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Segment Reporting | 6 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company reports its business segments using the “management approach” model for segment reporting. This means that the Company determines its reportable business segments based on the way the chief operating decision-maker organizes business segments within the Company for making operating decisions and assessing financial performance. On July 1, 2022, the Company completed its acquisition of Legacy Coherent. See Note 3. Coherent Acquisition for further information. The operating results of Legacy Coherent are reflected in the Lasers segment. Effective July 1, 2022, the Company reports its financial results in the following three segments: (i) Networking, (ii) Materials, and (iii) Lasers. Previously, financial results had been reported in the following two segments: (i) Photonic Solutions and (ii) Compound Semiconductors. The Networking segment represents the former Photonic Solutions segment and the Materials segment represents the former Compound Semiconductors segment. The Company’s chief operating decision maker receives and reviews financial information based on these three segments. The Company evaluates business segment performance based upon segment operating income, which is defined as earnings before income taxes, interest and other income or expense. The segments are managed separately due to the market, production requirements and facilities unique to each segment. The accounting policies are consistent across each segment. To the extent possible, the Company’s corporate expenses and assets are allocated to the segments. The expenses associated with the Legacy Coherent acquisition for the three and six months ended December 31, 2022 are wholly allocated to the Lasers segment. For the three and six months ended December 31, 2021, the expenses associated with the acquisition of Legacy Coherent were not allocated to an operating segment, and were presented in Unallocated and Other. In addition, prior year numbers were recast to reflect the transfer of two entities between the Networking and Materials segments. The following tables summarize selected financial information of the Company’s operations by segment ($000):
| Three Months Ended December 31, 2022
| Networking |  | Materials |  | Lasers |  | Unallocated & Other |  | Total
Revenues | $ | 608,680 |  |  | $ | 382,396 |  |  | $ | 379,209 |  |  | $ | — |  |  | $ | 1,370,285 |
Inter-segment revenues | 17,630 |  |  | 85,844 |  |  | 917 |  |  | (104,391) |  |  | — |
Operating income (loss) | 90,039 |  |  | 81,472 |  |  | (163,265) |  |  | — |  |  | 8,246 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (70,904) |
Other income (expense), net | — |  |  | — |  |  | — |  |  | — |  |  | (3,696) |
Income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 21,282 |
Net loss | — |  |  | — |  |  | — |  |  | — |  |  | (45,072) |
Depreciation and amortization | 40,241 |  |  | 28,035 |  |  | 101,633 |  |  | — |  |  | 169,909 |
Expenditures for property, plant & equipment | 30,383 |  |  | 61,474 |  |  | 15,007 |  |  | — |  |  | 106,864 |
Segment assets | 3,518,319 |  |  | 2,248,600 |  |  | 8,341,975 |  |  | — |  |  | 14,108,894 |
Goodwill | 1,011,644 |  |  | 273,268 |  |  | 3,141,929 |  |  | — |  |  | 4,426,841 |
| Three Months Ended December 31, 2021
| Networking |  | Materials |  |  |  | Unallocated & Other |  | Total
Revenues | $ | 516,541 |  |  | $ | 290,278 |  |  |  |  | $ | — |  |  | $ | 806,819 |
Inter-segment revenues | 24,552 |  |  | 77,094 |  |  |  |  | (101,646) |  |  | — |
Operating income (loss) | 50,424 |  |  | 56,538 |  |  |  |  | (8,740) |  |  | 98,222 |
Interest expense | — |  |  | — |  |  |  |  | — |  |  | (17,062) |
Other income (expense), net | — |  |  | — |  |  |  |  | — |  |  | (1,806) |
Income taxes | — |  |  | — |  |  |  |  | — |  |  | (11,697) |
Net earnings | — |  |  | — |  |  |  |  | — |  |  | 67,657 |
Depreciation and amortization | 42,545 |  |  | 28,481 |  |  |  |  | — |  |  | 71,026 |
Expenditures for property, plant & equipment | 10,620 |  |  | 43,502 |  |  |  |  | — |  |  | 54,122 |
| Six Months Ended December 31, 2022
| Networking |  | Materials |  | Lasers |  | Unallocated & Other |  | Total
Revenues | $ | 1,205,228 |  |  | $ | 738,040 |  |  | $ | 771,587 |  |  | $ | — |  |  | $ | 2,714,855 |
Inter-segment revenues | 36,370 |  |  | 180,898 |  |  | 1,083 |  |  | (218,351) |  |  | — |
Operating income (loss) | 181,021 |  |  | 156,807 |  |  | (287,106) |  |  | — |  |  | 50,722 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (132,793) |
Other income (expense), net | — |  |  | — |  |  | — |  |  | — |  |  | (35,301) |
Income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 33,602 |
Net earnings | — |  |  | — |  |  | — |  |  | — |  |  | (83,770) |
Depreciation and amortization | 83,015 |  |  | 54,562 |  |  | 179,618 |  |  | — |  |  | 317,195 |
Expenditures for property, plant & equipment | 74,213 |  |  | 136,372 |  |  | 35,269 |  |  | — |  |  | 245,854 |
| Six Months Ended December 31, 2021
| Networking |  | Materials |  |  |  | Unallocated & Other |  | Total
Revenues | $ | 1,047,554 |  |  | $ | 554,376 |  |  |  |  | $ | — |  |  | $ | 1,601,930 |
Inter-segment revenues | 56,721 |  |  | 139,857 |  |  |  |  | (196,578) |  |  | — |
Operating income (loss) | 109,863 |  |  | 103,316 |  |  |  |  | (19,907) |  |  | 193,272 |
Interest expense | — |  |  | — |  |  |  |  | — |  |  | (29,253) |
Other income (expense), net | — |  |  | — |  |  |  |  | — |  |  | 5,776 |
Income taxes | — |  |  | — |  |  |  |  | — |  |  | (27,674) |
Net earnings | — |  |  | — |  |  |  |  | — |  |  | 142,121 |
Depreciation and amortization | 84,379 |  |  | 56,340 |  |  |  |  | — |  |  | 140,719 |
Expenditures for property, plant & equipment | 35,416 |  |  | 66,273 |  |  |  |  | — |  |  | 101,689 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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