,000		6,700,000
United Kingdom | Pension Benefit Plans
Employee Defined Benefit Plans
Employer contributions	$ 1,200,000	£ 1	$ 1,300,000	£ 1

Employee Pension and Other Be_4

Employee Pension and Other Benefit Plans - Net Periodic Benefit Cost (Details) - Pension Benefit Plans - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Components of the net periodic cost for the pension and benefits plans
Service cost	$ 0	$ 0.2	$ 0.2
Interest cost	2.7	1.6	1.5
Expected return on plan assets	(1.7)	(1.7)	(1.7)
Recognized net actuarial (gains) losses	(0.1)	2.9	3.1
Net periodic benefit cost	$ 0.9	$ 3	$ 3.1

Employee Pension and Other Be_5

Employee Pension and Other Benefit Plans - Changes in the Benefit Obligations and Plan Assets (Details) - Pension Benefit Plans - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Change in benefit obligation
Benefit obligation at beginning of year	$ 95.5	$ 140.5
Service cost	0	0.2	$ 0.2
Interest cost	2.7	1.6	1.5
Actuarial gains	(4.2)	(25.7)
Benefits paid	(5.6)	(6.3)
Foreign exchange impact	(2.3)	(14.8)
Benefit obligation at end of year	86.1	95.5	140.5
Change in plan assets
Fair value of plan assets at beginning of year	29.3	36.2
Actual return on plan assets	0.2	(3)
Employer contributions	5.6	6.7
Benefits paid	(5.6)	(6.3)
Foreign exchange impact	1.6	(4.3)
Fair value of plan assets at end of year	31.1	29.3	$ 36.2
Funded status	(55)	(66.2)
Accumulated benefit obligation	$ 86.1	$ 95.5

Employee Pension and Other Be_6

Employee Pension and Other Benefit Plans - Amounts Recognized on Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Amount recognized on the Consolidated Balance Sheets at end of year:
Non-current liabilities	$ 53.2	$ 59.6
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:
Net actuarial gain	2	13.9	$ 4.1
Amortization of accumulated net actuarial (gains) losses	(0.1)	2.9	$ 3.1
Pension Benefit Plans
Amount recognized on the Consolidated Balance Sheets at end of year:
Non-current assets	5.6	0
Current liabilities	7.8	7
Non-current liabilities	52.8	59.2
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:
Net actuarial gain	2	13.9
Amortization of accumulated net actuarial (gains) losses	(0.1)	2.9
Total recognized in other comprehensive income (loss)	$ 1.9	$ 16.8

Employee Pension and Other Be_7

Employee Pension and Other Benefit Plans - Weighted Average Assumptions (Details) - Pension Benefit Plans	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Used to determine net period cost at end of year:
Discount rate	4.10%	3.20%	1.20%
Expected long-term return on plan assets	5.90%	6.20%	5.40%
Rate of pension increase	2.50%	2.20%	2.20%
Used to determine benefit obligation at end of year:
Discount rate	4.10%	3.20%	1.20%
Rate of pension increase	2.50%	2.20%	2.30%

Employee Pension and Other Be_8

Employee Pension and Other Benefit Plans - Assets at Fair Value and Assets Allocations (Details) - Pension Benefit Plans - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Asset category
Fair value of total plan assets	$ 31.1	$ 29.3	$ 36.2
Percentage of Plan Assets	100%	100%
Level 1
Asset category
Fair value of total plan assets	$ 2.7	$ 2.2
Level 2
Asset category
Fair value of total plan assets	$ 28.4	$ 27.1
Global equity
Asset category
Target Allocation	40%	40%
Fair value of total plan assets	$ 10.5	$ 10.3
Percentage of Plan Assets	33.80%	35.20%
Global equity | Level 1
Asset category
Fair value of total plan assets	$ 0	$ 0
Global equity | Level 2
Asset category
Fair value of total plan assets	$ 10.5	$ 10.3
Fixed income
Asset category
Target Allocation	40%	40%
Fair value of total plan assets	$ 10	$ 10.4
Percentage of Plan Assets	32.10%	35.50%
Fixed income | Level 1
Asset category
Fair value of total plan assets	$ 0	$ 0
Fixed income | Level 2
Asset category
Fair value of total plan assets	$ 10	$ 10.4
Other
Asset category
Target Allocation	20%	20%
Fair value of total plan assets	$ 7.9	$ 6.4
Percentage of Plan Assets	25.40%	21.80%
Other | Level 1
Asset category
Fair value of total plan assets	$ 0	$ 0
Other | Level 2
Asset category
Fair value of total plan assets	7.9	6.4
Cash
Asset category
Fair value of total plan assets	$ 2.7	$ 2.2
Percentage of Plan Assets	8.70%	7.50%
Cash | Level 1
Asset category
Fair value of total plan assets	$ 2.7	$ 2.2
Cash | Level 2
Asset category
Fair value of total plan assets	$ 0	$ 0

Employee Pension and Other Be_9

Employee Pension and Other Benefit Plans - Future Benefit Payments (Details) - Pension Benefit Plans $ in Millions	Jul. 01, 2023 USD ($)
Pension Benefit Plans
2024	$ 9.2
2025	6.1
2026	6.3
2027	6.2
2028	5.6
2029-2033	$ 25.4

Commitments and Contingencies -

Commitments and Contingencies - Royalty Payments (Details) $ in Millions	Jul. 01, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 0.8
2025	0.4
2026	0.3
Total	$ 1.5

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	12 Months Ended
	Jul. 01, 2023 USD ($) agreement
Purchase Obligations
Legally-binding purchase commitment obligations | $	$ 124
Typical duration of supply agreements with single or limited source vendors	1 year
Long-term guaranteed supply agreements | agreement	0

Commitments and Contingencies_3

Commitments and Contingencies - Financing Obligations - Santa Rosa (Details) $ in Millions		82 Months Ended
	Aug. 21, 2007 USD ($) renewal_option	May 31, 2019 amendment	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)
Santa Rosa
Financing Obligations
Net cash proceeds received from sale and lease back transaction	$ 32.2
Number of renewal options (in renewal option) | renewal_option	2
Renewal term	5 years
Financing obligation, current			$ 0.2	$ 0.1
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]			Other current liabilities	Other current liabilities
Financing obligation, noncurrent			$ 15.8	$ 16
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]			Other non-current liabilities	Other non-current liabilities
Santa Rosa | Minimum
Financing Obligations
Lease term	1 year
Santa Rosa | Maximum
Financing Obligations
Lease term	10 years
Santa Rosa Sale Leaseback Amendment
Financing Obligations
Renewal term		10 years
Lease amendments | amendment		2

Commitments and Contingencies_4

Commitments and Contingencies - Future Minimum Annual Leaseback Payments (Details) $ in Millions	Jul. 01, 2023 USD ($)
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]
2024	$ 3
2025	3.1
2026	3.1
2027	3.2
2028	2.7
Thereafter	10.9
Total minimum leaseback payments	$ 26

Commitments and Contingencies_5

Commitments and Contingencies - Guarantees and Outstanding Letters of Credit and Performance Bonds (Details) - USD ($)	Jul. 01, 2023	Jul. 02, 2022
Loss Contingencies [Line Items]
Guarantee liabilities	$ 0	$ 0
Standby letters of credit
Loss Contingencies [Line Items]
Contingency	8,400,000
Performance bonds
Loss Contingencies [Line Items]
Contingency	$ 700,000

Commitments and Contingencies_6

Commitments and Contingencies - Product Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Product Warranties
Warranty Term for most products	3 years
Changes in warranty reserve
Balance as of beginning of period	$ 10.6	$ 9.7
Provision for warranty	1.6	5.2
Utilization of reserve	(1.2)	(2.4)
Adjustments related to pre-existing warranties (including changes in estimates)	(2)	(1.9)
Balance as of end of period	$ 9	$ 10.6

Commitments and Contingencies_7

Commitments and Contingencies - Legal Proceedings (Details) - Amendment of pension for foreign subsidiary - Judicial ruling £ in Millions, $ in Millions	Jul. 01, 2023 USD ($)	Jul. 01, 2023 GBP (£)	Jul. 02, 2022 USD ($)	Jul. 02, 2022 GBP (£)	Jul. 02, 2016 GBP (£)	Jun. 30, 2016 GBP (£)
Loss Contingencies [Line Items]
Amount accrued	$ 6.7	£ 5.7	$ 6.5	£ 5.4	£ 5.7
Minimum
Loss Contingencies [Line Items]
Estimate liability						£ 5.7
Maximum
Loss Contingencies [Line Items]
Estimate liability						£ 8.4

Operating Segments and Geogra_3

Operating Segments and Geographic Information - Summary of Reportable Segments (Details) $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023 USD ($)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2022 USD ($)	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Jan. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)	Jul. 01, 2023 USD ($) segment	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)
Information on reportable segments
Number of broad business categories (segment) | segment									2
Net revenue	$ 263.6	$ 247.8	$ 284.5	$ 310.2	$ 335.3	$ 315.5	$ 314.8	$ 326.8	$ 1,106.1	$ 1,292.4	$ 1,198.9
Gross profit	$ 146	$ 141	$ 167	$ 184.8	$ 201.1	$ 186.9	$ 190.5	$ 195	$ 638.8	$ 773.5	$ 714.4
Gross margin (percent)									57.80%	59.80%	59.60%
Operating income									$ 82.4	$ 185	$ 142.2
Operating margin (percent)									7.40%	14.30%	11.90%
Other Items
Information on reportable segments
Net revenue									$ 0	$ 0	$ 0
Gross profit									(30)	(35.2)	(37.8)
Operating income									(90.1)	(101.8)	(111.3)
Network and Service Enablement | Segment Measures
Information on reportable segments
Net revenue									801.2	949.1	837.9
Gross profit									$ 510.2	$ 615.1	$ 534.1
Gross margin (percent)									63.70%	64.80%	63.70%
Operating income									$ 61.2	$ 147.8	$ 92.2
Operating margin (percent)									7.60%	15.60%	11%
Network and Service Enablement | Network Enablement | Segment Measures
Information on reportable segments
Net revenue									$ 697.5	$ 845.8	$ 746.6
Gross profit									$ 440.1	$ 543.6	$ 474.2
Gross margin (percent)									63.10%	64.30%	63.50%
Network and Service Enablement | Service Enablement | Segment Measures
Information on reportable segments
Net revenue									$ 103.7	$ 103.3	$ 91.3
Gross profit									$ 70.1	$ 71.5	$ 59.9
Gross margin (percent)									67.60%	69.20%	65.60%
Optical Security and Performance Products | Segment Measures
Information on reportable segments
Net revenue									$ 304.9	$ 343.3	$ 361
Gross profit									$ 158.6	$ 193.6	$ 218.1
Gross margin (percent)									52%	56.40%	60.40%
Operating income									$ 111.3	$ 139	$ 161.3
Operating margin (percent)									36.50%	40.50%	44.70%
Product
Information on reportable segments
Net revenue									$ 936.1	$ 1,135.5	$ 1,051.4
Product | Other Items
Information on reportable segments
Net revenue									0	0	0
Product | Network and Service Enablement | Segment Measures
Information on reportable segments
Net revenue									631.3	792.7	691.1
Product | Network and Service Enablement | Network Enablement | Segment Measures
Information on reportable segments
Net revenue									583.9	739.7	650.5
Product | Network and Service Enablement | Service Enablement | Segment Measures
Information on reportable segments
Net revenue									47.4	53	40.6
Product | Optical Security and Performance Products | Segment Measures
Information on reportable segments
Net revenue									304.8	342.8	360.3
Service
Information on reportable segments
Net revenue									170	156.9	147.5
Service | Other Items
Information on reportable segments
Net revenue									0	0	0
Service | Network and Service Enablement | Segment Measures
Information on reportable segments
Net revenue									169.9	156.4	146.8
Service | Network and Service Enablement | Network Enablement | Segment Measures
Information on reportable segments
Net revenue									113.6	106.1	96.1
Service | Network and Service Enablement | Service Enablement | Segment Measures
Information on reportable segments
Net revenue									56.3	50.3	50.7
Service | Optical Security and Performance Products | Segment Measures
Information on reportable segments
Net revenue									$ 0.1	$ 0.5	$ 0.7

Operating Segments and Geogra_4

Operating Segments and Geographic Information - Reconciliation to Gross Profit and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Information on reportable segments
Gross profit	$ 146	$ 141	$ 167	$ 184.8	$ 201.1	$ 186.9	$ 190.5	$ 195	$ 638.8	$ 773.5	$ 714.4
Stock-based compensation									(51.2)	(52.3)	(48.3)
Amortization of intangibles									(8.7)	(9.7)	(33.3)
Operating income									82.4	185	142.2
Change in fair value of contingent liability									4.6	0	5.3
Restructuring and related (charges) benefits									(12.1)	0.1	1.6
Non-segment
Information on reportable segments
Gross profit									(30)	(35.2)	(37.8)
Operating income									(90.1)	(101.8)	(111.3)
Corporate reconciling items impacting gross profit
Information on reportable segments
Gross profit									638.8	773.5	714.4
Corporate reconciling items impacting gross profit | Segment
Information on reportable segments
Gross profit									668.8	808.7	752.2
Corporate reconciling items impacting gross profit | Non-segment
Information on reportable segments
Stock-based compensation									(4.8)	(5.2)	(4.8)
Amortization of intangibles									(24.6)	(30)	(33.2)
Other (charges) benefits unrelated to core operating performance									(0.6)	0	0.2
Corporate reconciling items impacting operating income
Information on reportable segments
Operating income									82.4	185	142.2
Restructuring and related (charges) benefits									(12.1)	0.1	1.6
Corporate reconciling items impacting operating income | Segment
Information on reportable segments
Operating income									172.5	286.8	253.5
Corporate reconciling items impacting operating income | Non-segment
Information on reportable segments
Stock-based compensation									(51.2)	(52.3)	(48.3)
Amortization of intangibles									(33.3)	(39.7)	(66.5)
Change in fair value of contingent liability									4.5	(0.3)	5.3
Other benefits (charges) unrelated to core operating performance									$ 2	$ (9.6)	$ (3.4)

Operating Segments and Geogra_5

Operating Segments and Geographic Information - Net Revenue by Geographic Region (Details) $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023 USD ($) region	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2022 USD ($)	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Jan. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)	Jul. 01, 2023 USD ($) region	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of geographic regions in which entity operates | region	3								3
Net revenue	$ 263.6	$ 247.8	$ 284.5	$ 310.2	$ 335.3	$ 315.5	$ 314.8	$ 326.8	$ 1,106.1	$ 1,292.4	$ 1,198.9
Total Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									438.1	485.7	415.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									362.9	388.9	330
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									75.2	96.8	85.6
Total Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									377.5	461.7	410.5
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									210.9	256.4	277
Other Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									166.6	205.3	133.5
EMEA:
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									290.5	345	372.8
Product
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									936.1	1,135.5	1,051.4
Product | Total Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									363.8	414.7	348.5
Product | United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									303.5	332.5	275.8
Product | Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									60.3	82.2	72.7
Product | Total Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									343.7	432.7	384.3
Product | Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									203.5	247.5	265.8
Product | Other Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									140.2	185.2	118.5
Product | EMEA:
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									228.6	288.1	318.6
Service
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									170	156.9	147.5
Service | Total Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									74.3	71	67.1
Service | United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									59.4	56.4	54.2
Service | Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									14.9	14.6	12.9
Service | Total Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									33.8	29	26.2
Service | Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									7.4	8.9	11.2
Service | Other Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									26.4	20.1	15
Service | EMEA:
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									$ 61.9	$ 56.9	$ 54.2

Operating Segments and Geogra_6

Operating Segments and Geographic Information - Customer Concentration Risk (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 263.6	$ 247.8	$ 284.5	$ 310.2	$ 335.3	$ 315.5	$ 314.8	$ 326.8	$ 1,106.1	$ 1,292.4	$ 1,198.9
Customer Concentration Risk | Customer A | OSP
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue									$ 157.7	$ 178.4	$ 193.9

Operating Segments and Geogra_7

Operating Segments and Geographic Information - Property, Plant and Equipment by Geographic Region (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 243	$ 228.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	166.9	148.3
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	1.3	1.8
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	33.6	39.7
Other Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	4	4.5
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	24.6	25.7
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 12.6	$ 8.9

Selected Quarterly Financial _3

Selected Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Quarterly consolidated statements of operations
Net revenue	$ 263.6	$ 247.8	$ 284.5	$ 310.2	$ 335.3	$ 315.5	$ 314.8	$ 326.8	$ 1,106.1	$ 1,292.4	$ 1,198.9
Gross profit	146	141	167	184.8	201.1	186.9	190.5	195	638.8	773.5	714.4
Net (loss) income	$ (0.1)	$ (15.4)	$ 8.4	$ 32.6	$ 16.5	$ 19.2	$ 34.6	$ (54.8)	$ 25.5	$ 15.5	$ 67.5
Net (loss) income per share - basic:
Net income (loss) (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.15	$ (0.24)	$ 0.11	$ 0.07	$ 0.30
Net (loss) income per share - diluted:
Net income (loss) (usd per share)	$ 0	$ (0.07)	$ 0.04	$ 0.14	$ 0.07	$ 0.08	$ 0.14	$ (0.24)	$ 0.11	$ 0.07	$ 0.29
Shares used in per-share calculation:
Basic (in shares)	222.2	224.1	225.9	226.3	227.2	229.2	236	231.1	224.6	230.9	228.7
Diluted (in shares)	222.2	224.1	227.1	230.4	231.3	236.8	242.3	231.1	226.6	238.2	236.3