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First Quarters Ended

September 27, 2019

September 30, 2018

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 27, 2019	Oct. 31, 2019
Document Documentand Entity Information [Abstract]
Title of 12(g) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	MA
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2019
Entity File Number	0-23599
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	MRCY
Entity Registrant Name	MERCURY SYSTEMS, INC.
City Area Code	978
Local Phone Number	256-1300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0001049521
Current Fiscal Year End Date	--07-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,536,945
Entity Tax Identification Number	04-2741391
Entity Address, Address Line One	50 MINUTEMAN ROAD
Entity Address, Postal Zip Code	01810
Entity Address, City or Town	ANDOVER
Entity Address, State or Province	MA
Entity Small Business	false
Entity Emerging Growth Company	false
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 161,299	$ 257,932
Accounts receivable, net of allowance for doubtful accounts of $1,463 and $1,228 at September 27, 2019 and June 30, 2019, respectively	108,904	118,832
Unbilled receivables and costs in excess of billings	68,568	57,387
Inventory	148,500	137,112
Prepaid income taxes	3,171	90
Prepaid expenses and other current assets	12,599	10,819
Total current assets	503,041	582,172
Property and equipment, net	65,946	60,001
Estimated fair value of goodwill	617,175	562,146
Intangible assets, net	230,187	206,124
Operating lease right-of-use assets	51,312	0
Other non-current assets	6,191	6,534
Total assets	1,473,852	1,416,977
Current liabilities:
Accounts payable	34,940	39,030
Accrued expenses	21,741	18,897
Accrued compensation	28,154	28,814
Deferred revenues and customer advances	9,235	11,291
Total current liabilities	94,070	98,032
Deferred income taxes	18,028	17,814
Income taxes payable	1,172	1,273
Other non-current liabilities	12,241	15,119
Operating lease liabilities	53,063	0
Total liabilities	178,574	132,238
Shareholders' equity:
Shareholders’ equity:	0	0
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	545	542
Additional paid-in capital	1,049,952	1,058,745
Retained earnings	245,990	226,743
Accumulated other comprehensive income	(1,209)	(1,291)
Total shareholders' equity	1,295,278	1,284,739
Total liabilities and shareholders' equity	$ 1,473,852	$ 1,416,977

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2019	Jun. 30, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 822	$ 359
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	85,000,000	85,000,000
Common Stock, Shares, Issued (shares)	47,265,355	46,924,238
Common stock, shares outstanding (shares)	47,265,355	46,924,238

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenues	$ 177,304	$ 144,056
Cost of revenues	98,904	82,473
Gross margin	78,400	61,583
Operating expenses:
Selling, general and administrative	29,970	24,741
Research and development	21,870	14,948
Amortization of intangible assets	7,019	7,181
Restructuring and other charges	648	504
Acquisition costs and other related expenses	1,417	399
Total operating expenses	60,924	47,773
Income from operations	17,476	13,810
Interest income	1,187	66
Interest expense	0	(2,259)
Other income, net	(1,434)	(1,009)
Income before income taxes	17,229	10,608
Tax (benefit) provision	(2,018)	3,129
Net income	$ 19,247	$ 7,479
Basic net earnings per share (in dollars per share)	$ 0.35	$ 0.16
Diluted net earnings per share (in dollars per share)	$ 0.35	$ 0.16
Weighted-average shares outstanding:
Basic (in shares)	54,388	47,048
Diluted (in shares)	55,078	47,697
Comprehensive income:
Net income	$ 19,247	$ 7,479
Foreign currency translation adjustments	75	(362)
Pension benefit plan, net of tax	7	(15)
Total other comprehensive income (loss), net of tax	82	(377)
Total comprehensive income	$ 19,329	$ 7,102

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 19,247	$ 7,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	11,381	11,546
Stock-based compensation expense	5,659	4,679
Provision (benefit) for deferred income taxes	238	(381)
Other non-cash items	548	1,222
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, unbilled receivable, and cost in excess of billings	2,230	(5,891)
Inventory	298	(4,553)
Prepaid income taxes	(3,087)	(2,977)
Prepaid expenses and other current assets	(877)	68
Other non-current assets	(64)	88
Accounts payable and accrued expenses	(6,275)	(2,025)
Deferred revenues and customer advances	(826)	8,828
Income taxes payable	(2,972)	1,873
Other non-current liabilities	(1,190)	73
Net cash provided by operating activities	24,310	20,029
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(96,502)	(46,273)
Purchases of property and equipment	(9,595)	(3,727)
Net cash used in investing activities	(106,097)	(50,000)
Cash flows from financing activities:
Proceeds from employee stock plans	3	0
Purchase and retirement of common stock	(14,562)	(6,812)
Borrowings under credit facilities	0	45,000
Termination of interest rate swap	0	(1,851)
Net cash (used in) provided by financing activities	(14,559)	36,337
Effect of exchange rate changes on cash and cash equivalents	(287)	(18)
Net (decrease) increase in cash and cash equivalents	(96,633)	6,348
Cash and cash equivalents at beginning of period	257,932	66,521
Cash and cash equivalents at end of period	161,299	72,869
Cash paid during the period for:
Interest	0	3,442
Income taxes	$ 3,647	$ 4,291

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding	46,924,238
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		382,000
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ 0	$ 4	$ (4)
Stock Repurchased and Retired During Period, Shares		137,000
Stock Repurchased and Retired During Period, Value	6,812	$ 1	6,811
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	4,440		4,440
Net income	7,479			$ 7,479
Other Comprehensive Income (Loss), Net of Tax	(377)				$ (377)
Foreign currency translation adjustments	(362)
Pension benefit plan, net of tax	(15)
Common Stock, Shares, Outstanding		47,169,000
Stockholders' Equity Attributable to Parent	776,621	$ 472	587,788	187,447	914
Common Stock, Shares, Outstanding		54,248,000
Stockholders' Equity Attributable to Parent	1,284,739	$ 542	1,058,745	226,743	(1,291)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		462,000
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	3	$ 5	(2)
Stock Repurchased and Retired During Period, Shares		176,000
Stock Repurchased and Retired During Period, Value	14,562	$ 2	14,560
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	5,769		5,769
Net income	19,247			19,247
Other Comprehensive Income (Loss), Net of Tax	82				82
Foreign currency translation adjustments	75
Pension benefit plan, net of tax	$ 7
Common Stock, Shares, Outstanding	47,265,355	54,534,000
Stockholders' Equity Attributable to Parent	$ 1,295,278	$ 545	$ 1,049,952	$ 245,990	$ (1,209)

Description of Business	3 Months Ended
Description of Business	Sep. 27, 2019
Accounting Policies [Abstract]
Description of Business	Description of Business Mercury Systems, Inc. (the “Company” or “Mercury”) is a leading commercial provider of secure sensor and safety-critical mission processing subsystems. Headquartered in Andover, Massachusetts, the Company is delivering solutions that power a broad range of critical aerospace, commercial aviation, defense and intelligence programs, configured and optimized for mission success in some of the most challenging and demanding environments. The Company's innovative next-generation defense electronics business model is designed to meet the industry’s current and emerging technology and business needs by delivering affordable state-of-the-art solutions, rapid time-to-value, service and support to the Company's defense prime contractor customers. The Company's products and solutions have been deployed in more than 300 programs with over 25 different defense prime contractors, a testament to its deep domain expertise and culture of innovation.

Summary of Significant Accounting Policies

3 Months Ended

Sep. 27, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared by the Company in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America for interim financial information and with the instructions to the Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted pursuant to those rules and regulations; however, in the opinion of management the financial information reflects all adjustments, consisting of adjustments of a normal recurring nature, necessary for fair presentation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the fiscal year ended June 30, 2019 which are contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 15, 2019. The results for the first quarter ended September 27, 2019 are not necessarily indicative of the results to be expected for the full fiscal year.

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.

Effective July 1, 2019, the Company's fiscal year has changed to the 52-week or 53-week period ending on the Friday closest to the last day in June. All references to the first quarter of fiscal 2020 are to the quarter ending September 27, 2019. There were 13-weeks during the first quarters ended September 27, 2019 and September 30, 2018, respectively. There have been no reclassifications of prior comparable periods due to this change.

USE OF ESTIMATES

The preparation of financial statements in conformity with 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 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 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.

FOREIGN CURRENCY

Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Japan, 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 (loss) income (“AOCI”) in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in other expense, net in the Consolidated Statements of Operations and Comprehensive Income and were immaterial for all periods presented.

LEASES

Effective July 1, 2019, the Company adopted 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 adopted ASC 842 using the optional transition method and, as a result, there have been no reclassifications of prior comparable periods due to this adoption.

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, 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 Income or Consolidated Statements of Cash Flows. See Note N to the consolidated financial statements for more information regarding the adoption of this standard.

REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”). The Company is a leading commercial provider of secure sensor and safety-critical mission processing subsystems. 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.

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 73% and 79% of revenues for the first quarters ended September 27, 2019 and September 30, 2018, respectively.

The Company also engages in long-term contracts for development, production and service activities and recognizes revenue for performance obligations over time. These long-term contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Long-term 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 contracts.

Total revenue recognized under long-term contracts over time was 27% and 21% of total revenues the first quarters ended September 27, 2019 and September 30, 2018, 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 12-36 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.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes). Refer to Note L for disaggregation of revenue for the period.

ACCOUNTS RECEIVABLE

Accounts receivable, net, represents amounts that have been billed and are currently due from customers. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. 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 as necessary. The allowance is based upon an assessment of the customers’ credit worthiness, history with the customer, and the age of the receivable balance. The Company typically invoices a customer upon shipment of the product (or completion of a service) for contracts where revenue is recognized at a point in time. For contracts where revenue is recognized over time, the invoicing events are typically based on specified performance obligation deliverables or milestone events, or quantifiable measures of performance.

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 $68,568 and $57,387 as of September 27, 2019 and June 30, 2019, respectively. The contract asset balance increased due to growth in revenue recognized under long-term contracts over time during the first quarter ended September 27, 2019. The contract liability balances were $11,940 and $12,362 as of September 27, 2019 and June 30, 2019, respectively. These balances remained consistent period over period.

Revenue recognized for the first quarter ended September 27, 2019 that was included in the contract liability balance at June 30, 2019 was $5,376. Revenue recognized for the first quarter ended September 30, 2018 that was included in the contract liability balance at June 30, 2018 was $7,366.

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 contract with original expected durations of less than one year, as well as 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 September 27, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $214,880. The Company expects to recognize approximately 75% of its remaining performance obligations as revenue in the next 12 months and the balance thereafter.

WEIGHTED-AVERAGE SHARES

Weighted-average shares were calculated as follows:



	First Quarters Ended
	September 27, 2019	September 30, 2018
Basic weighted-average shares outstanding	54,388	47,048
Effect of dilutive equity instruments	690	649
Diluted weighted-average shares outstanding	55,078	47,697

Equity instruments to purchase 154 and 208 shares of common stock were not included in the calculation of diluted net earnings per share for the first quarters ended September 27, 2019 and September 30, 2018, because the equity instruments were anti-dilutive.

Acquisitions

3 Months Ended

Sep. 27, 2019

Business Combinations [Abstract]

Acquisitions

AMERICAN PANEL CORPORATION ACQUISITION

On September 23, 2019, the Company acquired American Panel Corporation (“APC”). Based in Alpharetta, Georgia, APC is a leading innovator in large area display technology for Aerospace & Defense market. APC's capabilities are deployed on a wide range of next-generation platforms. The Company acquired APC for an all cash purchase price of $100,000, prior to net working capital and net debt adjustments. The Company funded the acquisition with cash on hand.

The following table presents the net purchase price and the fair values of the assets and liabilities of APC on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	100,826
Working capital and net debt adjustment	(5,952		)
Liabilities assumed	2,454
Less cash acquired	(826		)
Net purchase price	$	96,502

Estimated fair value of tangible assets acquired and liabilities assumed
Cash	826
Accounts receivable	3,726
Inventory	11,271
Fixed assets	690
Other current and non-current assets	3,494
Accounts payable	(1,498		)
Accrued expenses	(1,014		)
Other current and non-current liabilities	(5,749		)
Estimated fair value of net tangible assets acquired	11,746
Estimated fair value of identifiable intangible assets	30,800
Estimated goodwill	54,782
Estimated fair value of net assets acquired	97,328
Less cash acquired	(826		)
Net purchase price	$	96,502

completed technology of $10,400 with a useful life of 11 years and backlog of $2,300 with a useful life of two years. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill.

The goodwill of $54,782 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 under the Sensor and Mission Processing (“SMP”) reporting unit. Since APC was a qualified subchapter S subsidiary, the acquisition is treated as an asset purchase for tax purposes. The Company has estimated the tax value of the intangible assets from this transaction and is amortizing the amount over 15 years for tax purposes. As of September 27, 2019, the Company had $55,666 of goodwill deductible for tax purposes. The Company has not furnished pro forma information relating to APC because such information is not material to the Company's financial results.

The revenues and income before income taxes from APC included in the Company's consolidated results for the first quarter ended September 27, 2019 were $943 and $307, respectively.

THE ATHENA GROUP ACQUISITION

On April 18, 2019, the Company acquired The Athena Group, Inc. (“Athena”), a privately-held company based in Gainesville, Florida and a leading provider of cryptographic and countermeasure IP vital to securing defense computing systems. The Company acquired Athena for an all cash purchase price of $34,000, prior to net working capital and net debt adjustments, which was funded through the revolving credit facility (“the Revolver”).

The following table presents the net purchase price and the fair values of the assets and liabilities of Athena on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	34,049
Working capital and net debt adjustment	(446		)
Less cash acquired	(49		)
Net purchase price	$	33,554

Estimated fair value of tangible assets acquired and liabilities assumed
Cash	$	49
Accounts receivable	726
Fixed assets	74
Other current and non-current assets	260
Accounts payable	(48		)
Accrued expenses	(143		)
Other current and non-current liabilities	(600		)
Deferred tax liability	(6,414		)
Estimated fair value of net tangible liabilities acquired	(6,096		)
Estimated fair value of identifiable intangible assets	23,700
Estimated goodwill	15,999
Estimated fair value of net assets acquired	33,603
Less cash acquired	(49		)
Net purchase price	$	33,554

The amounts above represent the preliminary fair value estimates as of September 27, 2019 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. The preliminary identifiable intangible asset estimate includes completed technology of $23,700 with a useful life of 11 years. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill.

The goodwill of $15,999 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 tax deductible. The goodwill from

this acquisition is reported under the Mercury Defense Systems (“MDS”) reporting unit. The Company has not furnished pro forma information relating to Athena because such information is not material to the Company's financial results.

SYNTONIC MICROWAVE LLC ACQUISITION

On April 18, 2019, the Company acquired Syntonic Microwave LLC (“Syntonic”), a privately held company based in Campbell, California and a leading provider of advanced synthesizers, wideband phase coherent tuners and microwave converters optimized for signals intelligence and electronic intelligence applications demanding frequency coverage up to 40 GHz with 2 GHz instantaneous bandwidth. The Company acquired Syntonic for an all cash purchase price of $12,000, prior to net working capital and net debt adjustments, which was funded through the Revolver.

The following table presents the net purchase price and the fair values of the assets and liabilities of Syntonic on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	13,118
Less cash acquired	(1,118		)
Net purchase price	$	12,000

Estimated fair value of tangible assets acquired and liabilities assumed
Cash	$	1,118
Accounts receivable	281
Inventory	482
Fixed assets	31
Other current and non-current assets	6
Accounts payable	(71		)
Accrued expenses	(61		)
Estimated fair value of net tangible assets acquired	1,786
Estimated fair value of identifiable intangible assets	7,100
Estimated goodwill	4,232
Estimated fair value of net assets acquired	13,118
Less cash acquired	(1,118		)
Net purchase price	$	12,000

The amounts above represent the preliminary fair value estimates as of September 27, 2019 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. The preliminary identifiable intangible asset estimates include customer relationships of $4,200 with a useful life of 10 years, completed technology of $2,500 with a useful life of 9 years and backlog of $400 with a useful life of one year. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill.

The goodwill of $4,232 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 under the Advanced Microelectronic Solutions (“AMS”) reporting unit. Since Syntonic was a limited liability company, the acquisition is treated as an asset purchase for tax purposes. The Company has estimated the tax value of the intangible assets from this transaction and is amortizing the amount over 15 years for tax purposes. As of September 27, 2019, the Company had $3,040 of goodwill deductible for tax purposes. The Company has not furnished pro forma information relating to Syntonic because such information is not material to the Company's financial results.

GECO AVIONICS AQUISITION

On January 29, 2019, the Company announced that it had acquired GECO Avionics, LLC (“GECO”), a privately held company in Mesa, Arizona, with over twenty years of experience designing and manufacturing affordable safety-critical avionics and mission computing solutions. The Company acquired GECO for an all cash purchase price of $36,500, which was funded through the Revolver.

The following table presents the net purchase price and the fair values of the assets and liabilities of GECO on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	36,500
Net purchase price	$	36,500

Estimated fair value of tangible assets acquired and liabilities assumed
Accounts receivable	$	1,320
Inventory	1,454
Fixed assets	459
Accounts payable	(217		)
Accrued expenses	(239		)
Estimated fair value of net tangible assets acquired	2,777
Estimated fair value of identifiable intangible assets	12,700
Estimated goodwill	21,023
Estimated fair value of net assets acquired	36,500
Net purchase price	$	36,500

The amounts above represent the preliminary fair value estimates as of September 27, 2019 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. The preliminary identifiable intangible asset estimates include customer relationships of $6,900 with a useful life of 11 years, completed technology of $4,800 with a useful life of 10 years and backlog of $1,000 with a useful life of two years. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill.

The goodwill of $21,023 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 under the SMP reporting unit. Since GECO was a limited liability company, the acquisition is treated as an asset purchase for tax purposes. The Company has estimated the tax value of the intangible assets from this transaction and is amortizing the amount over 15 years for tax purposes. As of September 27, 2019, the Company had $20,660 of goodwill deductible for tax purposes. The Company has not furnished pro forma information relating to GECO because such information is not material to the Company's financial results.

GERMANE SYSTEMS AQUISITION

On July 31, 2018, the Company announced that it had entered into a membership interest purchase agreement (the “Purchase Agreement”) and acquired Germane Systems, LC (“Germane”) pursuant to the terms of the Purchase Agreement.

Based in Chantilly, Virginia, Germane is an industry leader in the design, development and manufacturing of rugged servers, computers and storage systems for command, control and intelligence (“C2I”) applications. The Company acquired Germane for an all cash purchase price of $45,000, prior to net working capital and net debt adjustments. The Company funded the acquisition with borrowings obtained under the Revolver. On December 12, 2018 the Company and former owners of Germane agreed to post-closing adjustments totaling $1,244, which decreased the Company's net purchase price.

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



	Amounts
Consideration transferred
Cash paid at closing	$	47,166
Working capital and net debt adjustment	(1,244		)
Less cash acquired	(193		)
Net purchase price	$	45,729

Fair value of tangible assets acquired and liabilities assumed
Cash	$	193
Accounts receivable	4,277
Inventory	8,575
Fixed assets	867
Other current and non-current assets	596
Accounts payable	(3,146		)
Accrued expenses	(1,394		)
Other current and non-current liabilities	(514		)
Fair value of net tangible assets acquired	9,454
Fair value of identifiable intangible assets	12,910
Goodwill	23,558
Fair value of net assets acquired	45,922
Less cash acquired	(193		)
Net purchase price	$	45,729

On July 31, 2019, the measurement period for Germane expired. The identifiable intangible assets include customer relationships of $8,500 with a useful life of 11 years, completed technology of $4,200 with a useful life of 8 years and backlog of $210 with a useful life of one year.

The goodwill of $23,558 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 under the MDS reporting unit. Since Germane was a limited liability company, the acquisition is treated as an asset purchase for tax purposes. The Company has estimated the tax value of the intangible assets from this transaction and is amortizing the amount over 15 years for tax purposes. As of September 27, 2019, the Company had $22,163 of goodwill deductible for tax purposes.

Fair Value of Financial Instruments

3 Months Ended

Sep. 27, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 27, 2019:



	Fair Value Measurements
	September 27, 2019		Level 1		Level 2		Level 3
Assets:
Certificates of deposit	$	31,641	$	—	$	31,641	$	—
Total	$	31,641	$	—	$	31,641	$	—

The carrying values of cash and cash equivalents, including money market funds, restricted cash, accounts receivable and payable, and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The fair value of the Company’s certificates of deposit are determined through quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

- 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

Inventory

3 Months Ended

Sep. 27, 2019

Inventory Disclosure [Abstract]

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 uses consistent methodologies to evaluate 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 inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, historical usage, product mix and possible alternative uses. Inventory was comprised of the following:



	September 27, 2019		June 30, 2019
Raw materials	$	85,434	$	84,561
Work in process	46,450		38,525
Finished goods	16,616		14,026
Total	$	148,500	$	137,112

The $11,388 increase in inventory was primarily due to the acquisition of APC.

Goodwill

3 Months Ended

Sep. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table sets forth the changes in the carrying amount of goodwill by reporting unit for the first quarter ended September 27, 2019:



	SMP			AMS		MDS		Total
Balance at June 30, 2019	$	140,783		$	222,379	$	198,984	$	562,146
Goodwill adjustment for the Germane acquisition	—			—		447		447
Goodwill adjustment for the GECO acquisition	(200		)	—		—		(200		)
Goodwill arising from the APC acquisition	54,782			—		—		54,782
Balance at September 27, 2019	$	195,365		$	222,379	$	199,431	$	617,175

In the first quarter ended September 27, 2019, there were no triggering events, as defined by ASC 350, Intangibles - Goodwill and Other, which required an interim goodwill impairment test. The Company performs its annual goodwill impairment test in the fourth quarter of each fiscal year.

Restructuring

3 Months Ended

Sep. 27, 2019

Restructuring and Related Activities [Abstract]

Restructuring

The following table presents the detail of activity for the Company’s restructuring plans:



	Severance & Related
Restructuring liability at June 30, 2019	$	4
Restructuring and other charges	648
Cash paid	(302		)
Restructuring liability at September 27, 2019	$	350

During the first quarter ended September 27, 2019, the Company incurred net restructuring and other charges of $648. Restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities.

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

Income Taxes	3 Months Ended
Income Taxes	Sep. 27, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax benefit of $2,018 and an income tax provision of $3,129 on income from operations before income taxes of $17,229 and $10,608 for the first quarters ended September 27, 2019 and September 30, 2018, respectively. During the first quarters ended September 27, 2019 and September 30, 2018, the Company recognized a discrete tax benefit of $6,127 and $1,649, respectively, related to excess tax benefits on stock-based compensation. The effective tax rate for the first quarters ended September 27, 2019 and September 30, 2018 differed from the Federal statutory rate primarily due to Federal research and development credits, excess tax benefits related to stock compensation, a modified territorial tax system and a minimum tax on certain foreign earnings, and state taxes. The effective tax rate for the first quarter ended September 30, 2018 included an adjustment to the Company's unrecognized tax positions of $1,711. During the first quarter ended September 27, 2019, there were no material changes made to the Company’s unrecognized tax positions.

Debt	3 Months Ended
Debt	Sep. 27, 2019
Debt Disclosure [Abstract]
Debt	Debt REVOLVING CREDIT FACILITY On September 28, 2018, the Company amended the Revolver to increase and extend the borrowing capacity to a $750,000, 5-year revolving credit line, with the maturity extended to September 28, 2023. As of September 27, 2019, the Company's outstanding balance of unamortized deferred financing costs was $5,377, which is being amortized to other expense, net on a straight line basis over the term of the Revolver. As of September 27, 2019, the Company was in compliance with all covenants and conditions under the Revolver and there were no outstanding borrowings against the Revolver. There were outstanding letters of credit of $1,737 as of September 27, 2019.

Employee Benefit Plan Employee Benefit Plan	3 Months Ended
Employee Benefit Plan Employee Benefit Plan	Sep. 27, 2019
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan PENSION PLAN The Company maintains a defined benefit 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”), because 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. The Plan's funded status at September 27, 2019 was a net liability of $9,121, which is recorded in other non-current liabilities on the Consolidated Balance Sheet. The Company recorded a net gain (loss) of $7 and $(15) in AOCI during the first quarters ended September 27, 2019 and September 30, 2018, respectively. The Company recognized net periodic benefit costs of $296 and $202 associated with the Plan for the first quarters ended September 27, 2019 and September 30, 2018, respectively. The Company's total expected employer contributions to the Plan during fiscal 2020 are $822.

Stock-Based Compensation

3 Months Ended

Sep. 27, 2019

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

STOCK INCENTIVE PLANS

The aggregate number of shares authorized for issuance under the Company’s Amended and Restated 2018 Stock Incentive Plan (the “2018 Plan”) is 2,862 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”) at the time of shareholder approval of the 2018 Plan. The 2018 Plan replaced the 2005 Plan. The shares authorized for issuance under the 2018 Plan will be increased by any future cancellations, forfeitures or terminations (other than by exercise) of awards under the 2005 Plan. The foregoing does not affect any outstanding awards under the 2005 Plan, which remain in full force and effect in accordance with their terms. 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. All stock options are granted with an exercise price of not less than 100% of the fair value of the Company’s common stock on the date of grant and the options generally have a term of seven years. There were 2,956 shares available for future grant under the 2018 Plan at September 27, 2019.

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 aggregate number of shares authorized for issuance under the Company’s 1997 Employee Stock Purchase Plan, as amended and restated (“ESPP”), is 1,800 shares. 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. There were no shares issued under the ESPP during the first quarters ended September 27, 2019 and September 30, 2018, respectively. Shares available for future purchase under the ESPP totaled 118 at September 27, 2019.

Stock-Based Compensation

STOCK INCENTIVE PLANS

EMPLOYEE STOCK PURCHASE PLAN

STOCK OPTION AND AWARD ACTIVITY

The following table summarizes activity of the Company’s stock option plans since June 30, 2019:



	Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at June 30, 2019	4		$	5.52	2.13
Granted	—		—
Exercised	(1	)	5.52
Canceled	—		—
Outstanding at September 27, 2019	3		$	5.52	1.88

The following table summarizes the status of the Company’s non-vested restricted stock awards and deferred stock awards since June 30, 2019:



	Non-vested Restricted Stock Awards
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at June 30, 2019	1,046		$	39.62
Granted	408		82.79
Vested	(462	)	29.42
Forfeited	(17	)	46.53
Outstanding at September 27, 2019	975		$	57.91

STOCK-BASED COMPENSATION EXPENSE

The Company recognizes expense for its share-based payment plans in the Consolidated Statements of Operations and Comprehensive Income in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). The Company had $351 and $241 of capitalized stock-based compensation expense on the Consolidated Balance Sheets for the periods ended September 27, 2019 and June 30, 2019, 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, net of estimated forfeitures. The following table presents share-based compensation expenses included in the Company’s Consolidated Statements of Operations and Comprehensive Income:



	First Quarters Ended
	September 27, 2019			September 30, 2018
Cost of revenues	$	141		$	252
Selling, general and administrative	4,643			3,884
Research and development	875			543
Stock-based compensation expense before tax	5,659			4,679
Income taxes	(1,471		)	(1,281		)
Stock-based compensation expense, net of income taxes	$	4,188		$	3,398

Operating Segment, Geographic Information and Significant Customers

3 Months Ended

Sep. 27, 2019

Segment Reporting [Abstract]

Operating Segment, Geographic Information and Significant Customers

Operating 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 is comprised of one operating and reportable segment. The Company utilized the management approach for determining its operating segment in accordance with ASC 280, Segment Reporting.

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
FIRST QUARTER ENDED SEPTEMBER 27, 2019
Net revenues to unaffiliated customers	$	161,996	$	14,440	$	868	$	—		$	177,304
Inter-geographic revenues	972		651		—		(1,623		)	—
Net revenues	$	162,968	$	15,091	$	868	$	(1,623	)	$	177,304
FIRST QUARTER ENDED SEPTEMBER 30, 2018
Net revenues to unaffiliated customers	$	131,349	$	11,438	$	1,269	$	—		$	144,056
Inter-geographic revenues	1,647		358		—		(2,005		)	—
Net revenues	$	132,996	$	11,796	$	1,269	$	(2,005	)	$	144,056

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 increased the proportion of its revenue derived from the sale of components in different technological areas, and also increased the amount of revenue associated with combining technologies into more complex and diverse products including modules, sub-assemblies and integrated subsystems. 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 and/or product grouping is attained, the categorization of these products can vary over time. When this occurs, the Company reclassifies revenue by end user, application and/or product grouping for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each revenue category.

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



	First Quarters Ended
	September 27, 2019		September 30, 2018
Domestic⁽¹⁾	$	157,475	$	130,579
International/Foreign Military Sales⁽²⁾	19,829		13,477
Total Net Revenue	$	177,304	$	144,056

(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 known to be 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.

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



	First Quarters Ended
	September 27, 2019		September 30, 2018
Radar⁽¹⁾	$	37,919	$	40,979
Electronic Warfare⁽²⁾	36,057		24,054
Other Sensor & Effector⁽³⁾	27,890		13,658
Total Sensor & Effector	101,866		78,691
C4I⁽⁴⁾	49,011		44,224
Other⁽⁵⁾	26,427		21,141
Total Net Revenue	$	177,304	$	144,056

(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 & Effector products include all Sensor & 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:



	First Quarters Ended
	September 27, 2019		September 30, 2018
Components⁽¹⁾	$	53,419	$	40,400
Modules and Sub-assemblies⁽²⁾	46,087		51,592
Integrated Subsystems⁽³⁾	77,798		52,064
Total Net Revenue	$	177,304	$	144,056

(1) Components include technology elements typically performing a single, discrete technological function, which when physically combined with other components may be used to create a module or sub-assembly. Examples include, but are not limited to, 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 include combinations of multiple functional technology elements and/or components that work together to perform multiple functions but are typically resident on or within a single board or housing. Modules and sub-assemblies may in turn be combined to form an integrated subsystem. Examples of modules and sub-assemblies include, but are not limited to, embedded processing modules, embedded processing boards, switch fabric boards, high speed input/output boards, digital receiver boards, graphics and video processing and Ethernet and IO (input-output) boards, multi-chip modules, integrated radio frequency and microwave multi-function assemblies, tuners, and transceivers.

(3) Integrated Subsystems include multiple modules and/or sub-assemblies combined with a backplane or similar functional element and software to enable a solution. These are typically but not always integrated within a chassis and with cooling, power and other elements to address various requirements and are also often combined with additional technologies for interaction with other parts of a complete system or platform. Integrated subsystems also include spare and replacement modules and sub-assemblies sold as part of the same program for use in or with integrated subsystems sold by the Company.

The geographic distribution of the Company’s identifiable long-lived assets is summarized as follows:



	U.S.		Europe		Asia Pacific		Eliminations		Total
September 27, 2019	$	60,653	$	5,283	$	10	$	—	$	65,946
June 30, 2019	$	54,952	$	5,037	$	12	$	—	$	60,001

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

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



	First Quarters Ended
	September 27, 2019		September 30, 2018
Lockheed Martin Corporation	18	%	*
Raytheon Company	13	%	19	%
Northrop Grumman Corporation	11	%	*
	42	%	19	%

* 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. Programs comprising 10% or more of the Company's revenue for the periods shown are as follows:

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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 27, 2019
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 its 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. 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 September 27, 2019, 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 $83,969. OTHER As part of the Company's strategy for growth, the Company continues to explore acquisitions or strategic alliances. The associated acquisition costs incurred in the form of professional fees and services may be material to the future periods in which they occur, regardless of whether the acquisition is ultimately completed. The Company may elect from time to time to purchase and subsequently retire shares of common stock in order to settle employees’ tax liabilities associated with vesting of a restricted stock award or exercise of stock options. These transactions would be treated as a use of cash in financing activities in the Company's Consolidated Statements of Cash Flows.

Leases (Notes)

3 Months Ended

Sep. 27, 2019

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. As described in Note B to the consolidated financial statements,

effective July 1, 2019, the Company adopted ASC 842 using the optional transition method and, as a result, did not recast prior period unaudited consolidated comparative financial statements. As such, all prior period amounts and disclosures are presented under ASC 840, Leases (Topic 840). 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:



	First Quarter Ended
	September 27, 2019
Operating lease right-of-use assets	$	51,312

Accrued expenses⁽¹⁾	$	7,123
Operating lease liabilities	53,063
Total operating lease liabilities	$	60,186

(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:



	First Quarter Ended
	September 27, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,845
Right-of-use assets obtained in exchange for new lease liabilities ⁽¹⁾	$	5,015
Weighted average remaining lease term	9.4 years
Weighted average discount rate	4.81		%

(1) This balance includes $2,485 of Right-of-use assets associated with the acquisition of APC on September 23, 2019

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of September 27, 2019 were as follows:



Fiscal Year	Totals
2020⁽¹⁾	$	8,028
2021	9,628
2022	8,990
2023	8,104
2024	7,117
Thereafter	39,192
Total lease payments	81,059
Less: imputed interest	(17,089		)
Less: unused incentives for tenant improvements	(3,784		)
Present value of operating lease liabilities	$	60,186

(1) Excludes the quarter ended September 27, 2019.

Maturities of operating lease commitments as of September 30, 2018 were as follows:



Fiscal Year	Totals
2019⁽¹⁾	$	6,995
2020	9,423
2021	8,346
2022	7,847
2023	7,208
Thereafter	23,874
Total lease payments	$	63,693

(1) Excludes the quarter ended September 30, 2018.

During the first quarter ended September 27, 2019, the Company recognized operating lease expense of $2,616. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by our leases at September 27, 2019.

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 27, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from the date of the Consolidated Balance Sheet through the date the consolidated financial statements were issued.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 27, 2019

Accounting Policies [Abstract]

Revenue Recognition, Deferred Revenue [Policy Text Block]

REVENUE RECOGNITION

Total revenue recognized under long-term contracts over time was 27% and 21% of total revenues the first quarters ended September 27, 2019 and September 30, 2018, respectively.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes). Refer to Note L for disaggregation of revenue for the period.

Basis of Presentation

BASIS OF PRESENTATION

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

Use of Estimates

USE OF ESTIMATES

Business Combinations

BUSINESS COMBINATIONS

Foreign Currency

FOREIGN CURRENCY

Revenue Recognition

REVENUE RECOGNITION

Total revenue recognized under long-term contracts over time was 27% and 21% of total revenues the first quarters ended September 27, 2019 and September 30, 2018, respectively.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes). Refer to Note L for disaggregation of revenue for the period.

ACCOUNTS RECEIVABLE

CONTRACT BALANCES

REMAINING PERFORMANCE OBLIGATIONS

Weighted-Average Shares

WEIGHTED-AVERAGE SHARES

Weighted-average shares were calculated as follows:



	First Quarters Ended
	September 27, 2019	September 30, 2018
Basic weighted-average shares outstanding	54,388	47,048
Effect of dilutive equity instruments	690	649
Diluted weighted-average shares outstanding	55,078	47,697

Summary of Significant Accounting Policies Accounts Receivable (Policies)	3 Months Ended
	Sep. 27, 2019
Receivables [Abstract]
Basis of Accounting [Text Block]	ACCOUNTS RECEIVABLE Accounts receivable, net, represents amounts that have been billed and are currently due from customers. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. 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 as necessary. The allowance is based upon an assessment of the customers’ credit worthiness, history with the customer, and the age of the receivable balance. The Company typically invoices a customer upon shipment of the product (or completion of a service) for contracts where revenue is recognized at a point in time. For contracts where revenue is recognized over time, the invoicing events are typically based on specified performance obligation deliverables or milestone events, or quantifiable measures of performance.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 27, 2019

Accounting Policies [Abstract]

Basic and Diluted Weighted Average Shares Outstanding

Weighted-average shares were calculated as follows:



	First Quarters Ended
	September 27, 2019	September 30, 2018
Basic weighted-average shares outstanding	54,388	47,048
Effect of dilutive equity instruments	690	649
Diluted weighted-average shares outstanding	55,078	47,697

Acquisitions (Tables)

3 Months Ended

Sep. 27, 2019

Business Combinations [Abstract]

Schedule of the Net Purchase Price and Fair Values of Assets and Liabilities Acquired

The following table presents the net purchase price and the fair values of the assets and liabilities of GECO on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	36,500
Net purchase price	$	36,500

Estimated fair value of tangible assets acquired and liabilities assumed
Accounts receivable	$	1,320
Inventory	1,454
Fixed assets	459
Accounts payable	(217		)
Accrued expenses	(239		)
Estimated fair value of net tangible assets acquired	2,777
Estimated fair value of identifiable intangible assets	12,700
Estimated goodwill	21,023
Estimated fair value of net assets acquired	36,500
Net purchase price	$	36,500

The following table presents the net purchase price and the fair values of the assets and liabilities of APC on a preliminary basis:



	Amounts
Consideration transferred
Cash paid at closing	$	100,826
Working capital and net debt adjustment	(5,952		)
Liabilities assumed	2,454
Less cash acquired	(826		)
Net purchase price	$	96,502

Estimated fair value of tangible assets acquired and liabilities assumed
Cash	826
Accounts receivable	3,726
Inventory	11,271
Fixed assets	690
Other current and non-current assets	3,494
Accounts payable	(1,498		)
Accrued expenses	(1,014		)
Other current and non-current liabilities	(5,749		)
Estimated fair value of net tangible assets acquired	11,746
Estimated fair value of identifiable intangible assets	30,800
Estimated goodwill	54,782
Estimated fair value of net assets acquired	97,328
Less cash acquired	(826		)
Net purchase price	$	96,502

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



	Amounts
Consideration transferred
Cash paid at closing	$	47,166
Working capital and net debt adjustment	(1,244		)
Less cash acquired	(193		)
Net purchase price	$	45,729

Fair value of tangible assets acquired and liabilities assumed
Cash	$	193
Accounts receivable	4,277
Inventory	8,575
Fixed assets	867
Other current and non-current assets	596
Accounts payable	(3,146		)
Accrued expenses	(1,394		)
Other current and non-current liabilities	(514		)
Fair value of net tangible assets acquired	9,454
Fair value of identifiable intangible assets	12,910
Goodwill	23,558
Fair value of net assets acquired	45,922
Less cash acquired	(193		)
Net purchase price	$	45,729

Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 27, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 27, 2019:



	Fair Value Measurements
	September 27, 2019		Level 1		Level 2		Level 3
Assets:
Certificates of deposit	$	31,641	$	—	$	31,641	$	—
Total	$	31,641	$	—	$	31,641	$	—

Inventory (Tables)

3 Months Ended

Sep. 27, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory was comprised of the following:



	September 27, 2019		June 30, 2019
Raw materials	$	85,434	$	84,561
Work in process	46,450		38,525
Finished goods	16,616		14,026
Total	$	148,500	$	137,112

Goodwill (Tables)

3 Months Ended

Sep. 27, 2019

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 by reporting unit for the first quarter ended September 27, 2019:



	SMP			AMS		MDS		Total
Balance at June 30, 2019	$	140,783		$	222,379	$	198,984	$	562,146
Goodwill adjustment for the Germane acquisition	—			—		447		447
Goodwill adjustment for the GECO acquisition	(200		)	—		—		(200		)
Goodwill arising from the APC acquisition	54,782			—		—		54,782
Balance at September 27, 2019	$	195,365		$	222,379	$	199,431	$	617,175

Restructuring (Tables)

3 Months Ended

Sep. 27, 2019

Restructuring and Related Activities [Abstract]

Expenses by Reportable Segment for Restructuring Plans

The following table presents the detail of activity for the Company’s restructuring plans:



	Severance & Related
Restructuring liability at June 30, 2019	$	4
Restructuring and other charges	648
Cash paid	(302		)
Restructuring liability at September 27, 2019	$	350

Stock-Based Compensation (Tables)

3 Months Ended

Sep. 27, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Plans

The following table summarizes activity of the Company’s stock option plans since June 30, 2019:



	Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at June 30, 2019	4		$	5.52	2.13
Granted	—		—
Exercised	(1	)	5.52
Canceled	—		—
Outstanding at September 27, 2019	3		$	5.52	1.88

Summary of Nonvested Restricted Stock

The following table summarizes the status of the Company’s non-vested restricted stock awards and deferred stock awards since June 30, 2019:



	Non-vested Restricted Stock Awards
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at June 30, 2019	1,046		$	39.62
Granted	408		82.79
Vested	(462	)	29.42
Forfeited	(17	)	46.53
Outstanding at September 27, 2019	975		$	57.91

Stock Based Compensation Expenses

The following table presents share-based compensation expenses included in the Company’s Consolidated Statements of Operations and Comprehensive Income:



	First Quarters Ended
	September 27, 2019			September 30, 2018
Cost of revenues	$	141		$	252
Selling, general and administrative	4,643			3,884
Research and development	875			543
Stock-based compensation expense before tax	5,659			4,679
Income taxes	(1,471		)	(1,281		)
Stock-based compensation expense, net of income taxes	$	4,188		$	3,398

Operating Segment, Geographic Information and Significant Customers (Tables)

3 Months Ended

Sep. 27, 2019

Segment Reporting [Abstract]

Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations

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



	First Quarters Ended
	September 27, 2019		September 30, 2018
Domestic⁽¹⁾	$	157,475	$	130,579
International/Foreign Military Sales⁽²⁾	19,829		13,477
Total Net Revenue	$	177,304	$	144,056

(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:



	First Quarters Ended
	September 27, 2019		September 30, 2018
Radar⁽¹⁾	$	37,919	$	40,979
Electronic Warfare⁽²⁾	36,057		24,054
Other Sensor & Effector⁽³⁾	27,890		13,658
Total Sensor & Effector	101,866		78,691
C4I⁽⁴⁾	49,011		44,224
Other⁽⁵⁾	26,427		21,141
Total Net Revenue	$	177,304	$	144,056

(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 & Effector products include all Sensor & 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:



	First Quarters Ended
	September 27, 2019		September 30, 2018
Components⁽¹⁾	$	53,419	$	40,400
Modules and Sub-assemblies⁽²⁾	46,087		51,592
Integrated Subsystems⁽³⁾	77,798		52,064
Total Net Revenue	$	177,304	$	144,056

The geographic distribution of the Company’s identifiable long-lived assets is summarized as follows:



	U.S.		Europe		Asia Pacific		Eliminations		Total
September 27, 2019	$	60,653	$	5,283	$	10	$	—	$	65,946
June 30, 2019	$	54,952	$	5,037	$	12	$	—	$	60,001

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
FIRST QUARTER ENDED SEPTEMBER 27, 2019
Net revenues to unaffiliated customers	$	161,996	$	14,440	$	868	$	—		$	177,304
Inter-geographic revenues	972		651		—		(1,623		)	—
Net revenues	$	162,968	$	15,091	$	868	$	(1,623	)	$	177,304
FIRST QUARTER ENDED SEPTEMBER 30, 2018
Net revenues to unaffiliated customers	$	131,349	$	11,438	$	1,269	$	—		$	144,056
Inter-geographic revenues	1,647		358		—		(2,005		)	—
Net revenues	$	132,996	$	11,796	$	1,269	$	(2,005	)	$	144,056

Customers Comprising Ten Percent or More Revenues

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



	First Quarters Ended
	September 27, 2019		September 30, 2018
Lockheed Martin Corporation	18	%	*
Raytheon Company	13	%	19	%
Northrop Grumman Corporation	11	%	*
	42	%	19	%

Schedules of Concentration of Risk, by Risk Factor

Leases (Tables)

3 Months Ended

Sep. 27, 2019

Sep. 30, 2018

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental operating lease balance sheet information is summarized as follows:



	First Quarter Ended
	September 27, 2019
Operating lease right-of-use assets	$	51,312

Accrued expenses⁽¹⁾	$	7,123
Operating lease liabilities	53,063
Total operating lease liabilities	$	60,186

(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:



	First Quarter Ended
	September 27, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,845
Right-of-use assets obtained in exchange for new lease liabilities ⁽¹⁾	$	5,015
Weighted average remaining lease term	9.4 years
Weighted average discount rate	4.81		%

(1) This balance includes $2,485 of Right-of-use assets associated with the acquisition of APC on September 23, 2019

Maturity of Operating Lease Commitments

Maturities of operating lease commitments as of September 27, 2019 were as follows:



Fiscal Year	Totals
2020⁽¹⁾	$	8,028
2021	9,628
2022	8,990
2023	8,104
2024	7,117
Thereafter	39,192
Total lease payments	81,059
Less: imputed interest	(17,089		)
Less: unused incentives for tenant improvements	(3,784		)
Present value of operating lease liabilities	$	60,186

(1) Excludes the quarter ended September 27, 2019.

Maturities of operating lease commitments as of September 30, 2018 were as follows:



Fiscal Year	Totals
2019⁽¹⁾	$	6,995
2020	9,423
2021	8,346
2022	7,847
2023	7,208
Thereafter	23,874
Total lease payments	$	63,693

(1) Excludes the quarter ended September 30, 2018

Description of Business (Details)	3 Months Ended
Description of Business (Details)	Sep. 27, 2019 program contractor
Accounting Policies [Abstract]
Number of programs using products and services \| program	300
Number of defense prime contractors using products and services \| contractor	25

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018	Jun. 30, 2019
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	75.00%
Contract asset balance	$ 68,568,000		$ 57,387,000
Contract liability balance	11,940,000
Revenue recognized in the contract liability balance	5,376,000
Factored accounts receivable	$ 214,880,000
Transferred over Time
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	27.00%	21.00%
Ship and bill
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	73.00%	79.00%

Summary of Significant Accounting Policies -Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)	54,388	47,048
Effect of dilutive equity instruments (in shares)	690	649
Diluted weighted-average shares outstanding (in shares)	55,078	47,697
Antidilutive securities excluded from computation of earnings per share (in shares)	154	208

GECO Avionics, LLC [Disclosure] Acquisition (Details) - USD ($) $ in Thousands	Jan. 29, 2019	Jul. 31, 2018	Sep. 27, 2019	Jun. 30, 2019	Jan. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 617,175	$ 562,146
GECO Avionics, LLC
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 36,500
Goodwill					$ 21,023
Business Acquisition, Goodwill, Expected Tax Deductible Amount			20,660
Germane Systems
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 47,166
Goodwill		$ 23,558
Business Acquisition, Goodwill, Expected Tax Deductible Amount			$ 22,163
Customer Relationships [Member] \| GECO Avionics, LLC
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
Finite-lived Intangible Assets Acquired	$ 6,900
Customer Relationships [Member] \| Germane Systems
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		11 years
Finite-lived Intangible Assets Acquired		$ 8,500,000
Developed Technology Rights [Member] \| GECO Avionics, LLC
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Finite-lived Intangible Assets Acquired	$ 4,800
Developed Technology Rights [Member] \| Germane Systems
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years
Finite-lived Intangible Assets Acquired		$ 4,200,000
Order or Production Backlog [Member] \| GECO Avionics, LLC
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 1,000
Order or Production Backlog [Member] \| Germane Systems
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		1 year
Finite-lived Intangible Assets Acquired		$ 210,000

Acquisitions - Narrative (Details) - USD ($)						3 Months Ended
Acquisitions - Narrative (Details) - USD ($)	Sep. 27, 2019	Sep. 23, 2019	Apr. 18, 2019	Jan. 29, 2019	Jul. 31, 2018	Sep. 27, 2019	Sep. 30, 2018	Jun. 30, 2019	Jan. 31, 2019
Business Acquisition [Line Items]
Estimated fair value of goodwill	$ 617,175,000					$ 617,175,000		$ 562,146,000
Revenues						177,304,000	$ 144,056,000
Income before income taxes						17,229,000	$ 10,608,000
American Panel Corporation
Business Acquisition [Line Items]
Payments to Acquire Business Three, Net of Cash Acquired		$ 100,000,000
Cash paid at closing		100,826,000
Estimated fair value of goodwill		54,782,000
Amortization period for tax purposes	15 years
Tax deductible goodwill		55,666,000
Estimated fair value of assets acquired		$ 97,328,000
Revenues						943
Income before income taxes						307
American Panel Corporation \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 18,100,000
Useful life of acquired assets	11 years
American Panel Corporation \| Developed Technology Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 10,400,000
Useful life of acquired assets	11 years
American Panel Corporation \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 2,300,000
Useful life of acquired assets	2 years
Syntonic Microwave LLC
Business Acquisition [Line Items]
Useful life of acquired assets			15 years
GECO Avionics, LLC
Business Acquisition [Line Items]
Cash paid at closing				$ 36,500,000
Estimated fair value of goodwill									$ 21,023,000
Tax deductible goodwill	$ 20,660,000					20,660,000
Estimated fair value of assets acquired									$ 36,500,000
GECO Avionics, LLC \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 6,900,000
Useful life of acquired assets				11 years
GECO Avionics, LLC \| Developed Technology Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 4,800,000
Useful life of acquired assets				10 years
GECO Avionics, LLC \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 1,000,000
Germane Systems
Business Acquisition [Line Items]
Cash paid at closing					$ 47,166,000
Total purchase price					45,000,000,000	1,244,000
Estimated fair value of goodwill					23,558,000
Tax deductible goodwill	$ 22,163,000					$ 22,163,000
Estimated fair value of assets acquired					45,922,000
Germane Systems \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired					$ 8,500,000,000
Useful life of acquired assets					11 years
Germane Systems \| Developed Technology Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired					$ 4,200,000,000
Useful life of acquired assets					8 years
Germane Systems \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible assets acquired					$ 210,000,000
Useful life of acquired assets					1 year

Acquisitions - Net Purchase Price and Fair Values of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands				3 Months Ended
	Sep. 23, 2019	Jan. 29, 2019	Jul. 31, 2018	Sep. 27, 2019	Sep. 30, 2018	Jun. 30, 2019	Jan. 31, 2019
Consideration transferred
Net purchase price				$ 96,502	$ 46,273
Estimated fair value of tangible assets acquired and liabilities assumed
Estimated fair value of goodwill				$ 617,175		$ 562,146
American Panel Corporation
Consideration transferred
Cash paid at closing	$ 100,826
Working capital adjustment	(5,952)
Liabilities assumed	2,454
Cash Acquired from Acquisition	(826)
Net purchase price	96,502
Estimated fair value of tangible assets acquired and liabilities assumed
Cash	826
Accounts receivable and cost in excess of billings	3,726
Inventory	11,271
Fixed assets	690
Other current and non-current assets	3,494
Accounts payable	(1,498)
Accrued expenses	(1,014)
Other current and non-current liabilities	(5,749)
Fair value of net tangible assets acquired	11,746
Fair value of identifiable intangible assets	30,800
Estimated fair value of goodwill	54,782
Estimated fair value of assets acquired	$ 97,328
Germane Systems
Consideration transferred
Cash paid at closing			$ 47,166
Working capital adjustment			(1,244)
Cash Acquired from Acquisition			(193)
Net purchase price			45,729
Estimated fair value of tangible assets acquired and liabilities assumed
Cash			193
Accounts receivable and cost in excess of billings			4,277
Inventory			8,575
Fixed assets			867
Other current and non-current assets			596
Accounts payable			(3,146)
Accrued expenses			(1,394)
Other current and non-current liabilities			(514)
Fair value of net tangible assets acquired			9,454
Fair value of identifiable intangible assets			12,910
Estimated fair value of goodwill			23,558
Estimated fair value of assets acquired			$ 45,922
Germane Systems
Consideration transferred
Cash paid at closing		$ 36,500
Estimated fair value of tangible assets acquired and liabilities assumed
Accounts receivable and cost in excess of billings							$ 1,320
Inventory							1,454
Fixed assets							459
Accounts payable							(217)
Accrued expenses							(239)
Fair value of net tangible assets acquired							2,777
Fair value of identifiable intangible assets							12,700
Estimated fair value of goodwill							21,023
Estimated fair value of assets acquired							$ 36,500

Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value - Fair Value, Measurements, Recurring - Certificates of deposit $ in Thousands	Sep. 27, 2019 USD ($)
Assets:
Fair value measurement disclosure	$ 31,641
Level 1
Assets:
Fair value measurement disclosure	0
Level 2
Assets:
Fair value measurement disclosure	31,641
Level 3
Assets:
Fair value measurement disclosure	$ 0

Inventory (Detail) - USD ($) $ in Thousands	Sep. 27, 2019	Jun. 30, 2019
Inventory Disclosure [Abstract]
Total	$ 148,500	$ 137,112

Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Sep. 27, 2019 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 562,146
Ending Balance	617,175
SMP
Goodwill [Roll Forward]
Beginning Balance	140,783
Ending Balance	195,365
AMS
Goodwill [Roll Forward]
Beginning Balance	222,379
Ending Balance	222,379
MDS
Goodwill [Roll Forward]
Beginning Balance	198,984
Ending Balance	199,431
Germane Systems
Goodwill [Roll Forward]
Goodwill arising from acquisitions	(447)
Germane Systems \| MDS
Goodwill [Roll Forward]
Goodwill arising from acquisitions	(447)
GECO Avionics, LLC
Goodwill [Roll Forward]
Goodwill arising from acquisitions	(200)
GECO Avionics, LLC \| SMP
Goodwill [Roll Forward]
Goodwill arising from acquisitions	(200)
GECO Avionics, LLC \| AMS
Goodwill [Roll Forward]
Goodwill arising from acquisitions	0
GECO Avionics, LLC \| MDS
Goodwill [Roll Forward]
Goodwill arising from acquisitions	$ 0

Restructuring - Expenses by Reportable Segment for Restructuring Plans (Detail) - Severance & Related $ in Thousands	3 Months Ended
	Sep. 27, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability at June 30, 2019	$ 4
Restructuring and other charges	648
Cash paid	(302)
Restructuring liability at September 27, 2019	$ 350

Restructuring - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Restructuring expenses	$ 648	$ 504

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (2,018)	$ 3,129
(Loss) income from operations before income taxes	17,229	10,608
Excess tax benefits on stock-based compensation	$ 6,127	$ 1,649

Debt - Additional Information (Detail) - USD ($)	3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Sep. 27, 2019	Sep. 30, 2018	Sep. 28, 2018
Debt Instrument [Line Items]
Interest expense	$ 0	$ 2,259,000
Amount of outstanding letter of credit	1,737,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 750,000,000
Term Loan
Debt Instrument [Line Items]
Debt issuance costs	$ 5,377,000

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Sep. 27, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Pension benefit plan, net of tax	$ 7	$ (15)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	296	$ 202
Fiscal 2019 cash contributions to plan	822
Pension Plan \| Other Noncurrent Liabilities
Defined Benefit Plan Disclosure [Line Items]
Net funded status of plan	$ (9,121)

Stock-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2019 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocation of recognized period costs, capitalized amount \| $	$ 351
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)	1,800
Shares available for future grant (in shares)	118
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%
Percentage of employee compensation that may be uses to purchase common stock through payroll deductions, maximum	10.00%
2018 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)	2,862
Shares available for future grant (in shares)	2,956
2005 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	710
2005 Stock Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock option	7 years

Stock-Based Compensation - Summary of Stock Option Plans (Detail) - Stock Options - $ / shares shares in Thousands			3 Months Ended
	Mar. 31, 2019	Jun. 30, 2018	Sep. 27, 2019
Number of Shares
Outstanding at beginning of period (in shares)			4
Granted (in shares)			0
Exercised (in shares)			(1)
Cancelled (in shares)			0
Outstanding at end of period (in shares)			3
Weighted Average Exercise Price
Outstanding at beginning of period (usd per share)			$ 5.52
Granted (usd per share)			0
Exercised (usd per share)			5.52
Cancelled (usd per share)			$ 0
Weighted Average Remaining Contractual Term (Years)
Outstanding at end of period	1 year 10 months 17 days	2 years 1 month 17 days

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Detail) - Restricted Stock shares in Thousands	3 Months Ended
	Sep. 27, 2019 $ / shares shares
Number of Shares
Beginning Balance (in shares) \| shares	1,046
Granted (in shares) \| shares	408
Vested (in shares) \| shares	(462)
Forfeited (in shares) \| shares	(17)
Ending Balance (in shares) \| shares	975
Weighted Average Grant Date Fair Value
Beginning Balance (usd per share) \| $ / shares	$ 39.62
Granted (usd per share) \| $ / shares	82.79
Vested (usd per share) \| $ / shares	29.42
Forfeited (usd per share) \| $ / shares	46.53
Ending Balance (usd per share) \| $ / shares	$ 57.91

Stock-Based Compensation - Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 5,659	$ 4,679
Income taxes	(1,471)	(1,281)
Net compensation expense	4,188	3,398
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	141	252
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	4,643	3,884
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 875	$ 543

Operating Segment, Geographic Information and Significant Customers - Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations (Detail) $ in Thousands	3 Months Ended
	Sep. 27, 2019 USD ($) segment	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 177,304	$ 144,056
Identifiable long-lived assets	65,946		$ 60,001
Components
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	53,419	40,400
Modules and Sub-assemblies
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	46,087	51,592
Integrated Subsystems
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	77,798	52,064
Total Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	101,866	78,691
Radar
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	37,919	40,979
Electronic Warfare
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	36,057	24,054
Other Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	27,890	13,658
C4I
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	49,011	44,224
Other End Applications
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	26,427	21,141
Domestic
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	157,475	130,579
International/Foreign Military Sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	19,829	13,477
US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	161,996	131,349
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	14,440	11,438
Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	868	1,269
Reportable Geographical Components \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	162,968	132,996
Identifiable long-lived assets	60,653		54,952
Reportable Geographical Components \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	15,091	11,796
Identifiable long-lived assets	5,283		5,037
Reportable Geographical Components \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	868	1,269
Identifiable long-lived assets	10		12
Geography Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(1,623)	(2,005)
Identifiable long-lived assets	0		$ 0
Geography Eliminations \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	972	1,647
Geography Eliminations \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	651	358
Geography Eliminations \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 0	$ 0

Operating Segment, Geographic Information and Significant Customers - Customers Comprising Ten Percent or more Revenues (Detail) - Customer Concentration Risk - Sales Revenue, Net	3 Months Ended
	Sep. 27, 2019	Sep. 30, 2018
Revenue, Major Customer [Line Items]
Concentration risk, percentage	42.00%	19.00%
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	13.00%	19.00%
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	18.00%
Northrop Grumman Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	11.00%

Operating Segment, Geographic Information and Significant Customers - Programs Comprising Ten Percent or more of Company's Revenue (Detail)	3 Months Ended
	Sep. 30, 2018
Lockheed Martin Corporation \| Sales Revenue, Net \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	12.00%

Commitments And Contingencies - Additional Information (Detail) $ in Thousands	Sep. 27, 2019 USD ($)
Non-cancelable purchase commitments
Long-term Purchase Commitment [Line Items]
Purchase commitments for less than one year	$ 83,969

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 27, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 51,312	$ 0
Accrued expenses	7,123
Operating lease liabilities	53,063	$ 0
Total operating lease liabilities	$ 60,186

Leases - Maturity of Lease Commitments (Details) - USD ($) $ in Thousands	Sep. 27, 2019	Sep. 30, 2018
Leases [Abstract]
2020	$ 8,028	$ 6,995
2021	9,628	9,423
2022	8,990	8,346
2023	8,104	7,847
2024	7,117	7,208
Thereafter	39,192	23,874
Total lease payments	81,059	$ 63,693
Less: imputed interest	(17,089)
Less: unused incentives for tenant improvements	(3,784)
Present value of operating lease liabilities	$ 60,186

Leases - Other Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2019	Sep. 23, 2019	Jun. 30, 2019
Business Acquisition [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,845
Right-of-use assets obtained in exchange for new lease liabilities	$ 5,015
Weighted average remaining lease term	9 years 4 months 24 days
Weighted average discount rate	4.81%
Right-of-use assets	$ 51,312		$ 0
American Panel Corporation
Business Acquisition [Line Items]
Right-of-use assets		$ 2,485

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Sep. 27, 2019 USD ($)
Leases [Abstract]
Operating lease expense	$ 2,616

Label	Element	Value
Common Stock [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	$ 469,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	46,924,000
AOCI Attributable to Parent [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	$ 1,291,000
Additional Paid-in Capital [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	590,163,000
Retained Earnings [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	$ 179,968,000