2024 Q3 Form 10-K Financial Statement

#000091209324000063 Filed on August 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $238.2M $252.0M $1.000B
YoY Change -9.64% 1.69% -9.56%
Cost Of Revenue $102.1M $106.4M $424.5M
YoY Change -13.18% -0.37% -9.16%
Gross Profit $136.1M $145.6M $575.9M
YoY Change -6.78% 3.26% -9.85%
Gross Profit Margin 57.14% 57.78% 57.57%
Selling, General & Admin $74.10M $83.10M $333.3M
YoY Change -5.61% 3.88% 1.4%
% of Gross Profit 54.45% 57.07% 57.87%
Research & Development $49.40M $52.50M $201.9M
YoY Change -4.26% 3.35% -2.42%
% of Gross Profit 36.3% 36.06% 35.06%
Depreciation & Amortization $9.700M $14.20M $38.60M
YoY Change 340.91% 576.19% 343.68%
% of Gross Profit 7.13% 9.75% 6.7%
Operating Expenses $124.6M $136.9M $555.1M
YoY Change -5.82% -4.33% 1.98%
Operating Profit $11.50M $8.700M $20.80M
YoY Change -16.06% -514.29% -77.99%
Interest Expense -$7.500M -$7.500M -$15.10M
YoY Change -7.41% -211.94% -44.28%
% of Operating Profit -65.22% -86.21% -72.6%
Other Income/Expense, Net $3.200M $3.700M $21.70M
YoY Change 18.52% 131.25% 301.85%
Pretax Income $7.200M -$9.500M $11.60M
YoY Change 12.5% 1.06% -80.89%
Income Tax $9.000M $12.20M $37.40M
% Of Pretax Income 125.0% 322.41%
Net Earnings -$1.800M -$21.70M -$25.80M
YoY Change 1700.0% 40.91% -201.18%
Net Earnings / Revenue -0.76% -8.61% -2.58%
Basic Earnings Per Share -$0.01 -$0.12
Diluted Earnings Per Share -$0.01 -$0.10 -$0.12
COMMON SHARES
Basic Shares Outstanding 221.9M shares 223.2M shares 222.6M shares
Diluted Shares Outstanding 222.0M shares 222.6M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $468.0M $471.4M $491.2M
YoY Change -10.19% -19.02% -5.74%
Cash & Equivalents $467.9M $471.3M $471.3M
Short-Term Investments $100.0K $100.0K $19.90M
Other Short-Term Assets $42.90M $43.90M $43.90M
YoY Change -43.99% -41.39% -42.69%
Inventory $93.20M $96.50M $96.50M
Prepaid Expenses $17.00M $18.50M
Receivables $203.1M $213.1M $213.1M
Other Receivables $31.70M $31.80M $31.80M
Total Short-Term Assets $864.0M $876.5M $876.5M
YoY Change -8.57% -12.61% -7.25%
LONG-TERM ASSETS
Property, Plant & Equipment $230.5M $228.2M $264.0M
YoY Change -5.14% -7.69% 8.64%
Goodwill $461.2M $452.9M
YoY Change 1.32% 0.22%
Intangibles $34.00M $38.20M
YoY Change -41.98% -40.31%
Long-Term Investments
YoY Change
Other Assets $61.80M $58.00M $104.7M
YoY Change -58.44% -5.84% -29.59%
Total Long-Term Assets $873.6M $859.8M $859.8M
YoY Change -3.52% -5.97% -5.05%
TOTAL ASSETS
Total Short-Term Assets $864.0M $876.5M $876.5M
Total Long-Term Assets $873.6M $859.8M $859.8M
Total Assets $1.738B $1.736B $1.736B
YoY Change -6.1% -9.45% -6.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.40M $50.40M $50.40M
YoY Change 0.42% 15.33% 6.78%
Accrued Expenses $23.80M $25.30M $109.9M
YoY Change -66.81% -8.99% 53.28%
Deferred Revenue $63.70M $65.70M
YoY Change -18.96% -12.98%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $100.0K $100.0K
YoY Change -99.94% -99.9%
Total Short-Term Liabilities $232.8M $247.1M $247.1M
YoY Change -32.23% -40.11% -28.06%
LONG-TERM LIABILITIES
Long-Term Debt $653.3M $651.7M $651.7M
YoY Change 3.78% 3.79% 3.53%
Other Long-Term Liabilities $165.1M $171.6M $144.2M
YoY Change -11.57% -11.82% -22.76%
Total Long-Term Liabilities $165.1M $171.6M $795.9M
YoY Change -79.77% -11.82% -2.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.8M $247.1M $247.1M
Total Long-Term Liabilities $165.1M $171.6M $795.9M
Total Liabilities $1.036B $418.7M $1.055B
YoY Change -10.71% -31.04% -9.05%
SHAREHOLDERS EQUITY
Retained Earnings -$69.66B -$69.65B
YoY Change 0.09% 0.08%
Common Stock $70.48B $70.47B
YoY Change 0.08% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $702.1M $681.6M $681.6M
YoY Change
Total Liabilities & Shareholders Equity $1.738B $1.736B $1.736B
YoY Change -6.1% -9.45% -6.17%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$1.800M -$21.70M -$25.80M
YoY Change 1700.0% 40.91% -201.18%
Depreciation, Depletion And Amortization $9.700M $14.20M $38.60M
YoY Change 340.91% 576.19% 343.68%
Cash From Operating Activities $13.50M $26.20M $116.4M
YoY Change -42.55% 47.19% 2.02%
INVESTING ACTIVITIES
Capital Expenditures $7.300M $3.800M $19.50M
YoY Change -1.35% -64.81% -61.84%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $3.000M $9.400M -$2.100M
YoY Change -120.83% 571.43% -97.24%
Cash From Investing Activities -$11.50M $5.600M -$21.60M
YoY Change -47.25% -159.57% -83.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$21.00M -10.40M -$125.7M
YoY Change -73.52% -112.68% 151.4%
NET CHANGE
Cash From Operating Activities $13.50M 26.20M $116.4M
Cash From Investing Activities -$11.50M 5.600M -$21.60M
Cash From Financing Activities -$21.00M -10.40M -$125.7M
Net Change In Cash -$3.700M 21.40M -$33.80M
YoY Change -95.23% -76.33% -40.91%
FREE CASH FLOW
Cash From Operating Activities $13.50M $26.20M $116.4M
Capital Expenditures $7.300M $3.800M $19.50M
Free Cash Flow $6.200M $22.40M $96.90M
YoY Change -61.49% 220.0% 53.81%

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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Years</span></div>The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s 2024, 2023 and 2022 fiscal years were 52-week years ending on June 29, 2024, July 1, 2023, and July 2, 2022, respectively.
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassification of Prior Period Balances</span></div>Certain reclassifications of prior period balances have been made to conform to current presentation. Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast in our NE and SE goodwill balances as of July 2, 2022 in “Note 9. Goodwill” and operating segment tables for the years ended July 1, 2023 and July 2, 2022 in “Note 19. Operating Segments and Geographic Information.”
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div>The preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information.
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
5000000.0 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4500000 usd
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RestrictedCashAndCashEquivalentsNoncurrent
5500000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
4600000 usd
CY2024 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Foreign Currency Forward Contracts</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts its business and sells its products to customers primarily in North America, Europe, Asia and South America. In the normal course of business, the Company’s financial position is routinely subject to market risks associated with foreign currency rate fluctuations due to balance sheet positions in foreign currencies. The Company evaluates foreign exchange risks and utilizes foreign currency forward contracts to reduce such risks, hedging the gains or losses generated by the re-measurement of significant foreign currency-denominated monetary assets and liabilities. The fair value of these contracts is reflected as other current assets or liabilities and the change in fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The gain or loss from the change in fair value of these foreign currency forward contracts largely offsets the change in fair value of the foreign currency denominated monetary assets or liabilities, which is also recorded as a component of Interest and other income, net in the Consolidated Statements of Operations.</span></div>
CY2024Q2 viav Number Of Geographic Regions In Which Entity Operates
NumberOfGeographicRegionsInWhichEntityOperates
3 region
CY2024 us-gaap Advertising Expense
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1300000 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
2600000 usd
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NetIncomeLoss
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
25500000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
15500000 usd
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222600000 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
224600000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230900000 shares
CY2024 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
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0 shares
CY2023 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfDebtSecuritiesNetSettlementMethod
300000 shares
CY2022 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfDebtSecuritiesNetSettlementMethod
4800000 shares
CY2024 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2500000 shares
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222600000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226600000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
238200000 shares
CY2024 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
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0.07
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EarningsPerShareDiluted
-0.12
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
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2800000 usd
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700000 usd
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CY2023Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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CY2023Q3 us-gaap Contract With Customer Asset Net Current
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CY2023Q3 us-gaap Contract With Customer Liability
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CY2024 viav Contract With Customer Liability Cumulative Catch Up Adjustment New Contracts
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentNewContracts
102400000 usd
CY2024 viav Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
113000000.0 usd
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CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.88
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P12M
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
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CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
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CY2022 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
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CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
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InventoryFinishedGoodsNetOfReserves
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CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2024Q2 us-gaap Inventory Net
InventoryNet
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CY2023Q3 us-gaap Inventory Net
InventoryNet
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IncomeTaxesReceivable
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CY2023Q3 us-gaap Income Taxes Receivable
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CY2023Q3 us-gaap Prepaid Expense Current
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CY2024Q2 viav Advances To Contract Manufacturers
AdvancesToContractManufacturers
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AssetsHeldForSaleNotPartOfDisposalGroupCurrent
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CY2023Q3 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
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CY2023Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
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CY2024Q2 us-gaap Property Plant And Equipment Gross
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CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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386000000.0 usd
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PropertyPlantAndEquipmentNet
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CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
243000000.0 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35800000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
40400000 usd
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5500000 usd
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CY2024Q2 us-gaap Deferred Costs
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CY2023Q3 us-gaap Deferred Costs
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CY2023Q3 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
2300000 usd
CY2024Q2 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
1900000 usd
CY2023Q3 us-gaap Deferred Finance Costs Noncurrent Net
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2800000 usd
CY2024Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
9900000 usd
CY2023Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
8700000 usd
CY2024Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
58000000.0 usd
CY2023Q3 us-gaap Other Assets Noncurrent
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61700000 usd
CY2024Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
14100000 usd
CY2023Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
5800000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9800000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2024Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
5300000 usd
CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
4400000 usd
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
5100000 usd
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CY2024Q2 viav Financing Obligation Noncurrent
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CY2024Q2 us-gaap Asset Retirement Obligations Noncurrent
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CY2024Q2 us-gaap Restructuring Reserve Noncurrent
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CY2024Q2 us-gaap Other Sundry Liabilities Noncurrent
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CY2024Q2 us-gaap Other Liabilities Noncurrent
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CY2023Q3 us-gaap Other Liabilities Noncurrent
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CY2024 us-gaap Investment Income Interest
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CY2023 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2022 us-gaap Investment Income Interest
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CY2024 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2024 us-gaap Litigation Settlement Gain
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CY2024 viav Other Nonoperating Income Expense Miscellaneous
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OtherNonoperatingIncomeExpenseMiscellaneous
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CY2022 viav Other Nonoperating Income Expense Miscellaneous
OtherNonoperatingIncomeExpenseMiscellaneous
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CY2022 us-gaap Other Nonoperating Income Expense
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CY2024Q2 us-gaap Short Term Investments
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CY2024Q2 viav Deposit Asset Term
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CY2024Q2 us-gaap Equity Securities Fv Ni
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CY2023Q3 us-gaap Short Term Investments
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CY2023Q3 viav Deposit Asset Term
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CY2023Q3 us-gaap Trading Securities
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CY2024Q2 us-gaap Money Market Funds At Carrying Value
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CY2024Q2 us-gaap Liabilities Fair Value Disclosure
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CY2022Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Goodwill
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CY2024 us-gaap Goodwill Other Increase Decrease
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CY2024Q2 us-gaap Goodwill
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38200000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
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673500000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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614900000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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58600000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024 viav Income Loss From Continuing Operations Before Income Tax Domestic And Foreign
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CY2024 us-gaap Current Federal Tax Expense Benefit
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CY2024 viav Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income Inclusion Of Foreign Earnings
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CY2023 viav Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income Inclusion Of Foreign Earnings
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CY2024 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2023 us-gaap Income Tax Reconciliation Tax Settlements
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CY2024 us-gaap Income Tax Expense Benefit
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CY2024Q2 viav Deferred Tax Liabilities Foreign Branch Taxes
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