0001049521-23-000005 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Dec. 30, 2022	Jan. 31, 2023
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2022
Document Transition Report	false
Entity File Number	0-23599
Entity Registrant Name	MERCURY SYSTEMS, INC.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2741391
Entity Address, Address Line One	50 MINUTEMAN ROAD
Entity Address, City or Town	ANDOVER
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	256-1300
Title of 12(g) Security	Common Stock, par value $0.01 per share
Trading Symbol	MRCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,107,888
Entity Central Index Key	0001049521
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2022	Jul. 01, 2022
Current assets:
Cash and cash equivalents	$ 76,944	$ 65,654
Accounts receivable, net of allowance for credit losses of $2,070 and $2,074 at December 30, 2022 and July 1, 2022, respectively	145,855	144,494
Unbilled receivables and costs in excess of billings	333,491	303,356
Inventory	311,976	270,339
Prepaid income taxes	0	7,503
Prepaid expenses and other current assets	28,615	23,906
Total current assets	896,881	815,252
Property and equipment, net	121,989	127,191
Goodwill	938,093	937,880
Intangible assets, net	323,434	351,538
Operating lease right-of-use assets, net	59,671	66,366
Other non-current assets	7,884	6,188
Total assets	2,347,952	2,304,415
Current liabilities:
Accounts payable	87,221	98,673
Accrued expenses	30,203	34,954
Accrued compensation	30,456	44,813
Income taxes payable	13,421	0
Deferred revenues and customer advances	39,274	15,487
Total current liabilities	200,575	193,927
Deferred income taxes	12,713	32,398
Income taxes payable	6,237	9,112
Long-term debt	511,500	451,500
Operating lease liabilities	63,694	69,888
Other non-current liabilities	9,141	10,405
Total liabilities	803,860	767,230
Commitments and contingencies (Note N)
Shareholders' equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 85,000,000 shares authorized; 56,365,078 and 55,679,747 shares issued and outstanding at December 30, 2022 and July 1, 2022, respectively	564	557
Additional paid-in capital	1,173,026	1,145,323
Retained earnings	360,519	385,774
Accumulated other comprehensive income	9,983	5,531
Total shareholders’ equity	1,544,092	1,537,185
Total liabilities and shareholders’ equity	$ 2,347,952	$ 2,304,415

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2022	Jul. 01, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,070	$ 2,074
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)	56,365,078	55,679,747
Common stock, shares outstanding (shares)	56,365,078	55,679,747

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 229,588	$ 220,380	$ 457,167	$ 445,393
Cost of revenues	148,628	133,158	298,112	269,762
Gross margin	80,960	87,222	159,055	175,631
Operating expenses:
Selling, general and administrative	45,057	36,810	84,000	73,766
Research and development	26,906	28,335	54,672	57,217
Amortization of intangible assets	13,536	16,002	28,110	29,736
Restructuring and other charges	2,069	3,802	3,577	16,076
Acquisition costs and other related expenses	939	2,660	3,437	4,798
Total operating expenses	88,507	87,609	173,796	181,593
Loss from operations	(7,547)	(387)	(14,741)	(5,962)
Interest income	220	5	249	14
Interest expense	(6,590)	(1,094)	(11,137)	(1,689)
Other income (expense), net	846	(1,318)	(2,799)	(2,738)
Loss before income taxes	(13,071)	(2,794)	(28,428)	(10,375)
Income tax benefit	(2,151)	(155)	(3,173)	(596)
Net loss	$ (10,920)	$ (2,639)	$ (25,255)	$ (9,779)
Basic net (loss) earnings per share (in dollars per share)	$ (0.19)	$ (0.05)	$ (0.45)	$ (0.18)
Diluted net (loss) earnings per share (in dollars per share)	$ (0.19)	$ (0.05)	$ (0.45)	$ (0.18)
Weighted-average shares outstanding:
Basic (in shares)	56,252	55,520	56,126	55,448
Diluted (in shares)	56,252	55,520	56,126	55,448
Comprehensive loss:
Net loss	$ (10,920)	$ (2,639)	$ (25,255)	$ (9,779)
Change in fair value of derivative instruments, net of tax	(458)	0	3,962	0
Foreign currency translation adjustments	(35)	(269)	394	(25)
Pension benefit plan, net of tax	48	48	96	96
Total other comprehensive (loss) income, net of tax	(445)	(221)	4,452	71
Total comprehensive loss	$ (11,365)	$ (2,860)	$ (20,803)	$ (9,708)

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Jul. 02, 2021		55,241,000
Beginning balance at Jul. 02, 2021	$ 1,484,146	$ 552	$ 1,109,434	$ 374,499	$ (339)
Issuance of common stock under employee stock incentive plans (in shares)		429,000
Issuance of common stock under employee stock incentive plans	0	$ 4	(4)
Issuance of common stock under employee stock purchase plan (in shares)		54,000
Issuance of common stock under defined contribution plan	2,516	$ 1	2,515
Purchased and retirement of common stock (in shares)		(141,000)
Issuance of common stock under employee stock purchase plan	(7,499)	$ (1)	(7,498)
Retirement of common stock	17,666		17,666
Net loss	(9,779)			(9,779)
Other comprehensive income (loss)	71				71
Ending balance (in shares) at Dec. 31, 2021		55,583,000
Ending balance at Dec. 31, 2021	1,487,121	$ 556	1,122,113	364,720	(268)
Beginning balance (in shares) at Oct. 01, 2021		55,501,000
Beginning balance at Oct. 01, 2021	1,479,480	$ 555	1,111,613	367,359	(47)
Issuance of common stock under employee stock incentive plans (in shares)		31,000
Issuance of common stock under employee stock incentive plans	0
Issuance of common stock under defined contribution plan (in shares)		54,000
Issuance of common stock under defined contribution plan	2,516	$ 1	2,515
Purchased and retirement of common stock (in shares)		(3,000)
Issuance of common stock under employee stock purchase plan	(183)		(183)
Retirement of common stock	8,168		8,168
Net loss	(2,639)			(2,639)
Other comprehensive income (loss)	(221)				(221)
Ending balance (in shares) at Dec. 31, 2021		55,583,000
Ending balance at Dec. 31, 2021	$ 1,487,121	$ 556	1,122,113	364,720	(268)
Beginning balance (in shares) at Jul. 01, 2022	55,679,747	55,680,000
Beginning balance at Jul. 01, 2022	$ 1,537,185	$ 557	1,145,323	385,774	5,531
Issuance of common stock under employee stock incentive plans (in shares)		477,000
Issuance of common stock under employee stock incentive plans	0	$ 5	(5)
Issuance of common stock under employee stock purchase plan (in shares)		57,000
Issuance of common stock under employee stock purchase plan	2,393	$ 1	2,392
Issuance of common stock under defined contribution plan (in shares)		152,000
Issuance of common stock under defined contribution plan	7,392	$ 1	7,391
Purchased and retirement of common stock (in shares)		(1,000)
Issuance of common stock under employee stock purchase plan	(63)		(63)
Retirement of common stock	17,988		17,988
Net loss	(25,255)			(25,255)
Other comprehensive income (loss)	$ 4,452				4,452
Ending balance (in shares) at Dec. 30, 2022	56,365,078	56,365,000
Ending balance at Dec. 30, 2022	$ 1,544,092	$ 564	1,173,026	360,519	9,983
Beginning balance (in shares) at Sep. 30, 2022		56,180,000
Beginning balance at Sep. 30, 2022	1,538,930	$ 562	1,156,501	371,439	10,428
Issuance of common stock under employee stock incentive plans (in shares)		59,000
Issuance of common stock under employee stock incentive plans	0	$ 1	(1)
Issuance of common stock under employee stock purchase plan (in shares)		57,000
Issuance of common stock under employee stock purchase plan	2,393	$ 1	2,392
Issuance of common stock under defined contribution plan (in shares)		69,000
Issuance of common stock under defined contribution plan	3,269		3,269
Purchased and retirement of common stock (in shares)		0
Issuance of common stock under employee stock purchase plan	0
Retirement of common stock	10,865		10,865
Net loss	(10,920)			(10,920)
Other comprehensive income (loss)	$ (445)				(445)
Ending balance (in shares) at Dec. 30, 2022	56,365,078	56,365,000
Ending balance at Dec. 30, 2022	$ 1,544,092	$ 564	$ 1,173,026	$ 360,519	$ 9,983

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (25,255)	$ (9,779)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	50,934	45,556
Stock-based compensation expense	17,507	17,375
Share-based matching contributions on defined contribution plan	6,427	0
Benefit for deferred income taxes	(22,334)	(4,206)
Other non-cash items	(991)	(1,604)
Cash settlement for termination of interest rate swap	5,995	0
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, unbilled receivables, and costs in excess of billings	(30,876)	(17,937)
Inventory	(40,215)	(20,425)
Prepaid income taxes	7,463	(13,572)
Prepaid expenses and other current assets	(4,768)	(245)
Other non-current assets	6,589	1,004
Accounts payable, accrued expenses, and accrued compensation	(28,825)	13,294
Deferred revenues and customer advances	23,871	(1,148)
Income taxes payable	10,537	(9)
Other non-current liabilities	(6,706)	(3,486)
Net cash (used in) provided by operating activities	(30,647)	4,818
Cash flows from investing activities:
Acquisition of business, net of cash acquired	0	(243,255)
Purchases of property and equipment	(20,504)	(13,404)
Other investing activities	102	(3,231)
Net cash used in investing activities	(20,402)	(259,890)
Cash flows from financing activities:
Proceeds from employee stock plans	2,393	2,516
Borrowings under credit facilities	100,000	251,500
Payments under credit facilities	(40,000)	0
Purchase and retirement of common stock	(63)	(7,499)
Net cash provided by financing activities	62,330	246,517
Effect of exchange rate changes on cash and cash equivalents	9	(115)
Net increase (decrease) in cash and cash equivalents	11,290	(8,670)
Cash and cash equivalents at beginning of period	65,654	113,839
Cash and cash equivalents at end of period	76,944	105,169
Cash paid during the period for:
Interest	11,191	890
Income taxes	2,528	17,808
Non-cash investing activity	$ 5,367	$ 3,230

Description of Business	6 Months Ended
Description of Business	Dec. 30, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business Mercury Systems, Inc. is a technology company that delivers commercial innovation to rapidly transform the global aerospace and defense industry. Headquartered in Andover, Massachusetts, the Company's end-to-end processing platform enables a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. Mercury's Processing Platform includes signal solutions, display, software applications, networking, storage and secure processing. The Company's innovative solutions are mission-ready, trusted and secure, software-defined and open and modular (the Company's differentiators), to meet customers’ most-pressing high-tech needs, including those specific to the aerospace and defense community. Investors and others should note that the Company announces material financial information using its website (www.mrcy.com), Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, webcasts, and social media, including Twitter (twitter.com/mrcy and twitter.com/mrcy_CEO) and LinkedIn (www.linkedin.com/company/mercury-systems). Therefore, the Company encourages investors and others interested in Mercury to review the information the Company posts on the social media and other communication channels listed on its website.

Acquisitions

6 Months Ended

Dec. 30, 2022

Business Combinations [Abstract]

Acquisitions

ATLANTA MICRO ACQUISITION

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

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


	Amounts
Consideration transferred
Cash paid at closing	$	91,438

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

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

On November 29, 2022, the measurement period for Atlanta Micro expired. The identifiable intangible assets include customer relationships of $27,310 with a useful life of 20 years, completed technology of $7,260 with a useful life of 8 years and backlog of $410 with a useful life of two years.

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

AVALEX ACQUISITION

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

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


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

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

On November 5, 2022, the measurement period for Avalex expired. The identifiable intangible assets include customer relationships of $41,880 with a useful life of 9 years, completed technology of $14,430 with a useful life of 7 years and backlog of $5,050 with a useful life of one year.

The goodwill of $81,772 largely reflects the potential synergies and expansion of the Company’s offerings across product lines and markets complementary to the Company’s existing products and markets. The goodwill from this acquisition is reported in the Mission Systems reporting unit, formerly referred to as the Processing reporting unit. The Company is amortizing the amount over 15 years for tax purposes. As of December 30, 2022, the Company had $77,459 of goodwill deductible for tax purposes.

Fair Value of Financial Instruments

6 Months Ended

Dec. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments


	Fair Value Measurements
	December 30, 2022		Level 1		Level 2		Level 3
Liabilities:



Interest rate swap	$	220	$	—	$	220	$	—

Total	$	220	$	—	$	220	$	—

The carrying values of cash and cash equivalents, including money market funds, restricted cash, accounts receivable and payable, contract assets and liabilities and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company determined the carrying value of long-term debt approximated fair value due to variable interest rates charged on the borrowings, which reprice frequently. During the first quarter ended September 30, 2022, the Company entered into an interest rate hedging agreement (the “Swap”). Refer to Note O for further information regarding the Swap. The fair value of the Swap is estimated using a discounted cash flow analysis based on the contractual terms of the derivative, leveraging observable inputs other than quoted prices, such as interest rates. As of December 30, 2022, the fair value of the Swap was a liability of $220 and is included within Other non-current liabilities in the Company's Consolidated Balance Sheets.

- 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

6 Months Ended

Dec. 30, 2022

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:


	As of
		December 30, 2022		July 1, 2022
Raw materials		$	199,710	$	178,410
Work in process		76,830		64,287
Finished goods		35,436		27,642
Total		$	311,976	$	270,339

Goodwill

6 Months Ended

Dec. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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

The following table sets forth the changes in the carrying amount of goodwill for the six months ended December 30, 2022:


	Total
Balance at July 1, 2022	$	937,880









Goodwill adjustment for the Avalex acquisition	66
Goodwill adjustment for the Atlanta Micro acquisition	147
Balance at December 30, 2022	$	938,093

The Company performs its annual goodwill impairment test in the fourth quarter of each fiscal year.

Restructuring

6 Months Ended

Dec. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

During the second quarter ended and six months ended December 30, 2022, the Company incurred $2,069 and $3,577 of restructuring and other charges, respectively. The Company incurs restructuring and other charges in connection with management's decision to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. The Company's adjustments reflected in restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post acquisition integration activities.

Consistent with the Company's definition of restructuring and other charges, 1MPACT is an organizational redesign program initiated on the heels of a series of acquisitions since 2014 rather than a single, discrete acquisition. Since the inception of 1MPACT, the Company has selectively engaged with leading consultants to accelerate solution design and implementation for the highest value workstreams. These costs are associated with this discrete transformation initiative and are non-routine and may not be indicative of ongoing results.

Restructuring and other charges for the second quarter ended December 30, 2022 primarily related to 1MPACT including $1,039 of costs for facility optimization efforts, including $783 related to lease asset impairment, $595 of severance costs, as well as $435 of third-party consulting costs.

Restructuring and other charges for the six months ended December 30, 2022 primarily related to 1MPACT including $1,739 of third-party consulting costs, $1,039 of costs for facility optimization efforts, including $783 related to lease asset impairment, as well as $799 of severance costs.

All of the restructuring and other charges are classified as Operating expenses in the Consolidated Statements of Operations and Comprehensive Loss 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.

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


	Severance & Related		Facilities & Other		Total
Balance at July 1, 2022	$	4,722	$	—	$	4,722
Restructuring charges	799		256		1,055

Cash paid	(4,336)		(194)		(4,530)

Balance at December 30, 2022	$	1,185	$	62	$	1,247

Income Taxes	6 Months Ended
Income Taxes	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax benefit of $2,151 and $155 on a loss before income taxes of $13,071 and $2,794 for the second quarters ended December 30, 2022 and December 31, 2021, respectively. The Company recorded an income tax benefit of $3,173 and $596 on a loss before income taxes of $28,428 and $10,375 for the six months ended December 30, 2022 and December 31, 2021, respectively. During the second quarter ended December 30, 2022, the Company recognized a tax benefit of $2,348 related to a release of income tax reserves for unrecognized income tax benefits due to the expiration of the statute of limitations. During the six months ended December 30, 2022 and December 31, 2021, the Company recognized a tax provision of $1,745 and $878 related to stock compensation shortfalls, respectively. The effective tax rate for the second quarters ended December 30, 2022 and December 31, 2021 differed from the federal statutory rate primarily due to federal and state research and development credits, non-deductible compensation, stock compensation shortfalls and state taxes. The effective tax rate for the second quarter ended December 30, 2022 also differed from the federal statutory rate due to the release of income tax reserves for previously unrecognized income tax benefits. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law which contained provisions that include a 15% corporate minimum tax effective for taxable years beginning after December 31, 2022 and a 1% excise tax on certain stock buybacks after December 31, 2022. The Company expects the impact of this legislation to be immaterial. Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 requires companies to capitalize and amortize domestic research and development expenditures over five years for tax purposes, and foreign research and development expenditures over fifteen years for tax purposes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
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-SubTopic 10
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+ Details

Debt	6 Months Ended
Debt	Dec. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt REVOLVING CREDIT FACILITY On February 28, 2022, the Company amended the Revolver to increase and extend the borrowing capacity to a $1,100,000, 5-year revolving credit line, with the maturity extended to February 28, 2027. As of December 30, 2022, the Company's outstanding balance of unamortized deferred financing costs was $3,994, which is being amortized to Other expense, net in the Consolidated Statements of Operations and Comprehensive Loss on a straight line basis over the term of the Revolver. During the second quarter ended December 30, 2022, the Company borrowed $40,000 against the Revolver, which was subsequently repaid within the quarter. As of December 30, 2022, the Company was in compliance with all covenants and conditions under the Revolver and there were outstanding borrowings of $511,500 against the Revolver, resulting in interest expense of $6,590 and $11,137 for the second quarter and six months ended December 30, 2022. There were outstanding letters of credit of $963 as of December 30, 2022.

- Definition

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

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+ Details

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Dec. 30, 2022
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 December 30, 2022 was a net liability of $4,647, which is recorded in Other non-current liabilities on the Consolidated Balance Sheet. The Company recorded a net gain of $48 and $96 in AOCI during the second quarter and six months ended December 30, 2022. The Company recorded a net gain of $48 and $96 in AOCL during the second quarter and six months December 31, 2021. The Company recognized net periodic benefit costs of $220 and $441 associated with the Plan for the second quarter and six months ended December 30, 2022, respectively. The Company recognized net periodic benefit costs of $269 and $538 associated with the Plan for the second quarter and six months ended December 31, 2021, respectively. The Company's total expected employer contributions to the Plan during fiscal 2023 are $1,093. 401(k) Plan The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. Effective in the first quarter of fiscal 2023, the Company increased the rate of its matching contributions from 3% to 6% of participants' eligible annual compensation and changed the form of these contributions from cash to Company stock. The Company may also make optional contributions to the plan for any plan year at its discretion. The Company had $965 of capitalized stock-based 401(k) matching compensation expense on the Consolidated Balance Sheet at December 30, 2022. Stock-based 401(k) matching compensation cost is measured based on the value of the matching amount and is recognized as expense as incurred. During the second quarter ended December 30, 2022, the Company recognized share-based matching contributions related to the 401(k) plan of $2,748 as compared to $1,711 of cash match during the second quarter ended December 31, 2021. During the six months ended December 30, 2022, the Company recognized share-based matching contributions related to the 401(k) plan of $6,427 as compared to $3,822 of cash match during the six months ended December 31, 2021.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Dec. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity STOCKHOLDER RIGHTS PLAN On December 27, 2021, the Company's Board of Directors authorized and declared a dividend of one preferred share purchase right (a “Right”), payable on January 10, 2022, for each outstanding share of common stock par value $0.01 per share to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company a unit of Series A Junior Preferred Stock, par value $0.01 per share, of the Company at a designated price per unit, subject to adjustment. The Rights will initially trade with, and will be inseparable from, the shares of common stock. On June 24, 2022, the Company amended the Rights Agreement, dated as of December 27, 2021, to increase the ownership threshold for a person to be an “Acquiring Person” (as defined in the Rights Agreement) from 7.5% of common stock to 10% of common stock (10% of common stock to 20% of common stock in the case of a passive institutional investor). Additional details about the Rights Agreement are contained in the Current Reports on Form 8-K filed by the Company with the SEC on December 29, 2021 and June 24, 2022. On October 26, 2022 the Stockholder Rights Plan expired.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

6 Months Ended

Dec. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK INCENTIVE PLANS

At December 30, 2022, the aggregate number of shares authorized for issuance under the Company’s Amended and Restated 2018 Stock Incentive Plan (the “2018 Plan”) is 7,862 shares, including 3,000 shares approved by the Company's shareholders on October 28, 2020 and 2,000 shares approved for future grant under the 2018 Plan by the Company's shareholders on October 26, 2022. The 2018 Plan shares available for issuance also include 948 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”). The 2018 Plan replaced the 2005 Plan. The shares authorized for issuance under the 2018 Plan will continue to 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. Stock options must be 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 2,054 available shares for future grant under the 2018 Plan at December 30, 2022.

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

At December 30, 2022, the aggregate number of shares authorized for issuance under the Company’s 1997 Employee Stock Purchase Plan, as amended and restated (“ESPP”), is 2,300 shares, including 500 shares approved by the Company's shareholders on October 28, 2020. Under the ESPP, rights are granted to purchase shares of common stock at 85% of the lesser of the market value of such shares at either the beginning or the end of each six-month offering period. The ESPP permits employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation as defined in the ESPP. There were 57 and 54 shares issued under the ESPP during the six months quarters ended December 30, 2022 and December 31, 2021, respectively. Shares available for future purchase under the ESPP totaled 256 at December 30, 2022.

STOCK AWARD ACTIVITY

The following table summarizes the status of the Company’s non-vested restricted stock awards and deferred stock awards since July 1, 2022:


	Non-vested Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at July 1, 2022	2,305	$	57.47
Granted	213	55.69
Vested	(477)	64.57
Forfeited	(94)	57.68
Outstanding at December 30, 2022	1,947	$	55.52

STOCK-BASED COMPENSATION EXPENSE

The Company recognizes expense for its share-based payment plans in the Consolidated Statements of Operations and Comprehensive Loss in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). The Company had $1,710 and $1,229 of capitalized stock-based compensation expense on the Consolidated Balance Sheets for the periods ended December 30, 2022 and July 1, 2022, respectively. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the service period, net of estimated forfeitures.

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Cost of revenues	$	237	$	322	$	1,036	$	881
Selling, general and administrative	8,277		6,032		13,155		13,593
Research and development	1,744		1,494		3,316		2,901
Stock-based compensation expense before tax	10,258		7,848		17,507		17,375
Income taxes	(2,770)		(2,040)		(4,727)		(4,691)
Stock-based compensation expense, net of income taxes	$	7,488	$	5,808	$	12,780	$	12,684

Operating Segment, Geographic Information and Significant Customers

6 Months Ended

Dec. 30, 2022

Segment Reporting [Abstract]

Operating Segment, Geographic Information and Significant Customers

Operating Segment, Geographic Information and Significant CustomersOperating segments are defined as components of an enterprise evaluated regularly by the Company's chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. During the first quarter of fiscal 2022, the Company announced its 1MPACT value creation initiative to promote scale as the organization continues to grow. The Company evaluated this internal reorganization under FASB ASC 280, Segment Reporting (“ASC 280”) to determine whether this change has impacted the Company's single operating and reportable segment. The Company concluded this change had no effect given the CODM continues to evaluate and manage the Company on the basis of one operating and reportable segment. The Company utilized the management approach for determining its operating segment in accordance with ASC 280.

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


	U.S.		Europe		Asia Pacific		Eliminations		Total
SECOND QUARTER ENDED DECEMBER 30, 2022
Net revenues to unaffiliated customers	$	219,155	$	10,431	$	2	$	—	$	229,588
Inter-geographic revenues	(68)		168		—		(100)		—
Net revenues	$	219,087	$	10,599	$	2	$	(100)	$	229,588
SECOND QUARTER ENDED DECEMBER 31, 2021
Net revenues to unaffiliated customers	$	209,495	$	10,808	$	77	$	—	$	220,380
Inter-geographic revenues	1,588		599		—		(2,187)		—
Net revenues	$	211,083	$	11,407	$	77	$	(2,187)	$	220,380
SIX MONTHS ENDED DECEMBER 30, 2022
Net revenues to unaffiliated customers	$	437,977	$	19,183	$	7	$	—	$	457,167
Inter-geographic revenues	79		372		—		(451)		—
Net revenues	$	438,056	$	19,555	$	7	$	(451)	$	457,167
SIX MONTHS ENDED DECEMBER 31, 2021
Net revenues to unaffiliated customers	$	423,236	$	21,995	$	162	$	—	$	445,393
Inter-geographic revenues	3,147		1,328		—		(4,475)		—
Net revenues	$	426,383	$	23,323	$	162	$	(4,475)	$	445,393

The Company offers a broad family of products and processing solutions designed to meet the full range of requirements in compute-intensive, signal processing, image processing and command and control applications. To maintain a competitive advantage, the Company seeks to leverage technology investments across multiple product lines and product solutions.

The Company’s products are typically compute-intensive and require extremely high bandwidth and high throughput. These processing solutions often must also meet significant SWaP constraints for use in aircraft, unmanned aerial vehicles, ships and other platforms and be ruggedized for use in harsh environments. The Company's products transform the massive streams of digital data created in these applications into usable information in real time. The systems can scale from a few processors to thousands of processors.

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

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Domestic(1)	$	204,959	$	186,592	$	410,789	$	375,840
International/Foreign Military Sales(2)	24,629		33,788		46,378		69,553
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Radar(1)	$	43,707	$	51,172	$	97,115	$	110,076
Electronic Warfare(2)	33,718		32,369		68,807		66,310
Other Sensor & Effector(3)	29,333		22,164		50,536		53,606
Total Sensor & Effector	106,758		105,705		216,458		229,992
C4I(4)	103,735		90,931		198,866		174,332
Other(5)	19,095		23,744		41,843		41,069
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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

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

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

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Components(1)	$	45,158	$	31,472	$	77,076	$	66,537
Modules and Sub-assemblies(2)	62,312		46,723		118,114		81,622
Integrated Subsystems(3)	122,118		142,185		261,977		297,234
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Airborne(1)	$	119,944	$	110,990	$	238,294	$	227,554
Land(2)	26,735		25,976		60,667		61,833
Naval(3)	31,204		34,236		64,939		74,213
Other(4)	51,705		49,178		93,267		81,793
Total Net Revenues	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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

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

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


	U.S.		Europe		Asia Pacific		Eliminations		Total
December 30, 2022	$	118,299	$	3,690	$	—	$	—	$	121,989
July 1, 2022	$	122,712	$	4,476	$	3	$	—	$	127,191

Identifiable long-lived assets exclude right-of-use assets, goodwill, and intangible assets.

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Lockheed Martin Corporation	12	%	*		14	%	10	%
Raytheon Technologies	12	%	15	%	12	%	15	%
U.S. Navy	11	%	14	%	11	%	15	%
Northrop Grumman	11	%	10	%	10	%	*
	46	%	39	%	47	%	40	%

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

While the Company typically has customers from which it derives 10% or more of its revenue, the sales to each of these customers are spread across multiple programs and platforms. There were no programs comprising 10% or more of the Company's revenues for the second quarters and six months ended December 30, 2022 and December 31, 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies LEGAL CLAIMS The Company is subject to litigation, claims, investigations and audits arising from time to time in the ordinary course of business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Company and intends to defend itself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on the Company's cash flows, results of operations, or financial position. In June 2021, Embedded Reps of America, LLC (“ERA”), a former sales representative, and James Mazzola, a principal of ERA, filed for binding arbitration related to the termination of ERA’s sales representative agreement raising multiple claims that aggregate to approximately $9,000 in direct damages, with treble damages requested on a number of those claims. ERA was a sales representative of Themis Computer (“Themis”) when Themis was acquired by Mercury. The sales representative agreement provided for termination by either party upon 30 days written notice with ERA entitled to commissions for orders obtained by ERA with product shipment occurring prior to termination. The Company responded to the complaint in July 2021. An arbitration proceeding was held during September 2022, with final motions in October 2022 and oral arguments in November 2022. The arbitrator issued its final ruling in January 2023, awarding ERA $72 in damages and fees. In December 2021, counsel for National Technical Systems, Inc. (“NTS”) sent the Company an environmental demand letter pursuant to Massachusetts General Laws Chapter 21E, Section 4A, and CERCLA 42 U.S.C. Section 9601, related to a site that NTS formerly owned at 533 Main Street, Acton, Massachusetts. NTS received a Notice of Responsibility from the Massachusetts Department of Environmental Protection (“MassDEP”) alleging trichloroethene, freon and 1,4-dioxane contamination in the groundwater emanating from NTS’s former site. NTS alleges in its demand letter that the operations of a predecessor company to Mercury that was acquired in the Company’s acquisition of the Microsemi carve-out business that once owned and operated a facility at 531 Main Street, Acton, Massachusetts contributed to the groundwater contamination. NTS is seeking payment by the Company of NTS’s costs for any required environmental remediation. In April 2022, the Company engaged in a meet and confer session with NTS pursuant to Massachusetts General Laws Chapter 21E, Section 4A to discuss the status of the environmental review performed by NTS and its licensed site professional. In addition, in November 2021, the Company responded to a request for information from MassDEP regarding the detection of PFAS (per- and polyfluoroakyl substances) in the Acton, Massachusetts Water District’s Conant public water supply wells near the former facility at 531 Main Street, Acton, Massachusetts at a level above the standard that MassDEP published for PFAS in October 2020. It is too early to determine what responsibility, if any, the Company may have for these matters. 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 December 30, 2022, 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 $142,932. 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.

Derivatives	6 Months Ended
Derivatives	Dec. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company utilizes interest rate derivatives to mitigate interest rate exposure with respect to its financing arrangements. On September 7, 2022, the Company entered into an interest rate Swap (the “initial Swap”) with JP Morgan Chase Bank, N.A. (“JPMorgan”) for a notional amount of $300,000 in order to fix the interest rate associated with a portion of the total $511,500 existing borrowings on the Revolver. The initial Swap agreement was designated and qualified for hedge accounting treatment as a cash flow hedge. The initial Swap matures on February 28, 2027, coterminous with the maturity of the Revolver. The initial Swap established a fixed interest rate on the first $300,000 of the Company's outstanding borrowings against the Revolver obligation at 3.25%. On September 29, 2022, the Company terminated the initial Swap. At the time of termination, the fair value of the initial Swap was an asset of $5,995. The Company received the cash settlement of $5,995 and these proceeds are classified within Operating Activities of the Consolidated Statements of Cash Flows. Following the termination of the initial Swap the Company entered a new Swap agreement (“the Swap”) on September 29, 2022 with JPMorgan. The Swap fixes $300,000 of the total $511,500 existing borrowings of outstanding borrowings under the Revolver at a rate of 3.79%. As of December 30, 2022, the fair value of the hedge was a liability of $220 and is included within Other non-current liabilities in the Company's Consolidated Balance Sheets. During the second quarter ended December 30, 2022, the Company amortized $339 of the previous unrealized gain, which is included within Other comprehensive loss. The market risk associated with the Company’s derivative instrument is the result of interest rate movements that are expected to offset the market risk of the underlying arrangement. The counterparty to the Swap is JPMorgan. Based on the credit ratings of the Company’s counterparty as of December 30, 2022, nonperformance is not perceived to be a material risk. Furthermore, none of the Company’s derivatives are subject to collateral or other security arrangements and none contain provisions that are dependent on the Company’s credit ratings from any credit rating agency. While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of the Company’s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible inability of the counterparty to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparty obligations under the contracts exceed the obligations of the Company to the counterparty. As a result of the above considerations, the Company does not consider the risk of counterparty default to be significant.

Subsequent Events	6 Months Ended
Subsequent Events	Dec. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 31, 2023, the Company announced that Michael Ruppert, Executive Vice President, Chief Financial Officer, and Treasurer, will step down from the Company, effective February 17, 2023. Michelle McCarthy, Senior Vice President, Chief Accounting Officer, will serve as Mercury's interim Chief Financial Officer. On January 31, 2023, the Board of Directors announced the decision to initiate a review of strategic alternatives to enhance shareholder value, including a potential sale of the Company. There can be no assurance that any transaction will be approved or consummated. Additional details are contained in the Current Report on Form 8-K filed by the Company with the SEC on January 31, 2023.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

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 July 1, 2022 which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on August 16, 2022. The results for the second quarter and six months ended December 30, 2022 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

Use of Estimates

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

BUSINESS COMBINATIONS

The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as 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

FOREIGN CURRENCY

Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in Accumulated other comprehensive income (loss) (“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 Loss and were immaterial for all periods presented.

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable, net, represents amounts that have been billed and are currently due from customers. The Company maintains an allowance for credit losses 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 customer's credit worthiness, reasonable forecasts about the future, 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.

Revenue Recognition

REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”). 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 44% and 40% of revenues for the second quarter and six months ended December 30, 2022, respectively. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 52% and 49% for the second quarter and six months ended December 31, 2021, respectively.

The Company also engages in over time contracts for development, production and service activities and recognizes revenue for performance obligations over time. These over time contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Over time 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 over time was 56% and 60% of total revenues for the second quarters and six months ended December 30, 2022, respectively. Total revenue recognized over time was 48% and 51% of total revenues for the second quarter and six months ended December 31, 2021, respectively.

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

The Company's contracts generally do not include significant financing components. The Company's over time contracts may include milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. Otherwise, the Company's contracts are predicated on payment upon completion of the performance obligation. On certain contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because most contracts have a duration of approximately two years on average and it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract.

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

CONTRACT BALANCES

Contract balances result from the timing of revenue recognized, billings and cash collections resulting in 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. Instead, while the Company has an enforceable right to payment as progress is made over performance obligations, billings to customers are generally predicated on (i) completion of defined milestones, (ii) monthly costs incurred or (iii) final delivery of goods or services. 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 as well as 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.

Weighted-Average Shares

WEIGHTED-AVERAGE SHARES

Weighted-average shares were calculated as follows:


	Second Quarters Ended		Six Months Ended
	December 30, 2022	December 31, 2021	December 30, 2022	December 31, 2021
Basic weighted-average shares outstanding	56,252	55,520	56,126	55,448
Effect of dilutive equity instruments	—	—	—	—
Diluted weighted-average shares outstanding	56,252	55,520	56,126	55,448

Equity instruments to purchase 511 and 300 shares of common stock were not included in the calculation of diluted net earnings per share for the second quarter and six months ended December 30, 2022, respectively, because the equity instruments were anti-dilutive. Equity instruments to purchase 408 and 434 shares of common stock were not included in the calculation of diluted net earnings per share for the second quarter and six months ended December 31, 2021, respectively, because the equity instruments were anti-dilutive.

Recently Adopted Accounting Pronouncements

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

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

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

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

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

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

Stock-Based Compensation

STOCK INCENTIVE PLANS

EMPLOYEE STOCK PURCHASE PLAN

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 30, 2022

Accounting Policies [Abstract]

Basic and Diluted Weighted Average Shares Outstanding

Weighted-average shares were calculated as follows:


	Second Quarters Ended		Six Months Ended
	December 30, 2022	December 31, 2021	December 30, 2022	December 31, 2021
Basic weighted-average shares outstanding	56,252	55,520	56,126	55,448
Effect of dilutive equity instruments	—	—	—	—
Diluted weighted-average shares outstanding	56,252	55,520	56,126	55,448

Acquisitions (Tables)

6 Months Ended

Dec. 30, 2022

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 Atlanta Micro:


	Amounts
Consideration transferred
Cash paid at closing	$	91,438

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

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

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


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

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

Fair Value Measures and Disclosures (Tables)

6 Months Ended

Dec. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value


	Fair Value Measurements
	December 30, 2022		Level 1		Level 2		Level 3
Liabilities:



Interest rate swap	$	220	$	—	$	220	$	—

Total	$	220	$	—	$	220	$	—

Inventory (Tables)

6 Months Ended

Dec. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory was comprised of the following:


	As of
		December 30, 2022		July 1, 2022
Raw materials		$	199,710	$	178,410
Work in process		76,830		64,287
Finished goods		35,436		27,642
Total		$	311,976	$	270,339

Goodwill (Tables)

6 Months Ended

Dec. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the six months ended December 30, 2022:


	Total
Balance at July 1, 2022	$	937,880









Goodwill adjustment for the Avalex acquisition	66
Goodwill adjustment for the Atlanta Micro acquisition	147
Balance at December 30, 2022	$	938,093

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Restructuring (Tables)

6 Months Ended

Dec. 30, 2022

Restructuring and Related Activities [Abstract]

Expenses by Reportable Segment for Restructuring Plans

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


	Severance & Related		Facilities & Other		Total
Balance at July 1, 2022	$	4,722	$	—	$	4,722
Restructuring charges	799		256		1,055

Cash paid	(4,336)		(194)		(4,530)

Balance at December 30, 2022	$	1,185	$	62	$	1,247

Stock-Based Compensation (Tables)

6 Months Ended

Dec. 30, 2022

Share-Based Payment Arrangement [Abstract]

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 July 1, 2022:


	Non-vested Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at July 1, 2022	2,305	$	57.47
Granted	213	55.69
Vested	(477)	64.57
Forfeited	(94)	57.68
Outstanding at December 30, 2022	1,947	$	55.52

Stock Based Compensation Expenses

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Cost of revenues	$	237	$	322	$	1,036	$	881
Selling, general and administrative	8,277		6,032		13,155		13,593
Research and development	1,744		1,494		3,316		2,901
Stock-based compensation expense before tax	10,258		7,848		17,507		17,375
Income taxes	(2,770)		(2,040)		(4,727)		(4,691)
Stock-based compensation expense, net of income taxes	$	7,488	$	5,808	$	12,780	$	12,684

Operating Segment, Geographic Information and Significant Customers (Tables)

6 Months Ended

Dec. 30, 2022

Segment Reporting [Abstract]

Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations

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


	U.S.		Europe		Asia Pacific		Eliminations		Total
SECOND QUARTER ENDED DECEMBER 30, 2022
Net revenues to unaffiliated customers	$	219,155	$	10,431	$	2	$	—	$	229,588
Inter-geographic revenues	(68)		168		—		(100)		—
Net revenues	$	219,087	$	10,599	$	2	$	(100)	$	229,588
SECOND QUARTER ENDED DECEMBER 31, 2021
Net revenues to unaffiliated customers	$	209,495	$	10,808	$	77	$	—	$	220,380
Inter-geographic revenues	1,588		599		—		(2,187)		—
Net revenues	$	211,083	$	11,407	$	77	$	(2,187)	$	220,380
SIX MONTHS ENDED DECEMBER 30, 2022
Net revenues to unaffiliated customers	$	437,977	$	19,183	$	7	$	—	$	457,167
Inter-geographic revenues	79		372		—		(451)		—
Net revenues	$	438,056	$	19,555	$	7	$	(451)	$	457,167
SIX MONTHS ENDED DECEMBER 31, 2021
Net revenues to unaffiliated customers	$	423,236	$	21,995	$	162	$	—	$	445,393
Inter-geographic revenues	3,147		1,328		—		(4,475)		—
Net revenues	$	426,383	$	23,323	$	162	$	(4,475)	$	445,393

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Domestic(1)	$	204,959	$	186,592	$	410,789	$	375,840
International/Foreign Military Sales(2)	24,629		33,788		46,378		69,553
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

(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:


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Radar(1)	$	43,707	$	51,172	$	97,115	$	110,076
Electronic Warfare(2)	33,718		32,369		68,807		66,310
Other Sensor & Effector(3)	29,333		22,164		50,536		53,606
Total Sensor & Effector	106,758		105,705		216,458		229,992
C4I(4)	103,735		90,931		198,866		174,332
Other(5)	19,095		23,744		41,843		41,069
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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

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

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

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Components(1)	$	45,158	$	31,472	$	77,076	$	66,537
Modules and Sub-assemblies(2)	62,312		46,723		118,114		81,622
Integrated Subsystems(3)	122,118		142,185		261,977		297,234
Total Net Revenue	$	229,588	$	220,380	$	457,167	$	445,393

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Airborne(1)	$	119,944	$	110,990	$	238,294	$	227,554
Land(2)	26,735		25,976		60,667		61,833
Naval(3)	31,204		34,236		64,939		74,213
Other(4)	51,705		49,178		93,267		81,793
Total Net Revenues	$	229,588	$	220,380	$	457,167	$	445,393

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

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

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

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

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


	U.S.		Europe		Asia Pacific		Eliminations		Total
December 30, 2022	$	118,299	$	3,690	$	—	$	—	$	121,989
July 1, 2022	$	122,712	$	4,476	$	3	$	—	$	127,191

Customers Comprising Ten Percent or More Revenues

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


	Second Quarters Ended				Six Months Ended
	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Lockheed Martin Corporation	12	%	*		14	%	10	%
Raytheon Technologies	12	%	15	%	12	%	15	%
U.S. Navy	11	%	14	%	11	%	15	%
Northrop Grumman	11	%	10	%	10	%	*
	46	%	39	%	47	%	40	%

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

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Significant Accounting Policies [Line Items]
Factored accounts receivable			$ 20,000
Percentage of revenue recognized			64.00%
Unbilled receivables and costs in excess of billings	$ 333,491		$ 333,491		$ 303,356
Contract liability balance	39,888		39,888		$ 15,966
Revenue recognized in the contract liability balance	3,068	$ 5,151	7,737	$ 18,288
Remaining performance obligations	580,318		580,318
Error correction
Significant Accounting Policies [Line Items]
Depreciation	$ 3,100		$ 3,100
Minimum
Significant Accounting Policies [Line Items]
Standard warranty period			12 months
Extended warranty period			12 months
Maximum
Significant Accounting Policies [Line Items]
Standard warranty period			36 months
Extended warranty period			36 months
Transferred over Time
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	56.00%	48.00%	60.00%	51.00%
Ship and bill
Significant Accounting Policies [Line Items]
Percentage of revenue recognized	44.00%	52.00%	40.00%	49.00%

Summary of Significant Accounting Policies - Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)	56,252	55,520	56,126	55,448
Effect of dilutive equity instruments (in shares)	0	0	0	0
Diluted weighted-average shares outstanding (in shares)	56,252	55,520	56,126	55,448
Antidilutive securities excluded from computation of earnings per share (in shares)	511	408	300	434

Acquisitions - Narrative (Details) - USD ($) $ in Thousands				6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Mar. 28, 2022	Nov. 29, 2021	Nov. 05, 2021	Dec. 30, 2022	Jul. 01, 2022
Business Acquisition [Line Items]
Business combination, post closing adjustments	$ 58
Goodwill				$ 938,093	$ 937,880
Goodwill, amortization period				15 years
Atlanta Micro
Business Acquisition [Line Items]
Total consideration		$ 90,000
Goodwill		58,252
Atlanta Micro \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 27,310	$ 41,880
Useful life of acquired assets		20 years	9 years
Atlanta Micro \| Developed Technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 7,260	$ 14,430
Useful life of acquired assets		8 years	7 years
Atlanta Micro \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 410	$ 5,050
Useful life of acquired assets		2 years	1 year
Avalex
Business Acquisition [Line Items]
Total consideration			$ 155,000
Goodwill			81,772	$ 77,459
Post-closing adjustments			$ 151

Acquisitions - Net Purchase Price and Fair Values of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands			6 Months Ended
	Nov. 29, 2021	Nov. 05, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Business Combination, Consideration Transferred [Abstract]
Net purchase price			$ 0	$ 243,255
Fair value of tangible assets acquired and liabilities assumed
Goodwill			938,093		$ 937,880
Atlanta Micro
Business Combination, Consideration Transferred [Abstract]
Cash paid at closing	$ 91,438
Working capital and net debt adjustment	(416)
Cash Acquired from Acquisition	(1,782)
Net purchase price	89,240
Fair value of tangible assets acquired and liabilities assumed
Cash	1,782
Accounts receivable	1,568
Inventory	4,475
Fixed assets	434
Other current and non-current assets	2,079
Accounts payable	(529)
Accrued expenses	(845)
Other current and non-current liabilities	(11,174)
Fair value of net tangible assets acquired	(2,210)
Fair value of identifiable intangible assets	34,980
Goodwill	58,252
Fair value of net assets acquired	$ 91,022
Avalex
Business Combination, Consideration Transferred [Abstract]
Cash paid at closing		$ 157,367
Working capital and net debt adjustment		(1,034)
Cash Acquired from Acquisition		(2,188)
Net purchase price		154,145
Fair value of tangible assets acquired and liabilities assumed
Cash		2,188
Accounts receivable		5,363
Inventory		7,141
Fixed assets		1,245
Other current and non-current assets		5,228
Accounts payable		(1,755)
Accrued expenses		(1,421)
Other current and non-current liabilities		(4,788)
Fair value of net tangible assets acquired		13,201
Fair value of identifiable intangible assets		61,360
Goodwill		81,772	$ 77,459
Fair value of net assets acquired		$ 156,333

Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring - Fair Value $ in Thousands	Dec. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	$ 220
Interest rate swap \| Swap Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	220
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	0
Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	220
Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	220
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	0
Level 3 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement disclosure	$ 0

Inventory (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Jul. 01, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 199,710	$ 178,410
Work in process	76,830	64,287
Finished goods	35,436	27,642
Total	$ 311,976	$ 270,339

Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill (Details) $ in Thousands	Dec. 30, 2022 USD ($) reporting_unit
Goodwill [Roll Forward]
Beginning Balance	$ 937,880
Ending Balance	$ 938,093
Number of reporting units \| reporting_unit	2
Avalex
Goodwill [Roll Forward]
Goodwill adjustment	$ 66
Ending Balance	77,459
Atlanta Micro
Goodwill [Roll Forward]
Goodwill adjustment	$ 147

- Definition

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

+ References + Details

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 2,069	$ 3,802	$ 3,577	$ 16,076
Facility Optimization Efforts
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	1,039		1,039
Lease Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	783		783
Severance & Related
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	595		799
Third-Party Consulting Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 435		$ 1,739

Restructuring - Expenses by Reportable Segment for Restructuring Plans (Details) $ in Thousands	6 Months Ended
	Dec. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance at July 1, 2022	$ 4,722
Restructuring charges	1,055
Cash paid	(4,530)
Balance at December 30, 2022	1,247
Severance & Related
Restructuring Reserve [Roll Forward]
Balance at July 1, 2022	4,722
Restructuring charges	799
Cash paid	(4,336)
Balance at December 30, 2022	1,185
Facilities & Other
Restructuring Reserve [Roll Forward]
Balance at July 1, 2022	0
Restructuring charges	256
Cash paid	(194)
Balance at December 30, 2022	$ 62

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (2,151)	$ (155)	$ (3,173)	$ (596)
Loss before income taxes	(13,071)	$ (2,794)	(28,428)	(10,375)
Discrete tax provision	$ 2,348		$ 1,745	$ 878

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt (Details) - USD ($)		3 Months Ended		6 Months Ended
Debt (Details) - USD ($)	Feb. 28, 2022	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Debt Instrument [Line Items]
Long-term debt		$ 511,500,000		$ 511,500,000		$ 451,500,000
Interest expense		6,590,000	$ 1,094,000	11,137,000	$ 1,689,000
Amount of outstanding letter of credit		963,000		963,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,100,000,000
Term of revolving credit facility	5 years
Proceeds from Revolver		40,000,000
Term Loan
Debt Instrument [Line Items]
Debt issuance costs		$ 3,994,000		$ 3,994,000

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension benefit plan, net of tax	$ 48	$ 48	$ 96	$ 96
Net periodic benefit cost	220	269	441	$ 538
Expected employer contributions	1,093		$ 1,093
Defined contribution plan, employer matching contribution, percent of employees' gross pay			6.00%	3.00%
Deferred compensation arrangement with individual, compensation expense			$ 965
Share-based matching contributions on defined contribution plan	2,748		6,427	$ 0
Defined contribution plan, employer discretionary contribution amount, cash payment		$ 1,711		$ 3,822
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, funded (unfunded) status of plan	$ 4,647		$ 4,647

Shareholders' Equity (Details)		6 Months Ended
Shareholders' Equity (Details)	Jun. 24, 2022	Dec. 31, 2021	Dec. 30, 2022 $ / shares	Jul. 01, 2022 $ / shares	Dec. 27, 2021 $ / shares
Equity [Abstract]
Common stock, par value (usd per share)			$ 0.01	$ 0.01
Class of Stock [Line Items]
Common stock, par value (usd per share)			$ 0.01	$ 0.01
Common Stock
Equity [Abstract]
Common stock, par value (usd per share)					$ 0.01
Class of Stock [Line Items]
Common stock, par value (usd per share)					0.01
Common stock ownership percentage	0.10	0.075
Series A Preferred Stock
Equity [Abstract]
Common stock, par value (usd per share)					0.01
Class of Stock [Line Items]
Common stock, par value (usd per share)					$ 0.01
Common stock ownership percentage	0.20	0.10

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
	Oct. 28, 2020	Dec. 30, 2022	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocation of recognized period costs, capitalized amount		$ 1,710	$ 1,710		$ 1,229
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan (in shares)		57	57	54
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)	500	2,300	2,300
Shares available for future grant (in shares)		256	256
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)		7,862	7,862
Number of additional shares authorized (in shares)	3,000
Shares available for future grant (in shares)		2,054,000	2,054,000
2005 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	2,000
Shares available for future grant (in shares)		948	948
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 Nonvested Restricted Stock (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Dec. 30, 2022 $ / shares shares
Number of Shares
Beginning Balance (in shares) \| shares	2,305
Granted (in shares) \| shares	213
Vested (in shares) \| shares	(477)
Forfeited (in shares) \| shares	(94)
Ending Balance (in shares) \| shares	1,947
Weighted Average Grant Date Fair Value
Beginning Balance (usd per share) \| $ / shares	$ 57.47
Granted (usd per share) \| $ / shares	55.69
Vested (usd per share) \| $ / shares	64.57
Forfeited (usd per share) \| $ / shares	57.68
Ending Balance (usd per share) \| $ / shares	$ 55.52

Stock-Based Compensation - Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 10,258	$ 7,848	$ 17,507	$ 17,375
Income taxes	(2,770)	(2,040)	(4,727)	(4,691)
Net compensation expense	7,488	5,808	12,780	12,684
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	237	322	1,036	881
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	8,277	6,032	13,155	13,593
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense before tax	$ 1,744	$ 1,494	$ 3,316	$ 2,901

Operating Segment, Geographic Information and Significant Customers - Narrative (Details)	6 Months Ended
	Dec. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Operating Segment, Geographic Information and Significant Customers - Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 229,588	$ 220,380	$ 457,167	$ 445,393
Identifiable long-lived assets	121,989		121,989		$ 127,191
Components
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	45,158	31,472	77,076	66,537
Modules and Sub-assemblies
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	62,312	46,723	118,114	81,622
Integrated Subsystems
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	122,118	142,185	261,977	297,234
Total Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	106,758	105,705	216,458	229,992
Radar
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	43,707	51,172	97,115	110,076
Electronic Warfare
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	33,718	32,369	68,807	66,310
Other Sensor & Effector
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	29,333	22,164	50,536	53,606
C4I
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	103,735	90,931	198,866	174,332
Other End Applications
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	19,095	23,744	41,843	41,069
Domestic
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	204,959	186,592	410,789	375,840
International/Foreign Military Sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	24,629	33,788	46,378	69,553
US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	219,155	209,495	437,977	423,236
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	10,431	10,808	19,183	21,995
Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	2	77	7	162
Reportable Geographical Components \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	219,087	211,083	438,056	426,383
Identifiable long-lived assets	118,299		118,299		122,712
Reportable Geographical Components \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	10,599	11,407	19,555	23,323
Identifiable long-lived assets	3,690		3,690		4,476
Reportable Geographical Components \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	2	77	7	162
Identifiable long-lived assets	0		0		3
Geography Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(100)	(2,187)	(451)	(4,475)
Identifiable long-lived assets	0		0		$ 0
Geography Eliminations \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(68)	1,588	79	3,147
Geography Eliminations \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	168	599	372	1,328
Geography Eliminations \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 0	$ 0	$ 0	$ 0

Operating Segment, Geographic Information and Platform - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Net revenues	$ 229,588	$ 220,380	$ 457,167	$ 445,393
Airborne
Revenue from External Customer [Line Items]
Net revenues	119,944	110,990	238,294	227,554
Land
Revenue from External Customer [Line Items]
Net revenues	26,735	25,976	60,667	61,833
Naval
Revenue from External Customer [Line Items]
Net revenues	31,204	34,236	64,939	74,213
Other
Revenue from External Customer [Line Items]
Net revenues	$ 51,705	$ 49,178	$ 93,267	$ 81,793

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating Segment, Geographic Information and Significant Customers - Customers Comprising Ten Percent or more Revenues (Details) - Customer Concentration Risk - Sales Revenue, Net	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.00%		14.00%	10.00%
Raytheon Company
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.00%	15.00%	12.00%	15.00%
U.S. Navy
Revenue, Major Customer [Line Items]
Concentration risk, percentage	11.00%	14.00%	11.00%	15.00%
Northrop Grumman
Revenue, Major Customer [Line Items]
Concentration risk, percentage	11.00%	10.00%	10.00%
Four Major Customers, Cumulative
Revenue, Major Customer [Line Items]
Concentration risk, percentage	46.00%	39.00%	47.00%	40.00%

Commitments And Contingencies (Details) - USD ($) $ in Thousands	Jun. 23, 2021	Dec. 30, 2022
Embedded Reps of America, LLC Legal Claim
Long-term Purchase Commitment [Line Items]
Damages sought, value	$ 9,000
Non-cancelable purchase commitments
Long-term Purchase Commitment [Line Items]
Purchase commitments for less than one year		$ 142,932

Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
Derivatives (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 29, 2022	Jul. 01, 2022
Derivative [Line Items]
Notional amount	$ 300,000
Long-term debt	$ 511,500		$ 451,500
Derivative, fixed interest rate	3.25%
Fair Value \| Fair Value, Measurements, Recurring
Derivative [Line Items]
Fair value measurement disclosure	$ 220
Swap Agreement
Derivative [Line Items]
Notional amount		$ 300,000
Derivative, fixed interest rate		3.79%
Swap
Derivative [Line Items]
Derivative asset		$ 5,995
Gain on termination of derivative	339
Interest rate swap \| Swap Agreement \| Fair Value \| Fair Value, Measurements, Recurring
Derivative [Line Items]
Fair value measurement disclosure	$ 220