0001049521-23-000031 | 10-K | XBRL Viewer

Inventory (Tables)

12 Months Ended

Jun. 30, 2023

Inventory was comprised of the following:


	As of
	June 30, 2023		July 1, 2022
Raw materials	$	229,984	$	178,410
Work in process	81,930		64,287
Finished goods	25,302		27,642
Total	$	337,216	$	270,339

Employee Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 15,665	$ 7,603	$ 7,876
401(k) Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	6.00%	6.00%	6.00%

Goodwill

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

In accordance with FASB ASC 350, Intangibles-Goodwill and Other (“ASC 350”), the Company determines its reporting units based upon whether discrete financial information is available, if management regularly reviews the operating results of the component, the nature of the products offered to customers and the market characteristics of each reporting unit. A reporting unit is considered to be an operating segment or one level below an operating segment also known as a component. Component level financial information is reviewed by management across two reporting units: Mission Systems and Microelectronics. Accordingly, these were determined to be the Company's reporting units which is consistent with the prior period.

The following table sets forth the changes in the carrying amount of goodwill for the twelve months ended June 30, 2023:


	Total
Balance at July 1, 2022	$	937,880









Goodwill adjustment for the Avalex acquisition	66
Goodwill adjustment for the Atlanta Micro acquisition	147
Balance at June 30, 2023	$	938,093

The Company performed its annual goodwill impairment test in the fourth quarter of fiscal 2023 with no impairment noted.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Tax Credit Carryforward [Line Items]
Cash outflow for TCJA	$ 26,400
Tax expense (benefit)	1,244	$ 977	$ (2,831)
Federal and state net operating loss carryforward	774	$ 5,275
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Federal and state net operating loss carryforward	188
Domestic Tax Authority \| Research and development credit carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 11,697
Domestic Tax Authority \| Research and development credit carryforwards \| Maximum
Tax Credit Carryforward [Line Items]
Tax carryforward expiration year	2038
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Federal and state net operating loss carryforward	$ 11,170
State and Local Jurisdiction \| Research and development credit carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	11,697
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Federal and state net operating loss carryforward	$ 21,551

Operating Segment, Geographic Information and Significant Customers - Net Revenue by End Application (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Revenue from External Customer [Line Items]
Net revenues	$ 973,882	$ 988,197	$ 923,996
Radar End User Applications
Revenue from External Customer [Line Items]
Net revenues	229,467	251,126	289,172
Electronic Warfare End User Applications
Revenue from External Customer [Line Items]
Net revenues	144,554	157,676	139,168
Other Sensor And Effector Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	112,659	104,114	98,112
Total Sensor And Effector Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	486,680	512,916	526,452
C4I Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	414,143	399,816	307,978
Other End User Applications
Revenue from External Customer [Line Items]
Net revenues	$ 73,059	$ 75,465	$ 89,566

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Leases [Abstract]
Operating lease expense	$ 13,763	$ 14,332	$ 11,714

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Cash flows from operating activities:
Net (loss) income	$ (28,335)	$ 11,275	$ 62,044
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	97,329	93,417	67,083
Stock-based compensation expense	27,753	38,293	28,290
Share-based matching contributions on defined contribution plan	15,665	0	0
Benefit for deferred income taxes	(59,647)	(2,419)	(1,125)
Cash settlement for termination of interest rate swap	5,995	0	0
Other non-cash items	(746)	(497)	3,745
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, unbilled receivables, and costs in excess of billings	(58,718)	(146,477)	(51,981)
Inventory	(64,061)	(40,902)	(27,441)
Prepaid income taxes	7,433	(4,977)	1,703
Prepaid expenses and other current assets	2,942	(4,396)	1,718
Other non-current assets	3,769	6,117	5,459
Accounts payable, accrued expenses and accrued compensation	(16,732)	58,395	(6,315)
Deferred revenues and customer advances	40,701	(18,998)	13,731
Income taxes payable	9,907	1,009	4,080
Other non-current liabilities	(4,509)	(8,709)	(3,744)
Net cash (used in) provided by operating activities	(21,254)	(18,869)	97,247
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0	(243,464)	(372,826)
Purchases of property and equipment	(38,796)	(27,656)	(45,599)
Other investing activities	235	(3,200)	1,538
Net cash used in investing activities	(38,561)	(274,320)	(416,887)
Cash flows from financing activities:
Proceeds from employee stock plans	5,492	5,371	6,295
Payments for retirement of common stock	(63)	(8,206)	(66)
Payments under credit facilities	(80,000)	0	0
Borrowings under credit facilities	140,000	251,500	200,000
Payments of deferred financing and offering costs	0	(2,911)	0
Net cash provided by financing activities	65,429	245,754	206,229
Effect of exchange rate changes on cash and cash equivalents	295	(750)	412
Net increase (decrease) in cash and cash equivalents	5,909	(48,185)	(112,999)
Cash and cash equivalents at beginning of year	65,654	113,839	226,838
Cash and cash equivalents at end of year	71,563	65,654	113,839
Cash paid during the period for:
Interest	27,288	5,492	1,088
Income taxes	24,243	14,121	8,983
Non-cash investing activity: Purchases of property and equipment incurred but not yet paid	$ 6,475	$ 6,919	$ (1,928)

Fair Value of Financial Instruments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Assets:
Interest rate swap	$ 3,523
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities
Total	$ 3,523
Derivative asset	3,523
Level 1
Assets:
Interest rate swap	0
Total	0
Level 2
Assets:
Interest rate swap	3,523
Total	3,523
Level 3
Assets:
Interest rate swap	0
Total	$ 0

- Definition

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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details)	12 Months Ended
	Jun. 30, 2023
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Maturity of cash and cash equivalents	90 days

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Leases [Abstract]
Year one	$ 14,195
Year two	14,173
Year three	12,921
Year four	12,669
Year five	11,347
Thereafter	27,349
Total lease payments	92,654
Less: imputed interest	(15,423)
Present value of operating lease liabilities	$ 77,231	$ 81,134

Employee Benefit Plans - Schedule of Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Company contributions	$ 1,158
Settlements	(4,770)	$ 0
Foreign Plan [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of Plan assets, beginning	20,849	18,807
Actual return on Plan assets	700	514
Company contributions	1,158	1,056
Employee contributions	1,439	2,606
Benefits paid	(246)	(1,444)
Foreign exchange gain (loss)	1,429	(690)
Fair value of Plan assets at end of year	$ 20,559	$ 20,849

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Goodwill - Additional Information (Details)	12 Months Ended
Goodwill - Additional Information (Details)	Jun. 30, 2023 reporting_unit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units	2

Operating Segment, Geographic Information and Significant Customers - Customers Comprising Ten Percent or More of Revenues (Details) - Customer Concentration Risk - Revenues	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
RTX Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percent	14.00%	14.00%	19.00%
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percent	13.00%	10.00%	15.00%
Northrop Grumman
Revenue, Major Customer [Line Items]
Concentration risk, percent	11.00%
U.S. Navy
Revenue, Major Customer [Line Items]
Concentration risk, percent		14.00%	12.00%
Four major customers, cumulative
Revenue, Major Customer [Line Items]
Concentration risk, percent	38.00%	38.00%	46.00%

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	Estimated Useful Lives (Years)	As of
		June 30, 2023		July 1, 2022
Computer equipment and software	3-4	$	125,297	$	113,930
Furniture and fixtures	5	20,729		19,958
Leasehold improvements	lesser of estimated useful life or lease term	70,305		66,117
Machinery and equipment	5-10	136,504		117,073

		352,835		317,078
Less: accumulated depreciation		(233,281)		(189,887)
Property and equipment, net		$	119,554	$	127,191

Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Details)	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Income Tax Disclosure [Abstract]
Tax provision (benefit) at federal statutory rates	(21.00%)	21.00%	21.00%
State income tax, net of federal tax benefit	(5.40%)	8.10%	6.70%
Research and development tax credits	(15.10%)	(39.50%)	(10.90%)
Provision to return	(0.70%)	10.30%	(1.30%)
Excess tax (benefit) provision related to stock compensation	2.60%	5.30%	(3.70%)
Foreign income tax rate differential	0.20%	2.30%	0.90%
Non-deductible compensation	1.00%	20.90%	3.60%
Acquisition costs	0.00%	1.20%	0.40%
Reserves for unrecognized income tax benefits	(6.90%)	5.40%	1.30%
Valuation allowance	3.80%	4.30%	1.90%
Foreign derived intangible income	(1.40%)	(1.60%)	(0.40%)
Meals and entertainment	0.60%	0.80%	0.10%
Other	0.70%	0.20%	0.00%
Effective income tax rate from continuing operation	(41.60%)	38.70%	19.60%

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Income Tax Expense (Benefit)

The components of income before income taxes and income tax (benefit) provision were as follows:


	Fiscal Years
	2023		2022		2021
(Loss) income before income taxes:
United States	$	(42,864)	$	24,286	$	85,101
Foreign	(5,678)		(5,891)		(7,928)
	$	(48,542)	$	18,395	$	77,173
Tax (benefit) provision:
Federal:
Current	$	33,898	$	3,857	$	12,157
Deferred	(54,010)		(230)		(995)
	(20,112)		3,627		11,162
State:
Current	10,054		3,626		6,271
Deferred	(10,200)		(2,721)		(2,689)
	(146)		905		3,582
Foreign:
Current	104		2,535		435
Deferred	(53)		53		(50)
	51		2,588		385
	$	(20,207)	$	7,120	$	15,129

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

The following is the reconciliation between the statutory Federal income tax rate and the Company’s effective income tax rate:


	Fiscal Years
	2023		2022		2021
Tax provision (benefit) at federal statutory rates	(21.0)	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	(5.4)		8.1		6.7
Research and development tax credits	(15.1)		(39.5)		(10.9)
Provision to return	(0.7)		10.3		(1.3)
Excess tax (benefit) provision related to stock compensation	2.6		5.3		(3.7)
Foreign income tax rate differential	0.2		2.3		0.9
Non-deductible compensation	1.0		20.9		3.6




Acquisition costs	—		1.2		0.4
Reserves for unrecognized income tax benefits	(6.9)		5.4		1.3

Valuation allowance	3.8		4.3		1.9

Foreign derived intangible income	(1.4)		(1.6)		(0.4)
Meals and entertainment	0.6		0.8		0.1
Other	0.7		0.2		—
	(41.6)	%	38.7	%	19.6	%

Components of Net Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax assets (liabilities) were as follows:


	As of
	June 30, 2023		July 1, 2022
Deferred tax assets:
Inventory valuation and receivable allowances	$	18,095	$	17,248
Accrued compensation	3,127		5,970
Stock compensation	5,149		6,154
Federal and state tax credit carryforwards	14,287		20,294

Other accruals	2,705		1,503
Research and development expenditures	63,114		—
Deferred compensation	930		930

Federal and state net operating loss carryforward	774		5,275
Foreign net operating loss carryforward	3,166		1,859
Operating lease liabilities	19,968		21,988
Deferred revenue	1,260		743

Other	1,065		307
	133,640		82,271
Valuation allowance	(14,785)		(15,349)
Total deferred tax assets	118,855		66,922
Deferred tax liabilities:
Prepaid expenses	(1,710)		(1,815)
Property and equipment	(15,798)		(19,766)
Intangible assets	(54,550)		(59,628)
Operating lease right-of-use assets, net	(17,077)		(17,985)
Gain on interest rate swap	(2,400)		—
Other	(221)		(126)
Total deferred tax liabilities	(91,756)		(99,320)
Net deferred tax assets (liabilities)	$	27,099	$	(32,398)

Summary of Reserves for Unrecognized Income Tax Benefits

The changes in the Company’s income tax reserves for gross unrecognized income tax benefits, including interest and penalties, are summarized as follows:


	Fiscal Years
	2023		2022
Unrecognized tax benefits, beginning of period	$	9,112	$	7,467
Increases for tax positions taken related to a prior period	—		160
Increases for tax positions taken during the current period	1,260		990
Decreases for tax positions taken by an acquired company	(2,679)		615
Decreases for tax positions taken related to a prior period	(191)		—

Decreases for settlements of previously recognized positions	(93)		(92)
Decreases as a result of a lapse of the applicable statute of limitations	(2,244)		(28)


Unrecognized tax benefits, end of period	$	5,165	$	9,112

Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Deferred tax assets:
Inventory valuation and receivable allowances	$ 18,095	$ 17,248
Accrued compensation	3,127	5,970
Stock compensation	5,149	6,154
Federal and state tax credit carryforwards	14,287	20,294
Other accruals	2,705	1,503
Research and development expenditures	63,114	0
Deferred compensation	930	930
Federal and state net operating loss carryforward	774	5,275
Foreign net operating loss carryforward	3,166	1,859
Operating lease liabilities	19,968	21,988
Deferred revenue	1,260	743
Other	1,065	307
Deferred tax asset	133,640	82,271
Valuation allowance	(14,785)	(15,349)
Total deferred tax assets	118,855	66,922
Deferred tax liabilities:
Prepaid expenses	(1,710)	(1,815)
Property and equipment	(15,798)	(19,766)
Intangible assets	(54,550)	(59,628)
Operating lease right-of-use assets, net	(17,077)	(17,985)
Gain on interest rate swap	(2,400)	0
Other	(221)	(126)
Total deferred tax liabilities	(91,756)	(99,320)
Net deferred tax assets (liabilities)	$ 27,099
Net deferred tax assets (liabilities)		$ (32,398)

Restructuring

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

During fiscal 2023, the Company incurred $6,981 of restructuring and other charges. Restructuring and other charges primarily related to $3,415 of severance costs, 1MPACT related costs consisting of $1,804 for facility optimization efforts, including $1,339 related to lease asset impairment, and $1,762 of third party consulting costs. The Company incurs restructuring and other charges in connection with management's decision to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. The Company's adjustments reflected in restructuring and other charges are typically related to organizational redesign programs or discrete post-acquisition integration activities initiated as part of discrete post acquisition integration activities.

During fiscal 2022, restructuring and other charges primarily related to 1MPACT including $17,424 of third party consulting costs, as well as $9,234 of severance costs associated with the elimination of approximately 135 positions across manufacturing, SG&A and R&D based on ongoing talent and workforce optimization efforts. Fiscal 2022 also includes $787 of costs for facility optimization efforts associated with 1MPACT, including $544 related to lease asset impairment.

All of the restructuring and other charges are classified as Operating expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income and any remaining severance obligations are expected to be paid within the next twelve months. The remaining restructuring liability is classified as accrued expenses in the Consolidated Balance Sheets.

The following table presents the detail of charges included in the Company’s liability for restructuring and other charges:


	Severance & Related		Facilities & Other		Total





Restructuring liability at July 2, 2021	$	1,006	$	—	$	1,006
Restructuring charges	9,234		243		9,477

Cash paid	(5,518)		(243)		(5,761)


Restructuring liability at July 1, 2022	4,722		—		4,722
Restructuring charges	3,415		465		3,880
Cash paid	(6,608)		(444)		(7,052)

Reversals (*)	—		(21)		(21)
Restructuring liability at June 30, 2023	$	1,529	$	—	$	1,529

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Property and equipment, gross	$ 352,835	$ 317,078
Less: accumulated depreciation and amortization	(233,281)	(189,887)
Property and equipment, net	119,554	127,191
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 125,297	113,930
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	4 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Property and equipment, gross	$ 20,729	19,958
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70,305	66,117
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 136,504	$ 117,073
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity PREFERRED STOCK The Company is authorized to issue 1,000 shares of preferred stock with a par value of $0.01 per share. SHELF REGISTRATION STATEMENT On September 14, 2020, the Company filed a shelf registration statement on Form S-3ASR with the SEC. The shelf registration statement, which was effective upon filing with the SEC, registered each of the following securities: debt securities; preferred stock; common stock; warrants; and units. The Company has an unlimited amount available under the shelf registration statement. The Company intends to file a renewal of the S-3ASR in September 2023 upon the expiration of the three-year term of the current shelf registration statement. STOCKHOLDER RIGHTS PLAN On December 27, 2021, the Company's Board of Directors authorized and declared a dividend of one preferred share purchase right (a “Right”), payable on January 10, 2022, for each outstanding share of common stock par value $0.01 per share to the stockholders of record on that date. Each Right entitled the registered holder to purchase from the Company a unit of Series A Junior Preferred Stock, par value $0.01 per share, of the Company at a designated price per unit, subject to adjustment. The Rights initially trade with, and are inseparable from, the shares of common stock. On June 24, 2022, the Company amended the Rights Agreement, dated as of December 27, 2021, to increase the ownership threshold for a person to be an “Acquiring Person” (as defined in the Rights Agreement) from 7.5% of common stock to 10% of common stock (10% of common stock to 20% of common stock in the case of a passive institutional investor). Additional details about the Rights Agreement are contained in the Current Reports on Form 8-K filed by the Company with the SEC on December 29, 2021 and June 24, 2022. On October 26, 2022 the Stockholder Rights Plan and the Rights thereunder expired.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments


	Fair Value Measurements
	June 30, 2023		Level 1		Level 2		Level 3
Assets:



Interest rate swap	$	3,523	$	—	$	3,523	$	—

Total	$	3,523	$	—	$	3,523	$	—

The carrying values of cash and cash equivalents, including money market funds, restricted cash, accounts receivable and payable, contract assets and liabilities and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company determined the carrying value of long-term debt approximated fair value due to variable interest rates charged on the borrowings, which reprice frequently.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies - Changes in Product Warranty Accrual (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$ 1,857	$ 3,283	$ 3,835
Accruals for warranties issued during the period	1,146	359	2,446
Settlements made during the period	(1,721)	(1,785)	(2,998)
Ending balance	$ 1,282	$ 1,857	$ 3,283
Minimum
Product Warranty Liability [Line Items]
Product warranty term	12 months
Maximum
Product Warranty Liability [Line Items]
Product warranty term	36 months

Restructuring - Additional Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($) positions	Jul. 02, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 6,981	$ 27,445	$ 9,222
Restructuring and other charges	3,880	9,477
Employee Severance \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring, settlement and impairment provisions	3,415	$ 9,234
Number of positions eliminated \| positions		135
Facilities and Other Restructuring \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	1,804	$ 787
Operating lease, impairment loss		544
Lease Asset Impairment \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	1,339
Facilities & Other
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	465	243
Facilities & Other \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1,762	$ 17,424

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Number of Shares
Beginning Balance (in shares)	2,305	1,013
Granted (in shares)	298	1,993
Vested (in shares)	(738)	(477)
Forfeited (in shares)	(526)	(224)
Ending Balance (in shares)	1,339	2,305
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 57.47	$ 70.77
Granted (in dollars per share)	51.90	52.70
Vested (in dollars per share)	60.89	61.42
Forfeited (in dollars per share)	55.66	66.66
Ending Balance (in dollars per share)	$ 54.45	$ 57.47

Summary of Significant Accounting Policies - Intangible Assets (Detail)	12 Months Ended
	Jun. 30, 2023
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, estimated useful lives	12 years 6 months

Acquisitions

12 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions

ATLANTA MICRO ACQUISITION

On November 29, 2021, the Company acquired Atlanta Micro for a purchase price of $90,000, prior to net working capital and net debt adjustments. Based in Norcross, Georgia, Atlanta Micro is a leading designer and manufacturer of high-performance RF modules and components, including advanced monolithic microwave integrated circuits (“MMICs”) which are critical for high-speed data acquisition applications including electronic warfare, radar and weapons. The Company funded the acquisition through the Revolver. On March 28, 2022, the Company and former owners of Atlanta Micro agreed to post closing adjustments totaling $58, which increased the Company's net purchase price.

The following table presents the net purchase price and the fair values of the assets and liabilities of Atlanta Micro:


	Amounts
Consideration transferred
Cash paid at closing	$	91,438

Working capital and net debt adjustment	(416)
Less cash acquired	(1,782)
Net purchase price	$	89,240

Fair value of tangible assets acquired and liabilities assumed
Cash	$	1,782
Accounts receivable	1,568
Inventory	4,475
Fixed assets	434
Other current and non-current assets	2,079
Accounts payable	(529)
Accrued expenses	(845)
Other current and non-current liabilities	(11,174)
Fair value of net tangible assets acquired	(2,210)
Fair value of identifiable intangible assets	34,980
Goodwill	58,252
Fair value of net assets acquired	91,022
Less cash acquired	(1,782)
Net purchase price	$	89,240

On November 29, 2022, the measurement period for Atlanta Micro expired. The identifiable intangible assets include customer relationships of $27,310 with a useful life of 20 years, completed technology of $7,260 with a useful life of eight years and backlog of $410 with a useful life of two years.

The goodwill of $58,252 largely reflects the potential synergies and expansion of the Company’s offerings across product lines and markets complementary to the Company’s existing products and markets and is not deductible for tax purposes. The goodwill from this acquisition is reported in the Microelectronics reporting unit.

AVALEX ACQUISITION

On September 27, 2021, the Company signed a definitive agreement to acquire Avalex for a purchase price of $155,000, prior to net working capital and net debt adjustments. On November 5, 2021, the transaction closed and the Company acquired Avalex. Based in Gulf Breeze, Florida, Avalex is a provider of mission-critical avionics, including rugged displays, integrated communications management systems, digital video recorders and warning systems. The Company funded the acquisition with the Revolver. On March 17, 2022, the Company and former owner of Avalex agreed to post closing adjustments totaling $151, which increased the Company's net purchase price.

The following table presents the net purchase price and the fair values of the assets and liabilities of Avalex:


	Amounts
Consideration transferred
Cash paid at closing	$	157,367
Working capital and net debt adjustment	(1,034)
Less cash acquired	(2,188)
Net purchase price	$	154,145

Fair value of tangible assets acquired and liabilities assumed
Cash	$	2,188
Accounts receivable	5,363
Inventory	7,141
Fixed assets	1,245
Other current and non-current assets	5,228
Accounts payable	(1,755)
Accrued expenses	(1,421)
Other current and non-current liabilities	(4,788)
Fair value of net tangible assets acquired	13,201
Fair value of identifiable intangible assets	61,360
Goodwill	81,772
Fair value of net assets acquired	156,333
Less cash acquired	(2,188)
Net purchase price	$	154,145

On November 5, 2022, the measurement period for Avalex expired. The identifiable intangible assets include customer relationships of $41,880 with a useful life of nine years, completed technology of $14,430 with a useful life of seven years and backlog of $5,050 with a useful life of one year.

The goodwill of $81,772 largely reflects the potential synergies and expansion of the Company’s offerings across product lines and markets complementary to the Company’s existing products and markets. The goodwill from this acquisition is reported in the Mission Systems reporting unit. The Company is amortizing the amount over 15 years for tax purposes. As of June 30, 2023, the Company had $74,676 of goodwill deductible for tax purposes.

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,537,185	$ 1,484,146	$ 1,384,784
Other comprehensive income (loss)	6,298	5,870	2,546
Ending Balance	1,566,685	1,537,185	1,484,146
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	5,531	(339)	(2,885)
Other comprehensive income (loss)	6,298	5,870	2,546
Ending Balance	11,829	5,531	(339)
Accumulated Foreign Currency Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,051	(80)	659
Other comprehensive income (loss)	300	1,131	(739)
Ending Balance	1,351	1,051	(80)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	4,480	(259)	(3,544)
Other comprehensive income (loss)	142	4,739	3,285
Ending Balance	4,622	4,480	(259)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0
Other comprehensive income (loss)	5,856	0	0
Ending Balance	$ 5,856	$ 0	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Acquisitions (Tables)

12 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table presents the net purchase price and the fair values of the assets and liabilities of Atlanta Micro:


	Amounts
Consideration transferred
Cash paid at closing	$	91,438

Working capital and net debt adjustment	(416)
Less cash acquired	(1,782)
Net purchase price	$	89,240

Fair value of tangible assets acquired and liabilities assumed
Cash	$	1,782
Accounts receivable	1,568
Inventory	4,475
Fixed assets	434
Other current and non-current assets	2,079
Accounts payable	(529)
Accrued expenses	(845)
Other current and non-current liabilities	(11,174)
Fair value of net tangible assets acquired	(2,210)
Fair value of identifiable intangible assets	34,980
Goodwill	58,252
Fair value of net assets acquired	91,022
Less cash acquired	(1,782)
Net purchase price	$	89,240

The following table presents the net purchase price and the fair values of the assets and liabilities of Avalex:


	Amounts
Consideration transferred
Cash paid at closing	$	157,367
Working capital and net debt adjustment	(1,034)
Less cash acquired	(2,188)
Net purchase price	$	154,145

Fair value of tangible assets acquired and liabilities assumed
Cash	$	2,188
Accounts receivable	5,363
Inventory	7,141
Fixed assets	1,245
Other current and non-current assets	5,228
Accounts payable	(1,755)
Accrued expenses	(1,421)
Other current and non-current liabilities	(4,788)
Fair value of net tangible assets acquired	13,201
Fair value of identifiable intangible assets	61,360
Goodwill	81,772
Fair value of net assets acquired	156,333
Less cash acquired	(2,188)
Net purchase price	$	154,145

Goodwill Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 937,880
Ending Balance	938,093
Avalex
Goodwill [Roll Forward]
Goodwill adjustments	66
Atlanta Micro
Goodwill [Roll Forward]
Goodwill adjustments	$ 147

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021	Sep. 29, 2022	Sep. 07, 2022
Derivative [Line Items]
Derivative, notional amount					$ 300,000
Long-term debt	$ 511,500	$ 451,500
Derivative, fixed interest rate					3.25%
Derivative asset	$ 3,523
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Cash settlement for termination of interest rate swap	$ (5,995)	$ 0	$ 0
Swap Agreement
Derivative [Line Items]
Derivative, notional amount				$ 300,000
Derivative, fixed interest rate				3.79%
Swap
Derivative [Line Items]
Derivative asset				$ 5,995
Cash settlement for termination of interest rate swap	$ 1,017

- Definition

+ References

+ Details

Subsequent Events (Details) - Subsequent Event - 1MPACT $ in Thousands	Aug. 09, 2023 USD ($) positions
Subsequent Event [Line Items]
Number of positions eliminated \| positions	150
Restructuring and related cost, expected cost \| $	$ 9,000

Operating Segment, Geographic Information and Significant Customers - Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	$ 973,882	$ 988,197	$ 923,996
Inter-geographic revenues	0	0	0
Net revenues	973,882	988,197	923,996
Identifiable long-lived assets	119,554	127,191	128,524
US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	865,216	861,125	795,988
Reportable Geographical Components \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	927,003	945,600	876,479
Inter-geographic revenues	2,764	2,578	1,561
Net revenues	929,767	948,178	878,040
Identifiable long-lived assets	116,381	122,712	123,009
Reportable Geographical Components \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	46,857	41,390	47,119
Inter-geographic revenues	447	2,408	1,985
Net revenues	47,304	43,798	49,104
Identifiable long-lived assets	3,173	4,476	5,509
Reportable Geographical Components \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	22	1,207	398
Inter-geographic revenues	0	0	0
Net revenues	22	1,207	398
Identifiable long-lived assets	0	3	6
Geography Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	0	0	0
Inter-geographic revenues	(3,211)	(4,986)	(3,546)
Net revenues	(3,211)	(4,986)	(3,546)
Identifiable long-lived assets	$ 0	$ 0	$ 0

Description of Business	12 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessMercury Systems, Inc. is a technology company that delivers processing power for the most demanding aerospace and defense missions. Headquartered in Andover, Massachusetts, the Company's end-to-end processing platform enables a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. Processing technologies that comprise the Company's platform include signal solutions, display, software applications, networking, storage and secure processing. The Company's innovative solutions are mission-ready, trusted and secure, software-defined and open and modular (the Company's differentiators), to meet customers’ most-pressing high-tech needs, including those specific to the defense community. For further details on the acquisitions, see Note C to the consolidated financial statements.

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning Balance (in shares) at Jul. 03, 2020		54,702,000
Beginning Balance at Jul. 03, 2020	$ 1,384,784	$ 547	$ 1,074,667	$ 312,455	$ (2,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		439,000
Issuance of common stock under employee stock incentive plans	14	$ 4	10
Issuance of common stock under employee stock purchase plan (in shares)		101,000
Issuance of common stock under employee stock purchase plan	6,281	$ 1	6,280
Retirement of common shares (in shares)		(1,000)
Retirement of common stock	(66)		(66)
Stock-based compensation	28,543		28,543
Net (loss) income	62,044			62,044
Other comprehensive income (loss)	2,546				2,546
Ending Balance (in shares) at Jul. 02, 2021		55,241,000
Ending Balance at Jul. 02, 2021	1,484,146	$ 552	1,109,434	374,499	(339)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		477,000
Issuance of common stock under employee stock incentive plans	0	$ 4	(4)
Issuance of common stock under employee stock purchase plan (in shares)		115,000
Issuance of common stock under employee stock purchase plan	5,371	$ 1	5,370
Retirement of common shares (in shares)		(153,000)
Retirement of common stock	(8,206)		(8,206)
Stock-based compensation	38,729		38,729
Net (loss) income	11,275			11,275
Other comprehensive income (loss)	$ 5,870				5,870
Ending Balance (in shares) at Jul. 01, 2022	55,679,747	55,680,000
Ending Balance at Jul. 01, 2022	$ 1,537,185	$ 557	1,145,323	385,774	5,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		738,000
Issuance of common stock under employee stock incentive plans	0	$ 7	(7)
Issuance of common stock under employee stock purchase plan (in shares)		145,000
Issuance of common stock under employee stock purchase plan	5,492	$ 2	5,490
Issuance of common stock under defined contribution plan (in shares)		400,000
Issuance of common stock under defined contribution plan	18,370	$ 4	18,366
Retirement of common shares (in shares)		(1,000)
Retirement of common stock	(63)		(63)
Stock-based compensation	27,738		27,738
Net (loss) income	(28,335)			(28,335)
Other comprehensive income (loss)	$ 6,298				6,298
Ending Balance (in shares) at Jun. 30, 2023	56,961,665	56,962,000
Ending Balance at Jun. 30, 2023	$ 1,566,685	$ 570	$ 1,196,847	$ 357,439	$ 11,829

Summary of Significant Accounting Policies - Net Earnings Per Share Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Accounting Policies [Abstract]
Common stock excluded from diluted earning per share (in shares)	1,852	39	42

Income Taxes

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes and income tax (benefit) provision were as follows:


	Fiscal Years
	2023		2022		2021
(Loss) income before income taxes:
United States	$	(42,864)	$	24,286	$	85,101
Foreign	(5,678)		(5,891)		(7,928)
	$	(48,542)	$	18,395	$	77,173
Tax (benefit) provision:
Federal:
Current	$	33,898	$	3,857	$	12,157
Deferred	(54,010)		(230)		(995)
	(20,112)		3,627		11,162
State:
Current	10,054		3,626		6,271
Deferred	(10,200)		(2,721)		(2,689)
	(146)		905		3,582
Foreign:
Current	104		2,535		435
Deferred	(53)		53		(50)
	51		2,588		385
	$	(20,207)	$	7,120	$	15,129

The following is the reconciliation between the statutory Federal income tax rate and the Company’s effective income tax rate:


	Fiscal Years
	2023		2022		2021
Tax provision (benefit) at federal statutory rates	(21.0)	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	(5.4)		8.1		6.7
Research and development tax credits	(15.1)		(39.5)		(10.9)
Provision to return	(0.7)		10.3		(1.3)
Excess tax (benefit) provision related to stock compensation	2.6		5.3		(3.7)
Foreign income tax rate differential	0.2		2.3		0.9
Non-deductible compensation	1.0		20.9		3.6




Acquisition costs	—		1.2		0.4
Reserves for unrecognized income tax benefits	(6.9)		5.4		1.3

Valuation allowance	3.8		4.3		1.9

Foreign derived intangible income	(1.4)		(1.6)		(0.4)
Meals and entertainment	0.6		0.8		0.1
Other	0.7		0.2		—
	(41.6)	%	38.7	%	19.6	%

The effective tax rate for fiscal 2023 differed from the Federal statutory rate primarily due to Federal and state research and development tax credits, releases to reserves for unrecognized income tax benefits and state taxes, partially offset by valuation allowances recorded and excess tax provisions related to stock compensation.

The effective tax rate for fiscal 2022 differed from the Federal statutory rate primarily due to additional tax provisions for non-deductible compensation, provision to return adjustments, state taxes and excess tax provisions related to stock compensation, partially offset by benefits related to research and development tax credits.

The effective tax rate for fiscal 2021 differed from the Federal statutory rate primarily due to benefits related to research and development tax credits and excess tax benefits related to stock compensation, partially offset by additional tax provisions related to state taxes and non-deductible compensation.

During fiscal 2023, 2022 and 2021 the Company recognized a tax provision (benefit) of $1,244, $977 and $(2,831) related to stock compensation, respectively.

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law which contained provisions that include a 15% corporate minimum tax effective for taxable years beginning after December 31, 2022 and a 1% excise tax on certain stock buybacks after December 31, 2022. We expect the impact of this legislation to be immaterial.

Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 ("TCJA") requires companies to capitalize and amortize domestic research and development expenditures over five years for tax purposes, and foreign research and development expenditures over fifteen years for tax purposes. The cash outflow from this provision was $26,400 in fiscal 2023.

The components of the Company’s net deferred tax assets (liabilities) were as follows:


	As of
	June 30, 2023		July 1, 2022
Deferred tax assets:
Inventory valuation and receivable allowances	$	18,095	$	17,248
Accrued compensation	3,127		5,970
Stock compensation	5,149		6,154
Federal and state tax credit carryforwards	14,287		20,294

Other accruals	2,705		1,503
Research and development expenditures	63,114		—
Deferred compensation	930		930

Federal and state net operating loss carryforward	774		5,275
Foreign net operating loss carryforward	3,166		1,859
Operating lease liabilities	19,968		21,988
Deferred revenue	1,260		743

Other	1,065		307
	133,640		82,271
Valuation allowance	(14,785)		(15,349)
Total deferred tax assets	118,855		66,922
Deferred tax liabilities:
Prepaid expenses	(1,710)		(1,815)
Property and equipment	(15,798)		(19,766)
Intangible assets	(54,550)		(59,628)
Operating lease right-of-use assets, net	(17,077)		(17,985)
Gain on interest rate swap	(2,400)		—
Other	(221)		(126)
Total deferred tax liabilities	(91,756)		(99,320)
Net deferred tax assets (liabilities)	$	27,099	$	(32,398)

At June 30, 2023, the Company evaluated the need for a valuation allowance on deferred tax assets. In assessing whether the deferred tax assets are realizable, management considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the Company's past and recent operating performance and results, future taxable income including the reversal of existing deferred tax liabilities, and tax planning strategies. The Company continues to conclude that its net deferred tax assets in Switzerland are not more likely than not to be realized, and as such, continues to maintain a valuation allowance on such net deferred tax assets. The Company also continues to conclude that certain state research and development tax credits carryforwards are not more likely than not to be realized, and as such, continues to maintain a valuation allowance on these carryforwards. The Company

continues to conclude that all other deferred tax assets are more likely than not to be realized. Any future changes in the valuation allowance will impact the Company's income tax provision.

Fiscal 2023 includes the impact of the TCJA, which requires companies to capitalize and amortize domestic research and development expenditures over five years for tax purposes, and foreign research and development expenditures over fifteen years for tax purposes.

The Company has state research and development tax credit carryforwards of $11,697, which will expire starting in fiscal year 2024 through fiscal year 2038.

The Company has acquired Federal net operating loss carryforwards of $188, which have an unlimited carryforward period. The Company has acquired state net operating loss carryforwards of $11,170, which will expire starting in fiscal year 2040. The Company has foreign net operating loss carryforwards of $21,551, which will expire starting in fiscal year 2028 through fiscal year 2043. The Company maintains a valuation allowance on the majority of the foreign net operating loss carryforward.

The Company is subject to taxation in the U.S. (Federal and state) and various foreign jurisdictions that it operates in. The Company has established income tax reserves for potential additional income taxes based upon management’s assessment, including recognition and measurement. All income tax reserves are analyzed quarterly, and adjustments are made as events occur and warrant modification.

The changes in the Company’s income tax reserves for gross unrecognized income tax benefits, including interest and penalties, are summarized as follows:


	Fiscal Years
	2023		2022
Unrecognized tax benefits, beginning of period	$	9,112	$	7,467
Increases for tax positions taken related to a prior period	—		160
Increases for tax positions taken during the current period	1,260		990
Decreases for tax positions taken by an acquired company	(2,679)		615
Decreases for tax positions taken related to a prior period	(191)		—

Decreases for settlements of previously recognized positions	(93)		(92)
Decreases as a result of a lapse of the applicable statute of limitations	(2,244)		(28)


Unrecognized tax benefits, end of period	$	5,165	$	9,112

The $5,165 of unrecognized tax benefits as of June 30, 2023, if released, would reduce the Company's income tax provision.

The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes. The total amount of gross interest and penalties accrued was $583 and $488 as of June 30, 2023 and July 1, 2022, respectively, and the amount of interest and penalties recognized in fiscal 2023 and 2022 was $96 and $172, respectively.

The Company’s major tax jurisdiction is the U.S. (Federal and state) and the open tax years are fiscal 2017 through 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 26, 2022	Oct. 28, 2020	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 1,215	$ 1,229
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan (in shares)			145,000	115,000	101,000
Stock Option Plan Twenty Eighteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)			6,782,000
Shares available for future grant (in shares)			3,512,000
Number of additional shares authorized (in shares)	2,000	3,000
Stock Option Plan Twenty Zero Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)			710,000
1997 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)			2,300,000
Shares available for future grant (in shares)			168,000
Number of additional shares authorized (in shares)		500,000
Purchase price as a percentage of the lesser of the market value of such shares at either the beginning or the end of each nine-month offering period			85.00%
Offering period			6 months
Percentage of employee compensation that may be uses to purchase common stock through payroll deductions, maximum			10.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock awards vested			$ 25,587	$ 25,533	$ 34,342
Unrecognized compensation cost related to non-vested restricted stock			$ 50,292
Unrecognized compensation, period of recognition			1 year 9 months 18 days

Employee Benefit Plans - Schedule of Related Actuarial Assumptions (Details) - Foreign Plan [Member]	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.95%	1.70%
Expected rate of return on Plan assets	1.95%	1.70%
Expected inflation	1.00%	1.00%
Rate of compensation increases	1.50%	1.50%

Shareholders' Equity (Details) - $ / shares	Jun. 24, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 27, 2021
Class of Stock [Line Items]
Preferred stock shares authorized to issue (in shares)		1,000,000	1,000,000
Preferred stock shares par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Minimum
Class of Stock [Line Items]
Beneficial ownership threshold for exercise	7.50%
Beneficial ownership threshold for exercise, passive investor	10.00%
Maximum
Class of Stock [Line Items]
Beneficial ownership threshold for exercise	10.00%
Beneficial ownership threshold for exercise, passive investor	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Acquisitions - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 29, 2021	Nov. 05, 2021	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Business Acquisition [Line Items]
Net purchase price			$ 0	$ 243,464	$ 372,826
Goodwill			$ 938,093	$ 937,880
Atlanta Micro
Business Acquisition [Line Items]
Cash paid at closing	$ 91,438
Working capital and net debt adjustment	(416)
Less cash acquired	(1,782)
Net purchase price	89,240
Cash	1,782
Accounts receivable	1,568
Inventory	4,475
Fixed assets	434
Other current and non-current assets	2,079
Accounts payable	(529)
Accrued expenses	(845)
Other current and non-current liabilities	(11,174)
Fair value of net tangible assets acquired	(2,210)
Fair value of identifiable intangible assets	34,980
Goodwill	58,252
Fair value of net assets acquired	$ 91,022
Avalex
Business Acquisition [Line Items]
Cash paid at closing		$ 157,367
Working capital and net debt adjustment		(1,034)
Less cash acquired		(2,188)
Net purchase price		154,145
Cash		2,188
Accounts receivable		5,363
Inventory		7,141
Fixed assets		1,245
Other current and non-current assets		5,228
Accounts payable		(1,755)
Accrued expenses		(1,421)
Other current and non-current liabilities		(4,788)
Fair value of net tangible assets acquired		13,201
Fair value of identifiable intangible assets		61,360
Goodwill		81,772
Fair value of net assets acquired		$ 156,333

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 19, 2023	Jun. 23, 2021	Jun. 30, 2023
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought	$ 12,900
Minimum
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought	0
Maximum
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought	$ 12,900
Non-cancelable purchase commitments
Long-term Purchase Commitment [Line Items]
Purchase commitments for less than one year			$ 127,134
Embedded Reps of America, LLC Legal Claim
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought		$ 9,000

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Property, Plant and Equipment [Line Items]
Increase in property and equipment	$ 7,637
Depreciation and amortization expense related to property and equipment	43,777	$ 33,150	$ 25,912
Computer equipment and software
Property, Plant and Equipment [Line Items]
Retirement of asset	$ 1,056	$ 805

Operating Segment, Geographic Information and Significant Customers (Tables)

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations

The geographic distribution of the Company’s revenues as determined by order origination based on the country in which the Company's legal subsidiary is domiciled is summarized as follows:


	U.S.		Europe		Asia Pacific		Eliminations		Total
YEAR ENDED JUNE 30, 2023
Net revenues to unaffiliated customers	$	927,003	$	46,857	$	22	$	—	$	973,882
Inter-geographic revenues	2,764		447		—		(3,211)		—
Net revenues	$	929,767	$	47,304	$	22	$	(3,211)	$	973,882
Identifiable long-lived assets (1)	$	116,381	$	3,173	$	—	$	—	$	119,554
YEAR ENDED JULY 1, 2022
Net revenues to unaffiliated customers	$	945,600	$	41,390	$	1,207	$	—	$	988,197
Inter-geographic revenues	2,578		2,408		—		(4,986)		—
Net revenues	$	948,178	$	43,798	$	1,207	$	(4,986)	$	988,197
Identifiable long-lived assets (1)	$	122,712	$	4,476	$	3	$	—	$	127,191
YEAR ENDED JULY 2, 2021
Net revenues to unaffiliated customers	$	876,479	$	47,119	$	398	$	—	$	923,996
Inter-geographic revenues	1,561		1,985		—		(3,546)		—
Net revenues	$	878,040	$	49,104	$	398	$	(3,546)	$	923,996
Identifiable long-lived assets (1)	$	123,009	$	5,509	$	6	$	—	$	128,524

(1) Identifiable long-lived assets exclude ROU assets, goodwill and intangible assets.

Revenue from External Customers by Geographic Areas

The following table presents the Company's net revenue by end market for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Domestic (1)	$	865,216	$	861,125	$	795,988
International/Foreign Military Sales (2)	108,666		127,072		128,008
Total Net Revenue	$	973,882	$	988,197	$	923,996

(1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined.

(2) International/Foreign Military Sales consist of sales to U.S. prime defense contractor customers where the end user is outside the U.S., foreign military sales through the U.S. government, and direct sales to non-U.S. based customers intended for end use outside of the U.S.

Revenue from External Customers by Products and Services

The following table presents the Company's net revenue by end application for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Radar (1)	$	229,467	$	251,126	$	289,172
Electronic Warfare (2)	144,554		157,676		139,168
Other Sensor and Effector (3)	112,659		104,114		98,112
Total Sensor and Effector	486,680		512,916		526,452
C4I (4)	414,143		399,816		307,978
Other (5)	73,059		75,465		89,566
Total Net Revenues	$	973,882	$	988,197	$	923,996

(1) Radar includes end-use applications where radio frequency signals are utilized to detect, track and identify objects.

(2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum.

(3) Other Sensor and Effector products include all Sensor and Effector end markets other than Radar and Electronic Warfare.

(4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications.

(5) Other products include all component and other sales where the end use is not specified.

The following table presents the Company's net revenue by product grouping for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Components (1)	$	197,180	$	167,333	$	176,234
Modules and Sub-assemblies (2)	200,281		167,242		156,557
Integrated Subsystems (3)	576,421		653,622		591,205
Total Net Revenues	$	973,882	$	988,197	$	923,996

The following table presents the Company's net revenue by platform for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Airborne (1)	$	506,264	$	506,549	$	416,877
Land (2)	157,505		158,782		182,591
Naval (3)	136,954		155,588		187,205
Other (4)	173,159		167,278		137,323
Total Net Revenues	$	973,882	$	988,197	$	923,996

(1) Airborne platform includes products that relate to personnel, equipment or pieces of equipment designed for airborne applications.

(2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land.

(3) Naval platform includes products that relate to personnel, equipment or pieces of equipment designed for naval operations.

(4) All platforms other than Airborne, Land or Naval.

Customers Comprising Ten Percent or more Revenues

Customers comprising 10% or more of the Company’s revenues for the periods shown below are as follows:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
RTX Corporation	14	%	14	%	19	%
Lockheed Martin Corporation	13	%	10	%	15	%
Northrop Grumman	11	%	*		*
U.S. Navy	*		14	%	12	%
	38	%	38	%	46	%

* Indicates that the amount is less than 10% of the Company's revenue for the respective period.

Employee Benefit Plans - Reconciliation of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ (142)	$ (4,739)	$ (3,285)
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.95%	1.70%
Projected benefit obligation at end of year	$ 24,710	$ 25,509	28,614
Fair value of plan assets at end of year	20,559	20,849	$ 18,807
Funded status	$ (4,151)	$ (4,660)
Rate of compensation increases	1.50%	1.50%

- Definition

+ References + Details

Stock-Based Compensation

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK INCENTIVE PLANS

The Board of Directors approved the Company’s 2018 Stock Incentive Plan (the “2018 Plan”) on July 23, 2018. The 2018 Plan became effective upon the approval of shareholders at the Company’s annual meeting held on October 24, 2018. The aggregate number of shares authorized for issuance under the 2018 Plan is 6,782 shares, with an additional 710 shares rolled into the 2018 Plan that were available for future grant under the Company’s 2005 Stock Incentive Plan, as amended and restated (the “2005 Plan”) and increases of 3,000 and 2,000 shares approved by the Company's shareholders on October 28, 2020 and October 26, 2022, respectively. The 2018 Plan replaced the 2005 Plan. The 2018 Plan provides for the grant of non-qualified and incentive stock options, restricted stock, stock appreciation rights and deferred stock awards to employees and non-employees. There were 3,512 shares available for future grant under the 2018 Plan at June 30, 2023.

As part of the Company's ongoing annual equity grant program for employees, the Company grants performance-based restricted stock awards to certain executives and employees pursuant to the 2018 Plan. Performance awards vest based on the requisite service period subject to the achievement of specific financial performance targets. Based on the performance targets, some of these awards require graded vesting which results in more rapid expense recognition compared to traditional time-based vesting over the same vesting period. The Company monitors the probability of achieving the performance targets on a quarterly basis and may adjust periodic stock compensation expense accordingly based on its determination of the likelihood for reaching targets. The performance targets generally include the achievement of internal performance targets in relation to a peer group of companies.

EMPLOYEE STOCK PURCHASE PLAN

The number of shares authorized for issuance under the Company’s 1997 Employee Stock Purchase Plan, as amended and restated (“ESPP”), is 2,300 shares, including 500 shares approved by the Company's shareholders on October 28, 2020. Under the ESPP, rights are granted to purchase shares of common stock at 85% of the lesser of the market value of such shares at either the beginning or the end of each six-month offering period. The ESPP permits employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation as defined in the ESPP. The number of shares issued under the ESPP during fiscal years 2023, 2022 and 2021 was 145, 115 and 101, respectively. Shares available for future purchase under the ESPP totaled 168 at June 30, 2023.

STOCK AWARD ACTIVITY


	Non-Vested Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
















Outstanding at July 2, 2021	1,013	$	70.77
Granted	1,993	52.70
Vested	(477)	61.42
Forfeited	(224)	66.66
Outstanding at July 1, 2022	2,305	$	57.47
Granted	298	51.90
Vested	(738)	60.89
Forfeited	(526)	55.66
Outstanding at June 30, 2023	1,339	$	54.45

The total fair value of restricted stock awards vested during fiscal years 2023, 2022 and 2021 was $25,587, $25,533 and $34,342, respectively.

Non-vested restricted stock awards are subject to the risk of forfeiture until the fulfillment of specified conditions. As of June 30, 2023, there was $50,292 of total unrecognized compensation cost related to non-vested restricted stock awards granted under the Company’s stock plans that is expected to be recognized over a weighted-average period of 1.8 years from June 30, 2023.

STOCK-BASED COMPENSATION EXPENSE

The Company recognizes expense for its share-based payment plans in the Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 718. The Company had $1,215 and $1,229 of capitalized stock-based compensation expense on the Consolidated Balance Sheets as of June 30, 2023 and July 1, 2022, respectively. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the service period. The following table presents share-based compensation expenses from continuing operations included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Cost of revenues	$	2,926	$	2,161	$	2,037
Selling, general and administrative	18,335		30,116		21,866
Research and development	6,492		6,016		4,387
Stock-based compensation expense before tax	27,753		38,293		28,290
Income taxes	(7,216)		(10,339)		(7,355)
Stock-based compensation expense, net of income taxes	20,537		$	27,954	$	20,935

Stock-Based Compensation - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 27,753	$ 38,293	$ 28,290
Income taxes	(7,216)	(10,339)	(7,355)
Stock-based compensation expense, net of income taxes	20,537	27,954	20,935
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	2,926	2,161	2,037
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	18,335	30,116	21,866
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 6,492	$ 6,016	$ 4,387

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (f)(2)(ii)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Inventory

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory was comprised of the following:


	As of
	June 30, 2023		July 1, 2022
Raw materials	$	229,984	$	178,410
Work in process	81,930		64,287
Finished goods	25,302		27,642
Total	$	337,216	$	270,339

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,335	$ 2,074
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	85,000,000	85,000,000
Common stock, shares issued (in shares)	56,961,665	55,679,747
Common stock, shares outstanding (in shares)	56,961,665	55,679,747

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	62.00%
Deferred sales commission, amortization period greater than one year	$ 1,328	$ 1,503
Contract with customer, liability	57,142	15,966
Contract with customer, liability, revenue recognized		11,258
Revenue, remaining performance obligation, amount	550,973
Unbilled receivables and costs in excess of billings	$ 382,558	$ 303,356
Contract Accounting
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	44.00%	45.00%	58.00%
Transferred over Time
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	56.00%	55.00%	42.00%
Minimum
Deferred Revenue Arrangement [Line Items]
Product warranty period	12 years
Extended product warranty, period	12 months
Maximum
Deferred Revenue Arrangement [Line Items]
Product warranty period	36 months
Extended product warranty, period	36 months

Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization net of loss	$ 0	$ 5
Settlement loss recognized	$ (509)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Foreign Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1,068	$ 1,405
Interest cost	463	83
Expected return on assets	(379)	(272)
Amortization of prior service cost	(203)	(190)
Net periodic benefit cost	$ 440	$ 1,031

Operating Segment, Geographic Information and Significant Customers

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Operating Segment, Geographic Information and Significant Customers

Operating Segment, Geographic Information and Significant CustomersOperating segments are defined as components of an enterprise evaluated regularly by the Company's chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company evaluated this internal reorganization under FASB ASC 280, Segment Reporting ("ASC 280") to determine whether this change has impacted the Company's single operating and reportable segment. The Company concluded this change had no effect given the CODM continues to evaluate and manage the Company on the basis of one operating and reportable segment. The Company utilized the management approach for determining its operating segment in accordance with ASC 280.

The geographic distribution of the Company’s revenues as determined by order origination based on the country in which the Company's legal subsidiary is domiciled is summarized as follows:


	U.S.		Europe		Asia Pacific		Eliminations		Total
YEAR ENDED JUNE 30, 2023
Net revenues to unaffiliated customers	$	927,003	$	46,857	$	22	$	—	$	973,882
Inter-geographic revenues	2,764		447		—		(3,211)		—
Net revenues	$	929,767	$	47,304	$	22	$	(3,211)	$	973,882
Identifiable long-lived assets (1)	$	116,381	$	3,173	$	—	$	—	$	119,554
YEAR ENDED JULY 1, 2022
Net revenues to unaffiliated customers	$	945,600	$	41,390	$	1,207	$	—	$	988,197
Inter-geographic revenues	2,578		2,408		—		(4,986)		—
Net revenues	$	948,178	$	43,798	$	1,207	$	(4,986)	$	988,197
Identifiable long-lived assets (1)	$	122,712	$	4,476	$	3	$	—	$	127,191
YEAR ENDED JULY 2, 2021
Net revenues to unaffiliated customers	$	876,479	$	47,119	$	398	$	—	$	923,996
Inter-geographic revenues	1,561		1,985		—		(3,546)		—
Net revenues	$	878,040	$	49,104	$	398	$	(3,546)	$	923,996
Identifiable long-lived assets (1)	$	123,009	$	5,509	$	6	$	—	$	128,524

(1) Identifiable long-lived assets exclude ROU assets, goodwill and intangible assets.

In recent years, the Company completed a series of acquisitions that changed its technological capabilities, applications and end markets. As these acquisitions and changes occurred, the Company's proportion of revenue derived from the sale of components in different technological areas, and modules, sub-assemblies and integrated subsystems which combine technologies into more complex diverse products has shifted. The following tables present revenue consistent with the Company's strategy of expanding its technological capabilities and program content. As additional information related to the Company’s products by end user, application, product grouping and/or platform is attained, the categorization of these products can vary over time. When this occurs, the Company reclassifies revenue by end user, application, product grouping and/or platform for prior periods. Such reclassifications typically do not materially change the underlying trends of results within each revenue category.

The following table presents the Company's net revenue by end market for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Domestic (1)	$	865,216	$	861,125	$	795,988
International/Foreign Military Sales (2)	108,666		127,072		128,008
Total Net Revenue	$	973,882	$	988,197	$	923,996

(1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined.

The following table presents the Company's net revenue by end application for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Radar (1)	$	229,467	$	251,126	$	289,172
Electronic Warfare (2)	144,554		157,676		139,168
Other Sensor and Effector (3)	112,659		104,114		98,112
Total Sensor and Effector	486,680		512,916		526,452
C4I (4)	414,143		399,816		307,978
Other (5)	73,059		75,465		89,566
Total Net Revenues	$	973,882	$	988,197	$	923,996

(1) Radar includes end-use applications where radio frequency signals are utilized to detect, track and identify objects.

(2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum.

(3) Other Sensor and Effector products include all Sensor and Effector end markets other than Radar and Electronic Warfare.

(4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications.

(5) Other products include all component and other sales where the end use is not specified.

The following table presents the Company's net revenue by product grouping for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Components (1)	$	197,180	$	167,333	$	176,234
Modules and Sub-assemblies (2)	200,281		167,242		156,557
Integrated Subsystems (3)	576,421		653,622		591,205
Total Net Revenues	$	973,882	$	988,197	$	923,996

(1) Components represent the basic building blocks of an electronic system. They generally perform a single function such as switching, storing or converting electronic signals. Some examples include power amplifiers and limiters, switches, oscillators, filters, equalizers, digital and analog converters, chips, MMICs (monolithic microwave integrated circuits) and memory and storage devices.

(2) Modules and sub-assemblies combine multiple components to serve a range of complex functions, including processing, networking and graphics display. Typically delivered as computer boards or other packaging, modules and sub-assemblies are usually designed using open standards to provide interoperability when integrated in a subsystem. Examples of modules and sub-assemblies include embedded processing boards, switched fabrics and boards for high-speed input/output, digital receivers, graphics and video, along with multi-chip modules, integrated radio frequency and microwave multi-function assemblies and radio frequency tuners and transceivers.

(3) Integrated subsystems bring components, modules and/or sub-assemblies into one system, enabled with software. Subsystems are typically, but not always, integrated within an open standards-based chassis and often feature interconnect technologies to enable communication between disparate systems. Spares and replacement modules and sub-assemblies are provided for use with subsystems sold by the Company. The Company’s subsystems are deployed in sensor processing, aviation and mission computing and C4I applications.

The following table presents the Company's net revenue by platform for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Airborne (1)	$	506,264	$	506,549	$	416,877
Land (2)	157,505		158,782		182,591
Naval (3)	136,954		155,588		187,205
Other (4)	173,159		167,278		137,323
Total Net Revenues	$	973,882	$	988,197	$	923,996

(1) Airborne platform includes products that relate to personnel, equipment or pieces of equipment designed for airborne applications.

(2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land.

(3) Naval platform includes products that relate to personnel, equipment or pieces of equipment designed for naval operations.

(4) All platforms other than Airborne, Land or Naval.

Customers comprising 10% or more of the Company’s revenues for the periods shown below are as follows:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
RTX Corporation	14	%	14	%	19	%
Lockheed Martin Corporation	13	%	10	%	15	%
Northrop Grumman	11	%	*		*
U.S. Navy	*		14	%	12	%
	38	%	38	%	46	%

* Indicates that the amount is less than 10% of the Company's revenue for the respective period.

While the Company typically has customers from which it derives 10% or more of its revenue, the sales to each of these customers are spread across multiple programs and platforms. There were no programs comprising 10% or more of the Company's revenues for the years ended June 30, 2023, July 1, 2022 and July 2, 2021.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Accounting Policies [Abstract]
Property and equipment, estimated useful lives	3 years
Capitalized software development cost	$ 3,931	$ 3,000	$ 1,640

Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Expected Benefit Payments

The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.


Fiscal Year	Total
2024	$	1,312
2025	1,367
2026	1,064
2027	1,433
2028	1,550
Thereafter (next 5 years)	8,905
Total	$	15,631

Schedule of Net Benefit Costs

The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended June 30, 2023 and July 1, 2022:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Service cost	$	1,068	$	1,405
Interest cost	463		83
Expected return on assets	(379)		(272)
Amortization of prior service cost	(203)		(190)
Amortization net of loss	—		5
Settlement loss recognized	(509)		—
Net periodic benefit cost	$	440	$	1,031

Schedule of Assumptions Used

The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended June 30, 2023 and July 1, 2022:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Discount rate	1.95	%	1.70	%
Expected rate of return on Plan assets	1.95	%	1.70	%
Expected inflation	1.00	%	1.00	%
Rate of compensation increases	1.50	%	1.50	%

Schedule of Changes in Projected Benefit Obligations

The following table presents the change in projected benefit obligation for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Projected benefit obligation, beginning	$	25,509	$	28,614
Service cost	1,068		1,405
Interest cost	463		83

Employee contributions	1,439		2,606
Actuarial gain	(516)		(4,720)
Benefits paid	(246)		(1,444)

Settlements	(4,770)		—
Foreign exchange gain (loss)	1,763		(1,035)
Projected benefit obligation at end of year	$	24,710	$	25,509

Schedule of Changes in Fair Value of Plan Assets

The following table presents the change in Plan assets for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Fair value of Plan assets, beginning	$	20,849	$	18,807
Actual return on Plan assets	700		514
Company contributions	1,158		1,056

Employee contributions	1,439		2,606
Benefits paid	(246)		(1,444)
Settlements	(4,770)		—
Foreign exchange gain (loss)	1,429		(690)
Fair value of Plan assets at end of year	$	20,559	$	20,849

Schedule of Net Funded Status

The following table presents the Company's reconciliation of funded status for the period presented:


	As of
	June 30, 2023		July 1, 2022
Projected benefit obligation at end of year	$	24,710	$	25,509
Fair value of plan assets at end of year	20,559		20,849
Funded status	$	(4,151)	$	(4,660)

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Stock


	Non-Vested Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
















Outstanding at July 2, 2021	1,013	$	70.77
Granted	1,993	52.70
Vested	(477)	61.42
Forfeited	(224)	66.66
Outstanding at July 1, 2022	2,305	$	57.47
Granted	298	51.90
Vested	(738)	60.89
Forfeited	(526)	55.66
Outstanding at June 30, 2023	1,339	$	54.45

Stock Based Compensation Expenses

The following table presents share-based compensation expenses from continuing operations included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022		July 2, 2021
Cost of revenues	$	2,926	$	2,161	$	2,037
Selling, general and administrative	18,335		30,116		21,866
Research and development	6,492		6,016		4,387
Stock-based compensation expense before tax	27,753		38,293		28,290
Income taxes	(7,216)		(10,339)		(7,355)
Stock-based compensation expense, net of income taxes	20,537		$	27,954	$	20,935

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Liabilities Measured at Fair Value on Recurring Basis

Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 47,540
2025	42,836
2026	38,199
2027	35,093
2028	31,169
Thereafter	101,822
Total future amortization expense	296,659
Estimated salvage value of identified intangible assets	1,392
Net Carrying Amount	$ 298,051	$ 351,538

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Principles Of Consolidation	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. BASIS OF PRESENTATION All references to fiscal 2023 are to the 52-week period from July 2, 2022 to June 30, 2023. All references to fiscal 2022 are to the 52-week period from July 3, 2021 to July 1, 2022. All references to fiscal 2021 are to the 52-week period from July 4, 2020 to July 2, 2021.
Use Of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Business Combinations	BUSINESS COMBINATIONS The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as of the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. Other estimates include: •estimated step-ups for fixed assets and inventory; •estimated fair values of intangible assets; and •estimated income tax assets and liabilities assumed from the acquiree. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined.
Lessee, Leases	LEASES The Company measures its lease obligations in accordance with ASC 842, Leases, (“ASC 842”), which requires lessees to recognize a right-of-use (“ROU”) asset and lease liability for most lease arrangements. The Company has arrangements involving the lease of facilities, machinery and equipment. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. The Company recognizes ROU assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires lessees to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company's lease arrangements do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and current economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it is reasonably certain to extend the term of the lease. The Company has lease arrangements with both lease and non-lease components. Consideration is allocated to lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. In the Company's adoption of ASC 842, leases with an initial term of 12 months or less will not result in recognition of a ROU asset and a lease liability and will be expensed as incurred over the lease term. Leases of this nature were immaterial to the Company’s consolidated financial statements. The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be a leasehold improvement that will be owned by the lessee and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses. Finance leases are not material to the Company's consolidated financial statements and the Company is not a lessor in any material lease arrangements. There are no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees in the Company's lease arrangements. Operating leases are included in Operating lease right-of-use assets, net, Accrued expenses, and Operating lease liabilities in the Company's Consolidated Balance Sheets. The standard had no impact on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income or Consolidated Statements of Cash Flows. See Note J to the consolidated financial statements for more information regarding our obligations under leases.
Revenue Recognition	REVENUE RECOGNITION The Company recognizes revenue in accordance with the five step model set forth by ASC 606, Revenue from Contracts with Customers, (“ASC 606”), which involves identification of the contract(s), identification of performance obligations in the contract, determination of the transaction price, allocation of the transaction price to the previously identified performance obligations, and revenue recognition as the performance obligations are satisfied. During step one of the five step model, the Company considers whether contracts should be combined or segmented, and based on this assessment, the Company combines closely related contracts when all the applicable criteria are met. The combination of two or more contracts requires judgment in determining whether the intent of entering into the contracts was effectively to enter into a single contract, which should be combined to reflect an overall profit rate. Similarly, the Company may separate an arrangement, which may consist of a single contract or group of contracts, with varying rates of profitability, only if the applicable criteria are met. Judgment also is involved in determining whether a single contract or group of contracts may be segmented based on how the arrangement and the related performance criteria were negotiated. The conclusion to combine a group of contracts or segment a contract could change the amount of revenue and gross profit recorded in a given period. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. Certain contracts with customers require the Company to perform tests of its products prior to shipment to ensure their performance complies with the Company’s published product specifications and, on occasion, with additional customer-requested specifications. In these cases, the Company conducts such tests and, if they are completed successfully, includes a written confirmation with each order shipped. As a result, at the time of each product shipment, the Company believes that no further customer testing requirements exist and that there is no uncertainty of acceptance by its customer. The Company's contracts with customers generally do not include a right of return relative to delivered products. In certain cases, contracts are modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are accounted for as part of the existing contract. Certain contracts with customers have options for the customer to acquire additional goods or services. In most cases the pricing of these options are reflective of the standalone selling price of the good or service. These options do not provide the customer with a material right and are accounted for only when the customer exercises the option to purchase the additional goods or services. If the option on the customer contract was not indicative of the standalone selling price of the good or service, the material right would be accounted for as a separate performance obligation. The Company is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Revenues are derived from the sales of products that are grouped into one of the following three categories: (i) components; (ii) modules and sub-assemblies; and (iii) integrated subsystems. The Company also generates revenues from the performance of services, including systems engineering support, consulting, maintenance and other support, testing and installation. Each promised good or service within a contract is accounted for separately under the guidance of ASC 606 if they are distinct. Promised goods or services not meeting the criteria for being a distinct performance obligation are bundled into a single performance obligation with other goods or services that together meet the criteria for being distinct. The appropriate allocation of the transaction price and recognition of revenue is then determined for the bundled performance obligation. Once the Company identifies the performance obligations, the Company then determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Variable consideration typically arises due to volume discounts, or other provisions that can either decrease or increase the transaction price. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the method the Company expects to better predict the amount of consideration to which it will be entitled. The determination of the estimates for variable consideration require judgment, and are based on past history with similar contracts and anticipated performance. Further, variable consideration is only included in the determination of the transaction price if it is probable that a significant reversal in the amount of revenue recognized will not occur. There are no constraints on the variable consideration recorded. For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the standalone selling price of each distinct good or service in the contract. Standalone selling prices of the Company’s goods and services are generally not directly observable. Accordingly, the primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company estimates the expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service. The objective of the expected cost plus a margin approach is to determine the price at which the Company would transact if the product or service were sold by the Company on a standalone basis. The Company's determination of the expected cost plus a margin approach involves the consideration of several factors based on the specific facts and circumstances of each contract. Specifically, the Company considers the cost to produce the deliverable, the anticipated margin on that deliverable, the selling price and profit margin for similar parts, the Company’s ongoing pricing strategy and policies, often based on the price list established and updated by management on a regular basis, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold. The Company analyzes the standalone selling prices used in its allocation of transaction price on contracts at least annually. Standalone selling prices will be analyzed on a more frequent basis if a significant change in the Company’s business necessitates a more frequent analysis or if the Company experiences significant variances in its selling prices. Revenue recognized at a point in time generally relates to contracts that include a combination of components, modules and sub-assemblies, integrated subsystems and related system integration or other services. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 44%, 45% and 58% of revenues in the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively. Revenue is recognized at a point in time for these products and services (versus over time recognition) due to the following: (i) customers are only able to consume the benefits provided by the Company upon completion of the product or service; (ii) customers do not control the product or service prior to completion; and (iii) the Company does not have an enforceable right to payment at all times for performance completed to date. Accordingly, there is little judgment in determining when control of the good or service transfers to the customer, and revenue is generally recognized upon transfer of control (for goods) or completion (for services). The Company engages in contracts for development, production and service activities and recognizes revenue for performance obligations over time. These over time contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Revenue is recognized over time, due to the fact that: (i) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; and (ii) the Company’s performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company considers the nature of these contracts and the types of products and services provided when determining the proper accounting for a particular contract. These contracts include both fixed-price and cost reimbursable contracts. The Company’s cost reimbursable contracts typically include cost-plus fixed fee and time and material (“T&M”) contracts. For over time contracts, the Company typically leverages the input method, using a cost-to-cost measure of progress. The Company believes that this method represents the most faithful depiction of the Company’s performance because it directly measures value transferred to the customer. Contract estimates and estimates of any variable consideration are based on various assumptions to project the outcome of future events that may span several years. These assumptions include: the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed; the cost and availability of materials; the availability of subcontractor services and materials; and the availability and timing of funding from the customer. The Company bears the risk of changes in estimates to complete on a fixed-price contract which may cause profit levels to vary from period to period. For cost reimbursable contracts, the Company is reimbursed periodically for allowable costs and is paid a portion of the fee based on contract progress. In the limited instances where the Company enters into T&M contracts, revenue recognized reflects the number of direct labor hours expended in the performance of a contract multiplied by the contract billing rate, as well as reimbursement of other direct billable costs. For T&M contracts, the Company recognizes revenue in the amount for which the Company has a right to invoice the customer based on the control transferred to the customer. For over time contracts, the Company recognizes anticipated contract losses as soon as they become known and estimable. Accounting for contracts recognized over time requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. The Company’s estimates are based upon the professional knowledge and experience of its engineers, program managers and other personnel, who review each over time contract monthly to assess the contract’s schedule, performance, technical matters and estimated cost at completion. Changes in estimates are applied retrospectively and when adjustments in estimated contract costs are identified, such revisions may result in current period adjustments to earnings applicable to performance in prior periods. Total revenue recognized under over time contracts over time was 56%, 55% and 42% of revenues in the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively. The Company generally does not provide its customers with rights of product return other than those related to assurance warranty provisions that permit repair or replacement of defective goods over a period of 12 to 36 months. The Company accrues for anticipated warranty costs upon product shipment. The Company does not consider activities related to such assurance warranties, if any, to be a separate performance obligation. The Company does offer separately priced extended warranties which generally range from 12 to 36 months that are treated as separate performance obligations. The transaction price allocated to extended warranties is recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. On over time contracts, the portion of the payments retained by the customer is not considered a significant financing component because most contracts have a duration of less than one year and payment is received as progress is made. Many of the Company's over time contracts have milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. On some contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract. All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes).
Contract Balances	CONTRACT BALANCES Contract balances result from the timing of revenue recognized, billings and cash collections, and the generation of contract assets and liabilities. Contract assets represent revenue recognized in excess of amounts invoiced to the customer and the right to payment is not subject to the passage of time. Contract assets are presented as unbilled receivables and costs in excess of billings on the Company’s Consolidated Balance Sheets. Contract liabilities consist of deferred product revenue, billings in excess of revenues, deferred service revenue, and customer advances. Deferred product revenue represents amounts that have been invoiced to customers, but are not yet recognizable as revenue because the Company has not satisfied its performance obligations under the contract. Billings in excess of revenues represents milestone billing contracts where the billings of the contract exceed recognized revenues. Deferred service revenue primarily represents amounts invoiced to customers for annual maintenance contracts or extended warranty contracts, which are recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Customer advances represent deposits received from customers on an order. Contract liabilities are included in deferred revenue and the long-term portion of deferred revenue is included within other non-current liabilities on the Company’s Consolidated Balance Sheets. Contract balances are reported in a net position on a contract-by-contract basis.
Cash And Cash Equivalents	CASH AND CASH EQUIVALENTSCash equivalents, consisting of highly liquid money market funds and U.S. government and U.S. government agency issues with original maturities of 90 days or less at the date of purchase, are carried at fair market value which approximates cost.
Fair Value Of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures at fair value certain financial assets and liabilities, including cash equivalents, restricted cash, interest rate derivatives, and contingent consideration. ASC 820, Fair Value Measurement and Disclosures, specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1—Quoted prices for identical instruments in active markets; Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Concentration Of Credit Risk	CONCENTRATION OF CREDIT RISK Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions of high credit quality. As of June 30, 2023 and July 1, 2022, the Company had $71,563 and $65,654, respectively, of cash and cash equivalents on deposit or invested with its financial and lending institutions. The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. As of June 30, 2023, five customers accounted for 48% of the Company's accounts receivable, unbilled receivables and costs in excess of billings. As of July 1, 2022, five customers accounted for 45% of the Company’s accounts receivable, unbilled receivables and costs in excess of billings. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be fully collected. The allowance is based on the assessment of the following factors: customer creditworthiness; historical payment experience; age of outstanding receivables; and any applicable collateral.
Inventory	INVENTORY Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company evaluates inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand and non-cancelable on-order inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, product mix and possible alternative uses.
Segment Information	SEGMENT INFORMATION The Company uses the management approach for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of its reportable segments. The Company manages its business on the basis of one reportable segment, as a leading technology company serving the aerospace and defense industry.
Goodwill And Intangible Assets	GOODWILL AND INTANGIBLE ASSETS Goodwill is the amount by which the purchase price of a business acquisition exceeded the fair values of the net identifiable assets on the date of purchase (see Note G). In accordance with the requirements of Intangibles-Goodwill and Other (“ASC 350”) Goodwill is not amortized. Goodwill is assessed for impairment at least annually, on a reporting unit basis, or when events and circumstances occur indicating that the recorded goodwill may be impaired. If the book value of a reporting unit exceeds its fair value, the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess. Intangible assets result from the Company’s various business acquisitions (see Note H) and certain licensed technologies, and consist of identifiable intangible assets, including completed technology, licensing agreements, patents, customer relationships, trademarks, backlog and non-compete agreements. Intangible assets are reported at cost, net of accumulated amortization and are either amortized on a straight-line basis over their estimated useful lives of up to 12.5 years or over the period the economic benefits of the intangible asset are consumed.
Long-Lived Assets	LONG-LIVED ASSETS Long-lived assets primarily include property and equipment, intangible assets and ROU assets. The Company regularly evaluates its long-lived assets for events and circumstances that indicate a potential impairment in accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”). The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows of the asset as compared to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.
Property And Equipment	Property and equipment are the long-lived, physical assets of the Company acquired for use in the Company’s normal business operations and are not intended for resale by the Company. These assets are recorded at cost. Renewals and betterments that increase the useful lives of the assets are capitalized. Repair and maintenance expenditures that increase the efficiency of the assets are expensed as incurred. Equipment under capital lease is recorded at the present value of the minimum lease payments required during the lease period. Depreciation is based on the estimated useful lives of the assets using the straight-line method (see Note F). As assets are retired or sold, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the related assets, which are generally three years. For software developed for internal use, all external direct costs for material and services and certain payroll and related fringe benefit costs are capitalized in accordance with ASC 350. During fiscal 2023, 2022 and 2021, the Company capitalized $3,931, $3,000 and $1,640 of software development costs, respectively.
Income Taxes	INCOME TAXES The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. The Company records a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. ASC 740 requires a two-step approach to recognizing and measuring uncertain tax positions. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.
Product Warranty Accrual	PRODUCT WARRANTY ACCRUALThe Company’s product sales generally include a 12 to 36 month standard hardware warranty. At time of product shipment, the Company accrues for the estimated cost to repair or replace potentially defective products. Estimated warranty costs are based upon prior actual warranty costs for substantially similar transactions and any specifically identified warranty requirements. Product warranty accrual is included as part of accrued expenses in the accompanying Consolidated Balance Sheets.
Research And Development Costs	RESEARCH AND DEVELOPMENT COSTS Research and development costs are expensed as incurred. Research and development costs are primarily made up of labor charges and prototype material and development expenses.
Stock-Based Compensation	STOCK-BASED COMPENSATIONStock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. Stock-based compensation expense for the Company’s performance-based restricted stock awards is amortized over the requisite service period using graded vesting. The Company’s other restricted stock awards recognize expense over the requisite service period on a straight-line basis.
Retirement Of Common Stock	RETIREMENT OF COMMON STOCK Stock that is repurchased or received in connection with the vesting of restricted stock is retired immediately upon the Company’s repurchase. The Company accounts for this under the cost method and upon retirement the excess amount over par value is charged against additional paid-in capital.
Net Earnings Per Share	NET EARNINGS PER SHAREBasic net earnings (loss) per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net earnings (loss) per share computation includes the effect of shares which would be issuable upon the exercise of outstanding stock options and the vesting of restricted stock, reduced by the number of shares which are assumed to be purchased by the Company under the treasury stock method. For all periods presented, net (loss) income is the control number for determining whether securities are dilutive or not.
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income (“AOCI”) includes changes in fair value of derivative instruments, foreign currency translation adjustments and pension benefit plan adjustments. The components of AOCI included the change in fair value of derivative instruments, net of tax adjustments are included and totaled $5,856 for the fiscal year ended June 30, 2023 and there were no change in fair value of derivative instruments, net of tax adjustments for the fiscal years ended July 1, 2022 and July 2, 2021, respectively. Also included are $300, $1,131 and $(739) of foreign currency translation adjustments for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively, and pension benefit plan adjustments totaled $142, $4,739 and $3,285 for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively.
Foreign Currency	FOREIGN CURRENCY Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in accumulated other comprehensive income in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in Other income (expense), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income and were immaterial for all periods presented.
Recently Issued And Adopted Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. Under current U.S. GAAP, an acquirer generally recognizes assets and liabilities assumed in a business combination, including contract assets and liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under Topic 606. This ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. The impact to the Company's consolidated financial statements and related disclosures of the adoption of the amendments in this update will depend on the magnitude of any customer contracts assumed in a business combination in fiscal 2023 and beyond. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Effective July 2, 2022, the Company adopted ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures. Effective July 2, 2022, the Company adopted ASU No. 2020-06, Debt - Debt with conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU simplify the accounting for convertible debt securities. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures. Effective December 1, 2022, the Company adopted ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU extend the sunset date under Topic 848 from December 31, 2022 to December 31, 2024 to align the temporary accounting relief guidance with the expected LIBOR cessation date of June 30, 2023. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures.
Pension and Other Postretirement Plans	The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan.

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Intangible Assets

Intangible assets consisted of the following:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life
June 30, 2023
Customer relationships	$	349,120	$	(130,756)	$	218,364	12.1 years
Licensing agreements and patents	4,162		(1,423)		2,739		5.0 years
Completed technologies	134,983		(60,680)		74,303		8.0 years
Backlog	410		(325)		85		2.0 years
Other	3,236		(676)		2,560		5.0 years
	$	491,911	$	(193,860)	$	298,051
July 1, 2022
Customer relationships	$	349,710	$	(99,219)	$	250,491	12.1 years
Licensing agreements and patents	4,162		(592)		3,570		5.0 years
Completed technologies	161,023		(68,264)		92,759		8.5 years
Backlog	7,670		(5,880)		1,790		1.4 years
Other	3,236		(308)		2,928		5.0 years
	$	525,801	$	(174,263)	$	351,538

Estimated Future Amortization Expense for Acquired Intangible Assets

Estimated future amortization expense for intangible assets remaining at June 30, 2023 is as follows:


Fiscal Year	Totals
2024	$	47,540
2025	42,836
2026	38,199
2027	35,093
2028	31,169
Thereafter	101,822
Total future amortization expense	$	296,659
Estimated salvage value of identified intangible assets	1,392
Net carrying amount	$	298,051

Debt (Details) - USD ($)		12 Months Ended
Debt (Details) - USD ($)	Feb. 28, 2022	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Line of Credit Facility [Line Items]
Collateral capital stock	65.00%
Long-term debt		$ 511,500,000	$ 451,500,000
Interest expense		25,159,000	5,806,000	$ 1,222,000
Letters of credit outstanding		963,000
Revolver
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,100,000,000
Debt instrument borrowing term	5 years
Long-term debt		511,500,000
Interest expense		25,159,000	$ 5,806,000
Current borrowing capacity		$ 865,000,000
Revolver \| Revolver
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Revolver
Line of Credit Facility [Line Items]
Debt issuance costs		$ 3,446,000
Credit Agreement \| Revolver
Line of Credit Facility [Line Items]
Commitment fee percentage		0.20%

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Boston, MA
Auditor Firm ID	185

Property and Equipment

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	Estimated Useful Lives (Years)	As of
		June 30, 2023		July 1, 2022
Computer equipment and software	3-4	$	125,297	$	113,930
Furniture and fixtures	5	20,729		19,958
Leasehold improvements	lesser of estimated useful life or lease term	70,305		66,117
Machinery and equipment	5-10	136,504		117,073

		352,835		317,078
Less: accumulated depreciation		(233,281)		(189,887)
Property and equipment, net		$	119,554	$	127,191

The $7,637 decrease in property and equipment, net was primarily due to depreciation expense and was partially offset by current year additions. During fiscal 2023 and 2022, the Company retired $1,056 and $805, respectively, of computer equipment and software, furniture, and fixtures, leasehold improvements, and machinery and equipment that were no longer in use by the Company.

Depreciation expense related to property and equipment for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021 was $43,777, $33,150 and $25,912, respectively.

Summary of Significant Accounting Policies - Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Accounting Policies [Abstract]
Basic weighted-average shares outstanding	56,554	55,527	55,070
Effect of dilutive equity instruments	0	374	404
Diluted weighted-average shares outstanding	56,554	55,901	55,474

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 229,984	$ 178,410
Work in process	81,930	64,287
Finished goods	25,302	27,642
Total	$ 337,216	$ 270,339

Leases - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Leases [Abstract]
Operating lease right-of-use assets, net	$ 63,015	$ 66,366
Accrued expenses	$ 10,434	$ 11,246
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Operating lease liabilities	$ 66,797	$ 69,888
Total operating lease liabilities	77,231	81,134
Cash paid for amounts included in the measurement of operating lease liabilities	10,756	11,119
Right-of-use assets obtained in exchange for new lease liabilities	$ 10,627	$ 10,502
Weighted average remaining lease term	7 years	7 years 7 months 6 days
Weighted average discount rate	5.17%	4.58%

Debt	12 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facilities On February 28, 2022, the Company amended the Revolver to increase and extend the borrowing capacity to a $1,100,000, 5-year revolving credit line, with the maturity extended to February 28, 2027. As of June 30, 2023, the Company's outstanding balance of unamortized deferred financing costs was $3,446, which is being amortized to Other (expense) income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Maturity The Revolver has a 5-year maturity and will mature on February 28, 2027. Interest Rates and Fees Borrowings under the Revolver bear interest, at the Company’s option, at floating rates tied to Secured Overnight Financing Rate ("SOFR") or the prime rate plus an applicable percentage in the case of dollar denominated loans or, in the case of certain other currencies, such alternative floating rates as agreed. The interest rate applicable to outstanding loans has initially been set at SOFR plus 1.25% and in future fiscal quarters will be established pursuant to a pricing grid based on the Company’s total net leverage ratio. In addition to interest on the aggregate outstanding principal amounts of any borrowings, the Company will also pay a quarterly commitment fee on the unutilized commitments under the Revolver, which fee has initially been set at 0.20% per annum and in future fiscal quarters will be established pursuant to a pricing grid based on the Company’s total net leverage ratio. The Company will also pay customary letter of credit and agency fees. Covenants and Events of Default The Revolver provides for customary negative covenants, including, among other things and subject to certain significant exceptions, restrictions on the incurrence of debt or guarantees, the creation of liens, the making of certain investments, loans and acquisitions, mergers and dissolutions, the sale of assets including capital stock of subsidiaries, the payment of dividends, the repayment or amending of junior debt, altering the business conducted, engaging in transactions with affiliates and entering into agreements limiting subsidiary dividends and distributions. The Revolver also requires the Company to comply with certain financial covenants, including a quarterly minimum consolidated cash interest charge ratio test and a quarterly maximum consolidated total net leverage ratio test. The Revolver also provides for customary representations and warranties, affirmative covenants and events of default (including, among others, the failure to make required payments of principal and interest, certain insolvency events and an event of default upon a change of control). If an event of default occurs, the lenders under the Revolver will be entitled to take various actions, including the termination of unutilized commitments, the acceleration of amounts outstanding under the Revolver and all actions permitted to be taken by a secured creditor. Guarantees and Security The Company’s obligations under the Revolver are guaranteed by certain of the Company’s material domestic wholly-owned restricted subsidiaries (the “Guarantors”). The obligations of both the Company and the Guarantors are secured by a perfected security interest in substantially all of the assets of the Company and the Guarantors, in each case, now owned or later acquired, including a pledge of all of the capital stock of substantially all of the Company’s domestic wholly-owned restricted subsidiaries and 65% of the capital stock of certain of its foreign restricted subsidiaries, subject in each case to the exclusion of certain assets and additional exceptions. As of June 30, 2023, the Company was in compliance with all covenants and conditions under the Revolver and there were outstanding borrowings of $511,500 against the Revolver as compared to $451,500 for the fiscal year ended July 1, 2022, resulting in interest expense of $25,159 and $5,806 for fiscal years ended June 30, 2023 and July 1, 2022, respectively. The current borrowing capacity as defined under the Revolver as of June 30, 2023 is approximately $865,000, of which we had outstanding borrowings against of $511,500. There were outstanding letters of credit of $963 as of June 30, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 491,911	$ 525,801
Accumulated Amortization	(193,860)	(174,263)
Net Carrying Amount	298,051	351,538
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	349,120	349,710
Accumulated Amortization	(130,756)	(99,219)
Net Carrying Amount	$ 218,364	$ 250,491
Weighted Average Useful Life	12 years 1 month 6 days	12 years 1 month 6 days
Licensing agreements and patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,162	$ 4,162
Accumulated Amortization	(1,423)	(592)
Net Carrying Amount	$ 2,739	$ 3,570
Weighted Average Useful Life	5 years	5 years
Completed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 134,983	$ 161,023
Accumulated Amortization	(60,680)	(68,264)
Net Carrying Amount	$ 74,303	$ 92,759
Weighted Average Useful Life	8 years	8 years 6 months
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 410	$ 7,670
Accumulated Amortization	(325)	(5,880)
Net Carrying Amount	$ 85	$ 1,790
Weighted Average Useful Life	2 years	1 year 4 months 24 days
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,236	$ 3,236
Accumulated Amortization	(676)	(308)
Net Carrying Amount	$ 2,560	$ 2,928
Weighted Average Useful Life	5 years	5 years

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Jun. 30, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Employee Benefit Plans - Schedule of Expected Future Pension Benefits (Details) - Foreign Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 440	$ 1,031
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	1,312
2025	1,367
2026	1,064
2027	1,433
2028	1,550
Thereafter (next 5 years)	8,905
Total	$ 15,631

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Product Warranty Liability

The following table presents the changes in the Company's product warranty accrual.


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Beginning balance	$	1,857	$	3,283	$	3,835





Accruals for warranties issued during the period	1,146		359		2,446


Settlements made during the period	(1,721)		(1,785)		(2,998)
Ending balance	$	1,282	$	1,857	$	3,283

Basic and Diluted Weighted Average Shares Outstanding

Basic and diluted weighted average shares outstanding were as follows:


	Fiscal 2023	Fiscal 2022	Fiscal 2021
Basic weighted-average shares outstanding	56,554	55,527	55,070
Effect of dilutive equity instruments	—	374	404
Diluted weighted-average shares outstanding	56,554	55,901	55,474

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the change in component of Accumulated other comprehensive (loss) income, net of tax is provided below:


	Foreign currency translation adjustments, net of tax		Pension benefit plan, net of tax		Change in fair of derivative instruments, net of tax		Accumulated Other Comprehensive (Loss) Income
Balance at July 3, 2020	$	659	$	(3,544)	$	—	$	(2,885)
Other comprehensive (loss) income, net of tax	(739)		3,285		—		2,546
Balance at July 2, 2021	(80)		(259)		—		(339)
Other comprehensive income, net of tax	1,131		4,739		—		5,870
Balance at July 1, 2022	1,051		4,480		—		5,531
Other comprehensive income, net of tax	300		142		5,856		6,298
Balance at June 30, 2023	$	1,351	$	4,622	$	5,856	$	11,829

Summary of Significant Accounting Policies - Restricted Cash (Details) $ in Thousands	Jul. 03, 2020 USD ($)
Accounting Policies [Abstract]
Restricted cash	$ 0

Intangible Assets

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life
June 30, 2023
Customer relationships	$	349,120	$	(130,756)	$	218,364	12.1 years
Licensing agreements and patents	4,162		(1,423)		2,739		5.0 years
Completed technologies	134,983		(60,680)		74,303		8.0 years
Backlog	410		(325)		85		2.0 years
Other	3,236		(676)		2,560		5.0 years
	$	491,911	$	(193,860)	$	298,051
July 1, 2022
Customer relationships	$	349,710	$	(99,219)	$	250,491	12.1 years
Licensing agreements and patents	4,162		(592)		3,570		5.0 years
Completed technologies	161,023		(68,264)		92,759		8.5 years
Backlog	7,670		(5,880)		1,790		1.4 years
Other	3,236		(308)		2,928		5.0 years
	$	525,801	$	(174,263)	$	351,538

Estimated future amortization expense for intangible assets remaining at June 30, 2023 is as follows:


Fiscal Year	Totals
2024	$	47,540
2025	42,836
2026	38,199
2027	35,093
2028	31,169
Thereafter	101,822
Total future amortization expense	$	296,659
Estimated salvage value of identified intangible assets	1,392
Net carrying amount	$	298,051

Summary of Significant Accounting Policies - Concentration of Risk (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) customer	Jul. 01, 2022 USD ($) customer
Concentration Risk [Line Items]
Cash and cash equivalent \| $	$ 71,563	$ 65,654
Customer Concentration Risk \| Accounts Receivable \| Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, number \| customer	5	5
Concentration risk, percent	48.00%	45.00%

Leases (Tables)

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Supplemental Balance Sheet Information

Supplemental operating lease balance sheet information is summarized as follows:


	As of		As of
	June 30, 2023		July 1, 2022
Operating lease right-of-use assets, net	$	63,015	$	66,366

Accrued expenses(1)	$	10,434	$	11,246
Operating lease liabilities	66,797		69,888
Total operating lease liabilities	$	77,231	$	81,134

(1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the Consolidated Balance Sheet.

Other supplemental operating lease information is summarized as follows:


	For the Fiscal Year Ended			For the Fiscal Year Ended
	June 30, 2023			July 1, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,756		$	11,119
Right-of-use assets obtained in exchange for new lease liabilities	$	10,627		$	10,502
Weighted average remaining lease term	7.0 years			7.6 years
Weighted average discount rate	5.17		%	4.58		%

Schedule of Operating Lease Maturity

Maturities of operating lease commitments as of June 30, 2023 were as follows:


Fiscal Year	Totals
2024	$	14,195
2025	14,173
2026	12,921
2027	12,669
2028	11,347
Thereafter	27,349
Total lease payments	92,654
Less: imputed interest	(15,423)

Present value of operating lease liabilities	$	77,231

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

BASIS OF PRESENTATION

All references to fiscal 2023 are to the 52-week period from July 2, 2022 to June 30, 2023. All references to fiscal 2022 are to the 52-week period from July 3, 2021 to July 1, 2022. All references to fiscal 2021 are to the 52-week period from July 4, 2020 to July 2, 2021.

USE OF ESTIMATES

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

BUSINESS COMBINATIONS

The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as of the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. Other estimates include:

•estimated step-ups for fixed assets and inventory;

•estimated fair values of intangible assets; and

•estimated income tax assets and liabilities assumed from the acquiree.

While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined.

LEASES

The Company measures its lease obligations in accordance with ASC 842, Leases, (“ASC 842”), which requires lessees to recognize a right-of-use (“ROU”) asset and lease liability for most lease arrangements.

The Company has arrangements involving the lease of facilities, machinery and equipment. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be

classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset.

The Company recognizes ROU assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires lessees to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company's lease arrangements do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and current economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it is reasonably certain to extend the term of the lease.

The Company has lease arrangements with both lease and non-lease components. Consideration is allocated to lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. In the Company's adoption of ASC 842, leases with an initial term of 12 months or less will not result in recognition of a ROU asset and a lease liability and will be expensed as incurred over the lease term. Leases of this nature were immaterial to the Company’s consolidated financial statements.

The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be a leasehold improvement that will be owned by the lessee and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses.

Finance leases are not material to the Company's consolidated financial statements and the Company is not a lessor in any material lease arrangements. There are no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees in the Company's lease arrangements. Operating leases are included in Operating lease right-of-use assets, net, Accrued expenses, and Operating lease liabilities in the Company's Consolidated Balance Sheets. The standard had no impact on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income or Consolidated Statements of Cash Flows. See Note J to the consolidated financial statements for more information regarding our obligations under leases.

REVENUE RECOGNITION

The Company recognizes revenue in accordance with the five step model set forth by ASC 606, Revenue from Contracts with Customers, (“ASC 606”), which involves identification of the contract(s), identification of performance obligations in the contract, determination of the transaction price, allocation of the transaction price to the previously identified performance obligations, and revenue recognition as the performance obligations are satisfied.

During step one of the five step model, the Company considers whether contracts should be combined or segmented, and based on this assessment, the Company combines closely related contracts when all the applicable criteria are met. The combination of two or more contracts requires judgment in determining whether the intent of entering into the contracts was effectively to enter into a single contract, which should be combined to reflect an overall profit rate. Similarly, the Company may separate an arrangement, which may consist of a single contract or group of contracts, with varying rates of profitability, only if the applicable criteria are met. Judgment also is involved in determining whether a single contract or group of contracts may be segmented based on how the arrangement and the related performance criteria were negotiated. The conclusion to combine a group of contracts or segment a contract could change the amount of revenue and gross profit recorded in a given period.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. Certain contracts with customers require the Company to perform tests of its products prior to shipment to ensure their performance complies with the Company’s published product specifications and, on occasion, with additional customer-requested specifications. In these cases, the Company conducts such tests and, if they are completed successfully, includes a written confirmation with each order shipped. As a result, at the time of each product shipment, the Company believes that no further customer testing requirements exist and that there is no uncertainty of acceptance by its customer. The Company's contracts with customers generally do not include a right of return relative to delivered products. In certain cases, contracts are modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are accounted for as part of the existing contract. Certain contracts with customers have options for the customer to acquire additional goods or services. In most cases the pricing of these options are reflective of the standalone selling price of the good or service. These options do not provide the customer with a material right and are accounted for only when the

customer exercises the option to purchase the additional goods or services. If the option on the customer contract was not indicative of the standalone selling price of the good or service, the material right would be accounted for as a separate performance obligation.

The Company is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Revenues are derived from the sales of products that are grouped into one of the following three categories: (i) components; (ii) modules and sub-assemblies; and (iii) integrated subsystems. The Company also generates revenues from the performance of services, including systems engineering support, consulting, maintenance and other support, testing and installation. Each promised good or service within a contract is accounted for separately under the guidance of ASC 606 if they are distinct. Promised goods or services not meeting the criteria for being a distinct performance obligation are bundled into a single performance obligation with other goods or services that together meet the criteria for being distinct. The appropriate allocation of the transaction price and recognition of revenue is then determined for the bundled performance obligation.

Once the Company identifies the performance obligations, the Company then determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Variable consideration typically arises due to volume discounts, or other provisions that can either decrease or increase the transaction price. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the method the Company expects to better predict the amount of consideration to which it will be entitled. The determination of the estimates for variable consideration require judgment, and are based on past history with similar contracts and anticipated performance. Further, variable consideration is only included in the determination of the transaction price if it is probable that a significant reversal in the amount of revenue recognized will not occur. There are no constraints on the variable consideration recorded.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the standalone selling price of each distinct good or service in the contract. Standalone selling prices of the Company’s goods and services are generally not directly observable. Accordingly, the primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company estimates the expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service. The objective of the expected cost plus a margin approach is to determine the price at which the Company would transact if the product or service were sold by the Company on a standalone basis. The Company's determination of the expected cost plus a margin approach involves the consideration of several factors based on the specific facts and circumstances of each contract. Specifically, the Company considers the cost to produce the deliverable, the anticipated margin on that deliverable, the selling price and profit margin for similar parts, the Company’s ongoing pricing strategy and policies, often based on the price list established and updated by management on a regular basis, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold.

The Company analyzes the standalone selling prices used in its allocation of transaction price on contracts at least annually. Standalone selling prices will be analyzed on a more frequent basis if a significant change in the Company’s business necessitates a more frequent analysis or if the Company experiences significant variances in its selling prices.

Revenue recognized at a point in time generally relates to contracts that include a combination of components, modules and sub-assemblies, integrated subsystems and related system integration or other services. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 44%, 45% and 58% of revenues in the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively. Revenue is recognized at a point in time for these products and services (versus over time recognition) due to the following: (i) customers are only able to consume the benefits provided by the Company upon completion of the product or service; (ii) customers do not control the product or service prior to completion; and (iii) the Company does not have an enforceable right to payment at all times for performance completed to date. Accordingly, there is little judgment in determining when control of the good or service transfers to the customer, and revenue is generally recognized upon transfer of control (for goods) or completion (for services).

The Company engages in contracts for development, production and service activities and recognizes revenue for performance obligations over time. These over time contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Revenue is recognized over time, due to the fact that: (i) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; and (ii) the Company’s performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company considers the nature of these contracts and the types of products and services provided when determining the proper accounting for a particular contract. These contracts include both fixed-price and cost reimbursable contracts. The Company’s cost reimbursable contracts typically include cost-plus fixed fee and time and material (“T&M”) contracts.

For over time contracts, the Company typically leverages the input method, using a cost-to-cost measure of progress. The Company believes that this method represents the most faithful depiction of the Company’s performance because it directly measures value transferred to the customer. Contract estimates and estimates of any variable consideration are based on various assumptions to project the outcome of future events that may span several years. These assumptions include: the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed; the cost and availability of materials; the availability of subcontractor services and materials; and the availability and timing of funding from the customer. The Company bears the risk of changes in estimates to complete on a fixed-price contract which may cause profit levels to vary from period to period. For cost reimbursable contracts, the Company is reimbursed periodically for allowable costs and is paid a portion of the fee based on contract progress. In the limited instances where the Company enters into T&M contracts, revenue recognized reflects the number of direct labor hours expended in the performance of a contract multiplied by the contract billing rate, as well as reimbursement of other direct billable costs. For T&M contracts, the Company recognizes revenue in the amount for which the Company has a right to invoice the customer based on the control transferred to the customer. For over time contracts, the Company recognizes anticipated contract losses as soon as they become known and estimable.

Accounting for contracts recognized over time requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. The Company’s estimates are based upon the professional knowledge and experience of its engineers, program managers and other personnel, who review each over time contract monthly to assess the contract’s schedule, performance, technical matters and estimated cost at completion. Changes in estimates are applied retrospectively and when adjustments in estimated contract costs are identified, such revisions may result in current period adjustments to earnings applicable to performance in prior periods.

Total revenue recognized under over time contracts over time was 56%, 55% and 42% of revenues in the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively.

The Company generally does not provide its customers with rights of product return other than those related to assurance warranty provisions that permit repair or replacement of defective goods over a period of 12 to 36 months. The Company accrues for anticipated warranty costs upon product shipment. The Company does not consider activities related to such assurance warranties, if any, to be a separate performance obligation. The Company does offer separately priced extended warranties which generally range from 12 to 36 months that are treated as separate performance obligations. The transaction price allocated to extended warranties is recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract.

On over time contracts, the portion of the payments retained by the customer is not considered a significant financing component because most contracts have a duration of less than one year and payment is received as progress is made. Many of the Company's over time contracts have milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. On some contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes).

COSTS TO OBTAIN AND FULFILL A CONTRACT

The Company expenses sales commissions as incurred for contracts where the amortization period would have been one year or less. The Company had $1,328 and $1,503 of deferred sales commissions for contracts where the amortization period is greater than one year as of June 30, 2023 and July 1, 2022, respectively.

The Company has elected to treat shipping and handling activities performed after the customer has obtained control of the related goods as a fulfillment cost. Such costs are accrued for in conjunction with the recording of revenue for the goods and are classified as cost of revenues.

CONTRACT BALANCES

Contract balances result from the timing of revenue recognized, billings and cash collections, and the generation of contract assets and liabilities. Contract assets represent revenue recognized in excess of amounts invoiced to the customer and the right to payment is not subject to the passage of time. Contract assets are presented as unbilled receivables and costs in excess of billings on the Company’s Consolidated Balance Sheets. Contract liabilities consist of deferred product revenue, billings in excess of revenues, deferred service revenue, and customer advances. Deferred product revenue represents amounts that have been invoiced to customers, but are not yet recognizable as revenue because the Company has not satisfied its performance obligations under the contract. Billings in excess of revenues represents milestone billing contracts where the billings of the

contract exceed recognized revenues. Deferred service revenue primarily represents amounts invoiced to customers for annual maintenance contracts or extended warranty contracts, which are recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Customer advances represent deposits received from customers on an order. Contract liabilities are included in deferred revenue and the long-term portion of deferred revenue is included within other non-current liabilities on the Company’s Consolidated Balance Sheets. Contract balances are reported in a net position on a contract-by-contract basis.

The contract asset balances were $382,558 and $303,356 as of June 30, 2023 and July 1, 2022, respectively. The contract asset balance increased due to growth in revenue recognized under contracts, as well as the timing of program milestone billings during the fiscal year ended June 30, 2023. The contract liability balances were $57,142 and $15,966 as of June 30, 2023 and July 1, 2022, respectively. The contract liability increased due to a higher volume of advanced milestone billing events as well as timing of revenue conversion across multiple programs.

Revenue recognized during fiscal 2023 that was included in the contract liability balance at July 1, 2022 was $11,258.

REMAINING PERFORMANCE OBLIGATIONS

The Company includes in its computation of remaining performance obligations customer orders for which it has accepted signed sales orders. The definition of remaining performance obligations excludes those contracts that provide the customer with the right to cancel or terminate the order with no substantial penalty, even if the Company’s historical experience indicates the likelihood of cancellation or termination is remote. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $550,973. The Company expects to recognize approximately 62% of its remaining performance obligations as revenue in the next 12 months and the balance thereafter.

CASH AND CASH EQUIVALENTS

Cash equivalents, consisting of highly liquid money market funds and U.S. government and U.S. government agency issues with original maturities of 90 days or less at the date of purchase, are carried at fair market value which approximates cost.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company measures at fair value certain financial assets and liabilities, including cash equivalents, restricted cash, interest rate derivatives, and contingent consideration. ASC 820, Fair Value Measurement and Disclosures, specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

Level 1—Quoted prices for identical instruments in active markets;

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

CONCENTRATION OF CREDIT RISK

Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions of high credit quality. As of June 30, 2023 and July 1, 2022, the Company had $71,563 and $65,654, respectively, of cash and cash equivalents on deposit or invested with its financial and lending institutions.

The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. As of June 30, 2023, five customers accounted for 48% of the Company's accounts receivable, unbilled receivables and costs in excess of billings. As of July 1, 2022, five customers accounted for 45% of the Company’s accounts receivable, unbilled receivables and costs in excess of billings.

The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be fully collected. The allowance is based on the assessment of the following factors: customer creditworthiness; historical payment experience; age of outstanding receivables; and any applicable collateral.

INVENTORY

Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company evaluates inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand and non-cancelable on-order inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, product mix and possible alternative uses.

SEGMENT INFORMATION

The Company uses the management approach for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of its reportable segments. The Company manages its business on the basis of one reportable segment, as a leading technology company serving the aerospace and defense industry.

GOODWILL AND INTANGIBLE ASSETS

Goodwill is the amount by which the purchase price of a business acquisition exceeded the fair values of the net identifiable assets on the date of purchase (see Note G). In accordance with the requirements of Intangibles-Goodwill and Other (“ASC 350”) Goodwill is not amortized. Goodwill is assessed for impairment at least annually, on a reporting unit basis, or when events and circumstances occur indicating that the recorded goodwill may be impaired. If the book value of a reporting unit exceeds its fair value, the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess.

Intangible assets result from the Company’s various business acquisitions (see Note H) and certain licensed technologies, and consist of identifiable intangible assets, including completed technology, licensing agreements, patents, customer relationships, trademarks, backlog and non-compete agreements. Intangible assets are reported at cost, net of accumulated amortization and are either amortized on a straight-line basis over their estimated useful lives of up to 12.5 years or over the period the economic benefits of the intangible asset are consumed.

LONG-LIVED ASSETS

Long-lived assets primarily include property and equipment, intangible assets and ROU assets. The Company regularly evaluates its long-lived assets for events and circumstances that indicate a potential impairment in accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”). The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows of the asset as compared to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

Property and equipment are the long-lived, physical assets of the Company acquired for use in the Company’s normal business operations and are not intended for resale by the Company. These assets are recorded at cost. Renewals and betterments that increase the useful lives of the assets are capitalized. Repair and maintenance expenditures that increase the efficiency of the assets are expensed as incurred. Equipment under capital lease is recorded at the present value of the minimum lease payments required during the lease period. Depreciation is based on the estimated useful lives of the assets using the straight-line method (see Note F).

As assets are retired or sold, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations.

Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the related assets, which are generally three years. For software developed for internal use, all external direct costs for material and services and certain payroll and related fringe benefit costs are capitalized in accordance with ASC 350. During fiscal 2023, 2022 and 2021, the Company capitalized $3,931, $3,000 and $1,640 of software development costs, respectively.

INCOME TAXES

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. The Company records a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

ASC 740 requires a two-step approach to recognizing and measuring uncertain tax positions. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

PRODUCT WARRANTY ACCRUAL

The Company’s product sales generally include a 12 to 36 month standard hardware warranty. At time of product shipment, the Company accrues for the estimated cost to repair or replace potentially defective products. Estimated warranty costs are based upon prior actual warranty costs for substantially similar transactions and any specifically identified warranty requirements. Product warranty accrual is included as part of accrued expenses in the accompanying Consolidated Balance Sheets. The following table presents the changes in the Company's product warranty accrual.


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Beginning balance	$	1,857	$	3,283	$	3,835





Accruals for warranties issued during the period	1,146		359		2,446


Settlements made during the period	(1,721)		(1,785)		(2,998)
Ending balance	$	1,282	$	1,857	$	3,283

RESEARCH AND DEVELOPMENT COSTS

Research and development costs are expensed as incurred. Research and development costs are primarily made up of labor charges and prototype material and development expenses.

STOCK-BASED COMPENSATION

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. Stock-based compensation expense for the Company’s performance-based restricted stock awards is amortized over the requisite service period using graded vesting. The Company’s other restricted stock awards recognize expense over the requisite service period on a straight-line basis.

RETIREMENT OF COMMON STOCK

Stock that is repurchased or received in connection with the vesting of restricted stock is retired immediately upon the Company’s repurchase. The Company accounts for this under the cost method and upon retirement the excess amount over par value is charged against additional paid-in capital.

NET EARNINGS PER SHARE

Basic net earnings (loss) per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net earnings (loss) per share computation includes the effect of shares which would be issuable upon the exercise of outstanding stock options and the vesting of restricted stock, reduced by the number of shares which are assumed to be purchased by the Company under the treasury stock method. For all periods presented, net (loss) income is the control number for determining whether securities are dilutive or not.

Basic and diluted weighted average shares outstanding were as follows:


	Fiscal 2023	Fiscal 2022	Fiscal 2021
Basic weighted-average shares outstanding	56,554	55,527	55,070
Effect of dilutive equity instruments	—	374	404
Diluted weighted-average shares outstanding	56,554	55,901	55,474

Equity instruments to purchase 1,852, 39 and 42 shares of common stock were not included in the calculation of diluted net earnings per share for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively, because the equity instruments were anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Accumulated other comprehensive (loss) income (“AOCI”) includes changes in fair value of derivative instruments, foreign currency translation adjustments and pension benefit plan adjustments. The components of AOCI included the change in fair value of derivative instruments, net of tax adjustments are included and totaled $5,856 for the fiscal year ended June 30, 2023 and there were no change in fair value of derivative instruments, net of tax adjustments for the fiscal years ended July 1, 2022 and July 2, 2021, respectively. Also included are $300, $1,131 and $(739) of foreign currency translation adjustments for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively, and pension benefit plan adjustments totaled $142, $4,739 and $3,285 for the fiscal years ended June 30, 2023, July 1, 2022 and July 2, 2021, respectively.

A summary of the change in component of Accumulated other comprehensive (loss) income, net of tax is provided below:


	Foreign currency translation adjustments, net of tax		Pension benefit plan, net of tax		Change in fair of derivative instruments, net of tax		Accumulated Other Comprehensive (Loss) Income
Balance at July 3, 2020	$	659	$	(3,544)	$	—	$	(2,885)
Other comprehensive (loss) income, net of tax	(739)		3,285		—		2,546
Balance at July 2, 2021	(80)		(259)		—		(339)
Other comprehensive income, net of tax	1,131		4,739		—		5,870
Balance at July 1, 2022	1,051		4,480		—		5,531
Other comprehensive income, net of tax	300		142		5,856		6,298
Balance at June 30, 2023	$	1,351	$	4,622	$	5,856	$	11,829

FOREIGN CURRENCY

Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in accumulated other comprehensive income in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in Other income (expense), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income and were immaterial for all periods presented.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. Under current U.S. GAAP, an acquirer generally recognizes assets and liabilities assumed in a business combination, including contract assets and liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under Topic 606. This ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. The impact to the Company's consolidated financial statements and related disclosures of the adoption of the amendments in this update will depend on the magnitude of any customer contracts assumed in a business combination in fiscal 2023 and beyond.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Effective July 2, 2022, the Company adopted ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures.

Effective July 2, 2022, the Company adopted ASU No. 2020-06, Debt - Debt with conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU simplify the accounting for convertible debt securities. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures.

Effective December 1, 2022, the Company adopted ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU extend the sunset date under Topic 848 from December 31, 2022 to December 31, 2024 to align the temporary accounting relief guidance with the expected LIBOR cessation date of June 30, 2023. This adoption did not have a material impact to the Company's consolidated financial statements or related disclosures.

Employee Benefit Plans

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Pension Plan

The Company maintains a pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), since participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.

The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan.

In fiscal 2021, the independent pension fund changed the conversion rate for accumulated retirement savings leading to a Plan amendment. The Company’s results contain the effects of this change in conversion rates by the independent pension fund as prior service costs. These prior service costs are amortized from AOCI to net periodic benefit costs over approximately nine years.

At June 30, 2023, the accumulated benefit obligation of the Plan equals the fair value of the Plan's assets. The Plan's funded status at June 30, 2023 and July 1, 2022 was a net liability of $4,151 and $4,660, respectively, which is recorded in other non-current liabilities on the Consolidated Balance Sheets. The Company recorded a net gain of $142 and $4,739 in AOCI during the fiscal years ended June 30, 2023 and July 1, 2022, respectively. Total employer contributions to the Plan were $1,158 during the year ended June 30, 2023, and the Company's total expected employer contributions to the Plan during fiscal 2024 are $1,122.

The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.


Fiscal Year	Total
2024	$	1,312
2025	1,367
2026	1,064
2027	1,433
2028	1,550
Thereafter (next 5 years)	8,905
Total	$	15,631

The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended June 30, 2023 and July 1, 2022:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Service cost	$	1,068	$	1,405
Interest cost	463		83
Expected return on assets	(379)		(272)
Amortization of prior service cost	(203)		(190)
Amortization net of loss	—		5
Settlement loss recognized	(509)		—
Net periodic benefit cost	$	440	$	1,031

The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended June 30, 2023 and July 1, 2022:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Discount rate	1.95	%	1.70	%
Expected rate of return on Plan assets	1.95	%	1.70	%
Expected inflation	1.00	%	1.00	%
Rate of compensation increases	1.50	%	1.50	%

The calculation of the projected benefit obligation (“PBO”) utilized BVG 2020 Generational data for assumptions related to the mortality rates, disability rates, turnover rates, and early retirement ages.

The PBO represents the present value of Plan benefits earned through the end of the year, with an allowance for future salary and pension increases as well as turnover rates. The following table presents the change in projected benefit obligation for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Projected benefit obligation, beginning	$	25,509	$	28,614
Service cost	1,068		1,405
Interest cost	463		83

Employee contributions	1,439		2,606
Actuarial gain	(516)		(4,720)
Benefits paid	(246)		(1,444)

Settlements	(4,770)		—
Foreign exchange gain (loss)	1,763		(1,035)
Projected benefit obligation at end of year	$	24,710	$	25,509

The following table presents the change in Plan assets for the periods presented:


	Fiscal Years Ended
	June 30, 2023		July 1, 2022
Fair value of Plan assets, beginning	$	20,849	$	18,807
Actual return on Plan assets	700		514
Company contributions	1,158		1,056

Employee contributions	1,439		2,606
Benefits paid	(246)		(1,444)
Settlements	(4,770)		—
Foreign exchange gain (loss)	1,429		(690)
Fair value of Plan assets at end of year	$	20,559	$	20,849

The following table presents the Company's reconciliation of funded status for the period presented:


	As of
	June 30, 2023		July 1, 2022
Projected benefit obligation at end of year	$	24,710	$	25,509
Fair value of plan assets at end of year	20,559		20,849
Funded status	$	(4,151)	$	(4,660)

The fair value of Plan assets were $20,559 at June 30, 2023. The Plan is denominated in a foreign currency, the Swiss Franc, which can have an impact on the fair value of Plan assets. The Plan was not subject to material fluctuations during the years ended June 30, 2023 or July 1, 2022. The Plan’s assets are administered by an independent pension fund foundation (the “foundation”). As of June 30, 2023, the foundation has invested the assets of the Plan in various investments vehicles, including cash, real estate, equity securities, and bonds. The investments are measured at fair value using a mix of Level 1, Level 2 and Level 3 inputs.

401(k) Plan

The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. Effective in the first quarter of fiscal 2023, the Company increased the rate of its matching contributions from 3% to 6% of participants' eligible annual compensation and changed the form of these contributions from cash to Company stock. The Company may also make optional contributions to the plan for any plan year at its discretion. The Company had $2,705 of capitalized stock-based 401(k) matching compensation expense on the Consolidated Balance Sheet at June 30, 2023. Stock-based 401(k) matching compensation cost is measured based on the value of the matching amount and is recognized as expense as incurred. Expense recognized by the Company for matching contributions related to the 401(k) plan was $15,665, $7,603, and $7,876 during the fiscal years ended June 30, 2023, July 1, 2022, and July 2, 2021, respectively.

Restructuring (Tables)

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Expenses by Business Segment for Restructuring Plans

The following table presents the detail of charges included in the Company’s liability for restructuring and other charges:


	Severance & Related		Facilities & Other		Total





Restructuring liability at July 2, 2021	$	1,006	$	—	$	1,006
Restructuring charges	9,234		243		9,477

Cash paid	(5,518)		(243)		(5,761)


Restructuring liability at July 1, 2022	4,722		—		4,722
Restructuring charges	3,415		465		3,880
Cash paid	(6,608)		(444)		(7,052)

Reversals (*)	—		(21)		(21)
Restructuring liability at June 30, 2023	$	1,529	$	—	$	1,529

Restructuring - Expenses by Business Segment for Restructuring Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	$ 4,722	$ 1,006
Restructuring charges	3,880	9,477
Cash paid	(7,052)	(5,761)
Reversals	(21)
Restructuring liability at end period	1,529	4,722
Severance & Related
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	4,722	1,006
Restructuring charges	3,415	9,234
Cash paid	(6,608)	(5,518)
Reversals	0
Restructuring liability at end period	1,529	4,722
Facilities & Other
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	0	0
Restructuring charges	465	243
Cash paid	(444)	(243)
Reversals	(21)
Restructuring liability at end period	$ 0	$ 0

Operating Segment, Geographic Information and Significant Customers - Net Revenue by Platform (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Revenue from External Customer [Line Items]
Net revenues	$ 973,882	$ 988,197	$ 923,996
Airborne
Revenue from External Customer [Line Items]
Net revenues	506,264	506,549	416,877
Land
Revenue from External Customer [Line Items]
Net revenues	157,505	158,782	182,591
Naval
Revenue from External Customer [Line Items]
Net revenues	136,954	155,588	187,205
Other
Revenue from External Customer [Line Items]
Net revenues	$ 173,159	$ 167,278	$ 137,323

- Definition

+ References

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies LEGAL CLAIMS The Company is subject to litigation, claims, investigations and audits arising from time to time in the ordinary course of business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Company and intends to defend itself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on the Company's cash flows, results of operations, or financial position. We are subject to litigation, claims, investigations and audits arising from time to time in the ordinary course of our business. Although legal proceedings are inherently unpredictable, we believe that we have valid defenses with respect to those matters currently pending against us and intend to defend ourself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on our cash flows, results of operations, or financial position. On June 23 2021, Embedded Reps of America, LLC (“ERA”), a former sales representative, and James Mazzola, a principal of ERA, filed for binding arbitration related to the termination of ERA’s sales representative agreement raising multiple claims that aggregate to approximately $9,000 in direct damages, with treble damages requested on a number of those claims. ERA was a sales representative of Themis when Themis was acquired by Mercury. The sales representative agreement provided for termination by either party upon 30 days written notice with ERA entitled to commissions for orders obtained by ERA with product shipment occurring prior to termination. The Company responded to the complaint in July 2021. An arbitration proceeding was held during September 2022 with final motions in October 2022, and oral arguments in November 2022. The arbitrator issued its final ruling in January 2023, awarding ERA $72 in damages and fees. On December 7, 2021, counsel for National Technical Systems, Inc. (“NTS”) sent the Company an environmental demand letter pursuant to Massachusetts General Laws Chapter 21E, Section 4A, and CERCLA 42 U.S.C. Section 9601, related to a site that NTS formerly owned at 533 Main Street, Acton, Massachusetts. NTS received a Notice of Responsibility from the Massachusetts Department of Environmental Protection (“MassDEP”) alleging trichloroethene, freon and 1,4-dioxane contamination in the groundwater emanating from NTS’s former site. NTS alleges in its demand letter that the operations of a predecessor company to Mercury that was acquired in the Company's acquisition of the Microsemi carve-out business that once owned and operated a facility at 531 Main Street, Acton, Massachusetts contributed to the groundwater contamination. NTS is seeking payment from the Company of NTS’s costs for any required environmental remediation. In April 2022, the Company engaged in a meet and confer session with NTS pursuant to Massachusetts General Laws Chapter 21E, Section 4A to discuss the status of the environmental review performed by NTS and its licensed site professional. In addition in November 2021, the Company responded to a request for information from MassDEP regarding the detection of PFAS (per- and polyfluoroakyl substances) in the Acton, Massachusetts Water District’s Conant public water supply wells near the former facility at 531 Main Street, Acton, Massachusetts at a level above the standard that MassDEP published for PFAS in October 2020. The Company has not been contacted by NTS or MassDEP since the dates discussed above. It is too early to determine what responsibility, if any, the Company may have for these environmental matters. On June 19, 2023, the Board of Directors received notice of our former CEO's resignation from the positions of President and Chief Executive Officer. The Board accepted the resignation effective June 24, 2023. In the notice, the former CEO claimed entitlement to certain benefits, including equity vesting, severance, and other benefits, under the change in control severance agreement (the "CIC Agreement") because the former CEO had resigned with good reason during a potential change in control period. The Company disputes these claims and maintain that the former CEO resigned without good reason. The parties must submit any dispute under the CIC Agreement to binding arbitration. The Company intends to contest vigorously any claims under the CIC Agreement and believe that the Company has strong arguments that our former CEO's claims lack merit. If the arbitrator rules in the Company's favor, the Company may still need to pay the former CEO's reasonable legal fees. If instead the arbitrator rules for the former CEO, the Company could be liable for up to approximately $12,900, based on the closing price of our common stock on June 26, 2023, plus legal fees and expenses, for accelerated equity vesting, severance, and other benefits under the CIC Agreement. The Company categorically denies any wrongdoing or liability under the CIC Agreement, but the outcome of potential arbitration is inherently uncertain. Accordingly, it is reasonably possible that the Company will incur a liability in this matter and estimate the potential range of exposure from $0 to $12,900, plus costs and attorneys' fees. INDEMNIFICATION OBLIGATIONS The Company's standard product sales and license agreements entered into in the ordinary course of business typically contain an indemnification provision pursuant to which the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with any patent, copyright or other intellectual property infringement claim by any third party with respect to the Company's products. Such provisions generally survive termination or expiration of the agreements. The potential amount of future payments the Company could be required to make under these indemnification provisions is, in some instances, unlimited. PURCHASE COMMITMENTS As of June 30, 2023, the Company has entered into non-cancelable purchase commitments for certain inventory components and services used in its normal operations. The purchase commitments covered by these agreements are for less than one year and aggregate to $127,134. OTHER The Company may elect from time to time to purchase and subsequently retire shares of common stock in order to settle an individual employees’ tax liability associated with vesting of a restricted stock award or exercise of stock options. These transactions are treated as a use of cash in financing activities in the Company's Statements of Cash Flows.

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated subsequent events from the date of the Consolidated Balance Sheet through the date the consolidated financial statements were issued.The Company has initiated several immediate cost savings measures that simplify the Company’s organizational structure, facilitate clearer accountability, and align to the Company’s priorities, including: (i) embedding the 1MPACT value creation initiatives and execution into the Company’s operations; (ii) streamlining organizational structure and removing areas of redundancy between corporate and divisional organizations; and (iii) reduce selling, general, and administrative headcount and rebalancing discretionary and third party spending to better align with the Company’s priority areas. On July 20, 2023, the Company executed the plan to embed the 1MPACT value creation initiatives into operations, and on August 9, 2023, the Company approved and initiated a workforce reduction that, together with the 1MPACT related action, eliminates approximately 150 positions, resulting in expected restructuring charges of approximately $9,000. These charges are for employee separation costs and will be classified as restructuring and other charges within the Company’s Statement of Operations and Other Comprehensive Income for the fiscal quarter ending September 29, 2023.

Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Income Statement [Abstract]
Net revenues	$ 973,882	$ 988,197	$ 923,996
Cost of revenues	657,154	593,241	538,808
Gross margin	316,728	394,956	385,188
Operating expenses:
Selling, general and administrative	160,637	157,044	134,337
Research and development	108,799	107,169	113,481
Amortization of intangible assets	53,552	60,267	41,171
Restructuring and other charges	6,981	27,445	9,222
Acquisition costs and other related expenses	8,444	11,421	5,976
Total operating expenses	338,413	363,346	304,187
(Loss) income from operations	(21,685)	31,610	81,001
Interest income	1,053	143	179
Interest expense	(25,159)	(5,806)	(1,222)
Other expense, net	(2,751)	(7,552)	(2,785)
(Loss) income before income taxes	(48,542)	18,395	77,173
Income tax (benefit) provision	(20,207)	7,120	15,129
Net (loss) income	$ (28,335)	$ 11,275	$ 62,044
Basic net (loss) earnings per share (in dollars per share)	$ (0.50)	$ 0.20	$ 1.13
Diluted net (loss) earnings per share (in dollars per share)	$ (0.50)	$ 0.20	$ 1.12
Weighted-average shares outstanding:
Basic (in shares)	56,554	55,527	55,070
Diluted (in shares)	56,554	55,901	55,474
Comprehensive (loss) income:
Net (loss) income	$ (28,335)	$ 11,275	$ 62,044
Change in fair value of derivative instruments, net of tax	5,856	0	0
Foreign currency translation adjustments, net of tax	300	1,131	(739)
Pension benefit plan, net of tax	142	4,739	3,285
Total other comprehensive income, net of tax	6,298	5,870	2,546
Total comprehensive (loss) income	$ (22,037)	$ 17,145	$ 64,590

Operating Segment, Geographic Information and Significant Customers - Additional Information (Details)	12 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Income Taxes - Components of Income Before Income Taxes and Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Income before income taxes:
United States	$ (42,864)	$ 24,286	$ 85,101
Foreign	(5,678)	(5,891)	(7,928)
(Loss) income before income taxes	(48,542)	18,395	77,173
Federal:
Current	33,898	3,857	12,157
Deferred	(54,010)	(230)	(995)
Federal Income Tax Expense (Benefit), Continuing Operations, Total	(20,112)	3,627	11,162
State:
Current	10,054	3,626	6,271
Deferred	(10,200)	(2,721)	(2,689)
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	(146)	905	3,582
Foreign:
Current	104	2,535	435
Deferred	(53)	53	(50)
Foreign, Income Tax expense benefit	51	2,588	385
Income tax expense (benefit)	$ (20,207)	$ 7,120	$ 15,129

Derivatives	12 Months Ended
Derivatives	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company utilizes interest rate derivatives to mitigate interest rate exposure with respect to its financing arrangements. On September 7, 2022, the Company entered into an interest rate Swap (the “initial Swap”) with JP Morgan Chase Bank, N.A. (“JPMorgan”) for a notional amount of $300,000 in order to fix the interest rate associated with a portion of the total $511,500 existing borrowings on the Revolver. The initial Swap agreement was designated and qualified for hedge accounting treatment as a cash flow hedge. The initial Swap matured on February 28, 2027, coterminous with the maturity of the Revolver. The initial Swap established a fixed interest rate on the first $300,000 of the Company's outstanding borrowings against the Revolver obligation at 3.25%. On September 29, 2022, the Company terminated the initial Swap. At the time of termination, the fair value of the initial Swap was an asset of $5,995. The Company received the cash settlement of $5,995 and these proceeds are classified within Operating Activities of the Consolidated Statements of Cash Flows. The Company is amortizing the gain over the term of the Revolver and during the twelve months ended June 30, 2023, the Company amortized $1,017 of the gain, which is included within Accumulated other comprehensive (loss) income. Following the termination of the initial Swap, the Company entered a new Swap agreement (“the Swap”) on September 29, 2022 with JPMorgan. The Swap fixes $300,000 of the total $511,500 existing borrowings of outstanding borrowings under the Revolver at a rate of 3.79%. The Swap matures on February 28, 2027, coterminous with the maturity of the Revolver. As of June 30, 2023, the fair value of the hedge was an asset of $3,523 and is included within Other non-current assets in the Company's Consolidated Balance Sheets. The market risk associated with the Company’s derivative instrument is the result of interest rate movements that are expected to offset the market risk of the underlying arrangement. The counterparty to the Swap is JPMorgan. Based on the credit ratings of the Company’s counterparty as of June 30, 2023, nonperformance is not perceived to be a material risk. Furthermore, none of the Company’s derivatives are subject to collateral or other security arrangements and none contain provisions that are dependent on the Company’s credit ratings from any credit rating agency. While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of the Company’s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible inability of the counterparty to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparty obligations under the contracts exceed the obligations of the Company to the counterparty. As a result of the above considerations, the Company does not consider the risk of counterparty default to be significant.

Income Taxes - Summary of Reserves for Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 9,112	$ 7,467
Increases for tax positions taken related to a prior period	0	160
Increases for tax positions taken during the current period	1,260	990
Decreases for tax positions taken by an acquired company	(2,679)
Decreases for tax positions taken by an acquired company		615
Decreases for tax positions taken related to a prior period	(191)	0
Decreases for settlements of previously recognized positions	(93)	(92)
Decreases as a result of a lapse of the applicable statute of limitations	(2,244)	(28)
Unrecognized tax benefits, end of period	5,165	9,112
Unrecognized tax benefits that would impact effective tax rate	5,165
Interest and penalties accrued	583	488
interest and penalties recognized	$ 96	$ 172

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 30, 2023	Jul. 31, 2023	Dec. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-23599
Entity Registrant Name	MERCURY SYSTEMS, INC
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2741391
Entity Address, Address Line One	50 Minuteman Road
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	256-1300
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	MRCY
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			$ 2.6
Entity Common Stock, Shares Outstanding		58,189,929
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.Exhibit Index on Page 8
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001049521
Current Fiscal Year End Date	--06-30

Employee Benefit Plans - Schedule of Projected Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Settlements	$ (4,770)	$ 0
Foreign exchange gain (loss)	1,763	(1,035)
Foreign Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning	25,509	28,614
Service cost	1,068	1,405
Interest cost	463	83
Employee contributions	1,439	2,606
Actuarial gain	(516)	(4,720)
Benefits paid	(246)	(1,444)
Projected benefit obligation at end of year	$ 24,710	$ 25,509

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022
Current assets:
Cash and cash equivalents	$ 71,563	$ 65,654
Accounts receivable, net of allowance for credit losses of $1,335 and $2,074 at June 30, 2023 and July 1, 2022, respectively	124,729	144,494
Unbilled receivables and costs in excess of billings	382,558	303,356
Inventory	337,216	270,339
Prepaid income taxes	0	7,503
Prepaid expenses and other current assets	20,952	23,906
Total current assets	937,018	815,252
Property and equipment, net	119,554	127,191
Goodwill	938,093	937,880
Intangible assets, net	298,051	351,538
Operating lease right-of-use assets, net	63,015	66,366
Deferred tax asset	27,099	0
Other non-current assets	8,537	6,188
Total assets	2,391,367	2,304,415
Current liabilities:
Accounts payable	103,986	98,673
Accrued expenses	28,423	34,954
Accrued compensation	30,419	44,813
Income tax payable	13,874	0
Deferred revenues and customer advances	56,562	15,487
Total current liabilities	233,264	193,927
Deferred income taxes	0	32,398
Income taxes payable	5,166	9,112
Long-term debt	511,500	451,500
Operating lease liabilities	66,797	69,888
Other non-current liabilities	7,955	10,405
Total liabilities	824,682	767,230
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 85,000,000 shares authorized; 56,961,665 and 55,679,747 shares issued and outstanding at June 30, 2023 and July 1, 2022, respectively	570	557
Additional paid-in capital	1,196,847	1,145,323
Retained earnings	357,439	385,774
Accumulated other comprehensive income	11,829	5,531
Total shareholders’ equity	1,566,685	1,537,185
Total liabilities and shareholders’ equity	$ 2,391,367	$ 2,304,415

Operating Segment, Geographic Information and Significant Customers - Net Revenue by Product Grouping (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Revenue from External Customer [Line Items]
Net revenues	$ 973,882	$ 988,197	$ 923,996
Components
Revenue from External Customer [Line Items]
Net revenues	197,180	167,333	176,234
Modules and Sub-assemblies
Revenue from External Customer [Line Items]
Net revenues	200,281	167,242	156,557
Integrated Subsystems
Revenue from External Customer [Line Items]
Net revenues	$ 576,421	$ 653,622	$ 591,205

- Definition

+ References

+ Details

Goodwill (Tables)

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the twelve months ended June 30, 2023:


	Total
Balance at July 1, 2022	$	937,880









Goodwill adjustment for the Avalex acquisition	66
Goodwill adjustment for the Atlanta Micro acquisition	147
Balance at June 30, 2023	$	938,093

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Defined Benefit Plan Disclosure [Line Items]
Prior service costs, amortization period (in years)	9 years
Company contributions	$ 1,158
Expected company contributions, next fiscal year	1,122
Capitalized stock-based 401(k) matching compensation expense	2,705
Employer contributions	15,665	$ 7,603	$ 7,876
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status of plan	4,151	4,660
Net gain in accumulated other comprehensive income		4,739
Company contributions	1,158	1,056
Fair value of plan assets	$ 20,559	$ 20,849	$ 18,807
Minimum \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	3.00%	3.00%	3.00%
Maximum \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	6.00%	6.00%	6.00%

Operating Segment, Geographic Information and Significant Customers - Net Revenue by End Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jul. 02, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 973,882	$ 988,197	$ 923,996
Domestic
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	865,216	861,125	795,988
International/Foreign Military Sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 108,666	$ 127,072	$ 128,008

- Definition

+ References

+ Details

Summary of Significant Accounting Policies - Income Taxes (Details)	Jun. 30, 2023
Accounting Policies [Abstract]
Minimum likelihood of tax benefits being recognized upon ultimate settlement	50.00%

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Nov. 29, 2021	Nov. 05, 2021	Jun. 30, 2023	Jul. 01, 2022
Business Acquisition [Line Items]
Goodwill			$ 938,093	$ 937,880
Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets, estimated useful lives			12 years 1 month 6 days	12 years 1 month 6 days
Atlanta Micro
Business Acquisition [Line Items]
Total purchase price	$ 90,000
Business combination, consideration transferred, other	58
Fair value of identifiable intangible assets	34,980
Goodwill	58,252
Atlanta Micro \| Customer relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 27,310
Acquired intangible assets, estimated useful lives	20 years
Atlanta Micro \| Developed Technology
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 7,260
Acquired intangible assets, estimated useful lives	8 years
Atlanta Micro \| Order or Production Backlog
Business Acquisition [Line Items]
Acquired intangible assets, estimated useful lives	2 years
Fair value of identifiable intangible assets	$ 410
Avalex
Business Acquisition [Line Items]
Total purchase price		$ 155,000
Business combination, consideration transferred, other		$ 151
Acquired intangible assets, estimated useful lives		15 years
Fair value of identifiable intangible assets		$ 61,360
Goodwill		81,772
Goodwill acquired, tax deductible amount			$ 74,676
Avalex \| Customer relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 41,880
Acquired intangible assets, estimated useful lives		9 years
Avalex \| Developed Technology
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 14,430
Acquired intangible assets, estimated useful lives		7 years
Avalex \| Order or Production Backlog
Business Acquisition [Line Items]
Acquired intangible assets, estimated useful lives		1 year
Fair value of identifiable intangible assets		$ 5,050

Leases

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

The Company enters into lease arrangements to facilitate its operations, including manufacturing, storage, as well as engineering, sales, marketing and administration resources. The Company measures its lease obligations in accordance with ASC 842, which requires lessees to record a ROU asset and lease liability for most lease arrangements. Finance leases are not material to the Company's consolidated financial statements and therefore are excluded from the following disclosures.

SUPPLEMENTAL BALANCE SHEET INFORMATION

Supplemental operating lease balance sheet information is summarized as follows:


	As of		As of
	June 30, 2023		July 1, 2022
Operating lease right-of-use assets, net	$	63,015	$	66,366

Accrued expenses(1)	$	10,434	$	11,246
Operating lease liabilities	66,797		69,888
Total operating lease liabilities	$	77,231	$	81,134

(1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the Consolidated Balance Sheet.

OTHER SUPPLEMENTAL INFORMATION

Other supplemental operating lease information is summarized as follows:


	For the Fiscal Year Ended			For the Fiscal Year Ended
	June 30, 2023			July 1, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,756		$	11,119
Right-of-use assets obtained in exchange for new lease liabilities	$	10,627		$	10,502
Weighted average remaining lease term	7.0 years			7.6 years
Weighted average discount rate	5.17		%	4.58		%

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of June 30, 2023 were as follows:


Fiscal Year	Totals
2024	$	14,195
2025	14,173
2026	12,921
2027	12,669
2028	11,347
Thereafter	27,349
Total lease payments	92,654
Less: imputed interest	(15,423)

Present value of operating lease liabilities	$	77,231

During fiscal 2023, 2022 and 2021 the Company recognized operating lease expense of $13,763, $14,332, and $11,714, respectively. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by the Company's leases at June 30, 2023.