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Restructuring

3 Months Ended

Sep. 27, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Note 13. Restructuring

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, benefits 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 2024 Plan

During the fourth quarter of fiscal 2024, management approved a restructuring and workforce reduction plan (the Fiscal 2024 Plan) across our NSE and Optical Security and Performance Products (OSP) segments and Corporate (Corp) functions intended to improve operational efficiencies and better align the Company’s workforce with current business needs. The Company expects approximately 7% of its global workforce to be affected. Restructuring activity related to the OSP segment was complete during fiscal 2025. The Company anticipates the Fiscal 2024 Plan to be substantially complete by the end of the second quarter of fiscal 2026.

A summary of the activity in the restructuring accrual is outlined below (in millions):

			Balance as of June 28, 2025						Restructuring and related benefits												Cash settlements												Balance as of September 27, 2025
NSE/Corp(1)			$	3.5					$	(0.3)											$	(0.5)											$	2.7

(1)Included in Other current liabilities on the Consolidated Balance Sheet as of September 27, 2025 and June 28, 2025.

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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.

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