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Restructuring and Related Charges

9 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Charges

Note 13. Restructuring and Related Charges

The Company restructuring events are primarily intended to reduce costs, consolidate operations, integrate various acquisitions, streamline product manufacturing and address market conditions. On February 1, 2023, the Company approved a restructuring and workforce reduction plan (the FY 2023 Plan) to better align the Company’s workforce with current business needs and strategic growth opportunities. The Company’s restructuring charges include severance, benefit and outplacement costs to eliminate a specified number of positions. The Company expects approximately 5% of its global workforce to be affected. The Company anticipates the Plan to be substantially complete by the end of fiscal 2023.

A summary of the activity in the FY 2023 Plan is outlined below (in millions):

			Network and Service Enablement			Optical Security and Performance Products			Total
Beginning of period balance, July 2, 2022			$	—		$	—		$	—
Restructuring and related charges			9.0			1.2			10.2
Cash settlements			(2.7)			—			(2.7)
Non-cash settlements and other adjustments			(0.1)			—			(0.1)
End of period balance, April 1, 2023 (1)			$	6.2		$	1.2		$	7.4

(1)    Included in other current liabilities on the Consolidated Balance Sheets as of April 1, 2023.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI https://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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