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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________________
FORM 10-Q
________________________________________________________________ | | | | | |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended March 31, 2024 | | | | | |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the transition period from to .
Commission File Number: 001-39375
________________________________________________________________
COHERENT CORP.
(Exact name of registrant as specified in its charter)
________________________________________________________________ | | | | | | | | | | | |
Pennsylvania | | 25-1214948 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
375 Saxonburg Boulevard | | 16056 |
Saxonburg, | PA | | (Zip Code) |
(Address of principal executive offices) | | |
Registrant’s telephone number, including area code: 724-352-4455
N/A
(Former name, former address and former fiscal year, if changed since last report)
________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, no par value | COHR | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
At May 3, 2024, 152,461,013 shares of Common Stock, no par value, of the registrant were outstanding.
COHERENT CORP.
INDEX | | | | | | | | | | | |
| Page No. |
| |
| |
| | | |
| | | |
| | Condensed Consolidated Statements of Earnings (Loss) – Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
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| | | |
| | | |
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Coherent Corp. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
| | | | | | | | | | | |
($000) | March 31, 2024 | | June 30, 2023 |
Assets | | | |
Current Assets | | | |
Cash and cash equivalents | $ | 898,578 | | | $ | 821,310 | |
Restricted cash, current | 183,611 | | | 12,023 | |
Accounts receivable - less allowance for doubtful accounts of $10,605 at March 31, 2024 and $8,005 at June 30, 2023 | 955,644 | | | 901,531 | |
Inventories | 1,291,703 | | | 1,272,333 | |
Prepaid and refundable income taxes | 18,971 | | | 28,271 | |
Prepaid and other current assets | 201,727 | | | 216,530 | |
Total Current Assets | 3,550,234 | | | 3,251,998 | |
Property, plant & equipment, net | 1,851,383 | | | 1,782,035 | |
Goodwill | 4,493,225 | | | 4,512,700 | |
Other intangible assets, net | 3,586,302 | | | 3,814,684 | |
Deferred income taxes | 39,485 | | | 37,748 | |
Restricted cash, non-current | 710,270 | | | 4,233 | |
Other assets | 289,513 | | | 307,735 | |
Total Assets | $ | 14,520,412 | | | $ | 13,711,133 | |
Liabilities, Mezzanine Equity and Equity | | | |
Current Liabilities | | | |
Current portion of long-term debt | $ | 75,469 | | | $ | 74,836 | |
Accounts payable | 593,504 | | | 405,308 | |
Accrued compensation and benefits | 177,399 | | | 175,564 | |
Operating lease current liabilities | 38,321 | | | 38,271 | |
Accrued income taxes payable | 116,455 | | | 74,488 | |
Other accrued liabilities | 309,480 | | | 310,281 | |
Total Current Liabilities | 1,310,628 | | | 1,078,748 | |
Long-term debt | 4,082,656 | | | 4,234,962 | |
Deferred income taxes | 748,453 | | | 780,307 | |
Operating lease liabilities | 138,305 | | | 140,748 | |
Other liabilities | 201,240 | | | 247,402 | |
Total Liabilities | 6,481,282 | | | 6,482,167 | |
Mezzanine Equity | | | |
Series B redeemable convertible preferred stock, no par value, 5% cumulative; issued - 215,000 shares at March 31, 2024 and June 30, 2023; redemption value - $2,397,885 and $2,309,966, respectively | 2,333,361 | | | 2,241,415 | |
Shareholders' Equity | | | |
Series A preferred stock, no par value, 6% cumulative; issued - 0 and 2,300,000 shares at March 31, 2024 and June 30, 2023, respectively | — | | | 445,319 | |
Common stock, no par value; authorized - 300,000,000 shares; issued - 167,990,097 shares at March 31, 2024; 154,719,413 shares at June 30, 2023 | 4,835,261 | | | 3,781,211 | |
Accumulated other comprehensive income | 67,352 | | | 109,726 | |
Retained earnings | 744,792 | | | 944,416 | |
| 5,647,405 | | | 5,280,672 | |
Treasury stock, at cost; 15,572,135 shares at March 31, 2024 and 15,135,711 shares at June 30, 2023 | (311,953) | | | (293,121) | |
Total Coherent Corp. Shareholders’ Equity | 5,335,452 | | | 4,987,551 | |
Noncontrolling interests (NCI) | 370,317 | | | — | |
Total Equity | 5,705,769 | | | 4,987,551 | |
Total Liabilities, Mezzanine Equity and Equity | $ | 14,520,412 | | | $ | 13,711,133 | |
See Notes to Condensed Consolidated Financial Statements.
Coherent Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
($000, except per share data)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Revenues | $ | 1,208,809 | | | $ | 1,240,194 | |
| | | |
Costs, Expenses, and Other Expense (Income) | | | |
Cost of goods sold | 842,322 | | | 820,038 | |
Internal research and development | 127,485 | | | 126,382 | |
Selling, general and administrative | 205,167 | | | 226,386 | |
Restructuring charges | 11,530 | | | — | |
Interest expense | 72,753 | | | 75,183 | |
Other income, net | (18,597) | | | (3,048) | |
Total Costs, Expenses, & Other Expense | 1,240,660 | | | 1,244,941 | |
| | | |
Loss Before Income Taxes | (31,851) | | | (4,747) | |
| | | |
Income Tax Benefit | (16,121) | | | (7,293) | |
| | | |
Net Earnings (Loss) | (15,730) | | | 2,546 | |
Net Loss Attributable to Noncontrolling Interests | (2,543) | | | — | |
Net Earnings (Loss) Attributable to Coherent Corp. | (13,187) | | | 2,546 | |
Less: Dividends on Preferred Stock | 31,193 | | | 36,071 | |
Net Loss Available to the Common Shareholders | $ | (44,380) | | | $ | (33,525) | |
| | | |
Basic Loss Per Share | $ | (0.29) | | | $ | (0.24) | |
| | | |
Diluted Loss Per Share | $ | (0.29) | | | $ | (0.24) | |
See Notes to Condensed Consolidated Financial Statements.
Coherent Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
($000, except per share data)
| | | | | | | | | | | |
| Nine Months Ended March 31, |
| 2024 | | 2023 |
Revenues | $ | 3,393,326 | | | $ | 3,955,049 | |
| | | |
Costs, Expenses, and Other Expense (Income) | | | |
Cost of goods sold | 2,369,303 | | | 2,680,131 | |
Internal research and development | 352,136 | | | 376,257 | |
Selling, general and administrative | 626,027 | | | 780,551 | |
Restructuring charges | 12,978 | | | — | |
Interest expense | 220,689 | | | 207,976 | |
Other (income) expense, net | (30,252) | | | 32,253 | |
Total Costs, Expenses, & Other Expense | 3,550,881 | | | 4,077,168 | |
| | | |
Loss Before Income Taxes | (157,555) | | | (122,119) | |
| | | |
Income Tax Benefit | (45,816) | | | (40,895) | |
| | | |
Net Loss | (111,739) | | | (81,224) | |
Net Loss Attributable to Noncontrolling Interests | (4,027) | | | — | |
Net Loss Attributable to Coherent Corp. | (107,712) | | | (81,224) | |
Less: Dividends on Preferred Stock | 91,946 | | | 107,537 | |
Net Loss Available to the Common Shareholders | $ | (199,658) | | | $ | (188,761) | |
| | | |
Basic Loss Per Share | $ | (1.32) | | | $ | (1.38) | |
| | | |
Diluted Loss Per Share | $ | (1.32) | | | $ | (1.38) | |
See Notes to Condensed Consolidated Financial Statements.
Coherent Corp. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
($000)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Nine Months Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net Earnings (Loss) | $ | (15,730) | | | $ | 2,546 | | | $ | (111,739) | | | $ | (81,224) | |
Other Comprehensive Income (Loss): | | | | | | | |
Foreign currency translation adjustments | (146,770) | | | 58,141 | | | (27,885) | | | 157,805 | |
Change in fair value of interest rate swap, net of taxes of $(1,193) and $(4,665) for the three and nine months ended March 31, 2024, respectively; and $(1,712) and $1,649 for the three and nine months ended March 31, 2023, respectively | (4,359) | | | (6,251) | | | (17,034) | | | 6,019 | |
Change in fair value of interest rate cap, net of taxes of $3,104 and $(40) for the three and nine months ended March 31, 2024, respectively; and $(2,200) and $2,032 for the three and nine months ended March 31, 2023, respectively | 11,337 | | | (8,275) | | | (379) | | | 7,646 | |
Pension adjustment, net of taxes of $0 for the three and nine months ended March 31, 2024 and March 31, 2023 | 476 | | | 709 | | | 824 | | | 1,151 | |
Comprehensive Income (Loss) | (155,046) | | | 46,870 | | | (156,213) | | | 91,397 | |
Comprehensive Loss Attributable to Noncontrolling Interests | (2,543) | | | — | | | (4,027) | | | — | |
Foreign Currency Translation Adjustments Attributable to Noncontrolling Interests | (294) | | | — | | | 771 | | | — | |
Comprehensive Income (Loss) Attributable to Coherent Corp. | $ | (152,209) | | | $ | 46,870 | | | $ | (152,957) | | | $ | 91,397 | |
See Notes to Condensed Consolidated Financial Statements.
Coherent Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
($000)
| | | | | | | | | | | |
| Nine Months Ended March 31, |
| 2024 | | 2023 |
Cash Flows from Operating Activities | | | |
Net loss | $ | (111,739) | | | $ | (81,224) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
Depreciation | 199,693 | | | 197,469 | |
Amortization | 216,420 | | | 280,667 | |
Share-based compensation expense | 97,752 | | | 123,674 | |
Amortization of discount on convertible debt and debt issuance costs | 13,256 | | | 13,690 | |
Non-cash restructuring charges | 4,858 | | | — | |
Loss on disposal of property, plant and equipment | 262 | | | — | |
Unrealized gains on foreign currency remeasurements and transactions | (3,852) | | | (945) | |
Loss (earnings) from equity investments | 523 | | | (435) | |
Deferred income taxes | (140,727) | | | (121,277) | |
| | | |
Loss on debt extinguishment | — | | | 6,835 | |
Increase (decrease) in cash from changes in (net of effect of acquisitions): | | | |
Accounts receivable | (52,388) | | | 50,887 | |
Inventories | (21,256) | | | 75,096 | |
Accounts payable | 161,366 | | | (78,985) | |
Contract liabilities | (39,103) | | | 13,177 | |
Income taxes | 36,960 | | | 18,478 | |
Accrued compensation and benefits | 1,835 | | | (54,893) | |
Other operating assets and liabilities | 19,544 | | | 10,279 | |
Net cash provided by operating activities | 383,404 | | | 452,493 | |
Cash Flows from Investing Activities | | | |
Additions to property, plant & equipment | (246,909) | | | (342,999) | |
Purchases of businesses, net of cash acquired | — | | | (5,488,556) | |
| | | |
| | | |
| | | |
| | | |
Other investing activities | (2,114) | | | (2,261) | |
Net cash used in investing activities | (249,023) | | | (5,833,816) | |
Cash Flows from Financing Activities | | | |
| | | |
| | | |
Sale of shares to noncontrolling interests | 1,000,000 | | | — | |
Proceeds from borrowings of Term A Facility | — | | | 850,000 | |
Proceeds from borrowings of Term B Facility | — | | | 2,800,000 | |
Proceeds from borrowings of revolving credit facilities | 18,966 | | | 65,000 | |
Proceeds from issuance of Series B Preferred Shares | — | | | 1,400,000 | |
| | | |
| | | |
Payments on existing debt | (165,094) | | | (1,144,025) | |
Payments on borrowings under revolving credit facilities | (18,642) | | | (65,000) | |
Payments on convertible notes | — | | | (3,561) | |
Debt issuance costs | — | | | (126,516) | |
Equity issuance costs | (31,840) | | | (42,000) | |
Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan | 36,097 | | | 21,509 | |
| | | |
Payments in satisfaction of employees' minimum tax obligations | (18,823) | | | (51,836) | |
Cash dividends paid | — | | | (20,700) | |
Other financing activities | (755) | | | (866) | |
Net cash provided by financing activities | 819,909 | | | 3,682,005 | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 603 | | | 22,532 | |
| | | | | | | | | | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 954,893 | | | (1,676,786) | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 837,566 | | | 2,582,371 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 1,792,459 | | | $ | 905,585 | |
Supplemental Information | | | |
Cash paid for interest | $ | 224,656 | | | $ | 190,672 | |
Cash paid for income taxes | $ | 53,803 | | | $ | 63,485 | |
Additions to property, plant & equipment included in accounts payable | $ | 66,040 | | | $ | 45,425 | |
Non-Cash Investing and Financing Activities | | | |
Conversion of Series A preferred stock to common stock | $ | 445,319 | | | $ | — | |
See Notes to Condensed Consolidated Financial Statements.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows. At March 31, 2024, we had $894 million of restricted cash.
| | | | | | | | | | | |
| March 31, |
| 2024 | | 2023 |
Cash and cash equivalents | $ | 898,578 | | | $ | 884,352 | |
Restricted cash, current | 183,611 | | | 16,676 | |
Restricted cash, non-current | 710,270 | | | 4,557 | |
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 1,792,459 | | | $ | 905,585 | |
Coherent Corp and Subsidiaries
Condensed Consolidated Statements of Equity and Mezzanine Equity (Unaudited)
($000, including share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Preferred Stock | | AOCI | | Retained Earnings | | Treasury Stock | | NCI | | Total | | Mezzanine Equity |
| | Shares | | Amount | | Shares | | Amount | | | | Shares | | Amount | | | | Pref Shares | | Amount |
Balance - June 30, 2023 | | 154,721 | | | $ | 3,781,211 | | | 2,300 | | | $ | 445,319 | | | $ | 109,726 | | | $ | 944,416 | | | (15,137) | | | $ | (293,121) | | | $ | — | | | $ | 4,987,551 | | | 215 | | | $ | 2,241,415 | |
Share-based and deferred compensation activities | | 1,804 | | | 60,748 | | | — | | | — | | | — | | | — | | | (366) | | | (13,932) | | | — | | | 46,816 | | | — | | | — | |
Conversion of Series A preferred stock | | 10,240 | | | 445,319 | | | (2,300) | | | (445,319) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (67,534) | | | — | | | — | | | — | | | (67,534) | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | (107,903) | | | — | | | — | | | — | | | — | | | (107,903) | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $(1,277) | | — | | | — | | | — | | | — | | | (4,662) | | | — | | | — | | | — | | | — | | | (4,662) | | | — | | | — | |
Change in fair value of interest rate cap, net of taxes of $2,145 | | — | | | — | | | — | | | — | | | 7,600 | | | — | | | — | | | — | | | — | | | 7,600 | | | — | | | — | |
Pension adjustment, net of taxes of $0 | | — | | | — | | | — | | | — | | | 291 | | | — | | | — | | | — | | | — | | | 291 | | | — | | | — | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (30,173) | | | — | | | — | | | — | | | (30,173) | | | — | | | 30,173 | |
Balance - September 30, 2023 | | 166,765 | | | $ | 4,287,278 | | | — | | | $ | — | | | $ | 5,052 | | | $ | 846,709 | | | (15,503) | | | $ | (307,053) | | | $ | — | | | $ | 4,831,986 | | | 215 | | | $ | 2,271,588 | |
Share-based and deferred compensation activities | | 544 | | | 25,184 | | | — | | | — | | | — | | | — | | | (47) | | | (3,633) | | | — | | | 21,551 | | | — | | | — | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (26,991) | | | — | | | — | | | (1,484) | | | (28,475) | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | 225,723 | | | — | | | — | | | — | | | 1,065 | | | 226,788 | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $(1,193) | | — | | | — | | | — | | | — | | | (8,013) | | | — | | | — | | | — | | | — | | | (8,013) | | | — | | | — | |
Change in fair value of interest rate cap, net of taxes of $3,104 | | — | | | — | | | — | | | — | | | (19,316) | | | — | | | — | | | — | | | — | | | (19,316) | | | — | | | — | |
Pension adjustment, net of taxes of $0 | | — | | | — | | | — | | | — | | | 57 | | | — | | | — | | | — | | | — | | | 57 | | | — | | | — | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (30,580) | | | — | | | — | | | — | | | (30,580) | | | — | | | 30,580 | |
Sale of shares to noncontrolling interests, net of issuance costs and taxes | | — | | | 473,614 | | | — | | | — | | | 2,871 | | | — | | | — | | | — | | | 373,573 | | | 850,058 | | | — | | | — | |
Balance - December 31, 2023 | | 167,309 | | | $ | 4,786,076 | | | — | | | $ | — | | | $ | 206,374 | | | $ | 789,138 | | | (15,550) | | | $ | (310,686) | | | $ | 373,154 | | | $ | 5,844,056 | | | 215 | | | $ | 2,302,168 | |
Share-based and deferred compensation activities | | 683 | | | 49,185 | | | — | | | — | | | — | | | — | | | (23) | | | (1,267) | | | — | | | 47,918 | | | — | | | — | |
Net earnings | | — | | | — | | | — | | | — | | | — | | | (13,187) | | | — | | | — | | | (2,543) | | | (15,730) | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | (146,476) | | | — | | | — | | | — | | | (294) | | | (146,770) | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $(1,193) | | — | | | — | | | — | | | — | | | (4,359) | | | — | | | — | | | — | | | — | | | (4,359) | | | — | | | — | |
Change in fair value of interest rate cap, net of taxes of $3,104 | | — | | | — | | | — | | | — | | | 11,337 | | | — | | | — | | | — | | | — | | | 11,337 | | | — | | | — | |
Pension adjustment, net of taxes of $0 | | — | | | — | | | — | | | — | | | 476 | | | — | | | — | | | — | | | — | | | 476 | | | — | | | — | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (31,159) | | | — | | | — | | | — | | | (31,159) | | | — | | | 31,193 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Balance - March 31, 2024 | | 167,992 | | | $ | 4,835,261 | | | — | | | $ | — | | | $ | 67,352 | | | $ | 744,792 | | | (15,573) | | | $ | (311,953) | | | $ | 370,317 | | | $ | 5,705,769 | | | 215 | | | $ | 2,333,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Preferred Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Treasury Stock | | Total | | Mezzanine Equity |
| | Shares | | Amount | | Shares | | Amount | | | | Shares | | Amount | | | Preferred Shares | | Amount |
Balance - June 30, 2022 | | 120,923 | | | $ | 2,064,552 | | | 2,300 | | | $ | 445,319 | | | $ | (2,167) | | | $ | 1,348,125 | | | (13,973) | | | $ | (239,354) | | | $ | 3,616,475 | | | 75 | | | $ | 766,803 | |
Share-based and deferred compensation activities | | 2,398 | | | 61,431 | | | — | | | — | | | — | | | — | | | (830) | | | (40,860) | | | 20,571 | | | — | | | — | |
Coherent acquisition | | 22,588 | | | 1,207,591 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,207,591 | | | — | | | — | |
Convertible debt conversions | | 7,181 | | | 337,940 | | | — | | | — | | | — | | | — | | | — | | | — | | | 337,940 | | | — | | | — | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (38,698) | | | — | | | — | | | (38,698) | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | (132,371) | | | — | | | — | | | — | | | (132,371) | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $3,452 | | — | | | — | | | — | | | — | | | 12,604 | | | — | | | — | | | — | | | 12,604 | | | — | | | — | |
Change in fair value of interest rate cap, net of taxes of $5,440 | | — | | | — | | | — | | | — | | | 20,464 | | | — | | | — | | | — | | | 20,464 | | | — | | | — | |
Pension adjustment, net of taxes $0 | | — | | | — | | | — | | | — | | | 39 | | | — | | | — | | | — | | | 39 | | | — | | | — | |
Issuance of Series B shares | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 140 | | | 1,358,000 | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (35,577) | | | — | | | — | | | (35,577) | | | — | | | 28,677 | |
Balance - September 30, 2022 | | 153,090 | | | $ | 3,671,514 | | | 2,300 | | | $ | 445,319 | | | $ | (101,431) | | | $ | 1,273,850 | | | (14,803) | | | $ | (280,214) | | | $ | 5,009,038 | | | 215 | | | $ | 2,153,480 | |
Share-based and deferred compensation activities | | 779 | | | 32,745 | | | — | | | — | | | — | | | — | | | (266) | | | (9,551) | | | 23,194 | | | — | | | — | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (45,072) | | | — | | | — | | | (45,072) | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | 232,035 | | | — | | | — | | | — | | | 232,035 | | | — | | | — | |
Change in fair value of interest rate cap, net of $(1,208) | | — | | | — | | | — | | | — | | | (4,543) | | | — | | | — | | | — | | | (4,543) | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $(92) | | — | | | — | | | — | | | — | | | (334) | | | — | | | — | | | — | | | (334) | | | — | | | — | |
Pension adjustment, net of taxes $0 | | — | | | — | | | — | | | — | | | 403 | | | — | | | — | | | — | | | 403 | | | — | | | — | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (35,931) | | | — | | | — | | | (35,931) | | | — | | | 28,992 | |
Balance - December 31, 2022 | | 153,869 | | | $ | 3,704,259 | | | 2,300 | | | $ | 445,319 | | | $ | 126,130 | | | $ | 1,192,847 | | | (15,069) | | | $ | (289,765) | | | $ | 5,178,790 | | | 215 | | | $ | 2,182,471 | |
Share-based and deferred compensation activities | | 501 | | | 51,151 | | | — | | | — | | | — | | | — | | | (29) | | | (1,304) | | | 49,847 | | | — | | | — | |
Net earnings | | — | | | — | | | — | | | — | | | — | | | 2,546 | | | — | | | — | | | 2,546 | | | — | | | — | |
Foreign currency translation adjustments | | — | | | — | | | — | | | — | | | 58,141 | | | — | | | — | | | — | | | 58,141 | | | — | | | — | |
Change in fair value of interest rate swap, net of taxes of $(1,712) | | — | | | — | | | — | | | — | | | (6,251) | | | — | | | — | | | — | | | (6,251) | | | — | | | — | |
Change in fair value of interest rate cap, net of taxes $(2,200) | | — | | | — | | | — | | | — | | | (8,275) | | | — | | | — | | | — | | | (8,275) | | | — | | | — | |
Pension adjustment, net of taxes $0 | | — | | | — | | | — | | | — | | | 709 | | | — | | | — | | | — | | | 709 | | | — | | | — | |
Dividends | | — | | | — | | | — | | | — | | | — | | | (36,071) | | | — | | | — | | | (36,071) | | | — | | | 29,171 | |
Balance - March 31, 2023 | | 154,370 | | | $ | 3,755,410 | | | 2,300 | | | $ | 445,319 | | | $ | 170,454 | | | $ | 1,159,322 | | | $ | (15,098) | | | $ | (291,069) | | | $ | 5,239,436 | | | 215 | | | $ | 2,211,642 | |
See Notes to Condensed Consolidated Financial Statements.
Coherent Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
The condensed consolidated financial statements of Coherent Corp. (“Coherent”, the “Company”, “we”, “us” or “our”) for the three and nine months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, all adjustments considered necessary for a fair presentation for the periods presented have been included. All adjustments are of a normal recurring nature unless disclosed otherwise. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K dated August 18, 2023. The condensed consolidated results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. The Condensed Consolidated Balance Sheet information as of June 30, 2023 was derived from the Company’s audited consolidated financial statements.
Certain prior year amounts have been reclassified for consistency with the current year presentation.
Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the Condensed Consolidated Balance Sheets and the consolidated net income (loss) attributable to its noncontrolling interests be clearly identified and presented on the face of the Condensed Consolidated Statements of Earnings (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss). See Note 11. Noncontrolling Interests for further information on the noncontrolling interests in our Silicon Carbide LLC subsidiary.
Note 2. Recently Issued Financial Accounting Standards
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact this will have on the Company’s condensed consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
In March 2024, the SEC issued the final rule under SEC Release No. 33-11275 and 34-99678, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” requiring public companies to provide certain climate-related information in their registration statements and annual reports. The final rules will require information about a company’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on its business strategy, results of operations, or financial condition, and the actual and potential material impacts of any identified climate-related risks on the company’s strategy, business model and outlook, as well as relating to assessment, management, oversight and mitigation of such material risks, material climate-related targets and goals, and material greenhouse gas emissions. Additionally, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The first phase of the final rule is effective for fiscal years beginning in 2025. Disclosure for prior periods is only required if it was previously disclosed in an SEC filing. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. We are currently evaluating the impact on our disclosures of adopting this new pronouncement.
Note 3. Revenue from Contracts with Customers
We believe that disaggregating revenue by end market provides the most relevant information regarding the nature, amount, timing, and uncertainty of revenues and cash flows.
The following tables summarize disaggregated revenue by market ($000):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | Nine Months Ended March 31, 2024 |
| Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total |
Industrial | $ | 16,361 | | | $ | 134,516 | | | $ | 270,301 | | | $ | 421,178 | | | $ | 47,072 | | | $ | 404,847 | | | $ | 796,961 | | | $ | 1,248,880 | |
Communications | 593,223 | | | 22,568 | | | — | | | 615,791 | | | 1,538,847 | | | 56,804 | | | — | | | 1,595,651 | |
Electronics | 1,643 | | | 71,970 | | | — | | | 73,613 | | | 4,820 | | | 247,314 | | | — | | | 252,134 | |
Instrumentation | 7,597 | | | 9,928 | | | 80,702 | | | 98,227 | | | 25,169 | | | 28,335 | | | 243,157 | | | 296,661 | |
Total Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | 1,208,809 | | | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | 3,393,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | | Nine Months Ended March 31, 2023 |
| Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total |
Industrial | $ | 17,570 | | | $ | 156,846 | | | $ | 263,789 | | | $ | 438,205 | | | $ | 52,189 | | | $ | 450,383 | | | $ | 846,881 | | | $ | 1,349,453 | |
Communications | 521,291 | | | 17,014 | | | — | | | 538,305 | | | 1,664,205 | | | 59,553 | | | — | | | 1,723,758 | |
Electronics | 2,849 | | | 136,229 | | | — | | | 139,078 | | | 9,674 | | | 509,803 | | | — | | | 519,477 | |
Instrumentation | 9,389 | | | 13,680 | | | 101,537 | | | 124,606 | | | 30,259 | | | 42,070 | | | 290,032 | | | 362,361 | |
Total Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | 1,240,194 | | | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | 3,955,049 | |
Contract Liabilities
Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Contract liabilities relate to billings in advance of performance under the contract. Contract liabilities are recognized as revenue when the performance obligations have been satisfied. During the nine months ended March 31, 2024, we recognized revenue of $78 million related to customer payments that were included as contract liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2023. We had $110 million of contract liabilities recorded in the Condensed Consolidated Balance Sheet as of March 31, 2024. As of March 31, 2024, $96 million of deferred revenue is included within other accrued liabilities, and $14 million is included within other liabilities on the Condensed Consolidated Balance Sheet.
Note 4. Inventories
The components of inventories were as follows ($000): | | | | | | | | | | | |
| March 31, 2024 | | June 30, 2023 |
Raw materials | $ | 427,947 | | | $ | 462,436 | |
Work in progress | 628,450 | | | 549,992 | |
Finished goods | 235,306 | | | 259,905 | |
Total inventories | $ | 1,291,703 | | | $ | 1,272,333 | |
Note 5. Property, Plant and Equipment
Property, plant and equipment consists of the following ($000): | | | | | | | | | | | |
| March 31, 2024 | | June 30, 2023 |
Land and improvements | $ | 69,578 | | | $ | 69,639 | |
Buildings and improvements | 805,680 | | | 780,204 | |
Machinery and equipment | 1,998,349 | | | 1,879,136 | |
Construction in progress | 404,645 | | | 287,990 | |
Finance lease right-of-use asset | 25,000 | | | 25,000 | |
| 3,303,252 | | | 3,041,969 | |
Less accumulated depreciation | (1,451,869) | | | (1,259,934) | |
Property, plant, and equipment, net | $ | 1,851,383 | | | $ | 1,782,035 | |
Note 6. Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill were as follows ($000):
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended March 31, 2024 |
| Networking | | Materials | | Lasers | | Total |
Balance-beginning of period | $ | 1,036,204 | | | $ | 247,695 | | | $ | 3,228,801 | | | $ | 4,512,700 | |
| | | | | | | |
| | | | | | | |
Foreign currency translation | 457 | | | 224 | | | (20,156) | | | (19,475) | |
Balance-end of period | $ | 1,036,661 | | | $ | 247,919 | | | $ | 3,208,645 | | | $ | 4,493,225 | |
We test goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that fair value is below carrying value.
As part of our annual assessment in the fourth quarter of fiscal 2023, we determined that the estimated fair value of our Lasers reporting unit exceeded its carrying value by approximately 10%. As of March 31, 2024, the carrying amount of goodwill within this reporting unit was $3.2 billion. The reporting unit’s estimated fair value is sensitive to changes in the significant assumptions used in the analysis including forecasted revenues and related gross margins. If the reporting unit does not perform to expected levels and realize the expected benefit from the multi-year synergy and site consolidation plans, or there are adverse changes in certain macroeconomic factors, the related goodwill may be at risk for impairment in the future.
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill were as follows ($000):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | June 30, 2023 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value |
Technology | $ | 1,657,692 | | | $ | (363,999) | | | $ | 1,293,693 | | | $ | 1,661,263 | | | $ | (270,786) | | | $ | 1,390,477 | |
Trade Names | 438,471 | | | (8,471) | | | 430,000 | | | 438,470 | | | (8,279) | | | 430,191 | |
Customer Lists | 2,323,593 | | | (460,984) | | | 1,862,609 | | | 2,333,360 | | | (339,344) | | | 1,994,016 | |
| | | | | | | | | | | |
Total | $ | 4,419,756 | | | $ | (833,454) | | | $ | 3,586,302 | | | $ | 4,433,093 | | | $ | (618,409) | | | $ | 3,814,684 | |
Note 7. Debt
The components of debt as of the dates indicated were as follows ($000): | | | | | | | | | | | |
| March 31, 2024 | | June 30, 2023 |
Term A Facility, interest at adjusted SOFR, as defined, plus 2.000% | $ | 786,250 | | | $ | 818,125 | |
| | | |
Debt issuance costs, Term A Facility and Revolving Credit Facility | (14,730) | | | (18,149) | |
Term B Facility, interest at adjusted SOFR, as defined, plus 2.750% | 2,435,625 | | | 2,566,625 | |
Debt issuance costs, Term B Facility | (54,830) | | | (63,977) | |
1.30% Term loan | 674 | | | 1,697 | |
| | | |
Borrowings on local lines of credit | 1,336 | | | — | |
Facility construction loan in Germany | 19,973 | | | 22,340 | |
| | | |
| | | |
| | | |
| | | |
| | | |
5.000% Senior Notes | 990,000 | | | 990,000 | |
Debt issuance costs and discount, Senior Notes | (6,173) | | | (6,863) | |
| | | |
Total debt | 4,158,125 | | | 4,309,798 | |
Current portion of long-term debt | (75,469) | | | (74,836) | |
Long-term debt, less current portion | $ | 4,082,656 | | | $ | 4,234,962 | |
Senior Credit Facilities
On July 1, 2022 (the “Closing Date”), Coherent entered into a Credit Agreement by and among the Company, as borrower (in such capacity, the “Borrower”), the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the “Term A Facility”), with an aggregate principal amount of $850 million, a term loan B credit facility (the “Term B Facility” and, together with the Term A Facility, the “Term Facilities”), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the “Revolving Credit Facility”), in an aggregate available amount of $350 million, including a letter
of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted SOFR-based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company’s total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 2.00% as of March 31, 2024. As amended, the Term B Facility bears interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.75% as of March 31, 2024. On April 2, 2024, Coherent entered into Amendment No. 2 to the Credit Agreement, under which the principal amount of term B loans outstanding under the Credit Agreement (the “Existing Term B Loans”) were replaced with an equal amount of new term loans (the “New Term B Loans”) having substantially similar terms as the Existing Term B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. As further amended, the New Term B Loans will bear interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.50% as of April 2, 2024. The maturity of the New Term Loans and revolving credit facility remains unchanged.
In relation to the Term Facilities, the Company incurred interest expense, including amortization of debt issuance costs and the benefit of the interest rate cap and swap, of $59 million and $181 million in the three and nine months ended March 31, 2024, respectively, and $62 million and $168 million in the three and nine months ended March 31, 2023, respectively, which is included in interest expense in the Condensed Consolidated Statements of Earnings (Loss). On July 1, 2023, our interest rate cap became effective, which together with our interest rate swap, reduced interest expense by $11 million and $34 million during the three and nine months ended March 31, 2024, respectively, and $6 million and $12 million during the three and nine months ended March 31, 2023, respectively. The amortization of debt issuance costs included in interest expense was $4 million and $11 million in the three and nine months ended March 31, 2024, respectively, and $5 million and $14 million in the three and nine months ended March 31, 2023, respectively. Debt issuance costs are presented as contra-debt within the long-term debt caption in the Condensed Consolidated Balance Sheets.
On the Closing Date, the Borrower and certain of its direct and indirect subsidiaries provided a guaranty of all obligations of the Borrower and the other loan parties under the Credit Agreement and the other loan documents, secured cash management agreements and secured hedge agreements with the lenders and/or their affiliates (subject to certain exceptions). The Borrower and the other guarantors have also granted a security interest in substantially all of their assets to secure such obligations.
Proceeds of the loans borrowed under the Term Facilities on July 1, 2022, together with other financing sources (including the net proceeds from Coherent's offer and sale of its 5.000% Senior Notes due 2029 (the “Senior Notes”) and cash on hand) were used to fund the cash portion of the Merger consideration, the repayment of certain indebtedness (including the repayment in full of all amounts outstanding under the Prior Credit Agreement as defined below), and certain fees and expenses in connection with the Merger and otherwise for general corporate purposes.
As of March 31, 2024, the Company was in compliance with all covenants under the senior credit facilities.
Prior Senior Credit Facilities
Through June 30, 2022, the Company had senior credit facilities (the “Prior Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders party thereto. On July 1, 2022, the Company terminated the Prior Credit Agreement and repaid all amounts outstanding thereunder. Debt extinguishment costs related to the termination of the Prior Credit Agreement of $17 million were expensed in Other expense (income), net in the Condensed Consolidated Statement of Earnings (Loss) during the nine months ended March 31, 2023.
Bridge Loan Commitment
Subject to the terms of an amended and restated commitment letter entered into in connection with Coherent entering into the Merger Agreement to complete its acquisition of Coherent, Inc. (the “Merger”), the commitment parties thereto committed to provide, in addition to the Term Facilities and the Revolving Credit Facility, a senior unsecured bridge loan facility in an aggregate principal amount of $990 million (the “Bridge Loan Commitment”). As a result of the issuance of the Senior Notes, the Bridge Loan Commitment was terminated. During the nine months ended March 31, 2023, the Company incurred expenses of $18 million, related to the termination of the Bridge Loan Commitment, which is included in Other expense (income) in the Condensed Consolidated Statement of Earnings (Loss).
Debt Assumed through Acquisition
We assumed the remaining balances of three term loans with the closing of the Merger. The aggregate principal amount outstanding is $21 million as of March 31, 2024. The term loans assumed consisted of the following: (i) 1.3% Term Loan due 2024, (ii) 1.0% State of Connecticut Term Loan due 2023 (and repaid prior to June 30, 2023), and (iii) Facility construction loan in Germany due 2030. For the Facility construction loan, on December 21, 2020, Coherent LaserSystems GmbH & Co. KG entered into a loan agreement with Commerzbank for borrowings of up to 24 million Euros, which were drawn down by October 29, 2021, to finance a portion of the construction of a new facility in Germany. The term of the loan is 10 years, and borrowings bear interest at 1.55% per annum. Payments are made quarterly.
5.000% Senior Notes due 2029
On December 10, 2021, the Company issued $990 million aggregate principal amount of Senior Notes pursuant to the indenture, dated as of December 10, 2021 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Senior Notes are guaranteed by each of the Company’s domestic subsidiaries that guarantee its obligations under the Senior Credit Facilities. Interest on the Senior Notes is payable on December 15 and June 15 of each year, commencing on June 15, 2022, at a rate of 5.000% per annum. The Senior Notes will mature on December 15, 2029.
On or after December 15, 2024, the Company may redeem the Senior Notes, in whole at any time or in part from time to time, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to December 15, 2024, the Company may redeem the Senior Notes, at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Senior Notes redeemed, plus a “make-whole” premium set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Notwithstanding the foregoing, at any time and from time to time prior to December 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the Senior Notes using the proceeds of certain equity offerings as set forth in the Indenture, at a redemption price equal to 105.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
In relation to the Senior Notes, the Company incurred interest expense of $13 million and $38 million in the three and nine months ended March 31, 2024, respectively, and $13 million and $38 million in the three and nine months ended March 31, 2023, respectively, which is included in interest expense in the Condensed Consolidated Statements of Earnings (Loss).
The Indenture contains customary covenants and events of default, including default relating to, among other things, payment default, failure to comply with covenants or agreements contained in the Indenture or the Senior Notes and certain provisions related to bankruptcy events. As of March 31, 2024, the Company was in compliance with all covenants under the Indenture.
Aggregate Availability
The Company had aggregate availability of $346 million under its Revolving Credit Facility as of March 31, 2024.
Note 8. Income Taxes
The Company’s year-to-date effective income tax rate was 29% at March 31, 2024 compared to 33% for the period ending March 31, 2023. The difference between the Company’s effective tax rate and the U.S. statutory rate of 21% were due to tax rate differentials between U.S. and foreign jurisdictions.
U.S. GAAP prescribes the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements which includes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of March 31, 2024 and June 30, 2023, the Company’s gross unrecognized income tax benefit, excluding interest and penalties, was $115 million. The Company has classified the uncertain tax positions as non-current income tax liabilities, as the amounts are not expected to be paid within one year. If recognized, $91 million of the gross unrecognized tax benefits at March 31, 2024 would impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision in the Condensed Consolidated Statements of Earnings (Loss). The amount of accrued interest and penalties included in the gross unrecognized income tax benefit was $7 million and $6 million at March 31, 2024 and June 30, 2023, respectively.
Fiscal years 2018 and 2020 to 2023 remain open to examination by the Internal Revenue Service, fiscal years 2019 to 2023 remain open to examination by certain state jurisdictions, and fiscal years 2012 to 2023 remain open to examination by certain foreign taxing jurisdictions. The Company is currently under examination for certain subsidiary companies in Vietnam for the years ended June 30, 2017 through September 30, 2021; Singapore for the year ended September 30, 2020; Korea for the year ended September 30, 2021; Spain for the years ended September 30, 2020 through September 30, 2022; and Germany for the years ended June 30, 2012 through September 30, 2020. The Company believes its income tax reserves for these tax matters are adequate.
Note 9. Leases
We determine if an arrangement is a lease at inception for arrangements with an initial term of more than 12 months, and classify it as either finance or operating.
Finance leases are generally those that allow us to substantially utilize or pay for the entire asset over its estimated useful life. Finance lease assets are recorded in Property, plant and equipment, net, and finance lease liabilities within Other accrued liabilities and Other liabilities on our Condensed Consolidated Balance Sheets. Finance lease assets are amortized in operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term, with the interest component for lease liabilities included in interest expense and recognized using the effective interest method over the lease term.
Operating leases are recorded in Other assets and Operating lease liabilities, current and non-current on our Condensed Consolidated Balance Sheets. Operating lease assets are amortized on a straight-line basis in operating expenses over the lease term.
Our lease liabilities are recognized based on the present value of the remaining fixed lease payments, over the lease term, using a discount rate of similarly secured borrowings available to the Company. For the purpose of lease liability measurement, we consider only payments that are fixed and determinable at the time of commencement. Any variable payments that depend on an index or rate are expensed as incurred. We account for non-lease components, such as common area maintenance, as a component of the lease, and includes it in the initial measurement of our leased assets and corresponding liabilities. Our lease terms and conditions may include options to extend or terminate. An option is recognized when it is reasonably certain that we will exercise that option.
Our lease assets also include any lease payments made, and exclude any lease incentives received prior to commencement. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations.
The following table presents lease costs, which include leases for arrangements with an initial term of more than 12 months, lease term, and discount rates ($000): | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | | | Nine Months Ended March 31, 2024 |
Finance lease cost | | | | | |
Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | |
Interest on lease liabilities | — | | | | | — | |
Total finance lease cost | 417 | | | | | 1,250 | |
Operating lease cost | 12,830 | | | | | 38,539 | |
Total lease cost | $ | 13,247 | | | | | $ | 39,789 | |
| | | | | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | |
Operating cash flows from finance leases | $ | 257 | | | | | $ | 789 | |
Operating cash flows from operating leases | 12,293 | | | | | 36,834 | |
Financing cash flows from finance leases | 408 | | | | | 1,171 | |
| | | | | |
Weighted-Average Remaining Lease Term (in Years) | | | | | |
Finance leases | 7.8 | | | | |
Operating leases | 6.2 | | | | |
| | | | | |
Weighted-Average Discount Rate | | | | | |
Finance leases | 5.6 | % | | | | |
Operating leases | 6.4 | % | | | | |
| | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | | | | Nine Months Ended March 31, 2023 |
Finance lease cost | | | | | |
Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | |
Interest on lease liabilities | 279 | | | | | 851 | |
Total finance lease cost | 696 | | | | | 2,101 | |
Operating lease cost | 13,324 | | | | | 39,817 | |
Total lease cost | $ | 14,020 | | | | | $ | 41,918 | |
| | | | | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | |
Operating cash flows from finance leases | $ | 279 | | | | | $ | 851 | |
Operating cash flows from operating leases | 12,578 | | | | | 37,843 | |
Financing cash flows from finance leases | 369 | | | | | 1,056 | |
Note 10. Equity and Redeemable Preferred Stock
As of March 31, 2024, the Company’s amended and restated articles of incorporation authorize our board of directors, without the approval of our shareholders, to issue 5 million shares of our preferred stock. As of March 31, 2024, 2.3 million shares of mandatory preferred convertible shares have been authorized, none are outstanding; 75,000 shares of Series B-1 convertible preferred stock, no par value, have been issued and are outstanding; and 140,000 shares of Series B-2 convertible preferred stock, no par value, have been issued and are outstanding.
Mandatory Convertible Preferred Stock
In July 2020, the Company issued 2.3 million shares of Mandatory Convertible Preferred Stock.
All outstanding shares of Mandatory Convertible Preferred Stock were converted to 10,240,290 shares of Company Common Stock on July 3, 2023, at a conversion ratio of 4.4523, and no shares of Mandatory Convertible Preferred Stock are currently issued and outstanding.
Preferred dividends are presented as a reduction to Retained earnings on the Condensed Consolidated Balance Sheets.
The following table presents dividends per share and dividends recognized:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Nine Months Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Dividends per share | $ | — | | | $ | 3.00 | | | $ | — | | | $ | 9.00 | |
Mandatory Convertible Preferred Stock dividends ($000) | — | | | 6,900 | | | — | | | 27,000 | |
Series B-1 Convertible Preferred Stock
In March 2021, the Company issued 75,000 shares of Series B-1 Convertible Preferred Stock, no par value per share (“Series B-1 Preferred Stock”), for $10,000 per share, resulting in an aggregate purchase price of $750 million.
The shares of Series B-1 Preferred Stock are convertible into shares of Coherent Common Stock as follows:
•at the election of the holder, at an initial conversion price of $85 per share (as it may be adjusted from time to time, the “Conversion Price”) upon the delivery by Coherent to the holders of the Series B-1 Preferred Stock of an offer to repurchase the Series B-1 Preferred Stock upon the occurrence of a Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock as defined below); and
•at the election of the Company, any time following March 31, 2024, at the then-applicable Conversion Price if the volume-weighted average price of Coherent Common Stock exceeds 150% of the then-applicable Conversion Price for 20 trading days out of any 30 consecutive trading days.
The issued shares of Series B-1 Preferred Stock currently have voting rights, voting as one class with the Coherent Common Stock and the Series B-2 Preferred Stock (as defined below), on an as-converted basis, subject to limited exceptions.
On or at any time after March 31, 2031:
•each holder has the right to require the Company to redeem all of their Coherent Series B-1 Preferred Stock, for cash, at a redemption price per share equal to the sum of the Stated Value (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock) for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value (such price the “Redemption Price,” and such right the “Put Right”); and
•the Company has the right to redeem, in whole or in part, on a pro rata basis from all holders based on the aggregate number of shares of Series B-1 Preferred Stock outstanding, for cash, at the Redemption Price.
In connection with any Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock), and subject to the procedures set forth in the Statement with Respect to Shares establishing the Series B Preferred Stock, the Company must, or will cause the survivor of a Fundamental Change to, make an offer to repurchase, at the option and election of the holder thereof, each share of Series B-1 Preferred Stock then-outstanding at a purchase price per share in cash equal to (i) the Stated Value for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value as of the date of repurchase plus (ii) if prior to March 31, 2026, the aggregate amount of all dividends that would have been paid (subject to certain exceptions), from the date of repurchase through March 31, 2026.
If the Company defaults on a payment obligation with respect to the Series B-1 Preferred Stock and such default is not cured within 30 days, the dividend rate will increase to 8% per annum and will be increased by an additional 2% per annum each quarter the Company remains in default, not to exceed 14% per annum.
The Series B-1 Preferred Stock is redeemable for cash outside of the control of the Company upon the exercise of the Put Right, and upon a Fundamental Change, and is therefore classified as mezzanine equity.
The Series B-1 Preferred Stock is initially measured at fair value less issuance costs, accreted to its redemption value over a 10-year period (using the effective interest method) with such accretion accounted for as deemed dividends and reductions to Net Earnings (Loss) Available to Common Shareholders.
Series B-2 Convertible Preferred Stock
On July 1, 2022, the Company issued 140,000 shares of Series B-2 Convertible Preferred Stock, no par value per share (“Series B-2 Preferred Stock” and, together with the Series B-1 Preferred Stock, the “Series B Preferred Stock”), for $10,000 per share and an aggregate purchase price of $1.4 billion.
The shares of Series B-2 Preferred Stock are convertible into shares of Coherent Common Stock as follows:
•at the election of the holder the Conversion Price upon the delivery by Coherent to the holders of the Series B-2 Preferred Stock of an offer to repurchase the Coherent Series B-2 Convertible Preferred Stock upon the occurrence of a Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock); and
•at the election of the Company, any time following July 1, 2025 at the then-applicable Conversion Price if the volume-weighted average price of Coherent Common Stock exceeds 150% of the then-applicable Conversion Price for 20 trading days out of any 30 consecutive trading days.
The issued shares of Series B-2 Convertible Preferred Stock currently have voting rights, voting as one class with the Coherent Common Stock and the Series B-1 Preferred Stock, on an as-converted basis, subject to limited exceptions.
On or at any time after July 1, 2032:
•each holder has the right to require the Company to redeem all of their Series B-2 Preferred Stock, for cash, at a redemption price per share equal to the sum of the Stated Value for such shares (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock) plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value (such price the “Redemption Price,” and such right the “Put Right”); and
•the Company has the right to redeem, in whole or in part, on a pro rata basis from all holders based on the aggregate number of shares of Series B-2 Preferred Stock outstanding, for cash, at the Redemption Price.
In connection with any Fundamental Change, and subject to the procedures set forth in the Statement with Respect to Shares establishing the Series B Preferred Stock, the Company must, or will cause the survivor of a Fundamental Change to, make an offer to repurchase, at the option and election of the holder thereof, each share of Series B-2 Preferred Stock then-outstanding at a purchase price per share in cash equal to (i) the Stated Value for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value as of the date of repurchase plus (ii) if prior to July 1, 2027, the aggregate amount of all dividends that would have been paid (subject to certain exceptions), from the date of repurchase through July 1, 2027.
If the Company defaults on a payment obligation with respect to the Series B-2 Preferred Stock and such default is not cured within 30 days, the dividend rate will increase to 8% per annum and will be increased by an additional 2% per annum each quarter the Company remains in default, not to exceed 14% per annum.
The Series B-2 Preferred Stock is redeemable for cash outside of the control of the Company upon the exercise of the Put Right, and upon a Fundamental Change, and is therefore classified as mezzanine equity.
The Series B-2 Preferred Stock is initially measured at fair value less issuance costs, accreted to its redemption value over a 10-year period (using the effective interest method) with such accretion accounted for as deemed dividends and reductions to Net Earnings (Loss) Available to Common Shareholders.
Preferred stock dividends are presented as a reduction to retained earnings on the Condensed Consolidated Balance Sheets.
The following table presents dividends per share and dividends recognized:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Nine Months Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Dividends per share | $ | 145 | | | $ | 136 | | | $ | 428 | | | $ | 404 | |
Dividends ($000) | 29,810 | | | 27,969 | | | 87,919 | | | 83,267 | |
Deemed dividends ($000) | 1,383 | | | 1,202 | | | 4,027 | | | 3,570 | |
Note 11. Noncontrolling Interests
On December 4, 2023, Silicon Carbide LLC (“Silicon Carbide”), one of the Company’s subsidiaries, completed (i) the sale of 16,666,667 Class A Common Units to Denso Corporation (“Denso”) for $500,000,000 pursuant to an Investment Agreement, dated as of October 10, 2023, by and between Silicon Carbide and Denso and (ii) the sale of 16,666,667 Class A Common
Units to Mitsubishi Electric Corporation (“MELCO”) for $500,000,000 pursuant to an Investment Agreement, dated as of October 10, 2023, by and between Silicon Carbide and MELCO (collectively, the “Equity Investments”).
As a consequence of the Equity Investments, the Company’s ownership interest in the Class A Common Units of Silicon Carbide LLC was reduced to approximately 75%. Denso and MELCO each, individually, own approximately 12.5% of the Class A Common Units of Silicon Carbide.
The Equity Investments in Silicon Carbide enables Coherent to increase its available free cash flow to provide greater financial and operational flexibility to execute its capital allocation priorities, as the aggregate $1 billion investment, net of transaction costs, will be used to fund future capital expansion of Silicon Carbide.
The following table presents the activity in noncontrolling interests in the Company's Silicon Carbide subsidiary, as discussed above ($000s).
| | | | | | | |
| Nine Months Ended March 31, |
| 2024 | | |
Beginning balance | $ | — | | | |
Sale of shares to noncontrolling interests | 373,573 | | | |
Share of foreign currency translation adjustments | 771 | | | |
Net loss | (4,027) | | | |
Ending balance | $ | 370,317 | | | |
Note 12. Earnings (Loss) Per Share
Basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted earnings (loss) per common share is computed by dividing the diluted earnings (loss) available to common shareholders by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. For the three and nine months ended March 31, 2024 and March 31, 2023, as the Company was in a net loss position, there were no dilutive shares.
Potentially dilutive shares whose effect would have been anti-dilutive are excluded from the computation of diluted earnings (loss) per common share. For the three and nine months ended March 31, 2024, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares, calculated based on the average stock price for each fiscal period, using the treasury stock method, as well as the shares of Coherent Common Stock issuable upon conversion of the Series B Convertible Preferred Stock (under the If-Converted method), as their effects were anti-dilutive.
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations (000, except per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Nine Months Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Numerator | | | | | | | |
Net loss attributable to Coherent Corp. | $ | (13,187) | | | $ | 2,546 | | | $ | (107,712) | | | $ | (81,224) | |
Deduct Series A preferred stock dividends | — | | | (6,900) | | | — | | | (20,700) | |
Deduct Series B dividends and deemed dividends | (31,193) | | | (29,171) | | | (91,946) | | | (86,837) | |
Basic loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Diluted loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | |
| | | | | | | |
Denominator | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Diluted weighted average common shares | 152,138 | | | 139,113 | | | 151,341 | | | 136,990 | |
| | | | | | | |
Basic loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | |
| | | | | | | |
Diluted loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | |
The following table presents potential shares of common stock excluded from the calculation of diluted net earnings (loss) per share, as their effect would have been anti-dilutive (000):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Nine Months Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Common stock equivalents | 3,546 | | | 2,416 | | | 2,613 | | | 2,334 | |
Convertible Notes | — | | | — | | | — | | | 1,491 | |
Series A Mandatory Convertible Preferred Stock | — | | | 10,697 | | | — | | | 10,331 | |
Series B Convertible Preferred Stock | 27,862 | | | 26,511 | | | 27,518 | | | 26,185 | |
Total anti-dilutive shares | 31,408 | | | 39,624 | | | 30,131 | | | 40,341 | |
Note 13. Segment Reporting
The Company reports its business segments using the “management approach” model for segment reporting. This means that we determine our reportable business segments based on the way the chief operating decision-maker organizes business segments within the Company for making operating decisions and assessing financial performance.
We report our financial results in the following three segments: (i) Networking, (ii) Materials, and (iii) Lasers. Our chief operating decision maker receives and reviews financial information based on these three segments. We evaluate business segment performance based upon segment operating income, which is defined as earnings before income taxes, interest and other income or expense. The segments are managed separately due to the market, production requirements and facilities unique to each segment.
The accounting policies are consistent across each segment. To the extent possible, our corporate expenses and assets are allocated to the segments.
The following tables summarize selected financial information of our operations by segment ($000):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
| Networking | | Materials | | Lasers | | Unallocated & Other | | Total |
Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | — | | | $ | 1,208,809 | |
Inter-segment revenues | 10,892 | | | 132,177 | | | 1,513 | | | (144,582) | | | — | |
Operating income (loss) | 58,166 | | | 8,220 | | | (44,081) | | | — | | | 22,305 | |
Interest expense | — | | | — | | | — | | | — | | | (72,753) | |
Other income (expense), net | — | | | — | | | — | | | — | | | 18,597 | |
Income tax benefit | — | | | — | | | — | | | — | | | 16,121 | |
Net loss | — | | | — | | | — | | | — | | | (15,730) | |
Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (13,187) | |
Depreciation and amortization | 40,573 | | | 26,508 | | | 72,654 | | | — | | | 139,735 | |
Expenditures for property, plant & equipment | 20,884 | | | 61,119 | | | 11,239 | | | — | | | 93,242 | |
Segment assets | 3,497,693 | | | 3,028,652 | | | 7,994,067 | | | — | | | 14,520,412 | |
Goodwill | 1,036,661 | | | 247,919 | | | 3,208,645 | | | — | | | 4,493,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 |
| Networking | | Materials | | Lasers | | Unallocated & Other | | Total |
Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | — | | | $ | 1,240,194 | |
Inter-segment revenues | 17,759 | | | 96,604 | | | 317 | | | (114,680) | | | — | |
Operating income (loss) | 49,476 | | | 67,826 | | | (49,914) | | | — | | | 67,388 | |
Interest expense | — | | | — | | | — | | | — | | | (75,183) | |
Other income (expense), net | — | | | — | | | — | | | — | | | 3,048 | |
Income tax benefit | — | | | — | | | — | | | — | | | 7,293 | |
Net earnings | — | | | — | | | — | | | — | | | 2,546 | |
Depreciation and amortization | 41,369 | | | 29,242 | | | 90,330 | | | — | | | 160,941 | |
Expenditures for property, plant & equipment | 6,441 | | | 78,666 | | | 12,038 | | | — | | | 97,145 | |
Segment assets | 3,435,816 | | | 2,275,614 | | | 8,406,202 | | | — | | | 14,117,632 | |
Goodwill | 1,012,006 | | | 273,341 | | | 3,219,790 | | | — | | | 4,505,137 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended March 31, 2024 |
| Networking | | Materials | | Lasers | | Unallocated & Other | | Total |
Revenues | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | — | | | $ | 3,393,326 | |
Inter-segment revenues | 33,758 | | | 315,961 | | | 3,357 | | | (353,076) | | | — | |
Operating income (loss) | 121,971 | | | 25,173 | | | (114,262) | | | — | | | 32,882 | |
Interest expense | — | | | — | | | — | | | — | | | (220,689) | |
Other income (expense), net | — | | | — | | | — | | | — | | | 30,252 | |
Income tax benefit | — | | | — | | | — | | | — | | | 45,816 | |
Net loss | — | | | — | | | — | | | — | | | (111,739) | |
Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (107,712) | |
Depreciation and amortization | 121,780 | | | 77,205 | | | 217,128 | | | — | | | 416,113 | |
Expenditures for property, plant & equipment | 74,751 | | | 156,142 | | | 16,016 | | | — | | | 246,909 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended March 31, 2023 |
| Networking | | Materials | | Lasers | | Unallocated & Other | | Total |
Revenues | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | — | | | $ | 3,955,049 | |
Inter-segment revenues | 54,129 | | | 277,502 | | | 1,400 | | | (333,031) | | | — | |
Operating income (loss) | 230,497 | | | 224,633 | | | (337,020) | | | — | | | 118,110 | |
Interest expense | — | | | — | | | — | | | — | | | (207,976) | |
Other income (expense), net | — | | | — | | | — | | | — | | | (32,253) | |
Income taxes | — | | | — | | | — | | | — | | | 40,895 | |
Net loss | — | | | — | | | — | | | — | | | (81,224) | |
Depreciation and amortization | 124,384 | | | 83,804 | | | 269,948 | | | — | | | 478,136 | |
Expenditures for property, plant & equipment | 80,654 | | | 215,038 | | | 47,307 | | | — | | | 342,999 | |
| | | | | | | | | |
| | | | | | | | | |
Note 14. Share-Based Compensation
Stock Award Plans
The Company’s Board of Directors amended the Coherent Corp. 2018 Omnibus Incentive Plan, which originally was approved by the Company's shareholders at the Annual Meeting in November 2018, as the Coherent Corp. Omnibus Incentive Plan (as amended and restated, the “Plan”). The Plan was approved at the Annual Meeting in November 2023. The Plan provides for the grant of stock options, stock appreciation rights, restricted shares, restricted share units, deferred shares, performance shares and performance share units to employees, officers and directors of the Company. The maximum number of shares of Coherent Common Stock authorized for issuance under the Plan is limited to 13,450,000 shares of Coherent Common Stock, not including any remaining shares forfeited under the predecessor plans that may be rolled into the Plan. Certain awards under the Plan have certain vesting provisions predicated upon the death, retirement or disability of the grantee.
On the Closing Date, the Company assumed the Coherent, Inc. Equity Incentive Plan (“Legacy Coherent Plan”) and the Legacy Coherent unvested restricted stock units (“Converted RSUs”) that are generally subject to the same terms and conditions that applied to the Converted RSUs immediately prior to the Closing Date. After the Closing Date, the Company granted restricted stock units under the Legacy Coherent Plan through August 28, 2023. The Legacy Coherent Plan was terminated upon adoption of the Plan in November 2023. No additional awards will be granted under the Coherent Legacy Plan.
The Company has an Employee Stock Purchase Plan whereby eligible employees may authorize payroll deductions of up to 10%, or such other percentage up to 15% that the Company determines, of their regular base salary to purchase shares at the lower of 85% of the fair market value of the common stock on the date of commencement of the offering or on the last day of the six-month offering period.
Share-based compensation expense for the periods indicated was as follows ($000):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | Nine Months Ended March 31, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Stock Options and Cash-Based Stock Appreciation Rights | | $ | 1,078 | | | $ | 767 | | | $ | 824 | | | $ | 927 | |
Restricted Share Awards and Cash-Based Restricted Share Unit Awards | | 20,050 | | | 29,533 | | | 72,038 | | | 103,003 | |
Performance Share Awards and Cash-Based Performance Share Unit Awards | | 2,781 | | | 2,936 | | | 16,611 | | | 13,267 | |
Employee Stock Purchase Plan | | 2,504 | | | 1,839 | | | 8,716 | | | 5,998 | |
| | $ | 26,413 | | | $ | 35,075 | | | $ | 98,189 | | | $ | 123,195 | |
Note 15. Fair Value of Financial Instruments
The FASB defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous markets for the asset and liability in an orderly transaction between market participants at the measurement date. We estimate fair value of our financial instruments utilizing an established three-level hierarchy in accordance with U.S. GAAP. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows:
•Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments.
•Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement.
We entered into an interest rate swap with a notional amount of $1,075 million to limit the exposure to our variable interest rate debt by effectively converting it to a fixed interest rate. Through February 28, 2023, we received payments based on the one-month LIBOR and made payments based on a fixed rate of 1.52%. We received payments with a floor of 0.00%. The interest rate swap agreement had an effective date of November 24, 2019, with an expiration date of September 24, 2024. The initial notional amount of the interest rate swap decreased to $825 million in June 2022, and will remain at that amount through the expiration date. On March 20, 2023, we amended our $825 million interest rate swap (“Amended Swap”), effective as of February 28, 2023, to replace the current reference rate (LIBOR) with SOFR, to be consistent with Amendment No. 1 to the Credit Agreement. See Note 7. Debt for further information. Under the Amended Swap, we receive payments based on the one-month SOFR and make payments based on a fixed rate of 1.42%. We receive payments with a floor of 0.10%. We designated this instrument as a cash flow hedge, and deemed the hedge relationship effective at inception of the contract and the amended contract.
The fair value of the interest rate swap of $15 million and $37 million is recognized in the Condensed Consolidated Balance Sheet within prepaid and other current assets as of March 31, 2024 and June 30, 2023, respectively. Changes in fair value are recorded within accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets and reclassified into the Condensed Consolidated Statements of Earnings (Loss) as interest expense in the period in which the underlying transaction affects earnings. Cash flows from hedging activities are reported in the Condensed Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. The fair value of the interest rate swap is determined using widely accepted valuation techniques and reflects the contractual terms of the interest rate swap including the period to maturity, and while there are no quoted prices in active markets, it uses observable market-based inputs, including interest rate curves. The fair value analysis also considers a credit valuation adjustment to reflect nonperformance risk of both the Company and the single counterparty. The interest rate swap is classified as a Level 2 item within the fair value hierarchy.
On February 23, 2022, we entered into an interest rate cap (the “Cap”) with an effective date of July 1, 2023. On March 20, 2023, we amended the Cap to replace the current reference rate (LIBOR) with SOFR, to be consistent with Amendment No. 1 to the Credit Agreement. See Note 7. Debt for further information. The Cap manages our exposure to interest rate movements on a portion of our floating rate debt. The Cap provides us with the right to receive payment if one-month SOFR exceeds 1.92%. Beginning in July 2023, we began to pay a fixed monthly premium based on an annual rate of 0.853% for the Cap. The Cap will carry a notional amount ranging from $500 million to $1,500 million. The fair value of the interest rate cap of $46 million and $46 million is recognized in the Condensed Consolidated Balance Sheet within prepaid and other current assets and other assets as of March 31, 2024 and June 30, 2023, respectively.
The Cap, as amended, is designed to mirror the terms of the Credit Agreement as amended on March 31, 2023. We designated the Cap as a cash flow hedge of the variability of the SOFR based interest payments on the Term Facilities. Every period over the life of the hedging relationship, the entire change in fair value related to the hedging instrument will first be recorded within accumulated other comprehensive income (loss). Amounts accumulated in accumulated other comprehensive income (loss) are reclassified into interest expense in the same period or periods in which interest expense is recognized on the Credit Agreement, or its direct replacement. The fair value of the Cap is determined using widely accepted valuation techniques and reflects the contractual terms of the Cap including the period to maturity, and while there are no quoted prices in active markets, it uses observable market-based inputs, including interest rate curves. The fair value analysis also considers a credit valuation adjustment to reflect nonperformance risk of both the Company and the single counterparty. The Cap is classified as a Level 2 item within the fair value hierarchy.
We estimated the fair value of the Senior Notes based on quoted market prices as of the last trading day prior to March 31, 2024; however, the Senior Notes have only a limited trading volume and as such this fair value estimate is not necessarily the value at which the Senior Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. The carrying value of the Senior Notes is net of unamortized discount and issuance costs. See Note 7. Debt for details on our debt facilities.
The fair value and carrying value of the Senior Notes were as follows ($000):
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | June 30, 2023 |
| Fair Value | | Carrying Value | | Fair Value | | Carrying Value |
| | | | | | | |
Senior Notes | $ | 933,768 | | | $ | 983,827 | | | $ | 895,950 | | | $ | 983,137 | |
Our borrowings, including our lease obligations and the Senior Notes, are considered Level 2 among the fair value hierarchy and their principal amounts approximate fair value.
Cash and cash equivalents are considered Level 1 among the fair value hierarchy and approximate fair value.
At March 31, 2024, total restricted cash of $894 million includes $889 million of cash in Silicon Carbide LLC that is restricted for use only by that subsidiary and $5 million of cash restricted for other purposes in other entities. At June 30, 2023, total restricted cash of $16 million consisted of cash restricted for other purposes in other entities. The restricted cash is invested in money market accounts and time deposits, with maturities of one year or less, that are held-to-maturity, are considered Level 1 among the fair value hierarchy and approximate fair value. Restricted cash that is expected to be spent and released from restriction after 12 months is classified as non-current on the Condensed Consolidated Balance Sheets.
We, from time to time, purchase foreign currency forward exchange contracts that permit us to sell specified amounts of these foreign currencies for pre-established U.S. dollar amounts at specified dates that represent assets or liabilities on the balance sheets of certain subsidiaries. These contracts are entered into for the purpose of limiting translational exposure to changes in currency exchange rates and which otherwise would expose our earnings, on the revaluation of our aggregate net assets or liabilities in respective currencies, to foreign currency risk. At March 31, 2024, we had foreign currency forward contracts recorded at fair value. The fair values of these instruments were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for credit risk and restrictions and other terms specific to the contracts. Realized losses related to these contracts for the three and nine months ended March 31, 2024 were $12 million and $9 million, respectively, and the three and nine months ended March 31, 2023 were $0 million and $5 million, respectively, and were included in other expense (income), net in the Condensed Consolidated Statements of Earnings (Loss).
Note 16. Share Repurchase Programs
In August 2014, the Company’s Board of Directors authorized the Company to purchase up to $50 million of its common stock through a share repurchase program (the “Program”) that calls for shares to be purchased in the open market or in private transactions from time to time. The Program has no expiration and may be suspended or discontinued at any time. We did not repurchase any shares pursuant to this Program during the quarter ended March 31, 2024. As of February 21, 2024, we had cumulatively purchased 1,416,587 shares of Coherent common stock pursuant to the Program for approximately $22 million. On February 21, 2024, the Company’s Board of Directors terminated the Program and any remaining amount authorized for the repurchase of shares.
Note 17. Accumulated Other Comprehensive Income
The changes in accumulated other comprehensive income (loss) (“AOCI”) by component, net of tax, for the nine months ended March 31, 2024 were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | | Interest Rate Swap | | Interest Rate Cap | | Defined Benefit Pension Plan | | Total Accumulated Other Comprehensive Income (Loss) |
AOCI - June 30, 2023 | $ | 53,355 | | | $ | 19,484 | | | $ | 36,628 | | | $ | 259 | | | $ | 109,726 | |
Other comprehensive income (loss) before reclassifications | (28,656) | | | 7,248 | | | 9,128 | | | 824 | | | (11,456) | |
Amounts reclassified from AOCI | — | | | (24,282) | | | (9,507) | | | — | | | (33,789) | |
Net current-period other comprehensive income (loss) | (28,656) | | | (17,034) | | | (379) | | | 824 | | | (45,245) | |
Reclass related to sale of shares to noncontrolling interests | 2,871 | | | — | | | — | | | — | | | 2,871 | |
AOCI - March 31, 2024 | $ | 27,570 | | | $ | 2,450 | | | $ | 36,249 | | | $ | 1,083 | | | $ | 67,352 | |
Note 18. Restructuring and Synergy and Site Consolidation Plans
Restructuring Plan
On May 23, 2023, the Board of Directors approved the Company’s May 2023 Restructuring Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions are expected to be accompanied by other cost reductions, and are intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. We evaluate restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations (ASC 420), and ASC 712, Compensation-Nonretirement Post-Employment Benefits (ASC 712).
In the three months ended March 31, 2024, these activities resulted in $12 million of charges primarily for employee termination costs, acceleration of depreciation and the write-off of property and equipment. In the nine months ended March 31, 2024, these activities resulted in $13 million of charges primarily for acceleration of depreciation, employee termination costs and write-off of property and equipment, as well as site move costs and travel costs. In fiscal 2023, these activities resulted in $119 million of charges primarily for employee termination costs and the write-off of property and equipment, net of $65 million from reimbursement arrangements. We expect the restructuring actions to be substantially completed by the end of fiscal 2025. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material.
The following table presents our current and non-current liability as accrued for restructuring charges on our Condensed Consolidated Balance Sheets. The table sets forth an analysis of the components of the restructuring charges and payments and other deductions made against the accrual for the first two quarters in fiscal 2024 ($000):
| | | | | | | | | | | | | | | | | | | | | | | |
| Severance | | Asset Write-Offs | | Other | | Total Accrual |
Balance - June 30, 2023 | $ | 64,379 | | | $ | — | | | $ | — | | | $ | 64,379 | |
Restructuring charges | 2,050 | | | 269 | | | 699 | | | 3,018 | |
| | | | | | | |
| | | | | | | |
Payments | (7,930) | | | — | | | — | | | (7,930) | |
Asset write-offs and other | — | | | (269) | | | (699) | | | (968) | |
Balance - September 30, 2023 | 58,499 | | | — | | | — | | | 58,499 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Restructuring charges (recoveries) | (4,848) | | | 54 | | | 3,224 | | | (1,570) | |
| | | | | | | |
| | | | | | | |
Payments | (2,103) | | | — | | | — | | | (2,103) | |
Asset write-offs and other | — | | | (54) | | | (3,224) | | | (3,278) | |
Balance - December 31, 2023 | 51,548 | | | — | | | — | | | 51,548 | |
Restructuring charges (recoveries) | 5,232 | | | 1,593 | | | 4,705 | | | 11,530 | |
| | | | | | | |
| | | | | | | |
Payments | (3,358) | | | — | | | — | | | (3,358) | |
Asset write-offs and other | — | | | (1,593) | | | (4,705) | | | (6,298) | |
Balance - March 31, 2024 | $ | 53,422 | | | $ | — | | | $ | — | | | $ | 53,422 | |
At March 31, 2024, $19 million and $35 million of accrued severance related costs were included in other accrued liabilities and other liabilities, respectively, and are expected to result in cash expenditures through fiscal 2028. The current year severance related costs are primarily comprised of severance pay for employees being terminated due to the consolidation of certain manufacturing sites, with severance recorded in accordance with ASC 712.
By segment, for the three and nine months ended March 31, 2024, $8 million and $15 million, respectively, of restructuring costs were incurred in the Materials segment, and $4 million and $4 million, respectively, of restructuring costs were incurred in the Lasers segment, partially offset by no and $5 million, respectively, of restructuring recoveries in the Networking segment. Restructuring charges and recoveries are recorded in Restructuring Charges in our Condensed Consolidated Statements of Earnings (Loss).
Synergy and Site Consolidation Plan
On May 20, 2023, the Company announced that it has accelerated some of the actions planned as part of its multi-year synergy and site consolidation efforts following the acquisition of Coherent, Inc., including site consolidations and relocations to lower cost sites. These relocations and other actions are expected to result in the Company achieving its previously announced $250 million synergy plan, which includes savings from supply chain management, internal supply of enabling materials and components, operational efficiencies in all functions due to scale, global functional model efficiencies and consolidation of corporate costs. We evaluate severance and other site consolidation costs in accordance with ASC 420 and ASC 712. In the three and nine months ended March 31, 2024, the acceleration of these activities resulted in $13 million and $29 million, respectively, of charges primarily for overlapping labor related to transition of manufacturing operations to other sites, shut down costs, accelerated depreciation, and employee termination costs. In fiscal 2023, the acceleration of these activities resulted in $20 million of charges primarily for employee termination costs, the write-off of inventory for products that are end of life and shut down costs.
At March 31, 2024, $6 million and $6 million of accrued severance related costs were included in Other accrued liabilities and Other liabilities, respectively, and are expected to result in cash expenditures through fiscal 2025. The current year severance related costs are primarily comprised of severance pay for employees being terminated due to the exit or consolidation of certain manufacturing sites.
For the three and nine months ended March 31, 2024, the $13 million and $29 million, respectively, of synergy and site consolidation costs were incurred in the Lasers segment. Costs related to the synergy and site consolidation efforts are recorded in Cost of goods sold ($9 million and $21 million), IR&D ($3 million and $7 million) and SG&A ($1 million and $1 million) in the three and nine months ended March 31, 2024, respectively, in our Condensed Consolidated Statements of Earnings (Loss).
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide a reader of Coherent’s financial statements with a narrative from the perspective of management. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and related notes included under Item 1 of this quarterly report. Coherent’s MD&A is presented in seven sections:
•Forward-Looking Statements
•Overview
•Restructuring and Site Consolidation
•Silicon Carbide Investment
•Critical Accounting Estimates
•Results of Operations
•Liquidity and Capital Resources
Forward-looking statements in Item 2 may involve risks and uncertainties that could cause results to differ materially from those projected (refer to Part II Item 1A for discussion of these risks and uncertainties).
Forward-Looking Statements
Certain statements contained in the MD&A are forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding projected growth rates, markets, product development, financial position, capital expenditures and foreign currency exposure. Forward-looking statements are also identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “projects” or similar expressions.
Although our management considers the expectations and assumptions on which the forward-looking statements in this Quarterly Report on Form 10-Q are based to have a reasonable basis, there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to: (i) the failure of any one or more of the expectations or assumptions on which such forward-looking statements are based to prove to be correct; and (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in Item 1A in this Quarterly Report on Form 10-Q, the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and in the Company's other reports filed with the Securities and Exchange Commission. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.
In addition, we operate in a highly competitive and rapidly changing environment; new risk factors can arise, and it is not possible for management to anticipate all such risk factors, or to assess the impact of all such risk factors on our business or the extent to which any individual risk factor, or combination of risk factors, may cause results to differ materially from those contained in any forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are based only on information currently available to us and speak only as of the date of this Report. We do not assume any obligation, and do not intend, to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the securities laws. Investors should, however, consult any further disclosures of a forward-looking nature that the Company may make in its subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, or other disclosures filed with or furnished to the SEC.
Investors should also be aware that, while the Company does communicate with securities analysts from time to time, such communications are conducted in accordance with applicable securities laws. Investors should not assume that the Company agrees with any statement, conclusion of any analysis, or report issued by any analyst irrespective of the content of the statement or report.
Overview
Coherent Corp. (“Coherent”, the “Company,” “we,” “us” or “our”), a global leader in materials, networking and lasers, is a vertically integrated manufacturing company that develops, manufactures and markets engineered materials, optoelectronic components and devices, and lasers for use in the industrial, communications, electronics, and instrumentation markets. Headquartered in Saxonburg, Pennsylvania, Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. Coherent produces a wide variety of lasers, along with application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to enable its customers.
We generate almost all of our revenues, earnings and cash flows from developing, manufacturing and marketing a broad portfolio of products and services for our end markets. We also generate revenue, earnings and cash flows from externally-funded research and development contracts relating to the development and manufacture of new technologies, materials and products.
Our customer base includes original equipment manufacturers; laser end-users; system integrators of high-power lasers; manufacturers of equipment and devices for industrial, optical communications, electronics, and instrumentation markets.
As we grow, we are focused on scaling our Company and deriving the continued benefits of vertical integration as we strive to be a best-in-class player in all of our highly competitive markets. We may elect to change the way in which we operate or are organized in the future to enable the most efficient implementation of our strategy.
Restructuring and Site Consolidation
Restructuring Plan
On May 23, 2023, the Board of Directors approved the Company’s May 2023 Restructuring Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions are expected to be accompanied by other cost reductions and are intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. In the three and nine months ended March 31, 2024, these activities resulted in charges of $12 million and $13 million, respectively, primarily for accelerated depreciation, employee termination costs, and the write-off of property and equipment. In fiscal 2023, these activities resulted in $119 million of charges primarily for employee termination costs and the write-off of property and equipment, net of $65 million from reimbursement arrangements. We expect the restructuring actions to be substantially completed by the end of fiscal 2025. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. See Note 18. Restructuring and Synergy and Site Consolidation Plan to the Company’s Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q for further information.
Synergy and Site Consolidation Plan
On May 20, 2023, the Company announced that it has accelerated some of the actions planned as part of its multi-year synergy and site consolidation efforts following the acquisition of Coherent, Inc., including site consolidations and relocations to lower cost sites. These relocations and other actions are expected to result in the Company achieving its previously announced $250 million synergy plan, which includes savings from supply chain management, internal supply of enabling materials and components, operational efficiencies in all functions due to scale, global functional model efficiencies and consolidation of corporate costs. In the three and nine months ended March 31, 2024, the acceleration of these activities resulted in $13 million and $29 million, respectively, of charges primarily for overlapping labor related to transition of manufacturing operations to other sites, shut down costs, accelerated depreciation and employee termination costs. In fiscal 2023, the acceleration of these activities resulted in $20 million of charges primarily for employee termination costs, the write-off of inventory for products that are being exited and shut down costs. See Note 18. Restructuring and Synergy and Site Consolidation Plan to the Company’s Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information.
Silicon Carbide Investment
On May 10, 2023, the Company announced that it has commenced a review of strategic alternatives for its Silicon Carbide business. On December 4, 2023, Silicon Carbide LLC (“Silicon Carbide”), one of the Company’s subsidiaries, completed the sale of Class A Common Units to Denso Corporation (“Denso”) and Mitsubishi Electric Corporation (“MELCO”), under which they collectively invested an aggregate of $1 billion in Silicon Carbide LLC (collectively, the “Equity Investments”). As a consequence of the Equity Investments, the Company’s ownership interest in the Class A Common Units of Silicon Carbide LLC was reduced to approximately 75%. Denso and MELCO each, individually, own approximately 12.5% of the Class A Common Units of Silicon Carbide LLC. The Equity Investments in Silicon Carbide enables Coherent to increase its available free cash flow to provide greater financial and operational flexibility to execute its capital allocation priorities, as the aggregate $1 billion investment will be used to fund future capital expansion of Silicon Carbide. See Note 11. Noncontrolling Interests included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on the noncontrolling interests in our Silicon Carbide LLC (“Silicon Carbide”) subsidiary.
Critical Accounting Estimates
The preparation of financial statements and related disclosures are in conformity with accounting principles generally accepted in the United States of America and the Company’s discussion and analysis of its financial condition and results of operations require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its condensed consolidated financial statements and accompanying notes.
Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K dated August 18, 2023 describes the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements.
New Accounting Standards
See Note 2. Recently Issued Financial Accounting Standards to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements.
Results of Operations ($ in millions, except per share data)
The following tables set forth select items from our Condensed Consolidated Statements of Earnings (Loss) for the three and nine months ended March 31, 2024 and 2023 ($ in millions) (1):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | Three Months Ended March 31, 2023 |
| | | % of Revenues | | | | % of Revenues |
Total revenues | $ | 1,209 | | | 100 | % | | $ | 1,240 | | | 100 | % |
Cost of goods sold | 842 | | | 70 | | | 820 | | | 66 | |
Gross margin | 366 | | | 30 | | | 420 | | | 34 | |
Operating expenses: | | | | | | | |
Internal research and development | 127 | | | 11 | | | 126 | | | 10 | |
Selling, general and administrative | 205 | | | 17 | | | 226 | | | 18 | |
Restructuring charges | 12 | | | 1 | | | — | | | — | |
Interest and other, net | 54 | | | 4 | | | 72 | | | 6 | |
Loss before income taxes | (32) | | | (2) | | | (5) | | | — | |
Income taxes | (16) | | | (1) | | | (7) | | | (1) | |
Net loss | (16) | | | — | | | 3 | | | — | |
Net loss attributable to noncontrolling interests | (3) | | | — | | | — | | | — | |
Net loss attributable to Coherent Corp. | $ | (13) | | | (3) | % | | $ | — | | | — | % |
| | | | | | | |
Diluted loss per share | $ | (0.29) | | | | | $ | (0.24) | | | |
(1) Some amounts may not add due to rounding.
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended March 31, 2024 | | Nine Months Ended March 31, 2023 |
| | | % of Revenues | | | | % of Revenues |
Total revenues | $ | 3,393 | | | 100 | % | | $ | 3,955 | | | 100 | % |
Cost of goods sold | 2,369 | | | 70 | | | 2,680 | | | 68 | |
Gross margin | 1,024 | | | 30 | | | 1,275 | | | 32 | |
Operating expenses: | | | | | | | |
Internal research and development | 352 | | | 10 | | | 376 | | | 10 | |
Selling, general and administrative | 626 | | | 18 | | | 781 | | | 20 | |
Restructuring charges | 13 | | | — | | | — | | | — | |
Interest and other, net | 190 | | | 6 | | | 240 | | | 610 | |
Loss before income taxes | (158) | | | (5) | | | (122) | | | (3) | |
Income taxes | (46) | | | (1) | | | (41) | | | (1) | |
Net loss | (112) | | | (3) | | | (81) | | | (2) | |
Net loss attributable to noncontrolling interests | (4) | | | — | | | — | | | — | |
Net loss attributable to Coherent Corp. | $ | (108) | | | (3) | % | | $ | (81) | | | (2) | % |
| | | | | | | |
Diluted loss per share | $ | (1.32) | | | | | $ | (1.38) | | | |
(1) Some amounts may not add due to rounding.
Consolidated
Revenues. Revenues for the three months ended March 31, 2024 decreased 3% to $1,209 million, compared to $1,240 million for the same period last fiscal year. Revenues decreased $65 million, or 47%, in the electronics market, primarily from lower volumes in the consumer electronics vertical largely due to a design change implemented by a significant electronics customer but also in the automotive vertical due to a power failure impacting our production, resulting in lower shipments. Revenues decreased $26 million, or 21%, in the instrumentation market due to decreased volumes in the life sciences vertical where we see continued inventory digestion by our customers. In addition, revenues decreased in the industrial market by $17 million, or 4%, due to decreased shipment volumes in the precision manufacturing vertical derived from macroeconomic conditions. While the near-term outlook for our industrial business remains challenged by the macroeconomic backdrop, we saw signs of demand recovery in the third quarter and we had strong double-digit order growth for our display vertical. The decreases were partially offset by an increase of $77 million (14%) in the communications market, primarily due to increased volumes in the datacom vertical driven by increased AI-related datacom transceivers shipments, partially offset by decreased volumes in the telecom vertical as our communications service provider customers continue to work down their inventory levels with reduced capital spending in the macroeconomic slowdown.
From a segment perspective, Materials revenues decreased $85 million year-over-year, primarily due to lower volumes for sensing products and other consumer applications in the consumer electronics vertical within the electronics market due to the design change referenced above, along with lower smartphone sales. Lasers revenue decreased $14 million year-over-year due to lower volumes from the life sciences vertical in the instrumentation market partially offset by higher shipments in the semiconductor and display capital equipment vertical in the industrial market. Networking revenues increased $68 million year-over-year, with increased volumes from the datacom vertical partially offset by decreases in the telecom vertical, both in our communications market.
Revenues for the nine months ended March 31, 2024 decreased 14% to $3,393 million, compared to $3,955 million for the same period last fiscal year. Revenues decreased in all four markets, with the largest decline, $267 million, or 51%, in the electronics market, primarily from lower volumes in the consumer electronics vertical, largely due to a design change implemented by a significant electronics customer. In addition, revenues decreased $128 million, or 7%, in the communications market, primarily due to decreased volumes in the telecom vertical as our communications service provider customers continued to work down their inventory levels with reduced capital spending, partially offset by increased shipments in the datacom vertical driven by increased AI-related datacom shipments. Revenues decreased in the industrial market by $101 million, or 7%, due to decreased shipments in precision manufacturing and semiconductor capital equipment verticals primarily due to macroeconomic conditions and $66 million, or 18%, in the instrumentation market due to decreased volumes in the life sciences vertical due to continued inventory digestion by our customers.
From a segment perspective, Materials decreased $325 million year-over-year, primarily due to lower demand for sensing products and other consumer applications in the consumer electronics vertical within the electronics market for the reasons discussed above. Networking revenues decreased $140 million year-over-year, with decreases from the telecom vertical partially offset by increases in the datacom vertical, both in our communications market, for the reasons discussed above. Lasers revenue decreased $97 million year-over-year due to lower demand in the life sciences vertical in the instrumentation market and semiconductor and display capital equipment and precision manufacturing verticals in the industrial end market.
Gross margin. Gross margin for the three months ended March 31, 2024 was $366 million, or 30% of total revenues, compared to $420 million, or 34% of total revenues, for the same period last fiscal year, a decrease of 360 basis points. The decrease as a percent of revenue for the three months ended March 31, 2024 was primarily due to lower revenues for the reasons discussed above, lower yields in the datacom vertical within the communications market due to production ramp challenges for new products, underutilized operating capacity in several plants, shut down costs related to site consolidations, higher inventory provisions and higher costs related to product lines that are being exited.
Gross margin for the nine months ended March 31, 2024 decreased to $1,024 million, or 30% of total revenues, compared to $1,275 million, or 32% of total revenues, for the same period last fiscal year, a decrease of 200 basis points. During the nine months ended March 31, 2023, the Company recorded $158 million in Cost of goods sold related to the fair value adjustment on acquired inventory from the Company’s acquisition of Coherent, Inc. (the “Merger”). Gross margin, excluding the fair value adjustment on acquired inventory, decreased 604 basis points for the nine months ended March 31, 2024 compared to the prior year period primarily due to lower revenues, less favorable sales mix especially in the datacom vertical in the communications market, underutilized operating capacity in several plants, shut down costs related to site consolidations, lower yields in the datacom vertical, higher costs related to product lines that are being exited, higher inventory provisions and the unfavorable foreign exchange rates.
Internal research and development. Internal research and development (“IR&D”) expenses for the three months ended March 31, 2024 were $127 million, or 11% of revenues, compared to $126 million, or 10% of revenues, for the same period last fiscal year. IR&D for the nine months ended March 31, 2024 decreased 6% to $352 million, or 10% of revenues, compared to $376 million, or 10% of revenues, for the same period last fiscal year. The slight increase for the three months ended March 31, 2024 was driven by higher variable compensation partially offset by lower costs due to the consolidation of sites and our cost containment efforts. The decrease for the nine months ended March 31, 2024 was in all three segments and was driven by lower costs due to the consolidation of sites and our efforts to control costs. The IR&D expenses are primarily related to our continued investment in new products and manufacturing processes across all of our businesses, including significant investments in indium phosphide semiconductor lasers, silicon carbide materials, devices for both power electronics and wireless devices, and lasers for display processing and semiconductor capital equipment.
Selling, general and administrative. Selling, general and administrative (“SG&A”) expenses for the three months ended March 31, 2024 were $205 million, or 17% of revenues, compared to $226 million, or 18% of revenues, for the same period last fiscal year. SG&A expenses for the nine months ended March 31, 2024 were $626 million, or 18% of revenues, compared to $781 million, or 20% of revenues, for the same period last fiscal year. The decrease in SG&A as a percentage of revenue for the three months ended March 31, 2024 compared to the same period last fiscal year was primarily the result of lower amortization expense of $21 million resulting both from the Merger and lower amortization for tradenames impaired in the fourth quarter of fiscal 2023, and $6 million lower share-based compensation as well as lower costs due to the consolidation of sites and our efforts to control costs, partially offset by the impact of lower revenues and higher variable compensation. The decrease in SG&A as a percentage of revenue for the nine months ended March 31, 2024 compared to the same period last fiscal year was the result of lower amortization expense of $64 million resulting from both the Merger and lower amortization for tradenames impaired in the fourth quarter of fiscal 2023, lower charges related to the Merger, including $39 million lower transaction fees and financing, lower one-time expense of $18 million related to share-based compensation resulting from the Merger and $12 million lower severance and integration consulting costs, as well as lower costs due to the consolidation of sites and our efforts to control costs, partially offset by the impact of lower revenues.
Restructuring charges. Restructuring charges related to our Restructuring Plan for the three and nine months ended March 31, 2024 were $12 million and $13 million, respectively, and consist of severance, accelerated depreciation, equipment write-offs and move costs due to the consolidation of certain manufacturing sites. See Note 18. Restructuring and Synergy and Site Consolidation Plan included in Item 1 of this Quarterly Report on Form 10-Q for further information.
Interest and other, net. Interest and other, net for the three months ended March 31, 2024 was expense of $54 million, compared to expense of $72 million for the same period last fiscal year, a decrease of $18 million. Included in interest and other, net, were interest expense on borrowings, foreign currency gains and losses, amortization of debt issuance costs, equity gains and losses from unconsolidated investments, and interest and dividend income on excess cash balances. For the three months ended March 31, 2024, the decrease of $18 million in comparison to the same period last fiscal year was driven by $15 million incremental interest and dividend income due to increases in interest rates earned on investments as well as the increase in restricted cash balances, $3 million higher gains on deferred compensation plan assets and $2 million lower interest expense primarily due to the higher interest expense benefit from our interest rate cap and swap partially offset by $2 million higher foreign exchange losses. Interest and other, net for the nine months ended March 31, 2024 was expense of $190 million, compared to expense of $240 million for the same period last fiscal year, a decrease of $50 million. The decrease of $50 million in comparison to the same period last fiscal year was driven by $35 million incurred in the prior year related to financing of the Merger and $25 million incremental interest income due to increases in interest rates earned on investments as well as the increase in restricted cash balances. The decreases were partially offset by $13 million incremental interest expense due to higher interest rates on our Term facilities, net of higher benefit from our interest rate cap and swap.
Income taxes. The Company’s year-to-date effective income tax rate at March 31, 2024 was 29% compared to an effective tax rate of 33% for the same period in 2023. The variations between the Company’s effective tax rate and the U.S. statutory rate of 21% were due to tax rate differentials between U.S. and foreign jurisdictions.
Net loss attributable to noncontrolling interests. Net loss attributable to noncontrolling interests for the three and nine months ended March 31, 2024 was $3 million and $4 million, respectively, and represents the noncontrolling interest holders’ shares of losses of Silicon Carbide LLC after the close of the transaction on December 4, 2023. See Note 11. Noncontrolling Interests included in Item 1 of this Quarterly Report on Form 10-Q for further information.
Segment Reporting
Revenues and operating income for the Company’s reportable segments are discussed below. Operating income differs from net earnings in that operating income excludes certain operational expenses included in other expense (income) – net as reported. Management believes operating income to be a useful measure for investors, as it reflects the results of segment performance over which management has direct control and is used by management in its evaluation of segment performance. See Note 13. Segment Reporting, to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on the Company’s reportable segments and for the reconciliation of the Company’s operating income to net earnings, which is incorporated herein by reference. We report our financial results in the following three designated segments: (i) Networking, (ii) Materials, and (iii) Lasers.
Networking ($ in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | % Increase (Decrease) | | Nine Months Ended March 31, | | % Increase (Decrease) |
| 2024 | | 2023 | | | | 2024 | | 2023 | | |
Revenues | $ | 619 | | | $ | 551 | | | 12% | | $ | 1,616 | | | $ | 1,756 | | | (8)% |
Operating income | $ | 58 | | | $ | 49 | | | 18% | | $ | 122 | | | $ | 230 | | | (47)% |
Revenues for the three months ended March 31, 2024 increased 12% to $619 million, compared to $551 million for the same period last fiscal year. Revenues for the nine months ended March 31, 2024 decreased 8% to $1,616 million, compared to $1,756 million for the same period last fiscal year. The increase in revenue of $68 million during the three months ended March 31, 2024 was primarily due to increases in the communications market resulting from increased volumes in the datacom vertical driven by increased AI-related datacom transceivers shipments partially offset by decreased shipments in the telecom vertical as our communications service provider customers continue to work down their inventory levels with reduced capital spending. The decrease in revenues of $140 million during the nine months ended March 31, 2024 was primarily due to decreased volumes year-over-year in the telecom vertical as our communications service provider customers continue to work down their inventory levels with reduced capital spending, partially offset by increases in the datacom vertical driven by increased AI-related datacom transceivers shipments, both within the communications market.
Operating income for the three months ended March 31, 2024 increased 18% to $58 million, compared to operating income of $49 million for the same period last fiscal year. Operating income for the nine months ended March 31, 2024 decreased 47% to $122 million, compared to operating income of $230 million for the same period last fiscal year. The increase in operating income for the three months ended March 31, 2024 was driven by higher revenues, with flat margin as a percentage of sales, partially offset by $8 million higher integration related expenses. The decrease in operating income for the nine months ended March 31, 2024 was driven by $140 million lower revenues as well as lower margin percentage. The margin percentage was lower than the nine months ended March 31, 2023 due to less favorable sales mix in the datacom vertical, the impact of fixed manufacturing costs as a percentage of revenues on lower revenues in the telecom vertical, lower yields in the datacom vertical and higher inventory provisions related to products that are being exited.
Materials ($ in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | % Increase (Decrease) | | Nine Months Ended March 31, | | % Increase (Decrease) |
| 2024 | | 2023 | | | | 2024 | | 2023 | | |
Revenues | $ | 239 | | | $ | 324 | | | (26)% | | $ | 737 | | | $ | 1,062 | | | (31)% |
Operating income | $ | 8 | | | $ | 68 | | | (88)% | | $ | 25 | | | $ | 225 | | | (89)% |
Revenues for the three months ended March 31, 2024 decreased 26% to $239 million, compared to revenues of $324 million for the same period last fiscal year. Compared to the three months ended March 31, 2023, Materials decreased $85 million year-over-year, with a decrease of $64 million in the electronics market due to lower volumes in our consumer electronics vertical largely due to a design change implemented by a significant electronics customer but also in the automotive vertical due to a power failure impacting our production, resulting in lower shipments, as well as a decrease of $22 million in the industrial market derived from macroeconomic conditions. Revenues for the nine months ended March 31, 2024 decreased 31% to $737 million, compared to revenues of $1,062 million for the same period last fiscal year. The decrease in revenues of $325 million during the nine months ended March 31, 2024 was primarily related to a decrease of $262 million in the electronics market mostly due to lower volumes in our consumer electronics vertical largely due to a design change implemented by a significant electronics customer, partially offset by higher shipments in our automotive vertical driven by electric vehicles, as well as decreases in shipments to a lesser extent derived from macroeconomic conditions in our precision manufacturing vertical in the industrial market.
Operating income for the three months ended March 31, 2024 decreased 88% to $8 million, compared to operating income of $68 million for the same period last fiscal year, primarily driven by $85 million lower revenues and higher restructuring charges, underutilized operating capacity in several plants and shut down costs related to site consolidations. Operating income for the nine months ended March 31, 2024 decreased 89% to $25 million, compared to $225 million of operating income for the same period last fiscal year. The decrease in operating income for the nine months ended March 31, 2024 was driven by $325 million lower revenues and lower margin percentage. The margin percentage was lower than the nine months ended March 31, 2023 due to unfavorable impact of fixed manufacturing costs with lower revenues, higher cost product built and capitalized in prior periods being expensed, underutilized operating capacity in several plants and shut down costs related to site consolidations.
Lasers ($ in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | % Increase (Decrease) | | Nine Months Ended March 31, | | % Increase (Decrease) |
| 2024 | | 2023 | | | | 2024 | | 2023 | | |
Revenues | $ | 351 | | | $ | 365 | | | (4)% | | $ | 1,040 | | | $ | 1,137 | | | (9)% |
Operating income | $ | (44) | | | $ | (50) | | | 12% | | $ | (114) | | | $ | (337) | | | 66% |
Revenues for the three months ended March 31, 2024 decreased 4% to $351 million, compared to revenues of $365 million for the same period last fiscal year. The decrease was primarily due to $21 million lower shipments to the life sciences vertical in the instrumentation market where we see continued inventory digestion by our customers, partially offset by $7 million higher shipments to the industrial market due to higher demand in our semiconductor and display capital equipment vertical. Revenues for the nine months ended March 31, 2024 decreased 9% to $1,040 million, compared to revenues of $1,137 million for the same period last fiscal year. The decrease was primarily due to a $50 million drop in the industrial market due to lower volumes in our semiconductor and display capital equipment and precision manufacturing verticals due to macroeconomic conditions, and $47 million lower shipments to the instrumentation market, primarily in the life sciences vertical where we see continued inventory digestion by our customers.
Operating loss for the three months ended March 31, 2024 decreased 12% to $44 million, compared to an operating loss of $50 million for the same period last fiscal year. The lower operating loss was partially driven by $15 million lower costs in the current year quarter compared to the prior year quarter related to the Merger, including $19 million lower amortization expense related to the fair value of intangible assets acquired, partially offset by $5 million higher integration costs. Excluding the lower Merger related costs, operating income for the three months ended March 31, 2024 decreased $9 million primarily due to lower revenues and lower gross margin percentage due to less favorable mix within the instrumentation market and the unfavorable impact of higher inventory provisions partially offset by lower share based compensation. Operating loss for the nine months ended March 31, 2024 decreased 66% to $114 million, compared to an operating loss of $337 million for the same period last fiscal year. The lower operating loss was driven by $277 million lower costs in the current year compared to the prior year related to the Merger, including $158 million lower amortization of the fair value step-up on acquired inventory, $60 million lower amortization expense related to the fair value of intangible assets acquired, $39 million lower transaction fees and financing, $18 million lower nonrecurring share-based compensation and $2 million lower integration costs. Excluding the lower Merger related costs, operating income for the nine months ended March 31, 2024 decreased $54 million primarily due to lower revenues and lower gross margin percentage, due to less favorable mix within the industrial and instrumentation markets, the unfavorable impact of fixed manufacturing costs with lower revenues and higher inventory provisions.
Liquidity and Capital Resources
Historically, our primary sources of cash have been from operations, long-term borrowings, and advance funding from customers. Other sources of cash include proceeds from the issuance of equity, proceeds received from the exercises of stock options, and sale of equity investments and businesses. Our historic uses of cash have been for business acquisitions, capital expenditures, investment in research and development, payments of principal and interest on outstanding debt obligations, payments of debt and equity issuance costs to obtain financing and payments in satisfaction of employees’ minimum tax obligations. Supplemental information pertaining to our sources and uses of cash for the periods indicated is presented as follows:
Sources (uses) of cash (millions): | | | | | | | | | | | |
| Nine Months Ended March 31, |
| 2024 | | 2023 |
Net cash provided by operating activities | $ | 383 | | | $ | 452 | |
Net proceeds from debt and equity issuances, including noncontrolling interest holders | 968 | | 1,358 |
Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan | 36 | | 22 |
Effect of exchange rate changes on cash and cash equivalents and other items | 1 | | 23 |
Proceeds from long-term borrowings and revolving credit facilities | 19 | | | 3,715 | |
Payments on Convertible Debt and Finisar Notes | — | | (4) |
| | | |
| | | |
Payment of dividends | — | | (21) |
Debt issuance costs | — | | (127) |
Purchases of businesses, net of cash acquired | — | | (5,489) |
Other items | (3) | | (3) |
Payments in satisfaction of employees’ minimum tax obligations | (19) | | (52) |
Payments on borrowings under revolving credit facilities | (19) | | — |
Payments on existing debt | (165) | | (1,209) |
Additions to property, plant & equipment | (247) | | (343) |
Operating activities:
Net cash provided by operating activities was $383 million for the nine months ended March 31, 2024 compared to $452 million of net cash provided by operating activities for the same period last fiscal year. The decrease in cash flows provided by operating activities during the nine months ended March 31, 2024 compared to the same period last fiscal year was primarily due to higher losses net of non-cash adjustments, and was partially offset by improved management of working capital accounts, in particular accounts payable.
Investing activities:
Net cash used in investing activities was $249 million for the nine months ended March 31, 2024, compared to net cash used of $5.8 billion for the same period last fiscal year. In the three months ended September 30, 2022, $5.5 billion was used to fund the Merger. Cash used to fund capital expenditures decreased by $96 million year-over-year.
Financing activities:
Net cash provided by financing activities was $820 million for the nine months ended March 31, 2024, compared to net cash provided by financing activities of $3.7 billion for the same period last fiscal year. Financing inflows in the current year period included the $1.0 billion contribution from noncontrolling interests and proceeds from employee stock purchases, partially offset by payments on existing debt and equity issuance costs related to the contribution from noncontrolling interests. Cash inflow for the prior year-to-date period was from borrowings under the Term Facilities, defined below, as well the net proceeds from the issuance of Coherent’s Series B-2 Convertible Preferred Stock. Financing outflows for the prior year-to-date period included payments to settle the Company’s existing senior credit facilities.
New Senior Credit Facilities
On July 1, 2022, Coherent entered into a Credit Agreement by and among the Company, the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the “Term A Facility”), with an aggregate principal amount of $850 million, a term loan B credit facility (the “Term B Facility” and, together with the Term A Facility, the “Term Facilities”), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the “Revolving Credit Facility” and, together with the Term Facilities, the “Senior Credit Facilities”), in an aggregate available amount of $350 million, including a letter of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted Secured Overnight Financing Rate (“SOFR”) based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company’s total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 2.00% as of March 31, 2024. As amended, the Term B Facility bears interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.75% as of March 31, 2024. On April 2, 2024, Coherent entered into Amendment No. 2 to the Credit Agreement, under which the principal amount of term B loans outstanding under the Credit Agreement (the “Existing Term B Loans”) were replaced with an equal amount of new term loans (the “New Term B Loans”) having substantially similar terms as the Existing Term B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. As further amended, the New Term B Loans will bear interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.50% as of April 2, 2024. The maturity of the New Term Loans and revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred expense of $59 million and $181 million, respectively, for the three and nine months ended March 31, 2024, which is included in interest expense in the Condensed Consolidated Statements of Earnings (Loss). On July 1, 2023, our interest rate cap became effective, which together with our interest rate swap, reduced interest expense by $11 million and $34 million, respectively, during the three and nine months ended March 31, 2024.
During the nine months ended March 31, 2024, the Company made payments of $163 million for the Term Facilities, including voluntary payments of $110 million.
As of March 31, 2024, the Company had no borrowings outstanding under the Revolving Credit Facility.
Our cash position, borrowing capacity and debt obligations are as follows (in millions):
| | | | | | | | | | | | | | |
| | March 31, 2024 | | June 30, 2023 |
Cash and cash equivalents | | $ | 899 | | | $ | 821 | |
Restricted cash, current | | 184 | | | 12 | |
Restricted cash, non-current | | 710 | | | 4 | |
Available borrowing capacity under Revolving Credit Facility | | 346 | | | 348 | |
Total debt obligations | | 4,158 | | | 4,310 | |
Other Liquidity
On December 4, 2023, the Company consummated two investment agreements under which Silicon Carbide LLC, a Company subsidiary received $1.0 billion cash in exchange for 25% of the equity of that entity. Such funds will be used primarily to fund future capital expansion, including the previously-announced capital that Coherent intended to invest in its silicon carbide business. As a result, the transaction is enabling Coherent to allocate the capital it had intended to invest in this business unit to other corporate purposes, thus increasing its available free cash flow which will provide greater financial and operational flexibility. See Note 11. Noncontrolling Interests included in Item 1 of this Quarterly Report on Form 10-Q for further information.
The Company believes existing cash, cash flow from operations, and available borrowing capacity from its Senior Credit Facilities will be sufficient to fund its needs for working capital, capital expenditures, repayment of scheduled long-term borrowings and lease obligations, investments in IR&D, and internal and external growth objectives at least through the next twelve months.
Our cash and cash equivalent balances are generated and held in numerous locations throughout the world, including amounts held outside the United States. As of March 31, 2024, the Company held approximately $764 million of cash, cash equivalents and restricted cash outside of the United States. Generally, cash balances held outside the United States could be repatriated to the United States.
At March 31, 2024, we had $894 million of restricted cash, which includes $889 million at our Silicon Carbide LLC that is restricted for use by only that subsidiary.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
MARKET RISKS
We are exposed to market risks arising from adverse changes in foreign currency exchange rates and interest rates. In the normal course of business, we use a variety of techniques and derivative financial instruments as part of our overall risk management strategy, which is primarily focused on its exposure in relation to the Chinese Renminbi, Euro, Swiss Franc, Japanese Yen, Singapore Dollar, Korean Won and Malaysian Ringgit. No significant changes have occurred in the techniques and instruments used.
Interest Rate Risks
As of March 31, 2024, our total borrowings include variable rate borrowings, which expose us to changes in interest rates. In November 2019, we entered into an interest rate swap contract, amended on March 20, 2023, to limit the exposure of our variable interest rate debt by effectively converting a portion of interest payments to fixed interest rate debt. On February 23, 2022, we entered into an interest rate cap (the “Cap”), amended on March 20, 2023, with an effective date of July 1, 2023. If we had not effectively hedged our variable rate debt, a change in the interest rate of 100 basis points on these variable rate borrowings would have resulted in additional interest expense of $8 million and $25 million, respectively, for the three and nine months ended March 31, 2024.
Item 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management evaluated, with the participation of the Company’s Chief Executive Officer and Interim Chief Financial Officer and Treasurer, the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. The Company’s disclosure controls were designed to provide reasonable assurance that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. However, the controls have been designed to provide reasonable assurance of achieving the controls’ stated goals. Based on that evaluation, the Chief Executive Officer and Interim Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.
Changes in Internal Control over Financial Reporting
No changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) were implemented during the Company’s most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.
Part II – Other Information
Item 1. LEGAL PROCEEDINGS
The Company and its subsidiaries are involved from time to time in various claims, lawsuits, and regulatory proceedings incidental to its business. The resolution of each of these matters is subject to various uncertainties, and it is possible that these matters may be resolved unfavorably to the Company. Management believes, after consulting with legal counsel, that the ultimate liabilities, if any, resulting from these legal and regulatory proceedings will not materially affect the Company’s financial condition, liquidity or results of operations.
Item 1A. RISK FACTORS
In addition to the other information set forth in this Quarterly Report on Form 10-Q, carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended June 30, 2023 and additional risk factors that may be identified from time to time in filings of the Company, any of which could materially affect our business, financial condition or future results. Those risk factors are not the only risks facing the Company. Additional risks and uncertainties not currently known or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 5. OTHER INFORMATION
During the three months ended March 31, 2024, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified or terminated a “Rule 10b5-1 trading agreement” or “non-Rule 10b5-1 trading agreement,” as each term is defined in Item 408 of Regulation S-K.
Item 6. EXHIBITS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated herein by reference |
Exhibit No. | | | | Form | | Exhibit No. | | Filing Date | | File No. |
10.01 | | | | 8-K | | 10.1 | | February 20, 2024 | | 001-39375 |
10.02 | | | | 8-K | | 10.1 | | April 3, 2024 | | 001-39375 |
10.03* | | | | | | | | | | |
10.04* | | | | | | | | | | |
31.01* | | | | | | | | | | |
31.02* | | | | | | | | | | |
32.01* | | | | | | | | | | |
32.02* | | | | | | | | | | |
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101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | |
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104 | | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | | | | | | | | |
* Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | | | | | | | | |
| Coherent Corp. |
| (Registrant) |
| | |
Date: May 7, 2024 | By: | /s/ Vincent D. Mattera, Jr. |
| | Vincent D. Mattera, Jr Chief Executive Officer |
| | |
Date: May 7, 2024 | By: | /s/ Richard Martucci |
| | Richard Martucci Interim Chief Financial Officer and Treasurer |
COHERENT CORP., 375 Saxonburg Boulevard, Saxonburg, PA 16056
General Offices: 724-352-4455
COHERENT CORP. REVISED EXECUTIVE SEVERANCE PLAN
The purpose of the Coherent Corp. Revised Executive Severance Plan (as amended and in effect from time to time, the “Plan”), is to enhance the Company’s ability to retain designated key executives. The Plan is intended to be a severance pay plan governed by Title I of ERISA primarily for the purpose of providing benefits for a select group of management or highly compensated employees. All benefits under the Plan will be paid solely from the general assets of the Company.
ARTICLE I
DEFINITIONS
Section 1.01 Definitions. As used in this Plan, the following terms have the meanings set forth below:
(a)“Accounting Firm” has the meaning set forth in Section 7.02.
(b)“Accrued Obligations” means vested amounts payable to a Participant upon any termination of employment with the Company, including (i) the Participant’s earned but unpaid Base Salary from the Company through the Date of Termination, (ii) any outstanding Bonus for which payment is due and owing as of the Date of Termination, (iii) any vested employee benefits as determined under the applicable plan, and (iv) any unreimbursed expenses properly incurred and reported by the Participant in accordance with the Company’s business expense reimbursement policy.
(c)“Affiliate” means, with respect to any individual or entity, any other individual or entity who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such individual or entity.
(d)“Applicable Benefits Multiplier” means a multiplier (expressed as a number of months) contained in a Participant’s Revised Participation Agreement that is used to determine a Participant’s termination benefits under Sections 3.01(b) and 3.02(b).
(e)“Applicable Bonus Multiplier” means the multiplier contained in a Participant’s Revised Participation Agreement that is used to determine the portion of the Participant’s termination benefits described in Section 3.02(a)(B).
(f)“Applicable Protection Period” means the period (expressed as a number of months) contained in a Participant’s Participant Agreement that is used to determine the CIC Period applicable to the Participant.
(g)“Applicable Severance Multiplier” means the multiplier (expressed as a number of months) contained in a Participant’s Revised Participation Agreement that is used to determine the portion of the Participant’s termination benefits described in Sections 3.01(a) and 3.02(a)(A).
(h)“Base Salary” means a Participant’s annual salary for all services rendered as in effect at the time a benefit under the Plan is calculated; provided, however, that in case of a Qualifying Termination as the result of Good Reason triggered by a reduction in Base Salary, “Base Salary” shall mean the Participant’s annual salary as in effect immediately before the event giving rise to Good Reason.
(i)“Board” means the Board of Directors of the Corporate Parent.
(j)“Bonus,” at the time that a benefit under the Plan is calculated, means the bonus(es) payable to a Participant pursuant to the Company’s BIP, GRIP or other incentive bonus plan that is in effect at such time. For this purpose, the “BIP” means the Company’s Bonus Incentive Program and the “GRIP” means the Company’s Goals/Results Incentive Program, in each case as such program may be amended from time to time.
(k)“Cause” means a determination by the Board, in the exercise of its reasonable judgment, that any of the following has occurred with respect to a particular Participant:
(i)the Participant’s willful and continued failure before a Change in Control to perform substantially the Participant’s employment duties and responsibilities (other than a failure resulting from physical or mental illness or disability), which is not cured within 30 days of receiving written notice from the Company specifying in reasonable detail the duties and responsibilities the Company believes are not being substantially performed;
(ii)the Participant willfully engaged in an act which is materially damaging to the Company (which damage may, without limitation, include reputational damage);
(iii)the Participant was convicted of, or entered a plea of “guilty” or “no contest” to: (A) a felony; or (B) a criminal offense involving fraud, dishonesty or other moral turpitude;
(iv)the Participant materially breached any of the covenants set forth in Article VI and if the breach occurs after a Change in Control is not cured within 30 days of receiving written notice from the Company specifying in reasonable detail the breach of the covenant set forth in Article VI; or
(v)the Participant engaged in an intentional act of dishonesty resulting, directly or indirectly, in material damage to the Company.
For the Company to terminate for Cause on or after a Change in Control: the Participant must be provided with written notice setting forth in detail the acts or omissions giving rise to such termination and must be given an opportunity to address the Board regarding the termination.
(l)“Change in Control” means any of the following events that occurs after the Effective Date:
(i)the Corporate Parent is merged or consolidated with another entity the result of which is that immediately following such transaction (A) the persons who were the shareholders of the Corporate Parent immediately prior to such transaction have less than a majority of the voting power of the Corporate Parent or the entity owning or controlling it; or (B) the individuals who comprised the Board immediately prior to such transaction cease to be at least a majority of the members of the Board;
(ii)a majority of the Corporate Parent’s assets are sold or otherwise transferred to another corporation not controlled by or under common control with the Corporate Parent, or to a partnership, firm, entity or one or more individuals not so controlled;
(iii)a majority of the members of the Board consists of persons who were not nominated by or on behalf of the Board, or with the express concurrence of the Board; or
(iv)a single person, or a group of persons acting in concert, obtains voting control over a majority of the Corporate Parent’s outstanding voting shares.
(m)“CIC Period” means the period commencing on the date six months prior to a Change in Control and ending on a date that is at the end of the Participant’s Applicable Protection Period following the Change in Control.
(n)“CIC Period Bonus” means, the greater of (i) Bonus at target (A) for the performance period in which the Change in Control occurs (or for the immediately preceding performance period if the target payment with respect to the Participant for the performance period in which the Change in Control occurs has not yet been established) (without regard to any reduction made in the target payment within the six month period prior to the Change in Control) or (B) for the performance period in which the Participant’s Date of Termination occurs, whichever target payment is highest and (ii) Bonus based on performance (A) for the performance period in which the Change in Control occurs (but not less than that projected as of the Change in Control if the performance period has not been completed as of the Change in Control), or (B) for the performance period in which the Participant’s Date of Termination occurs, whichever performance payment is highest.
(o)“Code” means the U.S. Internal Revenue Code of 1986, as amended (including any valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder).
(p)“Company” means, collectively, the Corporate Parent and its Affiliates.
(q)“Company Products” means any products or services (i) designed, manufactured, purchased, distributed, sold, assembled, provided and/or marketed by the Company, or (ii) that the Company has planned to design, manufacture, purchase, distribute, sell, assemble, provide or market, and for which a Participant has provided services, or over which a Participant had direct or indirect managerial or supervisory authority, or about which a Participant received Confidential Information.
(r)“Compensation and Human Capital Committee” means the Compensation and Human Capital Committee of the Board or any successor committee dealing with compensation .
(s)“Competitor” means any entity that is involved or engaged in the design, manufacture, purchasing, distribution, sale, assembly, provision or marketing of any products or services that are the same as or similar to Company Products.
(t)“Confidential Information” has the meaning set forth in Section 6.02(b).
(u)“Corporate Parent” means Coherent Corp., a Pennsylvania corporation, and any successor thereto.
(v)“Date of Termination” means the date on which a Participant’s employment with the Company terminates.
(w)“Disability” means a Participant’s physical or mental illness, injury or infirmity which is reasonably likely to prevent and/or prevents the Participant from performing his or her essential job functions for a period of (A) 90 consecutive calendar days or (B) an aggregate of 120 calendar days out of any consecutive 12-month period.
(x)“Effective Date” means September 24, 2019 as the original effective date of the Plan and November 16, 2023 as the effective date of this revised Plan.
(y)“Eligible Executive” means a full-time employee of the Company who has been designated by the Plan Administrator to be eligible for benefits under the Plan. Eligible Executives shall be limited to a select group of management or highly compensated employees within the meaning of ERISA Sections 201, 301, and 404. Unless the Plan Administrator determines otherwise, the Company’s Chief Executive Officer shall not be an Eligible Executive.
(z)“Equity Award” means an award granted to a Participant covering the common stock of the Company, including stock options, restricted stock, restricted stock units, and performance stock units, granted under any equity incentive plan maintained by the Company from time to time, including: (i) the II-VI Incorporated 2009 Omnibus Incentive Plan, (ii) the II-VI Incorporated Second Amended and Restated 2012 Omnibus Incentive Plan, (iii) the II-VI Incorporated Amended and Restated 2018 Omnibus Incentive Plan, (iv) the Coherent, Inc. Equity Incentive Plan (v) the Coherent Corp. Omnibus Incentive Plan or (vi) any successor plan(s) thereto.
(aa)“Equity Award Agreement” means the agreement evidencing, and governing the terms of, an Equity Award.
(bb) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
(cc) “Excise Tax” has the meaning set forth in Section 7.01.
(dd) “Good Reason” means, without a Participant’s express written consent:
(i)a material reduction of the Participant’s authority, job duties or responsibilities, provided however that, before a Change in Control, a change in reporting structure only, which results in additional levels of supervision and/or management above the Participant, shall not constitute Good Reason;
(ii)a material reduction by the Company of the Participant’s Base Salary;
(iii)a material increase in the amount of the Participant’s business travel which produces a constructive relocation of the Participant;
(iv)a material reduction by the Company in the kind or level of employee benefits to which the Participant is entitled immediately prior to such reduction, with the result that the Participant’s overall benefits package is significantly reduced; or
(v)the relocation of the Participant to a facility or a location more than 30 miles from the Participant’s Primary Work Location, unless such relocation results in the Participant’s primary work location being closer to the Participant’s then primary residence, or does not substantially increase the average commuting time of the Participant.
For a Participant to terminate for Good Reason: the Company must be notified by the Participant in writing within 90 days of the event constituting Good Reason; the event must remain uncorrected by the Company for 30 days following such notice (the “Notice Period”); and such termination must occur within 60 days after the expiration of the Notice Period.
(ee) “Healthcare Coverage” means coverage for a Participant and his or her tax-qualified dependents under the Company’s group health plan that provides medical care (including group dental and vision), based on the applicable plans and the Participant’s coverage elections in effect immediately prior to the Participant’s Date of Termination. The Company’s group health plan does not include other benefits offered under a Company welfare plan such as life insurance and disability insurance.
(ff) “Inventions” means any and all developments, discoveries, inventions, enhancements, modifications and improvements by the Participant to any Company Product.
(gg) “Non-CIC Period” means the period prior to or following a CIC Period.
(hh) “Nonqualifying Termination” means a termination of the Participant’s employment with the Company other than a Qualifying Termination.
(ii) “Participant” means each Eligible Executive who is selected to be a participant in the Plan by action of the Plan Administrator and who has accepted such participation by execution of a Participation Agreement.
(jj) “Payments” has the meaning set forth in Section 7.01.
(kk) “Plan Administrator” means the Compensation and Human Capital Committee, or, if the Board so determines, another committee of the Board, or the Board itself. To the extent permitted by applicable law, the Plan Administrator may delegate all or any portion of its authority to one or more officers of the Company or a committee consisting of at least two persons.
(ll) “Primary Work Location” means the primary work location for a Participant as set forth in the Participant’s Participation Agreement.
(mm) “Qualifying Termination” means a (i) termination of the Participant’s employment with the Company by the Company other than for Cause, death or Disability, or (ii) termination of the Participant’s employment with the Company as a result of a resignation by the Participant for Good Reason.
(nn) “Release” means the waiver and release of claims substantially in the form attached hereto as Exhibit A.
(oo) “Restricted Period” means the period beginning on a Participant’s Date of Termination and continuing for the number of months following the Date of Termination as specified in the Participant’s Participation Agreement.
(pp) “Restricted Territory” means anywhere in the world where the Company’s Products are designed, manufactured, assembled, marketed or sold.
(qq) “Revised Participation Agreement” means the latest participation agreement delivered by the Company to a Participant informing the Eligible Employee of the Eligible Employee’s participation in the Plan.
(rr) “Separation from Service” means a “separation from service” within the meaning of Code Section 409A.
(ss) “Target Bonus Amount” means, with respect to any Year, the amount of the target Bonus for such Year (including under both the BIP and the GRIP, if applicable).
(tt) “Year” means the fiscal year of the Company.
ARTICLE II
PARTICIPATION AND SCOPE OF SEVERANCE BENEFITS
Section 2.01 Participation in the Plan. An Eligible Executive shall become a Participant only if the Eligible Executive is first designated for participation in the Plan as follows: (i) for an Eligible Executive who is an officer subject to Section 16(a) of the Securities Exchange Act of 1934, as amended, the Eligible Executive must be designated for participation in the Plan by the Compensation Committee; and (ii) for any other Eligible Executive, the Eligible Executive must be designated for participation in the Plan by the Chief Executive Officer of the Corporate Parent. Promptly following such designation, the Company shall provide each Participant a Revised Participation Agreement, which shall specify the benefits the Participant is entitled to receive under the Plan. The party making the eligibility determination under the first sentence of this Section may vary the terms of a Participant’s participation on a case-by-case basis, as set forth in the Participant’s Revised Participation Agreement. A designated Eligible Executive shall not become a Participant unless and until the Revised Participation Agreement is duly executed. Once participation in the Plan has commenced, a Participant shall remain a Participant until the first to occur of (i) the Participant’s Nonqualifying Termination, (ii) the completion of the delivery of all benefits under the Plan following a Qualifying Termination under circumstances giving rise to a right to such benefits, or (iii) termination of the Plan prior to a Qualifying Termination as provided in Section 5.01. For avoidance of doubt, the rights and obligations of the Company and of an Eligible Executive who does not execute a Revised Participation Agreement, but who had previously executed a participation agreement under a prior Executive Severance Plan, shall be governed by such prior participation agreement and Executive Severance Plan.
Section 2.02 Conditions. As a condition precedent to entitlement of each Participant to benefits under Sections 3.01 and 3.02 of the Plan, the Participant agrees to each of the following:
(a)The Participant shall have executed, within 21 days, or if required for an effective release, 45 days, following the Participant’s Date of Termination, the Release, and the applicable revocation period set forth in such release shall have expired.
(b)The Participant agrees to execute a resignation letter stating that, effective as of the Participant’s Date of Termination, or such earlier date as required or requested by the Company, the Participant resigns from all positions with the Company, whether as an employee, an officer, a director or otherwise.
(c)The Participant shall reaffirm his or her agreement to abide by the covenants set forth in Article VI.
Section 2.03 No Duty to Mitigate; Non-duplication.
(a)A Participant shall not be required to mitigate the amount of any payment or benefit provided for in the Plan by seeking other employment or otherwise, and no such payment or benefit shall be offset or reduced by the amount of any compensation or benefits provided to the Participant in any subsequent employment.
(b)The Company does not intend to duplicate severance benefits. Accordingly, the severance payments and benefits under the Plan to a Participant shall be reduced by any severance benefits to which the Participant would otherwise be entitled under the Participant’s offer letter or employment agreement with the Company (if applicable), or any general severance policy or plan maintained by the Company that provides for severance benefits (unless the agreement, policy or plan expressly provides for severance benefits to be in addition to those provided under the Plan). The severance payments and benefits to which a Participant is otherwise entitled shall be further reduced (but not below zero) by any payments or benefits to which the Participant may be entitled under any federal, state or local plant-closing (or similar or analogous) laws or mandatory severance benefits under the laws of any other applicable jurisdiction. Any such reductions or offsets in severance benefits shall be made in a manner that complies with Code Section 409A (if applicable).
ARTICLE III
TERMINATION BENEFITS
Section 3.01 Qualifying Termination During a Non-CIC Period. If a Participant incurs a Qualifying Termination and his or her Date of Termination is during a Non-CIC Period, then, in addition to any Accrued Obligations, the Participant shall be entitled to the following (which shall be payable in accordance with Article IV):
(a)Cash Severance. An amount equal to the product of (i) the Participant’s Applicable Severance Multiplier, and (ii) the Participant’s monthly rate of Base Salary.
(b)Healthcare Coverage Payment. An amount equal to the product of (i) the Participant’s Applicable Benefits Multiplier and (ii) the full total monthly premium cost (i.e., the Participant’s and the Company’s portion) for the Participant’s Healthcare Coverage.
Section 3.02 Qualifying Termination During a CIC Period. If a Participant incurs a Qualifying Termination and his or her Date of Termination is during a CIC Period, then, in addition to any Accrued Obligations, the Participant shall be entitled to the following (which shall be payable in accordance with Article IV):
(a)Cash Severance. An amount equal to (A) the product of (i) the Participant’s Applicable Severance Multiplier and (ii) the Participant’s monthly rate of Base Salary, plus (B) the product of (i) the Participant’s Applicable Bonus Multiplier and (ii) the Participant’s Target Bonus Amount for the Year in which the Date of Termination occurs.
(b)Healthcare Coverage Payment. An amount equal to the product of (i) the Participant’s Applicable Benefits Multiplier and (ii) the full total monthly premium cost (i.e., the Participant’s and the Company’s portion) for the Participant’s Healthcare Coverage.
(c)Equity Vesting. Any unvested Equity Awards will become fully vested and, if applicable, each such Equity Award shall remain exercisable for the period set forth in the applicable Equity Awards Agreement. For the avoidance of any doubt, the provisions of this Section 3.02(c) shall supersede the provisions contained in the applicable Equity Awards Agreements, provided that the provisions of the Equity Award Agreements will control to the extent such provisions are more favorable to the Participant. In the case of any performance-based Equity Awards, “full vesting” means vesting based on the level of performance adjustment determined under the terms of the applicable Equity Award Agreement in connection with the Change in Control.
(d) Pro-Rata Bonus. An amount equal to a pro rata portion (based on the number of days during the applicable performance year Participant was employed by the Company) of the
Participant’s CIC Period Bonus. In addition, if the Bonus for the performance year immediately preceding the Participant’s Date of Termination had not yet been paid, the Participant shall receive 100% of the Bonus, if any, for such immediately preceding performance period that would otherwise have been paid to Participant (without the application of any negative discretion) if Participant’s employment had not so terminated, payable at the same time as such Bonus is paid to other Company employees.
ARTICLE IV
FORM AND TIME OF PAYMENT
Section 4.01 Payments for a Qualifying Termination During a Non-CIC Period. The amount contemplated under Section 3.01(a) shall be paid in accordance with the Company’s regular pay schedule in substantially equal installments over a period equal to a Participant’s Applicable Severance Multiplier following the Participant’s Date of Termination. The amount contemplated under Section 3.01(b) shall be paid in a lump sum cash in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination). In both cases, the payments described shall be conditioned on the Participant providing the Company with (and not revoking) a Release, no later than 60 days after the Participant’s Date of Termination. Any payments will commence in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination), including a lump sum for any payments for any payroll periods from the Date of Termination through the date the Release becomes effective.
Section 4.02 Payments for a Qualifying Termination During a CIC Period. The amounts contemplated under Section 3.02(a) and Section 3.02(b) shall be paid in a lump sum cash payment in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination). The amount of the CIC Period Bonus based on those portions of the formula that are knowable at such time shall be paid in a lump sum cash payment in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination) and if the CIC Period Bonus is determined to be greater when the other portions of the formula for the CIC Period Bonus are known, such excess amount shall be paid in a lump sum cash payment within ten (10) days after such determination. The amount of the Bonus set forth in the second sentence of Section 3.02(d) shall be paid at the later of (i) in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination) or (ii) at the same time as such Bonus is paid to other Company employees. The payments described in each of Section 3.02(a), Section 3.02(b) and Section 3.02(d) shall be conditioned on the Participant providing the Company with (and not revoking) a Release, no later than 60 days after the Participant’s Date of Termination. Vesting of Equity Awards under Section 3.02(c) shall also be conditioned on the Participant providing, and not revoking, the Release within 60 days following the Date of Termination. Payment of any restricted stock units as a result of such vesting shall be made no later than 75 days following the Date of Termination, subject to compliance with the requirements of Code Section 409A.
ARTICLE V
AMENDMENT / TERMINATION OF PLAN
Section 5.01 Plan Amendment and Termination. This Plan may be amended or terminated by action of the Board; provided, however, that any amendment or termination that reduces or eliminates potential termination benefits under Article III for a Participant shall not, without the Participant’s prior written consent: (i) be effective for any Qualifying Termination until one year after notice is provided to the Participant; and (ii) be effective until after the end of the applicable CIC Period if a Change in Control occurs while this Plan is in effect.
ARTICLE VI
COVENANTS
Section 6.01 Full Time, Best Efforts and Conduct. Each Participant covenants and agrees to devote all of the Participant’s business time and efforts to the faithful performance of the duties assigned to the Participant from time to time by the Company, except to the extent that the Company expressly permits the Participant to engage in outside activities during business hours. The Company and the Participant acknowledge that, from time to time, the Participant may either desire or be asked by the Company to engage in business activities or perform business services for the benefit of third parties, such as, e.g., serving as an outside director or consultant for another company. In each case, the Participant’s involvement in such business activities or services shall be subject to the mutual agreement and approval of both the Company and the Participant. The Participant shall at all times engage in conduct in accordance with the highest standards of ethics and shall take no action that will harm the reputation of the Company. To every extent not inconsistent with the terms of this Agreement, the terms and conditions of the Participant’s employment are also governed by the Company’s personnel policies and employee handbook, as they may be issued and amended from time to time.
Section 6.02 Confidential Information.
(a)Nondisclosure and Non-Use. Both during the term of a Participant’s employment with Company and thereafter, the Participant covenants and agrees that the Participant (i) shall exercise the utmost diligence to protect and safeguard the Confidential Information of the Company; (ii) shall not disclose to any third party any Confidential Information, except as may be required by the Company in the course of the Participant’s employment or by law; and (iii) shall not use Confidential Information except for the benefit of the Company. The Participant acknowledges that Confidential Information has been and will be developed and acquired by the Company by means of substantial expense and effort, that the Confidential Information is a valuable proprietary asset of the Company’s business, and that its disclosure would cause substantial and irreparable injury to the Company’s business.
(b)Definition of Confidential Information. “Confidential Information” means all information of a confidential or proprietary nature, whether or not specifically labeled or identified as “confidential,” in any form or medium, that is or was disclosed to, or developed or learned by, the Participant in connection with the Participant’s past, present or future employment with the Company and that relates to the business, products, services, research or development of any of the Company or its suppliers, distributors or customers. Confidential Information includes, but is not limited to, the following: (i) internal business information (including, but not limited to, information relating to strategic plans and practices, business, training, marketing, promotional and sales plans and practices, cost, rate and pricing structures, accounting and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information about, any of the Company’s suppliers, distributors and customers and their confidential information; (iii) trade secrets, know-how, compilations of data and analyses, techniques, systems, formulae, research, records, reports, manuals, documentation, models, data and data bases relating thereto; (iv) inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable); and (v) other information or thing that has economic value, actual or potential, from not being generally known to or not being readily ascertainable by proper means by other persons.
(c)Not Confidential Information. Confidential Information shall not include information that the Participant can demonstrate: (i) is publicly known through no wrongful act or breach of obligation of confidentiality by the Participant; (ii) was rightfully received by the Participant from a third party without a breach of any obligation of confidentiality by such third
party; or (iii) was known to the Participant on a non-confidential basis prior to the Participant’s employment with the Company.
(d)Presumption of Confidentiality. In any judicial proceeding, it will be presumed that the Confidential Information constitutes protectable trade secrets and the Participant will bear the burden of proving that any Confidential Information is publicly or rightfully known by the Participant.
(e)Return of Confidential Information and Materials. Each Participant agrees to return to the Company either before or immediately upon the termination of the Participant’s employment with the Company any and all information, materials or equipment which constitutes, contains or in any way relates to the Confidential Information and any other document, equipment or materials of any kind relating in any way to the business of the Company in the possession, custody or control of the Participant which was obtained by the Participant during the course of or as a result of the Participant’s employment with the Company, whether confidential or not, including, but without limitation, any copies thereof which may have been made by or for the Participant. The Participant shall also provide the Company, if requested to do so, the name of the new employer of the Participant and the Company shall have the right to advise any subsequent employer of the Participant’s obligations hereunder.
Section 6.03 Inventions.
(a)Ownership of Inventions. Any and all Inventions created or developed by a Participant alone or with others during the term of the Participant’s employment, whether or not during working hours and whether on the Company’s premises or elsewhere, shall be deemed works for hire and will be the sole and exclusive property of the Company if the Invention is:
(i)within the scope of the Participant’s duties assigned or implied in accordance with the Participant’s position; or
(ii)a product, service, or other item which would be in competition with Company Products or which is related to Company Products, whether presently existing, under development, or under active consideration; or
(iii)in whole or in part, the result of the Participant’s use of the Company’s resources, including, without limitation, personnel, computers, equipment, facilities or otherwise.
(b)Assignment of Inventions. Each Participant shall promptly and fully disclose all Inventions to the Company and shall cooperate and perform all actions reasonably requested by the Company to establish, confirm and protect the Company’s right, title and interest in each such Invention. During the term of the Participant’s employment with the Company and after termination of such employment, if the Company should then so request, the Participant agrees to assign and does hereby assign to the Company all rights in the Inventions. The Participant agrees to execute and deliver to the Company any instruments the Company deems necessary to vest in the Company all title to and rights in the Inventions which the Participant is legally authorized to grant. The Participant agrees to execute and deliver to the Company all proper papers for use in applying for, obtaining, maintaining, amending and enforcing any legal protections that the Company may desire. The Participant further agrees to assist fully the Company or its nominees in the preparation and prosecution of any litigation connected with the Inventions. If the Company is unable because of the Participant’s mental or physical incapacity or for any other reason (including, but without limitation, the Participant’s refusal to do so after request therefor is made by the Company) to secure the Participant’s signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations
covering Inventions belonging to or assigned to the Company pursuant to this Agreement, then the Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Participant’s agent and attorney-in-fact to act for and on the Participant’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents or copyright registrations thereon with the same legal force and effect as if executed by the Participant.
Section 6.04 Non-Competition. Each Participant covenants and agrees that, during the term of the Participant’s employment with the Company and the Restricted Period, the Participant shall not, directly or indirectly, for the benefit of the Participant or others, as an employee, principal, agent, stockholder, consultant, or in any other capacity, (i) work for a Competitor; or (ii) have a financial interest in any Competitor, within the Restricted Territory. Notwithstanding the foregoing, nothing herein shall prohibit the Participant from being a passive owner of not more than 5% of the outstanding securities of any class of a corporation which is publicly traded, so long as the Participant has no active participation in the business of any such corporation.
This covenant on the part of the Participant shall be construed as an agreement independent of any other provision of this Plan or applicable Participation Agreement; and the existence of any claim or cause of action of the Participant against the Company, whether predicated on this Plan, Participation Agreement, or otherwise, shall not constitute a defense to the enforcement by the Company of this covenant. The Participant expressly agrees that the restrictions of this Article VI will not prevent the Participant from otherwise obtaining gainful employment upon termination of the Participant’s employment with the Company.
Section 6.05 Non-Solicitation of Business Associates. During the Restricted Period, the Participant shall not directly or indirectly induce, solicit or encourage any customer, supplier or other business associate of the Company to terminate or alter its relationship with the Company, or introduce, offer or sell, to or for any customer or business associate, any products or services that compete with the Company Products.
Section 6.06 Non-Solicitation of Employees. During the Restricted Period, no Participant shall, directly or indirectly, induce, solicit or encourage any employee of the Company to terminate or alter his or her relationship with the Company.
ARTICLE VII
FEDERAL EXCISE TAX UNDER SECTION 4999 OF THE CODE IN CONNECTION WITH A CHANGE IN CONTROL
Section 7.01 Adjustments to Payments. Anything in this Plan to the contrary notwithstanding, if (a) it is determined that any payment or distribution by the Company to the Participant or for the Participant’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise) (the “Payments”) would be subject to the excise tax imposed by Section 4999 (or any successor provisions) of the Code, or (b) any interest or penalty is incurred by the Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, is hereinafter collectively referred to as the “Excise Tax”), then the Payments shall be reduced (but not below zero) if and to the extent that such reduction would result in the Participant retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes and the imposition of the Excise Tax), than if the Participant received all of the Payments. The Company shall reduce or eliminate the Payments by first reducing or eliminating the portion of the Payments which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the determination.
Section 7.02 Determinations. All determinations required to be made under this Article VII, including whether and when an adjustment to any Payments is required and, if applicable, which Payments are to be so adjusted, shall be made by an independent accounting firm selected by the Company from among the four largest accounting firms in the United States or any nationally recognized financial planning and benefits consulting company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the applicable Participant at such time as may be requested by the Company, or earlier within 15 business days of the receipt of notice from the Participant that there has been a Payment. If the Accounting Firm that the Company selects is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by a Participant, it shall furnish the Participant with a written opinion that failure to report the Excise Tax on the Participant’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Participant.
Article VIII
MISCELLANEOUS PROVISIONS
Section 8.01 Plan Administration. The Plan Administrator shall administer the Plan and may interpret the Plan, prescribe, amend and rescind rules and regulations under the Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of the Plan. The Plan Administrator is empowered, on behalf of the Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Plan Administrator will be limited to the specified services and duties for which they are engaged, and such persons will have no other duties, obligations or responsibilities under the Plan. Such persons will exercise no discretionary authority or discretionary control respecting the management of the Plan. All reasonable expenses thereof will be borne by the Company.
Section 8.02 Withholding Taxes. The Company may withhold from all payments due to the Participant (or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold.
Section 8.03 Successors’ Binding Obligation. The Plan will be binding upon any successor to the Corporate Parent, its assets, its businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Corporate Parent would be obligated under the Plan if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Corporate Parent shall require any successor to the Corporate Parent to expressly and unconditionally assume the Plan in writing and honor the obligations of the Corporate Parent and any applicable Affiliates hereunder, in the same manner and to the same extent that the Corporate Parent and such Affiliates would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan will inure to the benefit of his or her heirs, assigns, designees or legal representatives.
Section 8.04 No Assignment or Transfer; Beneficiaries; Unfunded Obligations. Except as otherwise determined by the Plan Administrator, benefits payable under this Plan shall not be assignable or transferable by the Participant, and shall not be subject in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the foregoing, in the event of the death of a Participant, except as otherwise provided by the Plan Administrator, benefits earned but unpaid under this Plan shall become payable to the Participant’s beneficiary as designated by the Participant in the manner prescribed by the Plan Administrator or, in the absence of an authorized beneficiary designation, by a legatee or legatees of the Participant’s Plan benefit under the Participant’s last will or by such Participant’s executors, personal representatives or distributees of such Plan benefit in accordance with the Participant’s will or the laws of descent and distribution. The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor.
Section 8.05 Compensation Recoupment. All awards, amounts or benefits received or outstanding under this Plan shall be subject to clawback, cancellation, recoupment, rescission, payback, reduction or other similar action in accordance with any Company clawback or similar policy or any applicable law related to such actions. Each Participant shall be deemed to have acknowledged and consented to the Company’s application, implementation and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any applicable law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Company may take any actions that may be necessary to effectuate any such policy or applicable law, without further consideration or action.
Section 8.06 Notice.
(a)For purposes of this Plan, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when received if delivered by hand, recognized expedited courier service, or email, postage and other fees prepaid, addressed as follows:
If to the Participant:
To the most recent address or email address of the Participant set forth in the personnel records of the Company
If to the Company:
Coherent Corp.
5000 Ericsson Drive
Warrendale, PA 15806
Attention: Chief Legal Officer
Email: Legal.Notices@coherent.com
or to such other address as either party may have furnished to the other in writing in accordance herewith.
(b)A written notice of the Participant’s Date of Termination by the Company or the Participant, as the case may be, to the other, shall (i) indicate the specific termination provision in this Plan relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Participant’s employment under the provision so indicated, and (iii) specify the Date of Termination. In the case of a termination by the Company other than a termination for Cause, the Date of Termination shall not be less than 30 days after the notice of termination is given. In the case of a termination by the Participant, the Date of Termination shall be the date that the cure period contemplated under Section 1.01(dd) has expired if the Company has failed to remedy within such period the circumstances constituting Good Reason. The failure by the Participant or the Company to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Participant or the Company, or preclude the Participant or the Company, from asserting such fact or circumstance in enforcing the Participant’s or the Company’s rights hereunder.
Section 8.07 Governing Law; Validity. The interpretation, construction and performance of the provisions of this Plan shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to conflicts of law principles, to the extent Pennsylvania laws are not preempted by ERISA. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which other provisions shall remain in full force and effect.
Section 8.08 Waiver. No provision of this Plan may be waived unless such waiver is agreed to in writing and signed by the Participant and by a duly authorized officer of the Company. No waiver by one party of the other party’s of a breach of, or failure to comply with, a condition or provision of this Plan shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by the Participant or the Company to insist upon strict compliance with any provision of this Plan or to assert any right the Participant or the Company may have hereunder, including without limitation, the right of the Participant to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right, or of any other provision or right.
Section 8.09 Code Section 409A. Notwithstanding any provision of the Plan to the contrary, the Plan and any payments provided hereunder are intended to comply with, or be exempt from, Code Section 409A. The Plan shall in all respects be interpreted, operated, and administered in accordance with this intent. Payments provided under the Plan may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption, including, to the maximum extent possible, exemptions for separation pay due to Separation from Service and/or short-term deferrals. Any payments provided under the Plan to
be made upon a Participant’s termination of employment with the Company that constitute deferred compensation subject to Code Section 409A shall only be made if such termination of service constitutes a Separation from Service. Each installment payment provided under the Plan shall be treated as a separate identified payment for purposes of Code Section 409A. The Company makes no representations or warranties that the payments provided under the Plan comply with, or are exempt from, Code Section 409A, and in no event shall the Company be liable for any portion of any taxes, penalties, interest, or other expenses that may be incurred by a Participant on account of non-compliance with Code Section 409A. If a Participant is a “specified employee” under Code Section 409A at his or her Date of Termination, to the extent necessary to avoid the imposition of any additional taxes under Code Section 409A, any payments to be made upon the Participant’s Separation from Service that constitute deferred compensation subject to Code Section 409A and that are scheduled to be made within six months following the Participant’s Date of Termination shall be delayed, without interest, and paid in a lump sum on the earlier of (i) the first payroll date to occur following the six month anniversary of the Participant’s Date of Termination, or (ii) the Participant’s death, and any payments otherwise scheduled to be made thereafter shall be made in accordance with their original schedule. Notwithstanding any provision of the Plan to the contrary, if any payments to a Participant to be made under the Plan are subject to Code Section 409A and the period during which the Participant may sign the Release begins in one calendar year and the first payroll period following the end of the period during which the Participant may sign the Release occurs in the following calendar year, then such payments shall not be made or commence until the commencement of such following calendar year but no later than 75 Days after the Participant’s Date of Termination.
Section 8.10 No Right to Continued Employment. Neither the establishment of the Plan, nor any modification of it, and no creation of any fund, trust or account, or payment of any benefits, will be construed as giving any Participant, or any other person, the right to be retained in the service of the Company, and all Participants will remain subject to discharge to the same extent as if the Plan had never been adopted.
Section 8.11 Attorney Fees for Enforcement in Connection with CIC Period Termination. For a Participant whose Date of Termination occurs within the CIC Period, the Company shall pay on behalf of or reimburse to Participant promptly (in no event later than 30 days after the invoice date) all reasonable costs and expenses (including fees and disbursements of counsel) incurred by such Participant in seeking to enforce rights pursuant to this Plan, whether or not such Participant is successful in asserting such rights; provided, however, that no reimbursement shall be made of such expenses relating to any unsuccessful assertion of rights if and to the extent that Participant’s assertion of such rights was in bad faith.
ARTICLE IX
CLAIMS, INQUIRIES, APPEALS
Section 9.01 Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan, and inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing, addressed to the Company in accordance with the notice provisions set forth in the Plan.
Section 9.02 Denial of Claims. If any application for benefits is denied in whole or in part, the Plan Administrator must notify the applicant, in writing, of the denial, and of the applicant’s right to review the denial. The written notice of denial will be set forth in a manner designed to be understood by the Participant, and will include specific reasons for the denial, specific references to the Plan provision upon which the denial is based, a description of any information or material that the Plan Administrator needs in order to complete the review, and an explanation of the Plan’s review procedure.
This written notice will be given to the Participant within 30 days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional 30 days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial 30 day period.
This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render his or her decision. If written notice of denial of the application for benefits is not furnished within the specified time, the application will be deemed to be denied. The applicant will then be permitted to appeal the denial in accordance with the review procedure described below.
Section 9.03 Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied (or deemed denied), in whole or in part, may (but is not required to) appeal the denial by submitting a request for a review to the Plan Administrator within 60 days after the application is denied (or deemed denied). The Plan Administrator will give the applicant (or his or her representative) an opportunity to review pertinent documents in preparing a request for a review. A request for a review must be in writing and addressed to the Company in accordance with the notice provisions set forth in the Plan.
A request for review must set forth all of the grounds on which it is based, all facts in support of the request, and any other matters that the applicant feels are pertinent. The Plan Administrator may require the applicant to submit additional facts, documents or other material the Plan Administrator deems necessary or appropriate in connection with his or her review.
Section 9.04 Decision on Review. The Plan Administrator will act on each request for review within 20 days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional 20 days). If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial 20-day period. The Plan Administrator will give prompt, written notice of his or her decision to the applicant. If the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood by the applicant, the specific Plan provisions on which the decision is based. If written notice of the Plan Administrator’s decision is not given to the applicant within the time prescribed in this Section 9.04, the application will be deemed denied on review.
Section 9.05 Rules and Procedures. The Plan Administrator may establish rules and procedures, consistent with the Plan and with ERISA, that are necessary or appropriate in carrying out his or her responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal to do so at the applicant’s own expense.
Section 9.06 Exhaustion of Remedies. No claim for benefits under the Plan may be brought in any forum until the claimant (a) has submitted a written application for benefits in accordance with the procedures described by Section 9.01, (b) has been notified by the Plan Administrator that the application is denied (or the application is deemed denied due to the claims administrator’s failure to act within the established time period), (c) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 9.03, and (d) has been notified in writing that the Plan Administrator has denied the appeal (or the appeal is deemed to be denied under Section 9.04).
Section 9.07 Final Dispute Resolution; Limitations on Legal Action.
(a)General. Except as provided in Section 9.07(c) below, all claims and disputes under this Plan (including but not limited to claims and disputes regarding interpretation, scope, or validity of the Plan, and any pendant state claims not preempted by ERISA) must follow the claims procedures described in Sections 9.01 through 9.06, before a claimant may take action in any other forum regarding a claim for benefits under the Plan. Any action initiated by a claimant under the Plan must be brought within one year of a final determination on the claim, or the claim will be deemed permanently waived and abandoned, and the claimant will be precluded from reasserting it.
(b)Claims for Benefits. After following the claims procedures described in Sections 9.01 through 9.06, the following provisions apply to any further disputes, claims, questions or disagreements that may arise regarding this Plan. Except to the extent set forth in Section 9.07(c), any such dispute shall be finally settled by arbitration conducted expeditiously in accordance with the rules of the American Arbitration Association by three independent and impartial arbitrators. Each party shall appoint one arbitrator, and the two arbitrators so appointed shall appoint the third. The arbitration shall be conducted in English, and shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, and judgment on the award rendered by the arbitrators may be entered by any court having jurisdiction. The place of arbitration shall be Pittsburgh, Pennsylvania. The arbitrators are not empowered to award damages in excess of economic and compensatory damages.
(c)Injunctive Relief. Notwithstanding any provision in the Plan to the contrary, if a Participant violates a covenant contained in Article VI and the Company would be caused immediate, material and irreparable harm for which money damages might not be adequate compensation, the Company shall be entitled to injunctive or other equitable relief in addition to any other remedies provided by law, in equity or otherwise. The Restricted Period applicable to the Participant shall be extended by any period of time in which the Participant is in breach of the covenants contained in Article VI and for any period of time necessary to secure an order of court or injunction, either temporary or permanent, to enforce any of the covenants contained in Article VI.
EXHIBIT A
GENERAL RELEASE AGREEMENT
This General Release Agreement (this “Agreement”) is made and entered into by ___________________ (“Executive” or “Your” or “Your”) (collectively, referred to in this Agreement as “Executive”) and Coherent Corp., any parent, subsidiary, affiliate, successor, predecessor or otherwise related companies, and the past, present, and future employees, agents, officers, attorneys, directors, shareholders, members, managers and executive benefit programs of any of them, and their agents and insurers (collectively, referred to in this Agreement as the “Company”). This Agreement shall become effective upon the signing of this Agreement by You or, if applicable, as defined in Section 9.2 below.
In consideration of the severance pay and benefits provided to Executive as set forth in the Coherent Corp. Executive Severance Plan (the “Severance Plan”), as well as any promises set forth in this Agreement, Executive agrees as follows:
1.0Release of Claims.
1.1In exchange for the Company providing You with the payments and other benefits set forth in the Severance Plan, You, and Your spouse, attorneys, heirs, dependents, beneficiaries, executors, administrators, successors, and assigns, hereby unconditionally release and completely and forever discharge the Company, on behalf of and for the benefit of itself, all related corporate entities and partnerships, and each of their past, present and future employees, officers, directors, attorneys, owners, partners, members, insurers, benefit plan fiduciaries and agents, and all of their respective successors and assigns (“Released Parties”), from any and all rights, claims, causes of action, or lawsuits whether known or unknown, that you ever had, now have, or may have against any or all of the Released Parties up to the date of execution of this Agreement including, without limitation, any and all claims you had, have, or may have arising out of or relating to your employment with the Company or the separation of that employment, for any and all reasons.
You specifically release Released Parties from any rights or claims that you may have based upon the Employee Retirement Income Security Act, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Equal Pay Act, the Family and Medical Leave Act, Sections 1981 through 1988 of U.S.C. Title 42, all as amended, and any rules or regulations under such laws and authorities; all Pennsylvania employment discrimination laws, including but not limited to the Pennsylvania Human Relations Act; the Pennsylvania Equal Pay Act; the Pennsylvania Minimum Wage Act; the Pennsylvania Wage Payment and Collection Law; Pennsylvania statutes regarding whistleblower protection, personnel Files, criminal records, wage complaints, retaliation; all as amended together with all of their respective implementing regulations; and/or any other federal, state or local laws or regulations prohibiting employment discrimination or which otherwise regulate employment terms and conditions. You also release the Released Parties from any claim for negligence, wrongful discharge, unfair treatment, defamation, breach of public policy, express or implied contract, or any other claims arising under common law that relate in any way to your employment with the Company or the termination thereof. The foregoing description of claims is intended to be illustrative and is not exhaustive. The Parties intend this release to be a release of any and all claims to the fullest extent permissible under law. This waiver and release is of Your rights to all remedies and damages available to You in law or equity, including but not limited to Your right to compensation, backpay, front pay, non-economic damages, punitive and exemplary damages, statutory damages, attorneys’ fees, injunctive relief and declaratory judgments. This general release does not extend to claims which You do not know or suspect
exist at the time of executing the release, which if known by You would have materially affected Your entering into this Agreement with the Company.
1.2Notwithstanding the release contained in Section 1.1, You do not waive (i) Your entitlement to receive any 401(k), pension plan benefits, or Company ERISA-covered benefits that shall have vested (if any) as of the date You sign this Agreement to the extent You have any entitlement to those benefits under the terms of the relevant plans, or (ii) Your right to file a charge with the EEOC or participate in an investigation conducted by the EEOC; however, You expressly waive Your right to monetary or other relief should any administrative agency, including but not limited to the EEOC, pursue any claim on Your behalf.
1.3The release contained in Section 1.1 above does not apply to any claim or rights that may arise after that date You sign this Agreement or claims that the controlling law clearly states may not be released by private agreement. You also understand that You are not waiving Your rights to unemployment compensation.
2.0Covenant Not to Sue.
2.1You warrant that You do not have any complaint, charge or grievance against any Released Party pending before any federal, state or local court or administrative or arbitral agency, and You further covenant not to sue, file a lawsuit, or commence any other proceeding, arbitral, administrative or judicial action, against any of the Released Parties in any court of law or equity, or before any arbitral body or administrative agency, with respect to any matter released in Section 1.1 above; provided, however, that this covenant not to sue does not affect Your rights to enforce appropriately the terms of the Severance Plan in a court of competent jurisdiction and does not affect Your right to file a charge with the EEOC or participate in an investigation conducted by the EEOC; however, You expressly waive Your right to monetary or other relief should any administrative agency, including but not limited to the EEOC, pursue any claim on Your behalf. Notwithstanding the foregoing, nothing herein shall limit Your right to receive an award for information provided to the Securities and Exchange Commission.
Nothing in this Agreement prohibits You from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization of the Company to make any such reports or disclosures and You are not required to notify the Company that You have made such reports or disclosures.
2.2Should You file a lawsuit with any court concerning any claim, demand, issue, or cause of action waived, released or discharged through this Agreement or otherwise in breach of Section 2.1 above, You agree (i) that any amounts payable or paid to You, as applicable, pursuant to Section 2 of the Severance Plan shall no longer be payable and, if already paid, shall promptly be returned to the Company and (ii) to the fullest extent allowed by applicable law, to indemnify the Released Parties for all costs and expenses incurred by them in defending such lawsuit. You further agree that nothing in this Agreement shall limit the right of a court to determine, in its sole discretion, that the Released Parties are entitled to restitution, recoupment or set off of any monies paid should the release of any claims under this Agreement subsequently be found to be invalid.
2.3You agree not to advocate or incite the institution of, or assist or participate in, any suit, unrest, complaint, charge or administrative proceeding by any other person against any of the Released Parties, unless compelled by legal process to do so. Nothing in this Section 2
shall prohibit any Party from lawfully participating or cooperating in an investigative proceeding of any federal, state or local government agency.
3.0Non-Admission of Liability. You agree that this Agreement shall not in any way be construed as an admission that any of the Released Parties owe You any money or have acted wrongfully, unlawfully, or unfairly in any way towards You. In fact, You understand that the Released Parties specifically deny that they have violated any federal, state or local law or ordinance or any right or obligation that they owe or might have owed to You at any time, and maintain that they have at all times treated You in a fair, non-discriminatory and non-retaliatory manner.
4.0Confidentiality of Agreement. You also acknowledge and agree that You shall not publicize, communicate, authorize or permit the publication or communication in any form whatsoever of the contents of this Agreement or the events giving rise thereto, except to Your immediate family, Your financial advisors and/or legal counsel, or where required by law.
5.0Representations and Indemnification.
5.1You represent to the company that You will abide by any and all post-employment restrictive covenants You signed or entered into in connection with Your employment, including but not limited to, covenants relating to competition, solicitation or hiring of employees, solicitation of customers, and confidentiality.
5.2You agree that You will indemnify and hold the Released Parties harmless from any loss, cost, damage or expense (including attorneys’ fees) incurred by the Released Parties arising out of Your breach of any portion of this Agreement or any post-employment restrictive covenant You signed or entered into in connection with Your employment. You also agree and understand that Your entitlement to and retention of the Severance Benefits the Company has agreed to provide to You are expressly conditioned upon Your fulfillment of Your promises herein and any applicable post-employment restrictive covenants, and You agree that if You breach this Agreement or any applicable post-employment restrictive covenants that any amounts payable or paid to You, as applicable, pursuant to the Severance Plan, shall no longer be payable and, if already paid, shall promptly be returned to the Company within seven days of the Company providing you with written notice of Your breach of any provision of this Agreement or any applicable post-employment restrictive covenants, to the extent permitted or required by law. The Company shall determine whether a breach has occurred in its sole discretion and under any applicable law or regulation.
6.0Miscellaneous.
6.1Governing Law and Venue. This Agreement and all things relating or pertaining to it shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, without reference to conflict of laws principles. Any action relating to this Agreement must be instituted in the courts of Butler County, Pennsylvania, or the federal courts of the Western District of Pennsylvania. The Company and Employee hereby consent to the jurisdiction of such courts and waive any right or defense relating to venue or jurisdiction.
6.2Severability. Whenever possible, each provision of this Agreement shall be interpreted so as to be effective and valid under applicable law, but if any of its provisions is prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, and severed from this Agreement without invalidating any other part of this Agreement.
6.3Proper Construction. The language of this Agreement shall be construed within the context of the whole Agreement and according to its fair meaning, and not strictly for or against either the Parties. The section headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in its interpretation.
6.4Survival. You acknowledge that the covenants in the Severance Plan, and any provisions contained in the Severance Plan that are intended to survive following termination of Your employment, shall survive the execution of this Agreement by You. You further acknowledge that any and all post-employment restrictive covenants You signed in connection with Your employment, including covenants relating to competition, solicitation or hiring, and agreements not to compete, remain in full force and effect, and a breach of those covenants or agreements will also constitute a breach of this Agreement.
6.5Amendments. This Agreement may be modified, altered or terminated only by an express written agreement between You and the Company, that is signed by both parties, and to which a copy of this Agreement is attached.
6.6Counterparts. This Agreement may be signed in counterparts, which together shall be treated as one document.
7.0Acknowledgment.
7.1You confirm that, to the best of Your knowledge, You have returned to the Company all of its property, including without limitation, computer equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of computerized data or software) containing information concerning the Company, its business or its business relationships. You also commit to deleting and finally purging any duplicates of files or documents that contain the Company information from any computer or other device that remains Your property after the Termination Date, provided such information is not subject to an ongoing litigation hold.
7.2You acknowledge that, if you are age 40 or over, You have had 21 days, or if required for an effective release, 45 days, after receipt of this Agreement (and Appendix A if required to be attached hereto) to consider whether to execute it, and you understand all the provisions of this agreement. You also understand that, after you execute this Agreement, you have seven days to revoke the portion of this Agreement that relates to waiver and release of any claim you might assert under the Age Discrimination in Employment Act (“ADEA”). The parties agree that no payment set forth in the Severance Plan will be made until after the seven day revocation period has expired (the eighth day after You execute this Agreement being the “Effective Date” of this Agreement for those age 40 or over). You understand that, by signing this Agreement, You are not waiving or releasing any ADEA claims based on actions or omissions that occur after the date You sign. You agree that any revocation of Your ADEA waiver and release must be made in writing and postmarked on or before the seventh day following the execution of this Agreement and sent by certified mail to the respective company contact at the addresses set forth in Section 8.06 of the Severance Plan.
7.3With the exception of any payments and other benefits set forth in the Severance Plan or any signed retention bonus agreement, and of your final paycheck (to include Your regular wages and any accrued but unused vacation or other paid time off to be delivered by the next regularly scheduled payday or otherwise as required by law), You acknowledge payment of all compensation due to You by the Company.
7.4You acknowledge that You have been advised in writing, and hereby are advised, to seek legal counsel concerning the terms of this Agreement. You warrant that you have read this Agreement, are knowingly and voluntarily entering into it and intend to be legally bound by it, and that your agreement to it is not the result of coercion or duress by the Company. You certify and agree that you are authorized and competent to sign this Agreement, and that you are receiving valuable and adequate consideration under it.
BY SIGNING BELOW, YOU ACKNOWLEDGE THAT (1) YOU HAVE CAREFULLY READ AND CONSIDERED THIS AGREEMENT; (2) HAVE BEEN GIVEN SUFFICIENT TIME TO CONSIDER WHETHER TO SIGN IT; (3) RECOGNIZE AND UNDERSTAND THAT IT CONTAINS A FULL AND FINAL RELEASE BY YOU OF ALL CLAIMS OF EVERY KIND AGAINST THE COMPANY ARISING UP TO THE TIME YOU SIGN IT, WHETHER YOU CURRENTLY KNOW OR SUSPECT THOSE CLAIMS TO EXIST; AND (4) KNOWINGLY AND VOLUNTARILY CONSENT TO THE TERMS OF THIS AGREEMENT WITH FULL UNDERSTANDING OF THEIR MEANING.
IN WITNESS WHEREOF, Executive has executed this General Release Agreement as of the date set forth below.
| | | | | |
EXECUTIVE ______________________ |
Date: _________________ |
Received, Acknowledged and Accepted: |
COHERENT CORP. |
By: ___________________ |
| [Name, Title] |
Date: __________________ |
COHERENT CORP., 375 Saxonburg Boulevard, Saxonburg, PA 16056
General Offices: 724-352-4455
COHERENT CORP. REVISED EXECUTIVE SEVERANCE PLAN
Participation Agreement
Participant Name:
Primary Work Location:
This Participation Agreement (this “Agreement”) is made and entered into by and between Coherent Corp., a Pennsylvania corporation, and/or your employer (the “Company”), and the undersigned individual (“you”), who is an employee of the Company and/or an Affiliate of the Company.
The Company adopted the Coherent Corp. Revised Executive Severance Plan (the “Plan”). Unless otherwise defined in this Agreement, any capitalized terms used in this Agreement will have the meanings set forth in the Plan. A copy of the Plan is attached as Annex A and is deemed to be part of this Agreement.
The Company has selected you to become a Participant in the Plan. Under the Plan, you may become entitled to certain termination benefits if you incur a Qualifying Termination and you otherwise satisfy all of the terms and conditions of the Plan.
By executing this Agreement, you acknowledge and agree that you are a Participant in the Plan, and that any termination benefits that you may become entitled to receive under the Plan will be based on the following periods and multipliers that have been established by the Company:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Timing of Date of Termination | | Applicable Severance Multiplier | | Applicable Bonus Multiplier | | Applicable Benefits Multiplier | | Applicable Protection Period |
Date of Termination during a Non-CIC Period | 12 months | | N/A | | 12 months | | 18 months |
Date of Termination during a CIC Period | 24 months | | 2.0 | | 18 months | |
In addition, for a Qualifying Termination during a CIC Period, all Equity Awards shall fully vest and be treated as set forth in Section 3.02(c) of the Plan.
For a Qualifying Termination during a Non-CIC Period, all tranches of Equity Awards with a vesting date within 12 months after your Date of Termination will fully vest. In addition, for a Qualifying Termination during a Non-CIC Period, any vesting tranche of Equity Awards that began during your employment or during the first 12 months after your Date of Termination but was not completed by the first anniversary of your Date of Termination shall vest pro rata based on a fraction, the numerator of which is the number of months within such vesting tranche you
would have been employed if you had remained employed through the first anniversary of your Date of Termination, and the denominator of which is the total number of months in the vesting tranche, or, for performance-based Equity Awards, the total number of months in the performance period. For the avoidance of any doubt: (i) the payout for performance-based Equity Awards for a Qualifying Termination during a Non-CIC Period will be based on actual performance during the entire performance period, then pro-rated as noted above; and (ii) the provisions of this paragraph shall supersede the provisions contained in the applicable Equity Awards Agreements, provided that the provisions of the Equity Award Agreements will control to the extent such provisions are more favorable to you. Examples of the application of this paragraph regarding vesting with respect to a Qualifying Termination during a Non-CIC Period are set forth in Exhibit A and are deemed to be a part of this Agreement.
For you, the definition of “Good Reason” in Section 1.01(dd)(i) of the Plan is deleted and shall be replaced in its entirety by the following: “a material reduction of the Participant’s authority, job duties or responsibilities including the assignment to the Participant of any duties materially and negatively inconsistent in respect of the Participant’s position (including status, offices, titles and reporting requirements), or any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities;”.
Further, by executing this Agreement, you acknowledge and agree that your participation in the Plan is in consideration for your strict compliance with the restrictive covenants in Article VI of the Plan, which include covenants for best efforts, non-competition, non-solicitation, and non-disclosure of Confidential Information applicable regardless of whether you actually receive termination benefits under the Plan and that any termination benefits that you may become entitled to receive under the Plan will be subject to your strict compliance with each restrictive covenant in Article VI of the Plan for the duration of the Restricted Period. The length of the Restricted Period depends on when your Date of Termination occurs, as follows:
| | | | | | | | | | | | | | |
| Timing of Date of Termination | | Length of Restricted Period | |
| Date of Termination during a Non-CIC Period | 12 months | |
| Date of Termination during a CIC Period | 24 months | |
By executing this Agreement and participating in the Plan, you acknowledge and agree that as set forth in Section 2.03 of the Plan, the Plan does not intend to duplicate severance benefits. Accordingly, the severance payments and benefits under this Agreement and the Plan to you shall be reduced by any severance benefits to which you would otherwise be entitled under any offer letter or employment agreement or other agreement you have with the Company or any severance policy or plan maintained by the Company that provides for severance benefits. Likewise, the severance payments and benefits to which you are otherwise entitled under this Agreement and the Plan shall be reduced by any payments or benefits to which you may be entitled under plant-closing or mandatory severance or garden leave or similar laws of any applicable jurisdiction. By executing this Agreement, you also acknowledge and agree that if you previously signed a Participation Agreement with respect to the Plan, this Participation Agreement supersedes and replaces any such prior Participation Agreement with respect to the Plan.
[You acknowledge that you have carefully read this Agreement including, without limitation, the restrictive covenants set forth in Article VI of the Plan and incorporated herein and consulted with legal counsel of your choosing regarding its contents, have given careful consideration to the restraints imposed upon you by the Plan and this Agreement, including, without limitation, Article VI of the Plan and are in full accord as to their necessity for the reasonable and proper protection of confidential and proprietary information of the Company now existing or to be developed in the future. You acknowledge that you have consulted with counsel and are individually represented in negotiating the terms of this Agreement, which incorporates the section of the Plan designating the choice of law to be applied hereto.
You understand, acknowledge and agree that (i) you have no obligation to enter into this Agreement or become a Participant in the Plan and your decision to do so by signing this Agreement is knowing and voluntary; and (ii) agreeing to the restrictive covenants contained in Article VI of the Plan is not a condition of employment and the continuation of your employment will not depend on whether you agree to the restrictive covenants in Article VI of the Plan. The agreement to the restrictive covenants in Article VI of the Plan is in consideration of your eligibility for the Plan. You acknowledge and agree that you were represented by counsel in connection with the negotiation of this Agreement, including without limitation the specific negotiation of the restrictive covenants in Article VI of the Plan and governing law in Section 8.07 of the Plan. You acknowledge that the Company is incorporated in Pennsylvania and its principal executive offices are in Pennsylvania. You also acknowledge and agree that you will be subject to restrictive covenants, governing law, and dispute provisions set forth in the Plan, to which you shall be bound in all respects. You further acknowledge and agree that pursuant to Section 925 of the California Labor Code, (i) you have waived the application of California law to this Agreement and the Plan, including without limitation, the restrictive covenants contained in Article VI of the Plan, and any proceeding related thereto, (ii) you have waived any right to have any proceeding adjudicated in California, and (iii) you acknowledge and agree that any proceeding shall not be deemed to be a controversy arising in California.]
IN WITNESS WHEREOF, the Company has executed this Agreement by its duly authorized officer as of the date set forth below. Please sign below and return this Agreement to the Company by no later than [DATE].
| | | | | |
[PARTICIPANT NAME] | COHERENT CORP. |
Signed: | By: |
Date: | Name: |
| Title: |
| Date:
|
[I acknowledge that I represented ____________ individually as legal counsel in negotiating the terms of this Agreement including, without limitation, the incorporation of the restrictive covenants in Section VI of the Plan and governing law in Section 8.07 of the Plan.
______________________________
Attorney Name:_________________]
Exhibit A
EXAMPLES OF EQUITY VESTING IN CONNECTION WITH QUALIFYING TERMINATION IN A NON‑CIC PERIOD
Example 1: TIME‑BASED RSUS WITH ANNUAL VESTING
August 30, 2023 3,600 RSU grant with annual vesting – 1/3 (1,200 RSUs) vesting each year – August 30, 2024, August 30, 2025 and August 30, 2026
June 30, 2024 Date of Termination
12 month additional service credit for vesting
August 30, 2024 vesting of the first tranche of 1,200 RSUs: within 12 months of Date of Termination so such 1,200 RSUs vest
August 30, 2025 vesting of second tranche of 1,200 RSUs: 12 months since Separation Date is June 30, 2025 – 10 months into the vesting tranche that began August 31, 2024 and ends August 30, 2025 (a 12 month vesting tranche) – so 10/12 of such 1,200 RSU tranche means 1,000 RSUs vest
August 30, 2026 vesting tranche of 1,200 RSUs: tranche began August 31, 2025 which is more than 12 months after the Date of Termination of June 30, 2024 and therefore no vesting of any RSUs in this tranche
Example 2: TIME‑BASED RSUS WITH CLIFF VESTING
August 30, 2023 2,400 RSU grant with 2‑year (24 months) cliff vesting – vesting of entire award on August 30, 2025
June 30, 2024 Date of Termination
12 month additional service credit for vesting
No vesting date by June 30, 2025 – 12 months after Date of Termination
June 30, 2025 is 22 months into the 24 month cliff vesting period so 22/24 of such 2,400 RSU tranche means 2,200 RSUs vest
Example 3: PERFORMANCE SHARE UNIT AWARD WITH CLIFF VESTING
August 30, 2023 3,600 target PSU grant cliff vesting at June 30, 2026 based on performance for the 3 year (36 month) performance period from July 1, 2023 to June 30, 2026
June 30, 2024 Date of Termination
12 month additional service credit for vesting
No vesting date by June 30, 2025 – 12 months after Date of Termination
June 30, 2025 is 24 months into the 36 month cliff performance period ending June 30, 2026 so 24/36 of such PSU that would have been earned based on performance through June 30, 2026 vests
If PSUs earned as a percent of target PSU grant based on performance is determined after June 30, 2026 to be 90%, then
The PSUs that vest would be 3,600 (target award) multiplied by 90% (performance) multiplied by 24/36 (pro‑ration) which equals 2,160 PSUs
Such 2,160 PSUs (based on performance and proration) would be distributed after the certification of performance for the 3-year performance period ending June 30, 2026
Annex A:
COHERENT CORP.
REVISED EXECUTIVE SEVERANCE PLAN
COHERENT CORP., 375 Saxonburg Boulevard, Saxonburg, PA 16056
General Offices: 724-352-4455
COHERENT CORP. REVISED EXECUTIVE SEVERANCE PLAN
The purpose of the Coherent Corp. Revised Executive Severance Plan (as amended and in effect from time to time, the “Plan”), is to enhance the Company’s ability to retain designated key executives. The Plan is intended to be a severance pay plan governed by Title I of ERISA primarily for the purpose of providing benefits for a select group of management or highly compensated employees. All benefits under the Plan will be paid solely from the general assets of the Company.
ARTICLE I
DEFINITIONS
Section 1.01 Definitions. As used in this Plan, the following terms have the meanings set forth below:
(a) “Accounting Firm” has the meaning set forth in Section 7.02.
(b) “Accrued Obligations” means vested amounts payable to a Participant upon any termination of employment with the Company, including (i) the Participant’s earned but unpaid Base Salary from the Company through the Date of Termination, (ii) any outstanding Bonus for which payment is due and owing as of the Date of Termination, (iii) any vested employee benefits as determined under the applicable plan, and (iv) any unreimbursed expenses properly incurred and reported by the Participant in accordance with the Company’s business expense reimbursement policy.
(c) “Affiliate” means, with respect to any individual or entity, any other individual or entity who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such individual or entity.
(d) “Applicable Benefits Multiplier” means a multiplier (expressed as a number of months) contained in a Participant’s Revised Participation Agreement that is used to determine a Participant’s termination benefits under Sections 3.01(b) and 3.02(b).
(e) “Applicable Bonus Multiplier” means the multiplier contained in a Participant’s Revised Participation Agreement that is used to determine the portion of the Participant’s termination benefits described in Section 3.02(a)(B).
(f) “Applicable Protection Period” means the period (expressed as a number of months) contained in a Participant’s Participant Agreement that is used to determine the CIC Period applicable to the Participant.
(g) “Applicable Severance Multiplier” means the multiplier (expressed as a number of months) contained in a Participant’s Revised Participation Agreement that is used to determine the portion of the Participant’s termination benefits described in Sections 3.01(a) and 3.02(a)(A).
(h) “Base Salary” means a Participant’s annual salary for all services rendered as in effect at the time a benefit under the Plan is calculated; provided, however, that in case of a Qualifying Termination as the result of Good Reason triggered by a reduction in Base Salary, “Base Salary” shall mean the Participant’s annual salary as in effect immediately before the event giving rise to Good Reason.
(i) “Board” means the Board of Directors of the Corporate Parent.
(j) “Bonus,” at the time that a benefit under the Plan is calculated, means the bonus(es) payable to a Participant pursuant to the Company’s BIP, GRIP or other incentive bonus plan that is in effect at such time. For this purpose, the “BIP” means the Company’s Bonus Incentive Program and the “GRIP” means the Company’s Goals/Results Incentive Program, in each case as such program may be amended from time to time.
(k) “Cause” means a determination by the Board, in the exercise of its reasonable judgment, that any of the following has occurred with respect to a particular Participant:
(i) the Participant’s willful and continued failure before a Change in Control to perform substantially the Participant’s employment duties and responsibilities (other than a failure resulting from physical or mental illness or disability), which is not cured within 30 days of receiving written notice from the Company specifying in reasonable detail the duties and responsibilities the Company believes are not being substantially performed;
(ii) the Participant willfully engaged in an act which is materially damaging to the Company (which damage may, without limitation, include reputational damage);
(iii) the Participant was convicted of, or entered a plea of “guilty” or “no contest” to: (A) a felony; or (B) a criminal offense involving fraud, dishonesty or other moral turpitude;
(iv) the Participant materially breached any of the covenants set forth in Article VI and if the breach occurs after a Change in Control is not cured within 30 days of receiving written notice from the Company specifying in reasonable detail the breach of the covenant set forth in Article VI; or
(v) the Participant engaged in an intentional act of dishonesty resulting, directly or indirectly, in material damage to the Company.
For the Company to terminate for Cause on or after a Change in Control: the Participant must be provided with written notice setting forth in detail the acts or omissions giving rise to such termination and must be given an opportunity to address the Board regarding the termination.
(l) “Change in Control” means any of the following events that occurs after the Effective Date:
(i) the Corporate Parent is merged or consolidated with another entity the result of which is that immediately following such transaction (A) the persons who were the shareholders of the Corporate Parent immediately prior to such transaction have less than a majority of the voting power of the Corporate Parent or the entity owning or controlling it; or (B) the individuals who comprised the Board immediately prior to such transaction cease to be at least a majority of the members of the Board;
(ii) a majority of the Corporate Parent’s assets are sold or otherwise transferred to another corporation not controlled by or under common control with the Corporate Parent, or to a partnership, firm, entity or one or more individuals not so controlled;
(iii) a majority of the members of the Board consists of persons who were not nominated by or on behalf of the Board, or with the express concurrence of the Board; or
(iv) a single person, or a group of persons acting in concert, obtains voting control over a majority of the Corporate Parent’s outstanding voting shares.
(m) “CIC Period” means the period commencing on the date six months prior to a Change in Control and ending on a date that is at the end of the Participant’s Applicable Protection Period following the Change in Control.
(n) “CIC Period Bonus” means, the greater of (i) Bonus at target (A) for the performance period in which the Change in Control occurs (or for the immediately preceding performance period if the target payment with respect to the Participant for the performance period in which the Change in Control occurs has not yet been established) (without regard to any reduction made in the target payment within the six month period prior to the Change in Control) or (B) for the performance period in which the Participant’s Date of Termination occurs, whichever target payment is highest and (ii) Bonus based on performance (A) for the performance period in which the Change in Control occurs (but not less than that projected as of the Change in Control if the performance period has not been completed as of the Change in Control), or (B) for the performance period in which the Participant’s Date of Termination occurs, whichever performance payment is highest.
(o) “Code” means the U.S. Internal Revenue Code of 1986, as amended (including any valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder).
(p) “Company” means, collectively, the Corporate Parent and its Affiliates.
(q) “Company Products” means any products or services (i) designed, manufactured, purchased, distributed, sold, assembled, provided and/or marketed by the Company, or (ii) that the Company has planned to design, manufacture, purchase, distribute, sell, assemble, provide or market, and for which a Participant has provided services, or over which a Participant had direct
or indirect managerial or supervisory authority, or about which a Participant received Confidential Information.
(r) “Compensation and Human Capital Committee” means the Compensation and Human Capital Committee of the Board or any successor committee dealing with compensation.
(s) “Competitor” means any entity that is involved or engaged in the design, manufacture, purchasing, distribution, sale, assembly, provision or marketing of any products or services that are the same as or similar to Company Products.
(t) “Confidential Information” has the meaning set forth in Section 6.02(b).
(u) “Corporate Parent” means Coherent Corp., a Pennsylvania corporation, and any successor thereto.
(v) “Date of Termination” means the date on which a Participant’s employment with the Company terminates.
(w) “Disability” means a Participant’s physical or mental illness, injury or infirmity which is reasonably likely to prevent and/or prevents the Participant from performing his or her essential job functions for a period of (A) 90 consecutive calendar days or (B) an aggregate of 120 calendar days out of any consecutive 12-month period.
(x) “Effective Date” means September 24, 2019 as the original effective date of the Plan and November 16, 2023 as the effective date of this revised Plan.
(y) “Eligible Executive” means a full-time employee of the Company who has been designated by the Plan Administrator to be eligible for benefits under the Plan. Eligible Executives shall be limited to a select group of management or highly compensated employees within the meaning of ERISA Sections 201, 301, and 404. Unless the Plan Administrator determines otherwise, the Company’s Chief Executive Officer shall not be an Eligible Executive.
(z) “Equity Award” means an award granted to a Participant covering the common stock of the Company, including stock options, restricted stock, restricted stock units, and performance stock units, granted under any equity incentive plan maintained by the Company from time to time, including: (i) the II-VI Incorporated 2009 Omnibus Incentive Plan, (ii) the II-VI Incorporated Second Amended and Restated 2012 Omnibus Incentive Plan, (iii) the II-VI Incorporated Amended and Restated 2018 Omnibus Incentive Plan, (iv) the Coherent, Inc. Equity Incentive Plan (v) the Coherent Corp. Omnibus Incentive Plan or (vi) any successor plan(s) thereto.
(aa) “Equity Award Agreement” means the agreement evidencing, and governing the terms of, an Equity Award.
(bb) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
(cc) “Excise Tax” has the meaning set forth in Section 7.01.
(dd) “Good Reason” means, without a Participant’s express written consent:
(i) a material reduction of the Participant’s authority, job duties or responsibilities, provided however that, before a Change in Control, a change in reporting structure only, which results in additional levels of supervision and/or management above the Participant, shall not constitute Good Reason;
(ii) a material reduction by the Company of the Participant’s Base Salary;
(iii) a material increase in the amount of the Participant’s business travel which produces a constructive relocation of the Participant;
(iv) a material reduction by the Company in the kind or level of employee benefits to which the Participant is entitled immediately prior to such reduction, with the result that the Participant’s overall benefits package is significantly reduced; or
(v) the relocation of the Participant to a facility or a location more than 30 miles from the Participant’s Primary Work Location, unless such relocation results in the Participant’s primary work location being closer to the Participant’s then primary residence, or does not substantially increase the average commuting time of the Participant.
For a Participant to terminate for Good Reason: the Company must be notified by the Participant in writing within 90 days of the event constituting Good Reason; the event must remain uncorrected by the Company for 30 days following such notice (the “Notice Period”); and such termination must occur within 60 days after the expiration of the Notice Period.
(ee) “Healthcare Coverage” means coverage for a Participant and his or her tax-qualified dependents under the Company’s group health plan that provides medical care (including group dental and vision), based on the applicable plans and the Participant’s coverage elections in effect immediately prior to the Participant’s Date of Termination. The Company’s group health plan does not include other benefits offered under a Company welfare plan such as life insurance and disability insurance.
(ff) “Inventions” means any and all developments, discoveries, inventions, enhancements, modifications and improvements by the Participant to any Company Product.
(gg) “Non-CIC Period” means the period prior to or following a CIC Period.
(hh) “Nonqualifying Termination” means a termination of the Participant’s employment with the Company other than a Qualifying Termination.
(ii) “Participant” means each Eligible Executive who is selected to be a participant in the Plan by action of the Plan Administrator and who has accepted such participation by execution of a Participation Agreement.
(jj) “Payments” has the meaning set forth in Section 7.01.
(kk) “Plan Administrator” means the Compensation and Human Capital Committee, or, if the Board so determines, another committee of the Board, or the Board itself. To the extent permitted by applicable law, the Plan Administrator may delegate all or any portion of its authority to one or more officers of the Company or a committee consisting of at least two persons.
(ll) “Primary Work Location” means the primary work location for a Participant as set forth in the Participant’s Participation Agreement.
(mm) “Qualifying Termination” means a (i) termination of the Participant’s employment with the Company by the Company other than for Cause, death or Disability, or (ii) termination of the Participant’s employment with the Company as a result of a resignation by the Participant for Good Reason.
(nn) “Release” means the waiver and release of claims substantially in the form attached hereto as Exhibit A.
(oo) “Restricted Period” means the period beginning on a Participant’s Date of Termination and continuing for the number of months following the Date of Termination as specified in the Participant’s Participation Agreement.
(pp) “Restricted Territory” means anywhere in the world where the Company’s Products are designed, manufactured, assembled, marketed or sold.
(qq) “Revised Participation Agreement” means the latest participation agreement delivered by the Company to a Participant informing the Eligible Employee of the Eligible Employee’s participation in the Plan.
(rr) “Separation from Service” means a “separation from service” within the meaning of Code Section 409A.
(ss) “Target Bonus Amount” means, with respect to any Year, the amount of the target Bonus for such Year (including under both the BIP and the GRIP, if applicable).
(tt) “Year” means the fiscal year of the Company.
ARTICLE II
PARTICIPATION AND SCOPE OF SEVERANCE BENEFITS
Section 2.01 Participation in the Plan. An Eligible Executive shall become a Participant only if the Eligible Executive is first designated for participation in the Plan as follows: (i) for an Eligible Executive who is an officer subject to Section 16(a) of the Securities Exchange Act of 1934, as amended, the Eligible Executive must be designated for participation in the Plan by the Compensation Committee; and (ii) for any other Eligible Executive, the Eligible Executive must be designated for participation in the Plan by the Chief Executive Officer of the Corporate Parent. Promptly following such designation, the Company shall provide each Participant a Revised Participation Agreement, which shall specify the benefits the Participant is entitled to receive under the Plan. The party making the eligibility determination
under the first sentence of this Section may vary the terms of a Participant’s participation on a case-by-case basis, as set forth in the Participant’s Revised Participation Agreement. A designated Eligible Executive shall not become a Participant unless and until the Revised Participation Agreement is duly executed. Once participation in the Plan has commenced, a Participant shall remain a Participant until the first to occur of (i) the Participant’s Nonqualifying Termination, (ii) the completion of the delivery of all benefits under the Plan following a Qualifying Termination under circumstances giving rise to a right to such benefits, or (iii) termination of the Plan prior to a Qualifying Termination as provided in Section 5.01. For avoidance of doubt, the rights and obligations of the Company and of an Eligible Executive who does not execute a Revised Participation Agreement, but who had previously executed a participation agreement under a prior Executive Severance Plan, shall be governed by such prior participation agreement and Executive Severance Plan.
Section 2.02 Conditions. As a condition precedent to entitlement of each Participant to benefits under Sections 3.01 and 3.02 of the Plan, the Participant agrees to each of the following:
(a) The Participant shall have executed, within 21 days, or if required for an effective release, 45 days, following the Participant’s Date of Termination, the Release, and the applicable revocation period set forth in such release shall have expired.
(b) The Participant agrees to execute a resignation letter stating that, effective as of the Participant’s Date of Termination, or such earlier date as required or requested by the Company, the Participant resigns from all positions with the Company, whether as an employee, an officer, a director or otherwise.
(c) The Participant shall reaffirm his or her agreement to abide by the covenants set forth in Article VI.
Section 2.03 No Duty to Mitigate; Non-duplication.
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(a) A Participant shall not be required to mitigate the amount of any payment or benefit provided for in the Plan by seeking other employment or otherwise, and no such payment or benefit shall be offset or reduced by the amount of any compensation or benefits provided to the Participant in any subsequent employment.
(b) The Company does not intend to duplicate severance benefits. Accordingly, the severance payments and benefits under the Plan to a Participant shall be reduced by any severance benefits to which the Participant would otherwise be entitled under the Participant’s offer letter or employment agreement with the Company (if applicable), or any general severance policy or plan maintained by the Company that provides for severance benefits (unless the agreement, policy or plan expressly provides for severance benefits to be in addition to those provided under the Plan). The severance payments and benefits to which a Participant is otherwise entitled shall be further reduced (but not below zero) by any payments or benefits to which the Participant may be entitled under any federal, state or local plant-closing (or similar or analogous) laws or mandatory severance benefits under the laws of any other applicable jurisdiction. Any such reductions or offsets in severance benefits shall be made in a manner that complies with Code Section 409A (if applicable).
ARTICLE III
TERMINATION BENEFITS
Section 3.01 Qualifying Termination During a Non-CIC Period. If a Participant incurs a Qualifying Termination and his or her Date of Termination is during a Non-CIC Period, then, in addition to any Accrued Obligations, the Participant shall be entitled to the following (which shall be payable in accordance with Article IV):
(a) Cash Severance. An amount equal to the product of (i) the Participant’s Applicable Severance Multiplier, and (ii) the Participant’s monthly rate of Base Salary.
(b) Healthcare Coverage Payment. An amount equal to the product of (i) the Participant’s Applicable Benefits Multiplier and (ii) the full total monthly premium cost (i.e., the Participant’s and the Company’s portion) for the Participant’s Healthcare Coverage.
Section 3.02 Qualifying Termination During a CIC Period. If a Participant incurs a Qualifying Termination and his or her Date of Termination is during a CIC Period, then, in addition to any Accrued Obligations, the Participant shall be entitled to the following (which shall be payable in accordance with Article IV):
(a) Cash Severance. An amount equal to (A) the product of (i) the Participant’s Applicable Severance Multiplier and (ii) the Participant’s monthly rate of Base Salary, plus (B) the product of (i) the Participant’s Applicable Bonus Multiplier and (ii) the Participant’s Target Bonus Amount for the Year in which the Date of Termination occurs.
(b) Healthcare Coverage Payment. An amount equal to the product of (i) the Participant’s Applicable Benefits Multiplier and (ii) the full total monthly premium cost (i.e., the Participant’s and the Company’s portion) for the Participant’s Healthcare Coverage.
(c) Equity Vesting. Any unvested Equity Awards will become fully vested and, if applicable, each such Equity Award shall remain exercisable for the period set forth in the applicable Equity Awards Agreement. For the avoidance of any doubt, the provisions of this Section 3.02(c) shall supersede the provisions contained in the applicable Equity Awards Agreements, provided that the provisions of the Equity Award Agreements will control to the extent such provisions are more favorable to the Participant. In the case of any performance-based Equity Awards, “full vesting” means vesting based on the level of performance adjustment determined under the terms of the applicable Equity Award Agreement in connection with the Change in Control.
(d) Pro-Rata Bonus. An amount equal to a pro rata portion (based on the number of days during the applicable performance year Participant was employed by the Company) of the Participant’s CIC Period Bonus. In addition, if the Bonus for the performance year immediately preceding the Participant’s Date of Termination had not yet been paid, the Participant shall receive 100% of the Bonus, if any, for such immediately preceding performance period that would otherwise have been paid to Participant (without the application of any negative discretion) if Participant’s employment had not so terminated, payable at the same time as such Bonus is paid to other Company employees.
ARTICLE IV
FORM AND TIME OF PAYMENT
Section 4.01 Payments for a Qualifying Termination During a Non-CIC Period. The amount contemplated under Section 3.01(a) shall be paid in accordance with the Company’s regular pay schedule in substantially equal installments over a period equal to a Participant’s Applicable Severance Multiplier following the Participant’s Date of Termination. The amount contemplated under Section 3.01(b) shall be paid in a lump sum cash in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination). In both cases, the payments described shall be conditioned on the Participant providing the Company with (and not revoking) a Release, no later than 60 days after the Participant’s Date of Termination. Any payments will commence in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination), including a lump sum for any payments for any payroll periods from the Date of Termination through the date the Release becomes effective.
Section 4.02 Payments for a Qualifying Termination During a CIC Period. The amounts contemplated under Section 3.02(a) and Section 3.02(b) shall be paid in a lump sum cash payment in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination). The amount of the CIC Period Bonus based on those portions of the formula that are knowable at such time shall be paid in a lump sum cash payment in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination) and if the CIC Period Bonus is determined to be greater when the other portions of the formula for the CIC Period Bonus are known, such excess amount shall be paid in a lump sum cash payment within ten (10) days after such determination. The amount of the Bonus set forth in the second sentence of Section 3.02(d) shall be paid at the later of (i) in the next pay period after the Release becomes effective (not more than 75 days after the Participant’s Date of Termination) or (ii) at the same time as such Bonus is paid to other Company employees. The payments described in each of Section 3.02(a), Section 3.02(b) and Section 3.02(d) shall be conditioned on the Participant providing the Company with (and not revoking) a Release, no later than 60 days after the Participant’s Date of Termination. Vesting of Equity Awards under Section 3.02(c) shall also be conditioned on the Participant providing, and not revoking, the Release within 60 days following the Date of Termination. Payment of any restricted stock units as a result of such vesting shall be made no later than 75 days following the Date of Termination, subject to compliance with the requirements of Code Section 409A.
ARTICLE V
AMENDMENT / TERMINATION OF PLAN
Section 5.01 Plan Amendment and Termination. This Plan may be amended or terminated by action of the Board; provided, however, that any amendment or termination that reduces or eliminates potential termination benefits under Article III for a Participant shall not, without the Participant’s prior written consent: (i) be effective for any Qualifying Termination until one year after notice is provided to the Participant; and (ii) be effective until after the end of the applicable CIC Period if a Change in Control occurs while this Plan is in effect.
ARTICLE VI
COVENANTS
Section 6.01 Full Time, Best Efforts and Conduct. Each Participant covenants and agrees to devote all of the Participant’s business time and efforts to the faithful performance of the duties assigned to the Participant from time to time by the Company, except to the extent that the Company expressly permits the Participant to engage in outside activities during business hours. The Company and the Participant acknowledge that, from time to time, the Participant may either desire or be asked by the Company to engage in business activities or perform business services for the benefit of third parties, such as, e.g., serving as an outside director or consultant for another company. In each case, the Participant’s involvement in such business activities or services shall be subject to the mutual agreement and approval of both the Company and the Participant. The Participant shall at all times engage in conduct in accordance with the highest standards of ethics and shall take no action that will harm the reputation of the Company. To every extent not inconsistent with the terms of this Agreement, the terms and conditions of the Participant’s employment are also governed by the Company’s personnel policies and employee handbook, as they may be issued and amended from time to time.
Section 6.02 Confidential Information.
(a) Nondisclosure and Non-Use. Both during the term of a Participant’s employment with Company and thereafter, the Participant covenants and agrees that the Participant (i) shall exercise the utmost diligence to protect and safeguard the Confidential Information of the Company; (ii) shall not disclose to any third party any Confidential Information, except as may be required by the Company in the course of the Participant’s employment or by law; and (iii) shall not use Confidential Information except for the benefit of the Company. The Participant acknowledges that Confidential Information has been and will be developed and acquired by the Company by means of substantial expense and effort, that the Confidential Information is a valuable proprietary asset of the Company’s business, and that its disclosure would cause substantial and irreparable injury to the Company’s business.
(b) Definition of Confidential Information. “Confidential Information” means all information of a confidential or proprietary nature, whether or not specifically labeled or identified as “confidential,” in any form or medium, that is or was disclosed to, or developed or learned by, the Participant in connection with the Participant’s past, present or future employment with the Company and that relates to the business, products, services, research or development of any of the Company or its suppliers, distributors or customers. Confidential Information includes, but is not limited to, the following: (i) internal business information (including, but not limited to, information relating to strategic plans and practices, business, training, marketing, promotional and sales plans and practices, cost, rate and pricing structures, accounting and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information about, any of the Company’s suppliers, distributors and customers and their confidential information; (iii) trade secrets, know-how, compilations of data and analyses, techniques, systems, formulae, research, records, reports, manuals, documentation, models, data and data bases relating thereto; (iv) inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable); and (v) other information or thing that
has economic value, actual or potential, from not being generally known to or not being readily ascertainable by proper means by other persons.
(c) Not Confidential Information. Confidential Information shall not include information that the Participant can demonstrate: (i) is publicly known through no wrongful act or breach of obligation of confidentiality by the Participant; (ii) was rightfully received by the Participant from a third party without a breach of any obligation of confidentiality by such third party; or (iii) was known to the Participant on a non-confidential basis prior to the Participant’s employment with the Company.
(d) Presumption of Confidentiality. In any judicial proceeding, it will be presumed that the Confidential Information constitutes protectable trade secrets and the Participant will bear the burden of proving that any Confidential Information is publicly or rightfully known by the Participant.
(e) Return of Confidential Information and Materials. Each Participant agrees to return to the Company either before or immediately upon the termination of the Participant’s employment with the Company any and all information, materials or equipment which constitutes, contains or in any way relates to the Confidential Information and any other document, equipment or materials of any kind relating in any way to the business of the Company in the possession, custody or control of the Participant which was obtained by the Participant during the course of or as a result of the Participant’s employment with the Company, whether confidential or not, including, but without limitation, any copies thereof which may have been made by or for the Participant. The Participant shall also provide the Company, if requested to do so, the name of the new employer of the Participant and the Company shall have the right to advise any subsequent employer of the Participant’s obligations hereunder.
Section 6.03 Inventions.
(a) Ownership of Inventions. Any and all Inventions created or developed by a Participant alone or with others during the term of the Participant’s employment, whether or not during working hours and whether on the Company’s premises or elsewhere, shall be deemed works for hire and will be the sole and exclusive property of the Company if the Invention is:
(i) within the scope of the Participant’s duties assigned or implied in accordance with the Participant’s position; or
(ii) a product, service, or other item which would be in competition with Company Products or which is related to Company Products, whether presently existing, under development, or under active consideration; or
(iii) in whole or in part, the result of the Participant’s use of the Company’s resources, including, without limitation, personnel, computers, equipment, facilities or otherwise.
(b) Assignment of Inventions. Each Participant shall promptly and fully disclose all Inventions to the Company and shall cooperate and perform all actions reasonably requested by the Company to establish, confirm and protect the Company’s right, title and interest in each
such Invention. During the term of the Participant’s employment with the Company and after termination of such employment, if the Company should then so request, the Participant agrees to assign and does hereby assign to the Company all rights in the Inventions. The Participant agrees to execute and deliver to the Company any instruments the Company deems necessary to vest in the Company all title to and rights in the Inventions which the Participant is legally authorized to grant. The Participant agrees to execute and deliver to the Company all proper papers for use in applying for, obtaining, maintaining, amending and enforcing any legal protections that the Company may desire. The Participant further agrees to assist fully the Company or its nominees in the preparation and prosecution of any litigation connected with the Inventions. If the Company is unable because of the Participant’s mental or physical incapacity or for any other reason (including, but without limitation, the Participant’s refusal to do so after request therefor is made by the Company) to secure the Participant’s signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions belonging to or assigned to the Company pursuant to this Agreement, then the Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Participant’s agent and attorney-in-fact to act for and on the Participant’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents or copyright registrations thereon with the same legal force and effect as if executed by the Participant.
Section 6.04 Non-Competition. Each Participant covenants and agrees that, during the term of the Participant’s employment with the Company and the Restricted Period, the Participant shall not, directly or indirectly, for the benefit of the Participant or others, as an employee, principal, agent, stockholder, consultant, or in any other capacity, (i) work for a Competitor; or (ii) have a financial interest in any Competitor, within the Restricted Territory. Notwithstanding the foregoing, nothing herein shall prohibit the Participant from being a passive owner of not more than 5% of the outstanding securities of any class of a corporation which is publicly traded, so long as the Participant has no active participation in the business of any such corporation.
This covenant on the part of the Participant shall be construed as an agreement independent of any other provision of this Plan or applicable Participation Agreement; and the existence of any claim or cause of action of the Participant against the Company, whether predicated on this Plan, Participation Agreement, or otherwise, shall not constitute a defense to the enforcement by the Company of this covenant. The Participant expressly agrees that the restrictions of this Article VI will not prevent the Participant from otherwise obtaining gainful employment upon termination of the Participant’s employment with the Company.
Section 6.05 Non-Solicitation of Business Associates. During the Restricted Period, the Participant shall not directly or indirectly induce, solicit or encourage any customer, supplier or other business associate of the Company to terminate or alter its relationship with the Company, or introduce, offer or sell, to or for any customer or business associate, any products or services that compete with the Company Products.
Section 6.06 Non-Solicitation of Employees. During the Restricted Period, no Participant shall, directly or indirectly, induce, solicit or encourage any employee of the Company to terminate or alter his or her relationship with the Company.
ARTICLE VII
FEDERAL EXCISE TAX UNDER SECTION 4999 OF THE CODE IN CONNECTION WITH A CHANGE IN CONTROL
Section 7.01 Adjustments to Payments. Anything in this Plan to the contrary notwithstanding, if (a) it is determined that any payment or distribution by the Company to the Participant or for the Participant’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise) (the “Payments”) would be subject to the excise tax imposed by Section 4999 (or any successor provisions) of the Code, or (b) any interest or penalty is incurred by the Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, is hereinafter collectively referred to as the “Excise Tax”), then the Payments shall be reduced (but not below zero) if and to the extent that such reduction would result in the Participant retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes and the imposition of the Excise Tax), than if the Participant received all of the Payments. The Company shall reduce or eliminate the Payments by first reducing or eliminating the portion of the Payments which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the determination.
Section 7.02 Determinations. All determinations required to be made under this Article VII, including whether and when an adjustment to any Payments is required and, if applicable, which Payments are to be so adjusted, shall be made by an independent accounting firm selected by the Company from among the four largest accounting firms in the United States or any nationally recognized financial planning and benefits consulting company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the applicable Participant at such time as may be requested by the Company, or earlier within 15 business days of the receipt of notice from the Participant that there has been a Payment. If the Accounting Firm that the Company selects is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by a Participant, it shall furnish the Participant with a written opinion that failure to report the Excise Tax on the Participant’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Participant.
ARTICLE VIII
MISCELLANEOUS PROVISIONS
Section 8.01 Plan Administration. The Plan Administrator shall administer the Plan and may interpret the Plan, prescribe, amend and rescind rules and regulations under the Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of the Plan. The Plan Administrator is empowered, on behalf of the Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Plan Administrator will be limited to the specified services and duties for which they are engaged, and such persons will have no other duties, obligations or responsibilities
under the Plan. Such persons will exercise no discretionary authority or discretionary control respecting the management of the Plan. All reasonable expenses thereof will be borne by the Company.
Section 8.02 Withholding Taxes. The Company may withhold from all payments due to the Participant (or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold.
Section 8.03 Successors’ Binding Obligation. The Plan will be binding upon any successor to the Corporate Parent, its assets, its businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Corporate Parent would be obligated under the Plan if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Corporate Parent shall require any successor to the Corporate Parent to expressly and unconditionally assume the Plan in writing and honor the obligations of the Corporate Parent and any applicable Affiliates hereunder, in the same manner and to the same extent that the Corporate Parent and such Affiliates would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan will inure to the benefit of his or her heirs, assigns, designees or legal representatives.
Section 8.04 No Assignment or Transfer; Beneficiaries; Unfunded Obligations. Except as otherwise determined by the Plan Administrator, benefits payable under this Plan shall not be assignable or transferable by the Participant, and shall not be subject in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the foregoing, in the event of the death of a Participant, except as otherwise provided by the Plan Administrator, benefits earned but unpaid under this Plan shall become payable to the Participant’s beneficiary as designated by the Participant in the manner prescribed by the Plan Administrator or, in the absence of an authorized beneficiary designation, by a legatee or legatees of the Participant’s Plan benefit under the Participant’s last will or by such Participant’s executors, personal representatives or distributees of such Plan benefit in accordance with the Participant’s will or the laws of descent and distribution. The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor.
Section 8.05 Compensation Recoupment. All awards, amounts or benefits received or outstanding under this Plan shall be subject to clawback, cancellation, recoupment, rescission, payback, reduction or other similar action in accordance with any Company clawback or similar policy or any applicable law related to such actions. Each Participant shall be deemed to have acknowledged and consented to the Company’s application, implementation and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any applicable law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Company may take any actions that may be necessary to effectuate any such policy or applicable law, without further consideration or action.
Section 8.06 Notice.
(a) For purposes of this Plan, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when received if delivered by hand, recognized expedited courier service, or email, postage and other fees prepaid, addressed as follows:
If to the Participant:
To the most recent address or email address of the Participant set forth in the personnel records of the Company’
If to the Company:
Coherent Corp.
5000 Ericsson Drive
Warrendale, PA 15806
Attention: Chief Legal Officer
Email: Legal.Notices@coherent.com
or to such other address as either party may have furnished to the other in writing in accordance herewith.
(b) A written notice of the Participant’s Date of Termination by the Company or the Participant, as the case may be, to the other, shall (i) indicate the specific termination provision in this Plan relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Participant’s employment under the provision so indicated, and (iii) specify the Date of Termination. In the case of a termination by the Company other than a termination for Cause, the Date of Termination shall not be less than 30 days after the notice of termination is given. In the case of a termination by the Participant, the Date of Termination shall be the date that the cure period contemplated under Section 1.01(dd) has expired if the Company has failed to remedy within such period the circumstances constituting Good Reason. The failure by the Participant or the Company to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Participant or the Company, or preclude the Participant or the Company, from asserting such fact or circumstance in enforcing the Participant’s or the Company’s rights hereunder.
Section 8.07 Governing Law; Validity. The interpretation, construction and performance of the provisions of this Plan shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to conflicts of law principles, to the extent Pennsylvania laws are not preempted by ERISA. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which other provisions shall remain in full force and effect.
Section 8.08 Waiver. No provision of this Plan may be waived unless such waiver is agreed to in writing and signed by the Participant and by a duly authorized officer of the Company. No waiver by one party of the other party’s of a breach of, or failure to comply with, a condition or provision of this Plan shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by the Participant or the Company to insist upon strict compliance with any provision of this Plan or to assert any right the Participant or the Company may have hereunder, including without limitation, the right of the Participant to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right, or of any other provision or right.
Section 8.09 Code Section 409A. Notwithstanding any provision of the Plan to the contrary, the Plan and any payments provided hereunder are intended to comply with, or be exempt from, Code Section 409A. The Plan shall in all respects be interpreted, operated, and administered in accordance with this intent. Payments provided under the Plan may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption, including, to the maximum extent possible, exemptions for separation pay due to Separation from Service and/or short-term deferrals. Any payments provided under the Plan to be made upon a Participant’s termination of employment with the Company that constitute deferred compensation subject to Code Section 409A shall only be made if such termination of service constitutes a Separation from Service. Each installment payment provided under the Plan shall be treated as a separate identified payment for purposes of Code Section 409A. The Company makes no representations or warranties that the payments provided under the Plan comply with, or are exempt from, Code Section 409A, and in no event shall the Company be liable for any portion of any taxes, penalties, interest, or other expenses that may be incurred by a Participant on account of non-compliance with Code Section 409A. If a Participant is a “specified employee” under Code Section 409A at his or her Date of Termination, to the extent necessary to avoid the imposition of any additional taxes under Code Section 409A, any payments to be made upon the Participant’s Separation from Service that constitute deferred compensation subject to Code Section 409A and that are scheduled to be made within six months following the Participant’s Date of Termination shall be delayed, without interest, and paid in a lump sum on the earlier of (i) the first payroll date to occur following the six month anniversary of the Participant’s Date of Termination, or (ii) the Participant’s death, and any payments otherwise scheduled to be made thereafter shall be made in accordance with their original schedule. Notwithstanding any provision of the Plan to the contrary, if any payments to a Participant to be made under the Plan are subject to Code Section 409A and the period during which the Participant may sign the Release begins in one calendar year and the first payroll period following the end of the period during which the Participant may sign the Release occurs in the following calendar year, then such payments shall not be made or commence until the commencement of such following calendar year but no later than 75 Days after the Participant’s Date of Termination.
Section 8.10 No Right to Continued Employment. Neither the establishment of the Plan, nor any modification of it, and no creation of any fund, trust or account, or payment of any benefits, will be construed as giving any Participant, or any other person, the right to be retained in the service of the Company, and all Participants will remain subject to discharge to the same extent as if the Plan had never been adopted.
Section 8.11 Attorney Fees for Enforcement in Connection with CIC Period Termination. For a Participant whose Date of Termination occurs within the CIC Period, the Company shall pay on behalf of or reimburse to Participant promptly (in no event later than 30 days after the invoice date) all reasonable costs and expenses (including fees and disbursements of counsel) incurred by such Participant in seeking to enforce rights pursuant to this Plan, whether or not such Participant is successful in asserting such rights; provided, however, that no reimbursement shall be made of such expenses relating to any unsuccessful assertion of rights if and to the extent that Participant’s assertion of such rights was in bad faith.
ARTICLE IX
CLAIMS, INQUIRIES, APPEALS
Section 9.01 Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan, and inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing, addressed to the Company in accordance with the notice provisions set forth in the Plan.
Section 9.02 Denial of Claims. If any application for benefits is denied in whole or in part, the Plan Administrator must notify the applicant, in writing, of the denial, and of the applicant’s right to review the denial. The written notice of denial will be set forth in a manner designed to be understood by the Participant, and will include specific reasons for the denial, specific references to the Plan provision upon which the denial is based, a description of any information or material that the Plan Administrator needs in order to complete the review, and an explanation of the Plan’s review procedure.
This written notice will be given to the Participant within 30 days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional 30 days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial 30 day period.
This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render his or her decision. If written notice of denial of the application for benefits is not furnished within the specified time, the application will be deemed to be denied. The applicant will then be permitted to appeal the denial in accordance with the review procedure described below.
Section 9.03 Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied (or deemed denied), in whole or in part, may (but is not required to) appeal the denial by submitting a request for a review to the Plan Administrator within 60 days after the application is denied (or deemed denied). The Plan Administrator will give the applicant (or his or her representative) an opportunity to review pertinent documents in preparing a request for a review. A request for a review must be in writing and addressed to the Company in accordance with the notice provisions set forth in the Plan.
A request for review must set forth all of the grounds on which it is based, all facts in support of the request, and any other matters that the applicant feels are pertinent. The Plan Administrator may require the applicant to submit additional facts, documents or other material the Plan Administrator deems necessary or appropriate in connection with his or her review.
Section 9.04 Decision on Review. The Plan Administrator will act on each request for review within 20 days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional 20 days). If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial 20-day period. The Plan Administrator will give prompt, written notice of his or her decision to the applicant. If the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood by the applicant, the specific Plan provisions on which the decision is based. If written notice of the Plan Administrator’s decision is not given to the applicant within the time prescribed in this Section 9.04, the application will be deemed denied on review.
Section 9.05 Rules and Procedures. The Plan Administrator may establish rules and procedures, consistent with the Plan and with ERISA, that are necessary or appropriate in carrying out his or her responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal to do so at the applicant’s own expense.
Section 9.06 Exhaustion of Remedies. No claim for benefits under the Plan may be brought in any forum until the claimant (a) has submitted a written application for benefits in accordance with the procedures described by Section 9.01, (b) has been notified by the Plan Administrator that the application is denied (or the application is deemed denied due to the claims administrator’s failure to act within the established time period), (c) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 9.03, and (d) has been notified in writing that the Plan Administrator has denied the appeal (or the appeal is deemed to be denied under Section 9.04).
Section 9.07 Final Dispute Resolution; Limitations on Legal Action.
(a) General. Except as provided in Section 9.07(c) below, all claims and disputes under this Plan (including but not limited to claims and disputes regarding interpretation, scope, or validity of the Plan, and any pendant state claims not preempted by ERISA) must follow the claims procedures described in Sections 9.01 through 9.06, before a claimant may take action in any other forum regarding a claim for benefits under the Plan. Any action initiated by a claimant under the Plan must be brought within one year of a final determination on the claim, or the claim will be deemed permanently waived and abandoned, and the claimant will be precluded from reasserting it.
(b) Claims for Benefits. After following the claims procedures described in Sections 9.01 through 9.06, the following provisions apply to any further disputes, claims, questions or disagreements that may arise regarding this Plan. Except to the extent set forth in Section 9.07(c), any such dispute shall be finally settled by arbitration conducted expeditiously in accordance with the rules of the American Arbitration Association by three independent and impartial arbitrators. Each party shall appoint one arbitrator, and the two arbitrators so appointed
shall appoint the third. The arbitration shall be conducted in English, and shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, and judgment on the award rendered by the arbitrators may be entered by any court having jurisdiction. The place of arbitration shall be Pittsburgh, Pennsylvania. The arbitrators are not empowered to award damages in excess of economic and compensatory damages.
(c) Injunctive Relief. Notwithstanding any provision in the Plan to the contrary, if a Participant violates a covenant contained in Article VI and the Company would be caused immediate, material and irreparable harm for which money damages might not be adequate compensation, the Company shall be entitled to injunctive or other equitable relief in addition to any other remedies provided by law, in equity or otherwise. The Restricted Period applicable to the Participant shall be extended by any period of time in which the Participant is in breach of the covenants contained in Article VI and for any period of time necessary to secure an order of court or injunction, either temporary or permanent, to enforce any of the covenants contained in Article VI.
EXHIBIT A
GENERAL RELEASE AGREEMENT
This General Release Agreement (this “Agreement”) is made and entered into by ___________________ (“Executive” or “Your” or “Your”) (collectively, referred to in this Agreement as “Executive”) and Coherent Corp., any parent, subsidiary, affiliate, successor, predecessor or otherwise related companies, and the past, present, and future employees, agents, officers, attorneys, directors, shareholders, members, managers and executive benefit programs of any of them, and their agents and insurers (collectively, referred to in this Agreement as the “Company”). This Agreement shall become effective upon the signing of this Agreement by You or, if applicable, as defined in Section 9.2 below.
In consideration of the severance pay and benefits provided to Executive as set forth in the Coherent Corp. Executive Severance Plan (the “Severance Plan”), as well as any promises set forth in this Agreement, Executive agrees as follows:
1.0 Release of Claims.
1.1 In exchange for the Company providing You with the payments and other benefits set forth in the Severance Plan, You, and Your spouse, attorneys, heirs, dependents, beneficiaries, executors, administrators, successors, and assigns, hereby unconditionally release and completely and forever discharge the Company, on behalf of and for the benefit of itself, all related corporate entities and partnerships, and each of their past, present and future employees, officers, directors, attorneys, owners, partners, members, insurers, benefit plan fiduciaries and agents, and all of their respective successors and assigns (“Released Parties”), from any and all rights, claims, causes of action, or lawsuits whether known or unknown, that you ever had, now have, or may have against any or all of the Released Parties up to the date of execution of this Agreement including, without limitation, any and all claims you had, have, or may have arising out of or relating to your employment with the Company or the separation of that employment, for any and all reasons.
You specifically release Released Parties from any rights or claims that you may have based upon the Employee Retirement Income Security Act, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Equal Pay Act, the Family and Medical Leave Act, Sections 1981 through 1988 of U.S.C. Title 42, all as amended, and any rules or regulations under such laws and authorities; all Pennsylvania employment discrimination laws, including but not limited to the Pennsylvania Human Relations Act; the Pennsylvania Equal Pay Act; the Pennsylvania Minimum Wage Act; the Pennsylvania Wage Payment and Collection Law; Pennsylvania statutes regarding whistleblower protection, personnel Files, criminal records, wage complaints, retaliation; all as amended together with all of their respective implementing regulations; and/or any other federal, state or local laws or regulations prohibiting employment discrimination or which otherwise regulate employment terms and conditions. You also release the Released Parties from any claim for negligence, wrongful discharge, unfair treatment, defamation, breach of public policy, express or implied contract, or any other claims arising under common law that relate in any way to your employment with the Company or the termination thereof. The foregoing description of claims is intended to be illustrative and is not exhaustive. The Parties intend this release to be a
release of any and all claims to the fullest extent permissible under law. This waiver and release is of Your rights to all remedies and damages available to You in law or equity, including but not limited to Your right to compensation, backpay, front pay, non-economic damages, punitive and exemplary damages, statutory damages, attorneys’ fees, injunctive relief and declaratory judgments. This general release does not extend to claims which You do not know or suspect exist at the time of executing the release, which if known by You would have materially affected Your entering into this Agreement with the Company.
1.2 Notwithstanding the release contained in Section 1.1, You do not waive (i) Your entitlement to receive any 401(k), pension plan benefits, or Company ERISA-covered benefits that shall have vested (if any) as of the date You sign this Agreement to the extent You have any entitlement to those benefits under the terms of the relevant plans, or (ii) Your right to file a charge with the EEOC or participate in an investigation conducted by the EEOC; however, You expressly waive Your right to monetary or other relief should any administrative agency, including but not limited to the EEOC, pursue any claim on Your behalf.
1.3 The release contained in Section 1.1 above does not apply to any claim or rights that may arise after that date You sign this Agreement or claims that the controlling law clearly states may not be released by private agreement. You also understand that You are not waiving Your rights to unemployment compensation.
2.0 Covenant Not to Sue.
2.1 You warrant that You do not have any complaint, charge or grievance against any Released Party pending before any federal, state or local court or administrative or arbitral agency, and You further covenant not to sue, file a lawsuit, or commence any other proceeding, arbitral, administrative or judicial action, against any of the Released Parties in any court of law or equity, or before any arbitral body or administrative agency, with respect to any matter released in Section 1.1 above; provided, however, that this covenant not to sue does not affect Your rights to enforce appropriately the terms of the Severance Plan in a court of competent jurisdiction and does not affect Your right to file a charge with the EEOC or participate in an investigation conducted by the EEOC; however, You expressly waive Your right to monetary or other relief should any administrative agency, including but not limited to the EEOC, pursue any claim on Your behalf. Notwithstanding the foregoing, nothing herein shall limit Your right to receive an award for information provided to the Securities and Exchange Commission.
Nothing in this Agreement prohibits You from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization of the Company to make any such reports or disclosures and You are not required to notify the Company that You have made such reports or disclosures.
2.2 Should You file a lawsuit with any court concerning any claim, demand, issue, or cause of action waived, released or discharged through this Agreement or otherwise in breach of Section 2.1 above, You agree (i) that any amounts payable or paid to You, as applicable,
pursuant to Section 2 of the Severance Plan shall no longer be payable and, if already paid, shall promptly be returned to the Company and (ii) to the fullest extent allowed by applicable law, to indemnify the Released Parties for all costs and expenses incurred by them in defending such lawsuit. You further agree that nothing in this Agreement shall limit the right of a court to determine, in its sole discretion, that the Released Parties are entitled to restitution, recoupment or set off of any monies paid should the release of any claims under this Agreement subsequently be found to be invalid.
2.3 You agree not to advocate or incite the institution of, or assist or participate in, any suit, unrest, complaint, charge or administrative proceeding by any other person against any of the Released Parties, unless compelled by legal process to do so. Nothing in this Section 2 shall prohibit any Party from lawfully participating or cooperating in an investigative proceeding of any federal, state or local government agency.
3.0 Non-Admission of Liability. You agree that this Agreement shall not in any way be construed as an admission that any of the Released Parties owe You any money or have acted wrongfully, unlawfully, or unfairly in any way towards You. In fact, You understand that the Released Parties specifically deny that they have violated any federal, state or local law or ordinance or any right or obligation that they owe or might have owed to You at any time, and maintain that they have at all times treated You in a fair, non-discriminatory and non-retaliatory manner.
4.0 Confidentiality of Agreement. You also acknowledge and agree that You shall not publicize, communicate, authorize or permit the publication or communication in any form whatsoever of the contents of this Agreement or the events giving rise thereto, except to Your immediate family, Your financial advisors and/or legal counsel, or where required by law.
5.0 Representations and Indemnification.
5.1 You represent to the company that You will abide by any and all post-employment restrictive covenants You signed or entered into in connection with Your employment, including but not limited to, covenants relating to competition, solicitation or hiring of employees, solicitation of customers, and confidentiality.
5.2 You agree that You will indemnify and hold the Released Parties harmless from any loss, cost, damage or expense (including attorneys’ fees) incurred by the Released Parties arising out of Your breach of any portion of this Agreement or any post-employment restrictive covenant You signed or entered into in connection with Your employment. You also agree and understand that Your entitlement to and retention of the Severance Benefits the Company has agreed to provide to You are expressly conditioned upon Your fulfillment of Your promises herein and any applicable post-employment restrictive covenants, and You agree that if You breach this Agreement or any applicable post-employment restrictive covenants that any amounts payable or paid to You, as applicable, pursuant to the Severance Plan, shall no longer be payable and, if already paid, shall promptly be returned to the Company within seven days of the Company providing you with written notice of Your breach of any provision of this Agreement or any applicable post-employment restrictive covenants, to the extent permitted or required by
law. The Company shall determine whether a breach has occurred in its sole discretion and under any applicable law or regulation.
6.0 Miscellaneous.
6.1 Governing Law and Venue. This Agreement and all things relating or pertaining to it shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, without reference to conflict of laws principles. Any action relating to this Agreement must be instituted in the courts of Butler County, Pennsylvania, or the federal courts of the Western District of Pennsylvania. The Company and Employee hereby consent to the jurisdiction of such courts and waive any right or defense relating to venue or jurisdiction.
6.2 Severability. Whenever possible, each provision of this Agreement shall be interpreted so as to be effective and valid under applicable law, but if any of its provisions is prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, and severed from this Agreement without invalidating any other part of this Agreement.
6.3 Proper Construction. The language of this Agreement shall be construed within the context of the whole Agreement and according to its fair meaning, and not strictly for or against either the Parties. The section headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in its interpretation.
6.4 Survival. You acknowledge that the covenants in the Severance Plan, and any provisions contained in the Severance Plan that are intended to survive following termination of Your employment, shall survive the execution of this Agreement by You. You further acknowledge that any and all post-employment restrictive covenants You signed in connection with Your employment, including covenants relating to competition, solicitation or hiring, and agreements not to compete, remain in full force and effect, and a breach of those covenants or agreements will also constitute a breach of this Agreement.
6.5 Amendments. This Agreement may be modified, altered or terminated only by an express written agreement between You and the Company, that is signed by both parties, and to which a copy of this Agreement is attached.
6.6 Counterparts. This Agreement may be signed in counterparts, which together shall be treated as one document.
7.0 Acknowledgment.
7.1 You confirm that, to the best of Your knowledge, You have returned to the Company all of its property, including without limitation, computer equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of computerized data or software) containing information concerning the Company, its business or its business relationships. You also commit to deleting and finally purging any duplicates of files or documents that contain the Company information from any computer or
other device that remains Your property after the Termination Date, provided such information is not subject to an ongoing litigation hold.
7.2 You acknowledge that, if you are age 40 or over, You have had 21 days, or if required for an effective release, 45 days, after receipt of this Agreement (and Appendix A if required to be attached hereto) to consider whether to execute it, and you understand all the provisions of this agreement. You also understand that, after you execute this Agreement, you have seven days to revoke the portion of this Agreement that relates to waiver and release of any claim you might assert under the Age Discrimination in Employment Act (“ADEA”). The parties agree that no payment set forth in the Severance Plan will be made until after the seven day revocation period has expired (the eighth day after You execute this Agreement being the “Effective Date” of this Agreement for those age 40 or over). You understand that, by signing this Agreement, You are not waiving or releasing any ADEA claims based on actions or omissions that occur after the date You sign. You agree that any revocation of Your ADEA waiver and release must be made in writing and postmarked on or before the seventh day following the execution of this Agreement and sent by certified mail to the respective company contact at the addresses set forth in Section 8.06 of the Severance Plan.
7.3 With the exception of any payments and other benefits set forth in the Severance Plan or any signed retention bonus agreement, and of your final paycheck (to include Your regular wages and any accrued but unused vacation or other paid time off to be delivered by the next regularly scheduled payday or otherwise as required by law), You acknowledge payment of all compensation due to You by the Company.
7.4 You acknowledge that You have been advised in writing, and hereby are advised, to seek legal counsel concerning the terms of this Agreement. You warrant that you have read this Agreement, are knowingly and voluntarily entering into it and intend to be legally bound by it, and that your agreement to it is not the result of coercion or duress by the Company. You certify and agree that you are authorized and competent to sign this Agreement, and that you are receiving valuable and adequate consideration under it.
BY SIGNING BELOW, YOU ACKNOWLEDGE THAT (1) YOU HAVE CAREFULLY READ AND CONSIDERED THIS AGREEMENT; (2) HAVE BEEN GIVEN SUFFICIENT TIME TO CONSIDER WHETHER TO SIGN IT; (3) RECOGNIZE AND UNDERSTAND THAT IT CONTAINS A FULL AND FINAL RELEASE BY YOU OF ALL CLAIMS OF EVERY KIND AGAINST THE COMPANY ARISING UP TO THE TIME YOU SIGN IT, WHETHER YOU CURRENTLY KNOW OR SUSPECT THOSE CLAIMS TO EXIST; AND (4) KNOWINGLY AND VOLUNTARILY CONSENT TO THE TERMS OF THIS AGREEMENT WITH FULL UNDERSTANDING OF THEIR MEANING.
IN WITNESS WHEREOF, Executive has executed this General Release Agreement as of the date set forth below.
EXECUTIVE
Date:
Received, Acknowledged and Accepted:
COHERENT CORP.
By:
[Name, Title]
Date:
Exhibit 31.01
CERTIFICATIONS
I, Vincent D. Mattera, Jr., certify that:
1.I have reviewed this quarterly report on Form 10-Q of Coherent Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: May 7, 2024 | By: | /s/ Vincent D. Mattera, Jr. |
| | Vincent D. Mattera, Jr. Chief Executive Officer |
Exhibit 31.02
CERTIFICATIONS
I, Richard Martucci, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Coherent Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: May 7, 2024 | By: | /s/ Richard Martucci |
| | Richard Martucci Interim Chief Financial Officer and Treasurer |
Exhibit 32.01
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Coherent Corp. (the “Corporation”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Corporation certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
Date: May 7, 2024 | By: | /s/ Vincent D. Mattera, Jr. |
| | Vincent D. Mattera, Jr. Chief Executive Officer |
* This certification is made solely for purposes of 18 U.S.C. Section 1350, subject to the knowledge standard contained therein, and not for any other purpose.
Exhibit 32.02
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Coherent Corp. (the “Corporation”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Corporation certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to her knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
Date: May 7, 2024 | By: | /s/ Richard Martucci |
| | Richard Martucci Interim Chief Financial Officer and Treasurer |
* This certification is made solely for purposes of 18 U.S.C. Section 1350, subject to the knowledge standard contained therein, and not for any other purpose.
v3.24.1.u1
Cover - shares
|
9 Months Ended |
|
Mar. 31, 2024 |
May 03, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-39375
|
|
Entity Registrant Name |
COHERENT CORP.
|
|
Entity Incorporation, State or Country Code |
PA
|
|
Entity Tax Identification Number |
25-1214948
|
|
Entity Address, Address Line One |
375 Saxonburg Boulevard
|
|
Entity Address, Postal Zip Code |
16056
|
|
Entity Address, City or Town |
Saxonburg,
|
|
Entity Address, State or Province |
PA
|
|
City Area Code |
724
|
|
Local Phone Number |
352-4455
|
|
Title of 12(b) Security |
Common Stock, no par value
|
|
Trading Symbol |
COHR
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Large Accelerated Filer
|
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Entity Small Business |
false
|
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Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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152,461,013
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false
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2024
|
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Q3
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Jun. 30, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 898,578
|
$ 821,310
|
Restricted cash, current |
183,611
|
12,023
|
Accounts receivable - less allowance for doubtful accounts of $10,605 at March 31, 2024 and $8,005 at June 30, 2023 |
955,644
|
901,531
|
Inventories |
1,291,703
|
1,272,333
|
Prepaid and refundable income taxes |
18,971
|
28,271
|
Prepaid and other current assets |
201,727
|
216,530
|
Total Current Assets |
3,550,234
|
3,251,998
|
Property, plant & equipment, net |
1,851,383
|
1,782,035
|
Goodwill |
4,493,225
|
4,512,700
|
Other intangible assets, net |
3,586,302
|
3,814,684
|
Deferred income taxes |
39,485
|
37,748
|
Restricted cash, non-current |
710,270
|
4,233
|
Other assets |
289,513
|
307,735
|
Total Assets |
14,520,412
|
13,711,133
|
Current Liabilities |
|
|
Current portion of long-term debt |
75,469
|
74,836
|
Accounts payable |
593,504
|
405,308
|
Accrued compensation and benefits |
177,399
|
175,564
|
Operating lease current liabilities |
38,321
|
38,271
|
Accrued income taxes payable |
116,455
|
74,488
|
Other accrued liabilities |
309,480
|
310,281
|
Total Current Liabilities |
1,310,628
|
1,078,748
|
Long-term debt |
4,082,656
|
4,234,962
|
Deferred income taxes |
748,453
|
780,307
|
Operating lease liabilities |
138,305
|
140,748
|
Other liabilities |
201,240
|
247,402
|
Total Liabilities |
6,481,282
|
6,482,167
|
Mezzanine Equity |
|
|
Series B redeemable convertible preferred stock, no par value, 5% cumulative; issued - 215,000 shares at March 31, 2024 and June 30, 2023; redemption value - $2,397,885 and $2,309,966, respectively |
2,333,361
|
2,241,415
|
Shareholders' Equity |
|
|
Series A preferred stock, no par value, 6% cumulative; issued - 0 and 2,300,000 shares at March 31, 2024 and June 30, 2023, respectively |
0
|
445,319
|
Common stock, no par value; authorized - 300,000,000 shares; issued - 167,990,097 shares at March 31, 2024; 154,719,413 shares at June 30, 2023 |
4,835,261
|
3,781,211
|
Accumulated other comprehensive income |
67,352
|
109,726
|
Retained earnings |
744,792
|
944,416
|
Shareholders' equity excluding treasury stock |
5,647,405
|
5,280,672
|
Treasury stock, at cost; 15,572,135 shares at March 31, 2024 and 15,135,711 shares at June 30, 2023 |
(311,953)
|
(293,121)
|
Total Coherent Corp. Shareholders’ Equity |
5,335,452
|
4,987,551
|
Noncontrolling interests (NCI) |
370,317
|
0
|
Total Equity |
5,705,769
|
4,987,551
|
Total Liabilities, Mezzanine Equity and Equity |
$ 14,520,412
|
$ 13,711,133
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Accounts receivable, allowance for doubtful accounts |
|
$ 10,605
|
$ 8,005
|
Common stock, no par value (in usd per share) |
|
$ 0
|
$ 0
|
Common stock, shares authorized (in shares) |
|
300,000,000
|
300,000,000
|
Common stock, shares issued (in shares) |
|
167,990,097
|
154,719,413
|
Treasury stock (in shares) |
|
15,572,135
|
15,135,711
|
Series B Convertible Preferred Stock |
|
|
|
Redeemable convertible preferred stock, par value (in usd per share) |
|
$ 0
|
$ 0
|
Redeemable convertible preferred stock, cumulative percentage |
|
5.00%
|
5.00%
|
Redeemable convertible preferred stock, shares issued (in shares) |
|
215,000
|
215,000
|
Redeemable convertible preferred stock redemption value |
|
$ 2,397,885
|
$ 2,309,966
|
Series A Preferred Stock |
|
|
|
Preferred stock, par value (in usd per share) |
|
$ 0
|
$ 0
|
Preferred stock, dividend rate, percentage |
6.00%
|
|
6.00%
|
Preferred stock, shares issued (in shares) |
|
0
|
2,300,000
|
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v3.24.1.u1
Condensed Consolidated Statements of Earnings (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 1,208,809
|
$ 1,240,194
|
$ 3,393,326
|
$ 3,955,049
|
Costs, Expenses, and Other Expense (Income) |
|
|
|
|
Cost of goods sold |
842,322
|
820,038
|
2,369,303
|
2,680,131
|
Internal research and development |
127,485
|
126,382
|
352,136
|
376,257
|
Selling, general and administrative |
205,167
|
226,386
|
626,027
|
780,551
|
Restructuring charges |
11,530
|
0
|
12,978
|
0
|
Interest expense |
72,753
|
75,183
|
220,689
|
207,976
|
Other income, net |
(18,597)
|
(3,048)
|
(30,252)
|
32,253
|
Total Costs, Expenses, & Other Expense |
1,240,660
|
1,244,941
|
3,550,881
|
4,077,168
|
Loss Before Income Taxes |
(31,851)
|
(4,747)
|
(157,555)
|
(122,119)
|
Income Tax Benefit |
(16,121)
|
(7,293)
|
(45,816)
|
(40,895)
|
Net Earnings (Loss) |
(15,730)
|
2,546
|
(111,739)
|
(81,224)
|
Net Loss Attributable to Noncontrolling Interests |
(2,543)
|
0
|
(4,027)
|
0
|
Net Earnings (Loss) Attributable to Coherent Corp. |
(13,187)
|
2,546
|
(107,712)
|
(81,224)
|
Less: Dividends on Preferred Stock |
31,193
|
36,071
|
91,946
|
107,537
|
Net Loss Available to the Common Shareholders |
$ (44,380)
|
$ (33,525)
|
$ (199,658)
|
$ (188,761)
|
Basic Loss Per Share (in usd per share) |
$ (0.29)
|
$ (0.24)
|
$ (1.32)
|
$ (1.38)
|
Diluted Loss Per Share (in usd per share) |
$ (0.29)
|
$ (0.24)
|
$ (1.32)
|
$ (1.38)
|
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v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Net Earnings (Loss) |
$ (15,730)
|
$ 2,546
|
$ (111,739)
|
$ (81,224)
|
Other Comprehensive Income (Loss): |
|
|
|
|
Foreign currency translation adjustments |
(146,770)
|
58,141
|
(27,885)
|
157,805
|
Pension adjustment, net of taxes |
476
|
709
|
824
|
1,151
|
Comprehensive Income (Loss) |
(155,046)
|
46,870
|
(156,213)
|
91,397
|
Comprehensive Loss Attributable to Noncontrolling Interests |
(2,543)
|
0
|
(4,027)
|
0
|
Foreign Currency Translation Adjustments Attributable to Noncontrolling Interests |
(294)
|
0
|
771
|
0
|
Comprehensive Income (Loss) Attributable to Coherent Corp. |
(152,209)
|
46,870
|
(152,957)
|
91,397
|
Interest Rate Swap |
|
|
|
|
Other Comprehensive Income (Loss): |
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
(4,359)
|
(6,251)
|
(17,034)
|
6,019
|
Interest Rate Cap |
|
|
|
|
Other Comprehensive Income (Loss): |
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
$ 11,337
|
$ (8,275)
|
$ (379)
|
$ 7,646
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Pension adjustment tax |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Interest Rate Swap |
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, taxes |
(1,193)
|
(1,712)
|
(4,665)
|
1,649
|
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|
|
|
|
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$ 3,104
|
$ (2,200)
|
$ (40)
|
$ 2,032
|
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3 Months Ended |
9 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
Net loss |
$ (15,730)
|
$ (67,534)
|
$ 2,546
|
$ (38,698)
|
$ (111,739)
|
$ (81,224)
|
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
199,693
|
197,469
|
|
Amortization |
|
|
|
|
216,420
|
280,667
|
|
Share-based compensation expense |
|
|
|
|
97,752
|
123,674
|
|
Amortization of discount on convertible debt and debt issuance costs |
|
|
|
|
13,256
|
13,690
|
|
Non-cash restructuring charges |
|
|
|
|
4,858
|
0
|
|
Loss on disposal of property, plant and equipment |
|
|
|
|
262
|
0
|
|
Unrealized gains on foreign currency remeasurements and transactions |
|
|
|
|
(3,852)
|
(945)
|
|
Loss (earnings) from equity investments |
|
|
|
|
523
|
(435)
|
|
Deferred income taxes |
|
|
|
|
(140,727)
|
(121,277)
|
|
Loss on debt extinguishment |
|
|
|
|
0
|
6,835
|
|
Increase (decrease) in cash from changes in (net of effect of acquisitions): |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
(52,388)
|
50,887
|
|
Inventories |
|
|
|
|
(21,256)
|
75,096
|
|
Accounts payable |
|
|
|
|
161,366
|
(78,985)
|
|
Contract liabilities |
|
|
|
|
(39,103)
|
13,177
|
|
Income taxes |
|
|
|
|
36,960
|
18,478
|
|
Accrued compensation and benefits |
|
|
|
|
1,835
|
(54,893)
|
|
Other operating assets and liabilities |
|
|
|
|
19,544
|
10,279
|
|
Net cash provided by operating activities |
|
|
|
|
383,404
|
452,493
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
Additions to property, plant & equipment |
|
|
|
|
(246,909)
|
(342,999)
|
|
Purchases of businesses, net of cash acquired |
|
|
|
|
0
|
(5,488,556)
|
|
Other investing activities |
|
|
|
|
(2,114)
|
(2,261)
|
|
Net cash used in investing activities |
|
|
|
|
(249,023)
|
(5,833,816)
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Sale of shares to noncontrolling interests |
|
|
|
|
1,000,000
|
0
|
|
Proceeds from borrowings of revolving credit facilities |
|
|
|
|
18,966
|
65,000
|
|
Payments on existing debt |
|
|
|
|
(165,094)
|
(1,144,025)
|
|
Payments on borrowings under revolving credit facilities |
|
|
|
|
(18,642)
|
(65,000)
|
|
Payments on convertible notes |
|
|
|
|
0
|
(3,561)
|
|
Debt issuance costs |
|
|
|
|
0
|
(126,516)
|
|
Equity issuance costs |
|
|
|
|
(31,840)
|
(42,000)
|
|
Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan |
|
|
|
|
36,097
|
21,509
|
|
Payments in satisfaction of employees' minimum tax obligations |
|
|
|
|
(18,823)
|
(51,836)
|
|
Cash dividends paid |
|
|
|
|
0
|
(20,700)
|
|
Other financing activities |
|
|
|
|
(755)
|
(866)
|
|
Net cash provided by financing activities |
|
|
|
|
819,909
|
3,682,005
|
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
|
|
603
|
22,532
|
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
|
|
954,893
|
(1,676,786)
|
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
$ 837,566
|
|
$ 2,582,371
|
837,566
|
2,582,371
|
$ 2,582,371
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
1,792,459
|
|
905,585
|
|
1,792,459
|
905,585
|
837,566
|
Supplemental Information |
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
224,656
|
190,672
|
|
Cash paid for income taxes |
|
|
|
|
53,803
|
63,485
|
|
Additions to property, plant & equipment included in accounts payable |
|
|
|
|
66,040
|
45,425
|
|
Non-Cash Investing and Financing Activities |
|
|
|
|
|
|
|
Conversion of Series A preferred stock to common stock |
|
|
|
|
445,319
|
0
|
|
Reconciliation of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
|
|
|
|
|
|
|
Restricted cash, current |
894,000
|
|
|
|
894,000
|
|
16,000
|
Cash and cash equivalents |
898,578
|
|
884,352
|
|
898,578
|
884,352
|
821,310
|
Restricted cash, current |
183,611
|
|
16,676
|
|
183,611
|
16,676
|
|
Restricted cash, non-current |
710,270
|
|
4,557
|
|
710,270
|
4,557
|
|
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows |
$ 1,792,459
|
|
$ 905,585
|
|
1,792,459
|
905,585
|
$ 837,566
|
Series B Preferred Shares |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from issuance of Series B Preferred Shares |
|
|
|
|
0
|
1,400,000
|
|
Term A Loan |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from borrowing of Term Facility |
|
|
|
|
0
|
850,000
|
|
Term B Loan |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from borrowing of Term Facility |
|
|
|
|
$ 0
|
$ 2,800,000
|
|
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v3.24.1.u1
Condensed Consolidated Statements of Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Interest Rate Swap |
Interest Rate Cap |
Conversion of Series A preferred stock |
Convertible debt conversions |
Common Stock |
Common Stock
Conversion of Series A preferred stock
|
Common Stock
Convertible debt conversions
|
Preferred Stock |
Preferred Stock
Conversion of Series A preferred stock
|
AOCI |
AOCI
Interest Rate Swap
|
AOCI
Interest Rate Cap
|
Retained Earnings |
Treasury Stock |
NCI |
Beginning balance, Common Stock (in shares) at Jun. 30, 2022 |
|
|
|
|
|
120,923,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
$ 3,616,475
|
|
|
|
|
$ 2,064,552
|
|
|
$ 445,319
|
|
$ (2,167)
|
|
|
$ 1,348,125
|
$ (239,354)
|
|
Beginning balance, Preferred Stock (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,973,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
2,398,000
|
|
|
|
|
|
|
|
|
830,000
|
|
Share-based and deferred compensation activities |
20,571
|
|
|
|
|
$ 61,431
|
|
|
|
|
|
|
|
|
$ (40,860)
|
|
Coherent acquisition (in shares) |
|
|
|
|
|
22,588,000
|
|
|
|
|
|
|
|
|
|
|
Coherent acquisition |
1,207,591
|
|
|
|
|
$ 1,207,591
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock and securities (in shares) |
|
|
|
|
|
|
|
7,181,000
|
|
|
|
|
|
|
|
|
Conversion of stock and securities |
|
|
|
|
$ 337,940
|
|
|
$ 337,940
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) |
(38,698)
|
|
|
|
|
|
|
|
|
|
|
|
|
(38,698)
|
|
|
Foreign currency translation adjustments |
(132,371)
|
|
|
|
|
|
|
|
|
|
(132,371)
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
|
$ 12,604
|
$ 20,464
|
|
|
|
|
|
|
|
|
$ 12,604
|
$ 20,464
|
|
|
|
Pension adjustment, net of taxes |
39
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
|
|
Dividends |
(35,577)
|
|
|
|
|
|
|
|
|
|
|
|
|
(35,577)
|
|
|
Ending balance, Common Stock (in shares) at Sep. 30, 2022 |
|
|
|
|
|
153,090,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
$ 5,009,038
|
|
|
|
|
$ 3,671,514
|
|
|
$ 445,319
|
|
(101,431)
|
|
|
1,273,850
|
$ (280,214)
|
|
Ending balance, Preferred Stock (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,803,000)
|
|
Beginning balance (in shares) at Jun. 30, 2022 |
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
$ 766,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Series B shares (in shares) |
140,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Series B shares |
$ 1,358,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 28,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2022 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
$ 2,153,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Common Stock (in shares) at Jun. 30, 2022 |
|
|
|
|
|
120,923,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
3,616,475
|
|
|
|
|
$ 2,064,552
|
|
|
$ 445,319
|
|
(2,167)
|
|
|
1,348,125
|
$ (239,354)
|
|
Beginning balance, Preferred Stock (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,973,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) |
(81,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
157,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension adjustment, net of taxes |
1,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance, Common Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
154,370,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
$ 5,239,436
|
|
|
|
|
$ 3,755,410
|
|
|
$ 445,319
|
|
170,454
|
|
|
1,159,322
|
$ (291,069)
|
|
Ending balance, Preferred Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,098,000)
|
|
Beginning balance (in shares) at Jun. 30, 2022 |
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
$ 766,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
$ 2,211,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Common Stock (in shares) at Sep. 30, 2022 |
|
|
|
|
|
153,090,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2022 |
5,009,038
|
|
|
|
|
$ 3,671,514
|
|
|
$ 445,319
|
|
(101,431)
|
|
|
1,273,850
|
$ (280,214)
|
|
Beginning balance, Preferred Stock (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,803,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
779,000
|
|
|
|
|
|
|
|
|
266,000
|
|
Share-based and deferred compensation activities |
23,194
|
|
|
|
|
$ 32,745
|
|
|
|
|
|
|
|
|
$ (9,551)
|
|
Net Earnings (Loss) |
(45,072)
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,072)
|
|
|
Foreign currency translation adjustments |
232,035
|
|
|
|
|
|
|
|
|
|
232,035
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
|
(334)
|
(4,543)
|
|
|
|
|
|
|
|
|
(334)
|
(4,543)
|
|
|
|
Pension adjustment, net of taxes |
403
|
|
|
|
|
|
|
|
|
|
403
|
|
|
|
|
|
Dividends |
(35,931)
|
|
|
|
|
|
|
|
|
|
|
|
|
(35,931)
|
|
|
Ending balance, Common Stock (in shares) at Dec. 31, 2022 |
|
|
|
|
|
153,869,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2022 |
$ 5,178,790
|
|
|
|
|
$ 3,704,259
|
|
|
$ 445,319
|
|
126,130
|
|
|
1,192,847
|
$ (289,765)
|
|
Ending balance, Preferred Stock (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,069,000)
|
|
Beginning balance (in shares) at Sep. 30, 2022 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2022 |
$ 2,153,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 28,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Dec. 31, 2022 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2022 |
$ 2,182,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
501,000
|
|
|
|
|
|
|
|
|
29,000
|
|
Share-based and deferred compensation activities |
49,847
|
|
|
|
|
$ 51,151
|
|
|
|
|
|
|
|
|
$ (1,304)
|
|
Net Earnings (Loss) |
2,546
|
|
|
|
|
|
|
|
|
|
|
|
|
2,546
|
|
|
Foreign currency translation adjustments |
58,141
|
|
|
|
|
|
|
|
|
|
58,141
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
709
|
(6,251)
|
(8,275)
|
|
|
|
|
|
|
|
709
|
(6,251)
|
(8,275)
|
|
|
|
Pension adjustment, net of taxes |
709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
(36,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,071)
|
|
|
Ending balance, Common Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
154,370,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
5,239,436
|
|
|
|
|
$ 3,755,410
|
|
|
$ 445,319
|
|
170,454
|
|
|
1,159,322
|
$ (291,069)
|
|
Ending balance, Preferred Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,098,000)
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 29,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
$ 2,211,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Common Stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
154,721,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 4,987,551
|
|
|
|
|
$ 3,781,211
|
|
|
$ 445,319
|
|
109,726
|
|
|
944,416
|
$ (293,121)
|
$ 0
|
Beginning balance, Preferred Stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Jun. 30, 2023 |
(15,135,711)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,137,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
1,804,000
|
|
|
|
|
|
|
|
|
366,000
|
|
Share-based and deferred compensation activities |
$ 46,816
|
|
|
|
|
$ 60,748
|
|
|
|
|
|
|
|
|
$ (13,932)
|
|
Conversion of stock and securities (in shares) |
|
|
|
|
|
|
10,240,000
|
|
|
(2,300,000)
|
|
|
|
|
|
|
Conversion of stock and securities |
|
|
|
$ 0
|
|
|
$ 445,319
|
|
|
$ (445,319)
|
|
|
|
|
|
|
Net Earnings (Loss) |
(67,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
(67,534)
|
|
|
Foreign currency translation adjustments |
(107,903)
|
|
|
|
|
|
|
|
|
|
(107,903)
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
|
(4,662)
|
7,600
|
|
|
|
|
|
|
|
|
(4,662)
|
7,600
|
|
|
|
Pension adjustment, net of taxes |
291
|
|
|
|
|
|
|
|
|
|
291
|
|
|
|
|
|
Dividends |
(30,173)
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,173)
|
|
|
Ending balance, Common Stock (in shares) at Sep. 30, 2023 |
|
|
|
|
|
166,765,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 4,831,986
|
|
|
|
|
$ 4,287,278
|
|
|
$ 0
|
|
5,052
|
|
|
846,709
|
$ (307,053)
|
0
|
Ending balance, Preferred Stock (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,503,000)
|
|
Beginning balance (in shares) at Jun. 30, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 2,241,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 30,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 2,271,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Common Stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
154,721,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 4,987,551
|
|
|
|
|
$ 3,781,211
|
|
|
$ 445,319
|
|
109,726
|
|
|
944,416
|
$ (293,121)
|
0
|
Beginning balance, Preferred Stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Jun. 30, 2023 |
(15,135,711)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,137,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) |
$ (111,739)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
(27,885)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension adjustment, net of taxes |
824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of shares to noncontrolling interests, net of issuance costs and taxes |
|
|
|
|
|
|
|
|
|
|
2,871
|
|
|
|
|
|
Ending balance, Common Stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
167,992,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 5,705,769
|
|
|
|
|
$ 4,835,261
|
|
|
$ 0
|
|
67,352
|
|
|
744,792
|
$ (311,953)
|
370,317
|
Ending balance, Preferred Stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2024 |
(15,572,135)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,573,000)
|
|
Beginning balance (in shares) at Jun. 30, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 2,241,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 2,333,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Common Stock (in shares) at Sep. 30, 2023 |
|
|
|
|
|
166,765,000
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2023 |
4,831,986
|
|
|
|
|
$ 4,287,278
|
|
|
$ 0
|
|
5,052
|
|
|
846,709
|
$ (307,053)
|
0
|
Beginning balance, Preferred Stock (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
Beginning balance, Treasury Stock, (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,503,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
544,000
|
|
|
|
|
|
|
|
|
47,000
|
|
Share-based and deferred compensation activities |
21,551
|
|
|
|
|
$ 25,184
|
|
|
|
|
|
|
|
|
$ (3,633)
|
|
Net Earnings (Loss) |
(28,475)
|
|
|
|
|
|
|
|
|
|
|
|
|
(26,991)
|
|
(1,484)
|
Foreign currency translation adjustments |
226,788
|
|
|
|
|
|
|
|
|
|
225,723
|
|
|
|
|
1,065
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
|
(8,013)
|
(19,316)
|
|
|
|
|
|
|
|
|
(8,013)
|
(19,316)
|
|
|
|
Pension adjustment, net of taxes |
57
|
|
|
|
|
|
|
|
|
|
57
|
|
|
|
|
|
Dividends |
(30,580)
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,580)
|
|
|
Sale of shares to noncontrolling interests, net of issuance costs and taxes |
850,058
|
|
|
|
|
$ 473,614
|
|
|
|
|
2,871
|
|
|
|
|
373,573
|
Ending balance, Common Stock (in shares) at Dec. 31, 2023 |
|
|
|
|
|
167,309,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2023 |
$ 5,844,056
|
|
|
|
|
$ 4,786,076
|
|
|
$ 0
|
|
206,374
|
|
|
789,138
|
$ (310,686)
|
373,154
|
Ending balance, Preferred Stock (in shares) at Dec. 31, 2023 |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Dec. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,550,000)
|
|
Beginning balance (in shares) at Sep. 30, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2023 |
$ 2,271,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 30,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Dec. 31, 2023 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2023 |
$ 2,302,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based and deferred compensation activities (in shares) |
|
|
|
|
|
683,000
|
|
|
|
|
|
|
|
|
23,000
|
|
Share-based and deferred compensation activities |
47,918
|
|
|
|
|
$ 49,185
|
|
|
|
|
|
|
|
|
$ (1,267)
|
|
Net Earnings (Loss) |
(15,730)
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,187)
|
|
(2,543)
|
Foreign currency translation adjustments |
(146,770)
|
|
|
|
|
|
|
|
|
|
(146,476)
|
|
|
|
|
(294)
|
Change in fair value of interest rate swap and interest rate cap, net of taxes |
|
$ 11,337
|
$ (4,359)
|
|
|
|
|
|
|
|
|
$ 11,337
|
$ (4,359)
|
|
|
|
Pension adjustment, net of taxes |
476
|
|
|
|
|
|
|
|
|
|
476
|
|
|
|
|
|
Dividends |
(31,159)
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,159)
|
|
|
Ending balance, Common Stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
167,992,000
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 5,705,769
|
|
|
|
|
$ 4,835,261
|
|
|
$ 0
|
|
$ 67,352
|
|
|
$ 744,792
|
$ (311,953)
|
$ 370,317
|
Ending balance, Preferred Stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2024 |
(15,572,135)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,573,000)
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
$ 31,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
215,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 2,333,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.u1
Condensed Consolidated Statements of Equity and Mezzanine Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Pension adjustment tax |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Interest Rate Swap |
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, taxes |
(1,193)
|
(1,193)
|
(1,277)
|
(1,712)
|
(92)
|
3,452
|
Interest Rate Cap |
|
|
|
|
|
|
Change in fair value of interest rate swap and interest rate cap, taxes |
$ 3,104
|
$ 3,104
|
$ 2,145
|
$ (2,200)
|
$ (1,208)
|
$ 5,440
|
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- DefinitionAmount, after reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness, attributable to parent.
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v3.24.1.u1
Basis of Presentation
|
9 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The condensed consolidated financial statements of Coherent Corp. (“Coherent”, the “Company”, “we”, “us” or “our”) for the three and nine months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, all adjustments considered necessary for a fair presentation for the periods presented have been included. All adjustments are of a normal recurring nature unless disclosed otherwise. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K dated August 18, 2023. The condensed consolidated results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. The Condensed Consolidated Balance Sheet information as of June 30, 2023 was derived from the Company’s audited consolidated financial statements. Certain prior year amounts have been reclassified for consistency with the current year presentation. Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the Condensed Consolidated Balance Sheets and the consolidated net income (loss) attributable to its noncontrolling interests be clearly identified and presented on the face of the Condensed Consolidated Statements of Earnings (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss). See Note 11. Noncontrolling Interests for further information on the noncontrolling interests in our Silicon Carbide LLC subsidiary.
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v3.24.1.u1
Recently Issued Financial Accounting Standards
|
9 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Recently Issued Financial Accounting Standards |
Recently Issued Financial Accounting Standards In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact this will have on the Company’s condensed consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures. In March 2024, the SEC issued the final rule under SEC Release No. 33-11275 and 34-99678, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” requiring public companies to provide certain climate-related information in their registration statements and annual reports. The final rules will require information about a company’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on its business strategy, results of operations, or financial condition, and the actual and potential material impacts of any identified climate-related risks on the company’s strategy, business model and outlook, as well as relating to assessment, management, oversight and mitigation of such material risks, material climate-related targets and goals, and material greenhouse gas emissions. Additionally, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The first phase of the final rule is effective for fiscal years beginning in 2025. Disclosure for prior periods is only required if it was previously disclosed in an SEC filing. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. We are currently evaluating the impact on our disclosures of adopting this new pronouncement.
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v3.24.1.u1
Revenue from Contracts with Customers
|
9 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from Contracts with Customers |
Revenue from Contracts with Customers We believe that disaggregating revenue by end market provides the most relevant information regarding the nature, amount, timing, and uncertainty of revenues and cash flows. The following tables summarize disaggregated revenue by market ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total | Industrial | $ | 16,361 | | | $ | 134,516 | | | $ | 270,301 | | | $ | 421,178 | | | $ | 47,072 | | | $ | 404,847 | | | $ | 796,961 | | | $ | 1,248,880 | | Communications | 593,223 | | | 22,568 | | | — | | | 615,791 | | | 1,538,847 | | | 56,804 | | | — | | | 1,595,651 | | Electronics | 1,643 | | | 71,970 | | | — | | | 73,613 | | | 4,820 | | | 247,314 | | | — | | | 252,134 | | Instrumentation | 7,597 | | | 9,928 | | | 80,702 | | | 98,227 | | | 25,169 | | | 28,335 | | | 243,157 | | | 296,661 | | Total Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | 1,208,809 | | | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | 3,393,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | Nine Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total | Industrial | $ | 17,570 | | | $ | 156,846 | | | $ | 263,789 | | | $ | 438,205 | | | $ | 52,189 | | | $ | 450,383 | | | $ | 846,881 | | | $ | 1,349,453 | | Communications | 521,291 | | | 17,014 | | | — | | | 538,305 | | | 1,664,205 | | | 59,553 | | | — | | | 1,723,758 | | Electronics | 2,849 | | | 136,229 | | | — | | | 139,078 | | | 9,674 | | | 509,803 | | | — | | | 519,477 | | Instrumentation | 9,389 | | | 13,680 | | | 101,537 | | | 124,606 | | | 30,259 | | | 42,070 | | | 290,032 | | | 362,361 | | Total Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | 1,240,194 | | | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | 3,955,049 | |
Contract Liabilities Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Contract liabilities relate to billings in advance of performance under the contract. Contract liabilities are recognized as revenue when the performance obligations have been satisfied. During the nine months ended March 31, 2024, we recognized revenue of $78 million related to customer payments that were included as contract liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2023. We had $110 million of contract liabilities recorded in the Condensed Consolidated Balance Sheet as of March 31, 2024. As of March 31, 2024, $96 million of deferred revenue is included within other accrued liabilities, and $14 million is included within other liabilities on the Condensed Consolidated Balance Sheet.
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v3.24.1.u1
Inventories
|
9 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
InventoriesThe components of inventories were as follows ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Raw materials | $ | 427,947 | | | $ | 462,436 | | Work in progress | 628,450 | | | 549,992 | | Finished goods | 235,306 | | | 259,905 | | Total inventories | $ | 1,291,703 | | | $ | 1,272,333 | |
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v3.24.1.u1
Property, Plant and Equipment
|
9 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment |
Property, Plant and EquipmentProperty, plant and equipment consists of the following ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Land and improvements | $ | 69,578 | | | $ | 69,639 | | Buildings and improvements | 805,680 | | | 780,204 | | Machinery and equipment | 1,998,349 | | | 1,879,136 | | Construction in progress | 404,645 | | | 287,990 | | Finance lease right-of-use asset | 25,000 | | | 25,000 | | | 3,303,252 | | | 3,041,969 | | Less accumulated depreciation | (1,451,869) | | | (1,259,934) | | Property, plant, and equipment, net | $ | 1,851,383 | | | $ | 1,782,035 | |
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.u1
Goodwill and Other Intangible Assets
|
9 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Total | Balance-beginning of period | $ | 1,036,204 | | | $ | 247,695 | | | $ | 3,228,801 | | | $ | 4,512,700 | | | | | | | | | | | | | | | | | | Foreign currency translation | 457 | | | 224 | | | (20,156) | | | (19,475) | | Balance-end of period | $ | 1,036,661 | | | $ | 247,919 | | | $ | 3,208,645 | | | $ | 4,493,225 | |
We test goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As part of our annual assessment in the fourth quarter of fiscal 2023, we determined that the estimated fair value of our Lasers reporting unit exceeded its carrying value by approximately 10%. As of March 31, 2024, the carrying amount of goodwill within this reporting unit was $3.2 billion. The reporting unit’s estimated fair value is sensitive to changes in the significant assumptions used in the analysis including forecasted revenues and related gross margins. If the reporting unit does not perform to expected levels and realize the expected benefit from the multi-year synergy and site consolidation plans, or there are adverse changes in certain macroeconomic factors, the related goodwill may be at risk for impairment in the future. The gross carrying amount and accumulated amortization of our intangible assets other than goodwill were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Technology | $ | 1,657,692 | | | $ | (363,999) | | | $ | 1,293,693 | | | $ | 1,661,263 | | | $ | (270,786) | | | $ | 1,390,477 | | Trade Names | 438,471 | | | (8,471) | | | 430,000 | | | 438,470 | | | (8,279) | | | 430,191 | | Customer Lists | 2,323,593 | | | (460,984) | | | 1,862,609 | | | 2,333,360 | | | (339,344) | | | 1,994,016 | | | | | | | | | | | | | | Total | $ | 4,419,756 | | | $ | (833,454) | | | $ | 3,586,302 | | | $ | 4,433,093 | | | $ | (618,409) | | | $ | 3,814,684 | |
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v3.24.1.u1
Debt
|
9 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
DebtThe components of debt as of the dates indicated were as follows ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Term A Facility, interest at adjusted SOFR, as defined, plus 2.000% | $ | 786,250 | | | $ | 818,125 | | | | | | Debt issuance costs, Term A Facility and Revolving Credit Facility | (14,730) | | | (18,149) | | Term B Facility, interest at adjusted SOFR, as defined, plus 2.750% | 2,435,625 | | | 2,566,625 | | Debt issuance costs, Term B Facility | (54,830) | | | (63,977) | | 1.30% Term loan | 674 | | | 1,697 | | | | | | Borrowings on local lines of credit | 1,336 | | | — | | Facility construction loan in Germany | 19,973 | | | 22,340 | | | | | | | | | | | | | | | | | | | | | | 5.000% Senior Notes | 990,000 | | | 990,000 | | Debt issuance costs and discount, Senior Notes | (6,173) | | | (6,863) | | | | | | Total debt | 4,158,125 | | | 4,309,798 | | Current portion of long-term debt | (75,469) | | | (74,836) | | Long-term debt, less current portion | $ | 4,082,656 | | | $ | 4,234,962 | |
Senior Credit Facilities On July 1, 2022 (the “Closing Date”), Coherent entered into a Credit Agreement by and among the Company, as borrower (in such capacity, the “Borrower”), the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the “Term A Facility”), with an aggregate principal amount of $850 million, a term loan B credit facility (the “Term B Facility” and, together with the Term A Facility, the “Term Facilities”), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the “Revolving Credit Facility”), in an aggregate available amount of $350 million, including a letter of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted SOFR-based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company’s total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 2.00% as of March 31, 2024. As amended, the Term B Facility bears interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.75% as of March 31, 2024. On April 2, 2024, Coherent entered into Amendment No. 2 to the Credit Agreement, under which the principal amount of term B loans outstanding under the Credit Agreement (the “Existing Term B Loans”) were replaced with an equal amount of new term loans (the “New Term B Loans”) having substantially similar terms as the Existing Term B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. As further amended, the New Term B Loans will bear interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.50% as of April 2, 2024. The maturity of the New Term Loans and revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred interest expense, including amortization of debt issuance costs and the benefit of the interest rate cap and swap, of $59 million and $181 million in the three and nine months ended March 31, 2024, respectively, and $62 million and $168 million in the three and nine months ended March 31, 2023, respectively, which is included in interest expense in the Condensed Consolidated Statements of Earnings (Loss). On July 1, 2023, our interest rate cap became effective, which together with our interest rate swap, reduced interest expense by $11 million and $34 million during the three and nine months ended March 31, 2024, respectively, and $6 million and $12 million during the three and nine months ended March 31, 2023, respectively. The amortization of debt issuance costs included in interest expense was $4 million and $11 million in the three and nine months ended March 31, 2024, respectively, and $5 million and $14 million in the three and nine months ended March 31, 2023, respectively. Debt issuance costs are presented as contra-debt within the long-term debt caption in the Condensed Consolidated Balance Sheets. On the Closing Date, the Borrower and certain of its direct and indirect subsidiaries provided a guaranty of all obligations of the Borrower and the other loan parties under the Credit Agreement and the other loan documents, secured cash management agreements and secured hedge agreements with the lenders and/or their affiliates (subject to certain exceptions). The Borrower and the other guarantors have also granted a security interest in substantially all of their assets to secure such obligations. Proceeds of the loans borrowed under the Term Facilities on July 1, 2022, together with other financing sources (including the net proceeds from Coherent's offer and sale of its 5.000% Senior Notes due 2029 (the “Senior Notes”) and cash on hand) were used to fund the cash portion of the Merger consideration, the repayment of certain indebtedness (including the repayment in full of all amounts outstanding under the Prior Credit Agreement as defined below), and certain fees and expenses in connection with the Merger and otherwise for general corporate purposes. As of March 31, 2024, the Company was in compliance with all covenants under the senior credit facilities. Prior Senior Credit Facilities Through June 30, 2022, the Company had senior credit facilities (the “Prior Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders party thereto. On July 1, 2022, the Company terminated the Prior Credit Agreement and repaid all amounts outstanding thereunder. Debt extinguishment costs related to the termination of the Prior Credit Agreement of $17 million were expensed in Other expense (income), net in the Condensed Consolidated Statement of Earnings (Loss) during the nine months ended March 31, 2023. Bridge Loan Commitment Subject to the terms of an amended and restated commitment letter entered into in connection with Coherent entering into the Merger Agreement to complete its acquisition of Coherent, Inc. (the “Merger”), the commitment parties thereto committed to provide, in addition to the Term Facilities and the Revolving Credit Facility, a senior unsecured bridge loan facility in an aggregate principal amount of $990 million (the “Bridge Loan Commitment”). As a result of the issuance of the Senior Notes, the Bridge Loan Commitment was terminated. During the nine months ended March 31, 2023, the Company incurred expenses of $18 million, related to the termination of the Bridge Loan Commitment, which is included in Other expense (income) in the Condensed Consolidated Statement of Earnings (Loss). Debt Assumed through Acquisition We assumed the remaining balances of three term loans with the closing of the Merger. The aggregate principal amount outstanding is $21 million as of March 31, 2024. The term loans assumed consisted of the following: (i) 1.3% Term Loan due 2024, (ii) 1.0% State of Connecticut Term Loan due 2023 (and repaid prior to June 30, 2023), and (iii) Facility construction loan in Germany due 2030. For the Facility construction loan, on December 21, 2020, Coherent LaserSystems GmbH & Co. KG entered into a loan agreement with Commerzbank for borrowings of up to 24 million Euros, which were drawn down by October 29, 2021, to finance a portion of the construction of a new facility in Germany. The term of the loan is 10 years, and borrowings bear interest at 1.55% per annum. Payments are made quarterly. 5.000% Senior Notes due 2029 On December 10, 2021, the Company issued $990 million aggregate principal amount of Senior Notes pursuant to the indenture, dated as of December 10, 2021 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Senior Notes are guaranteed by each of the Company’s domestic subsidiaries that guarantee its obligations under the Senior Credit Facilities. Interest on the Senior Notes is payable on December 15 and June 15 of each year, commencing on June 15, 2022, at a rate of 5.000% per annum. The Senior Notes will mature on December 15, 2029. On or after December 15, 2024, the Company may redeem the Senior Notes, in whole at any time or in part from time to time, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to December 15, 2024, the Company may redeem the Senior Notes, at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Senior Notes redeemed, plus a “make-whole” premium set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Notwithstanding the foregoing, at any time and from time to time prior to December 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the Senior Notes using the proceeds of certain equity offerings as set forth in the Indenture, at a redemption price equal to 105.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In relation to the Senior Notes, the Company incurred interest expense of $13 million and $38 million in the three and nine months ended March 31, 2024, respectively, and $13 million and $38 million in the three and nine months ended March 31, 2023, respectively, which is included in interest expense in the Condensed Consolidated Statements of Earnings (Loss). The Indenture contains customary covenants and events of default, including default relating to, among other things, payment default, failure to comply with covenants or agreements contained in the Indenture or the Senior Notes and certain provisions related to bankruptcy events. As of March 31, 2024, the Company was in compliance with all covenants under the Indenture. Aggregate Availability The Company had aggregate availability of $346 million under its Revolving Credit Facility as of March 31, 2024.
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- DefinitionThe 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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v3.24.1.u1
Income Taxes
|
9 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The Company’s year-to-date effective income tax rate was 29% at March 31, 2024 compared to 33% for the period ending March 31, 2023. The difference between the Company’s effective tax rate and the U.S. statutory rate of 21% were due to tax rate differentials between U.S. and foreign jurisdictions. U.S. GAAP prescribes the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements which includes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of March 31, 2024 and June 30, 2023, the Company’s gross unrecognized income tax benefit, excluding interest and penalties, was $115 million. The Company has classified the uncertain tax positions as non-current income tax liabilities, as the amounts are not expected to be paid within one year. If recognized, $91 million of the gross unrecognized tax benefits at March 31, 2024 would impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision in the Condensed Consolidated Statements of Earnings (Loss). The amount of accrued interest and penalties included in the gross unrecognized income tax benefit was $7 million and $6 million at March 31, 2024 and June 30, 2023, respectively. Fiscal years 2018 and 2020 to 2023 remain open to examination by the Internal Revenue Service, fiscal years 2019 to 2023 remain open to examination by certain state jurisdictions, and fiscal years 2012 to 2023 remain open to examination by certain foreign taxing jurisdictions. The Company is currently under examination for certain subsidiary companies in Vietnam for the years ended June 30, 2017 through September 30, 2021; Singapore for the year ended September 30, 2020; Korea for the year ended September 30, 2021; Spain for the years ended September 30, 2020 through September 30, 2022; and Germany for the years ended June 30, 2012 through September 30, 2020. The Company believes its income tax reserves for these tax matters are adequate.
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- DefinitionThe 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.
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v3.24.1.u1
Leases
|
9 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Leases |
Leases We determine if an arrangement is a lease at inception for arrangements with an initial term of more than 12 months, and classify it as either finance or operating. Finance leases are generally those that allow us to substantially utilize or pay for the entire asset over its estimated useful life. Finance lease assets are recorded in Property, plant and equipment, net, and finance lease liabilities within Other accrued liabilities and Other liabilities on our Condensed Consolidated Balance Sheets. Finance lease assets are amortized in operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term, with the interest component for lease liabilities included in interest expense and recognized using the effective interest method over the lease term. Operating leases are recorded in Other assets and Operating lease liabilities, current and non-current on our Condensed Consolidated Balance Sheets. Operating lease assets are amortized on a straight-line basis in operating expenses over the lease term. Our lease liabilities are recognized based on the present value of the remaining fixed lease payments, over the lease term, using a discount rate of similarly secured borrowings available to the Company. For the purpose of lease liability measurement, we consider only payments that are fixed and determinable at the time of commencement. Any variable payments that depend on an index or rate are expensed as incurred. We account for non-lease components, such as common area maintenance, as a component of the lease, and includes it in the initial measurement of our leased assets and corresponding liabilities. Our lease terms and conditions may include options to extend or terminate. An option is recognized when it is reasonably certain that we will exercise that option. Our lease assets also include any lease payments made, and exclude any lease incentives received prior to commencement. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations. The following table presents lease costs, which include leases for arrangements with an initial term of more than 12 months, lease term, and discount rates ($000): | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | Nine Months Ended March 31, 2024 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | — | | | | | — | | Total finance lease cost | 417 | | | | | 1,250 | | Operating lease cost | 12,830 | | | | | 38,539 | | Total lease cost | $ | 13,247 | | | | | $ | 39,789 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 257 | | | | | $ | 789 | | Operating cash flows from operating leases | 12,293 | | | | | 36,834 | | Financing cash flows from finance leases | 408 | | | | | 1,171 | | | | | | | | Weighted-Average Remaining Lease Term (in Years) | | | | | | Finance leases | 7.8 | | | | | Operating leases | 6.2 | | | | | | | | | | | Weighted-Average Discount Rate | | | | | | Finance leases | 5.6 | % | | | | | Operating leases | 6.4 | % | | | | |
| | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | | | Nine Months Ended March 31, 2023 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | 279 | | | | | 851 | | Total finance lease cost | 696 | | | | | 2,101 | | Operating lease cost | 13,324 | | | | | 39,817 | | Total lease cost | $ | 14,020 | | | | | $ | 41,918 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 279 | | | | | $ | 851 | | Operating cash flows from operating leases | 12,578 | | | | | 37,843 | | Financing cash flows from finance leases | 369 | | | | | 1,056 | |
|
Leases |
Leases We determine if an arrangement is a lease at inception for arrangements with an initial term of more than 12 months, and classify it as either finance or operating. Finance leases are generally those that allow us to substantially utilize or pay for the entire asset over its estimated useful life. Finance lease assets are recorded in Property, plant and equipment, net, and finance lease liabilities within Other accrued liabilities and Other liabilities on our Condensed Consolidated Balance Sheets. Finance lease assets are amortized in operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term, with the interest component for lease liabilities included in interest expense and recognized using the effective interest method over the lease term. Operating leases are recorded in Other assets and Operating lease liabilities, current and non-current on our Condensed Consolidated Balance Sheets. Operating lease assets are amortized on a straight-line basis in operating expenses over the lease term. Our lease liabilities are recognized based on the present value of the remaining fixed lease payments, over the lease term, using a discount rate of similarly secured borrowings available to the Company. For the purpose of lease liability measurement, we consider only payments that are fixed and determinable at the time of commencement. Any variable payments that depend on an index or rate are expensed as incurred. We account for non-lease components, such as common area maintenance, as a component of the lease, and includes it in the initial measurement of our leased assets and corresponding liabilities. Our lease terms and conditions may include options to extend or terminate. An option is recognized when it is reasonably certain that we will exercise that option. Our lease assets also include any lease payments made, and exclude any lease incentives received prior to commencement. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations. The following table presents lease costs, which include leases for arrangements with an initial term of more than 12 months, lease term, and discount rates ($000): | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | Nine Months Ended March 31, 2024 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | — | | | | | — | | Total finance lease cost | 417 | | | | | 1,250 | | Operating lease cost | 12,830 | | | | | 38,539 | | Total lease cost | $ | 13,247 | | | | | $ | 39,789 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 257 | | | | | $ | 789 | | Operating cash flows from operating leases | 12,293 | | | | | 36,834 | | Financing cash flows from finance leases | 408 | | | | | 1,171 | | | | | | | | Weighted-Average Remaining Lease Term (in Years) | | | | | | Finance leases | 7.8 | | | | | Operating leases | 6.2 | | | | | | | | | | | Weighted-Average Discount Rate | | | | | | Finance leases | 5.6 | % | | | | | Operating leases | 6.4 | % | | | | |
| | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | | | Nine Months Ended March 31, 2023 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | 279 | | | | | 851 | | Total finance lease cost | 696 | | | | | 2,101 | | Operating lease cost | 13,324 | | | | | 39,817 | | Total lease cost | $ | 14,020 | | | | | $ | 41,918 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 279 | | | | | $ | 851 | | Operating cash flows from operating leases | 12,578 | | | | | 37,843 | | Financing cash flows from finance leases | 369 | | | | | 1,056 | |
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- DefinitionThe entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.1.u1
Equity and Redeemable Preferred Stock
|
9 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Equity and Redeemable Preferred Stock |
Equity and Redeemable Preferred Stock As of March 31, 2024, the Company’s amended and restated articles of incorporation authorize our board of directors, without the approval of our shareholders, to issue 5 million shares of our preferred stock. As of March 31, 2024, 2.3 million shares of mandatory preferred convertible shares have been authorized, none are outstanding; 75,000 shares of Series B-1 convertible preferred stock, no par value, have been issued and are outstanding; and 140,000 shares of Series B-2 convertible preferred stock, no par value, have been issued and are outstanding. Mandatory Convertible Preferred Stock In July 2020, the Company issued 2.3 million shares of Mandatory Convertible Preferred Stock. All outstanding shares of Mandatory Convertible Preferred Stock were converted to 10,240,290 shares of Company Common Stock on July 3, 2023, at a conversion ratio of 4.4523, and no shares of Mandatory Convertible Preferred Stock are currently issued and outstanding. Preferred dividends are presented as a reduction to Retained earnings on the Condensed Consolidated Balance Sheets. The following table presents dividends per share and dividends recognized: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Dividends per share | $ | — | | | $ | 3.00 | | | $ | — | | | $ | 9.00 | | Mandatory Convertible Preferred Stock dividends ($000) | — | | | 6,900 | | | — | | | 27,000 | |
Series B-1 Convertible Preferred Stock In March 2021, the Company issued 75,000 shares of Series B-1 Convertible Preferred Stock, no par value per share (“Series B-1 Preferred Stock”), for $10,000 per share, resulting in an aggregate purchase price of $750 million. The shares of Series B-1 Preferred Stock are convertible into shares of Coherent Common Stock as follows: •at the election of the holder, at an initial conversion price of $85 per share (as it may be adjusted from time to time, the “Conversion Price”) upon the delivery by Coherent to the holders of the Series B-1 Preferred Stock of an offer to repurchase the Series B-1 Preferred Stock upon the occurrence of a Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock as defined below); and •at the election of the Company, any time following March 31, 2024, at the then-applicable Conversion Price if the volume-weighted average price of Coherent Common Stock exceeds 150% of the then-applicable Conversion Price for 20 trading days out of any 30 consecutive trading days. The issued shares of Series B-1 Preferred Stock currently have voting rights, voting as one class with the Coherent Common Stock and the Series B-2 Preferred Stock (as defined below), on an as-converted basis, subject to limited exceptions. On or at any time after March 31, 2031: •each holder has the right to require the Company to redeem all of their Coherent Series B-1 Preferred Stock, for cash, at a redemption price per share equal to the sum of the Stated Value (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock) for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value (such price the “Redemption Price,” and such right the “Put Right”); and •the Company has the right to redeem, in whole or in part, on a pro rata basis from all holders based on the aggregate number of shares of Series B-1 Preferred Stock outstanding, for cash, at the Redemption Price. In connection with any Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock), and subject to the procedures set forth in the Statement with Respect to Shares establishing the Series B Preferred Stock, the Company must, or will cause the survivor of a Fundamental Change to, make an offer to repurchase, at the option and election of the holder thereof, each share of Series B-1 Preferred Stock then-outstanding at a purchase price per share in cash equal to (i) the Stated Value for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value as of the date of repurchase plus (ii) if prior to March 31, 2026, the aggregate amount of all dividends that would have been paid (subject to certain exceptions), from the date of repurchase through March 31, 2026. If the Company defaults on a payment obligation with respect to the Series B-1 Preferred Stock and such default is not cured within 30 days, the dividend rate will increase to 8% per annum and will be increased by an additional 2% per annum each quarter the Company remains in default, not to exceed 14% per annum. The Series B-1 Preferred Stock is redeemable for cash outside of the control of the Company upon the exercise of the Put Right, and upon a Fundamental Change, and is therefore classified as mezzanine equity. The Series B-1 Preferred Stock is initially measured at fair value less issuance costs, accreted to its redemption value over a 10-year period (using the effective interest method) with such accretion accounted for as deemed dividends and reductions to Net Earnings (Loss) Available to Common Shareholders. Series B-2 Convertible Preferred Stock On July 1, 2022, the Company issued 140,000 shares of Series B-2 Convertible Preferred Stock, no par value per share (“Series B-2 Preferred Stock” and, together with the Series B-1 Preferred Stock, the “Series B Preferred Stock”), for $10,000 per share and an aggregate purchase price of $1.4 billion. The shares of Series B-2 Preferred Stock are convertible into shares of Coherent Common Stock as follows: •at the election of the holder the Conversion Price upon the delivery by Coherent to the holders of the Series B-2 Preferred Stock of an offer to repurchase the Coherent Series B-2 Convertible Preferred Stock upon the occurrence of a Fundamental Change (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock); and •at the election of the Company, any time following July 1, 2025 at the then-applicable Conversion Price if the volume-weighted average price of Coherent Common Stock exceeds 150% of the then-applicable Conversion Price for 20 trading days out of any 30 consecutive trading days. The issued shares of Series B-2 Convertible Preferred Stock currently have voting rights, voting as one class with the Coherent Common Stock and the Series B-1 Preferred Stock, on an as-converted basis, subject to limited exceptions. On or at any time after July 1, 2032: •each holder has the right to require the Company to redeem all of their Series B-2 Preferred Stock, for cash, at a redemption price per share equal to the sum of the Stated Value for such shares (as defined in the Statement with Respect to Shares establishing the Series B Preferred Stock) plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value (such price the “Redemption Price,” and such right the “Put Right”); and •the Company has the right to redeem, in whole or in part, on a pro rata basis from all holders based on the aggregate number of shares of Series B-2 Preferred Stock outstanding, for cash, at the Redemption Price. In connection with any Fundamental Change, and subject to the procedures set forth in the Statement with Respect to Shares establishing the Series B Preferred Stock, the Company must, or will cause the survivor of a Fundamental Change to, make an offer to repurchase, at the option and election of the holder thereof, each share of Series B-2 Preferred Stock then-outstanding at a purchase price per share in cash equal to (i) the Stated Value for such shares plus an amount equal to all accrued or declared and unpaid dividends on such shares that had not previously been added to the Stated Value as of the date of repurchase plus (ii) if prior to July 1, 2027, the aggregate amount of all dividends that would have been paid (subject to certain exceptions), from the date of repurchase through July 1, 2027. If the Company defaults on a payment obligation with respect to the Series B-2 Preferred Stock and such default is not cured within 30 days, the dividend rate will increase to 8% per annum and will be increased by an additional 2% per annum each quarter the Company remains in default, not to exceed 14% per annum. The Series B-2 Preferred Stock is redeemable for cash outside of the control of the Company upon the exercise of the Put Right, and upon a Fundamental Change, and is therefore classified as mezzanine equity. The Series B-2 Preferred Stock is initially measured at fair value less issuance costs, accreted to its redemption value over a 10-year period (using the effective interest method) with such accretion accounted for as deemed dividends and reductions to Net Earnings (Loss) Available to Common Shareholders. Preferred stock dividends are presented as a reduction to retained earnings on the Condensed Consolidated Balance Sheets. The following table presents dividends per share and dividends recognized: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Dividends per share | $ | 145 | | | $ | 136 | | | $ | 428 | | | $ | 404 | | Dividends ($000) | 29,810 | | | 27,969 | | | 87,919 | | | 83,267 | | Deemed dividends ($000) | 1,383 | | | 1,202 | | | 4,027 | | | 3,570 | |
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- DefinitionThe entire disclosure for equity.
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v3.24.1.u1
Noncontrolling Interests
|
9 Months Ended |
Mar. 31, 2024 |
Noncontrolling Interest [Abstract] |
|
Noncontrolling Interests |
Noncontrolling Interests On December 4, 2023, Silicon Carbide LLC (“Silicon Carbide”), one of the Company’s subsidiaries, completed (i) the sale of 16,666,667 Class A Common Units to Denso Corporation (“Denso”) for $500,000,000 pursuant to an Investment Agreement, dated as of October 10, 2023, by and between Silicon Carbide and Denso and (ii) the sale of 16,666,667 Class A Common Units to Mitsubishi Electric Corporation (“MELCO”) for $500,000,000 pursuant to an Investment Agreement, dated as of October 10, 2023, by and between Silicon Carbide and MELCO (collectively, the “Equity Investments”). As a consequence of the Equity Investments, the Company’s ownership interest in the Class A Common Units of Silicon Carbide LLC was reduced to approximately 75%. Denso and MELCO each, individually, own approximately 12.5% of the Class A Common Units of Silicon Carbide. The Equity Investments in Silicon Carbide enables Coherent to increase its available free cash flow to provide greater financial and operational flexibility to execute its capital allocation priorities, as the aggregate $1 billion investment, net of transaction costs, will be used to fund future capital expansion of Silicon Carbide. The following table presents the activity in noncontrolling interests in the Company's Silicon Carbide subsidiary, as discussed above ($000s). | | | | | | | | | Nine Months Ended March 31, | | 2024 | | | Beginning balance | $ | — | | | | Sale of shares to noncontrolling interests | 373,573 | | | | Share of foreign currency translation adjustments | 771 | | | | Net loss | (4,027) | | | | Ending balance | $ | 370,317 | | | |
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v3.24.1.u1
Earnings (Loss) Per Share
|
9 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Earnings (Loss) Per Share |
Earnings (Loss) Per Share Basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is computed by dividing the diluted earnings (loss) available to common shareholders by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. For the three and nine months ended March 31, 2024 and March 31, 2023, as the Company was in a net loss position, there were no dilutive shares. Potentially dilutive shares whose effect would have been anti-dilutive are excluded from the computation of diluted earnings (loss) per common share. For the three and nine months ended March 31, 2024, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares, calculated based on the average stock price for each fiscal period, using the treasury stock method, as well as the shares of Coherent Common Stock issuable upon conversion of the Series B Convertible Preferred Stock (under the If-Converted method), as their effects were anti-dilutive. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations (000, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | Net loss attributable to Coherent Corp. | $ | (13,187) | | | $ | 2,546 | | | $ | (107,712) | | | $ | (81,224) | | Deduct Series A preferred stock dividends | — | | | (6,900) | | | — | | | (20,700) | | Deduct Series B dividends and deemed dividends | (31,193) | | | (29,171) | | | (91,946) | | | (86,837) | | Basic loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | | | | | | | | | | Denominator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted weighted average common shares | 152,138 | | | 139,113 | | | 151,341 | | | 136,990 | | | | | | | | | | Basic loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | | | | | | | | | | Diluted loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | |
The following table presents potential shares of common stock excluded from the calculation of diluted net earnings (loss) per share, as their effect would have been anti-dilutive (000): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Common stock equivalents | 3,546 | | | 2,416 | | | 2,613 | | | 2,334 | | Convertible Notes | — | | | — | | | — | | | 1,491 | | Series A Mandatory Convertible Preferred Stock | — | | | 10,697 | | | — | | | 10,331 | | Series B Convertible Preferred Stock | 27,862 | | | 26,511 | | | 27,518 | | | 26,185 | | Total anti-dilutive shares | 31,408 | | | 39,624 | | | 30,131 | | | 40,341 | |
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v3.24.1.u1
Segment Reporting
|
9 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Segment Reporting The Company reports its business segments using the “management approach” model for segment reporting. This means that we determine our reportable business segments based on the way the chief operating decision-maker organizes business segments within the Company for making operating decisions and assessing financial performance. We report our financial results in the following three segments: (i) Networking, (ii) Materials, and (iii) Lasers. Our chief operating decision maker receives and reviews financial information based on these three segments. We evaluate business segment performance based upon segment operating income, which is defined as earnings before income taxes, interest and other income or expense. The segments are managed separately due to the market, production requirements and facilities unique to each segment. The accounting policies are consistent across each segment. To the extent possible, our corporate expenses and assets are allocated to the segments. The following tables summarize selected financial information of our operations by segment ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | — | | | $ | 1,208,809 | | Inter-segment revenues | 10,892 | | | 132,177 | | | 1,513 | | | (144,582) | | | — | | Operating income (loss) | 58,166 | | | 8,220 | | | (44,081) | | | — | | | 22,305 | | Interest expense | — | | | — | | | — | | | — | | | (72,753) | | Other income (expense), net | — | | | — | | | — | | | — | | | 18,597 | | Income tax benefit | — | | | — | | | — | | | — | | | 16,121 | | Net loss | — | | | — | | | — | | | — | | | (15,730) | | Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (13,187) | | Depreciation and amortization | 40,573 | | | 26,508 | | | 72,654 | | | — | | | 139,735 | | Expenditures for property, plant & equipment | 20,884 | | | 61,119 | | | 11,239 | | | — | | | 93,242 | | Segment assets | 3,497,693 | | | 3,028,652 | | | 7,994,067 | | | — | | | 14,520,412 | | Goodwill | 1,036,661 | | | 247,919 | | | 3,208,645 | | | — | | | 4,493,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | — | | | $ | 1,240,194 | | Inter-segment revenues | 17,759 | | | 96,604 | | | 317 | | | (114,680) | | | — | | Operating income (loss) | 49,476 | | | 67,826 | | | (49,914) | | | — | | | 67,388 | | Interest expense | — | | | — | | | — | | | — | | | (75,183) | | Other income (expense), net | — | | | — | | | — | | | — | | | 3,048 | | Income tax benefit | — | | | — | | | — | | | — | | | 7,293 | | Net earnings | — | | | — | | | — | | | — | | | 2,546 | | Depreciation and amortization | 41,369 | | | 29,242 | | | 90,330 | | | — | | | 160,941 | | Expenditures for property, plant & equipment | 6,441 | | | 78,666 | | | 12,038 | | | — | | | 97,145 | | Segment assets | 3,435,816 | | | 2,275,614 | | | 8,406,202 | | | — | | | 14,117,632 | | Goodwill | 1,012,006 | | | 273,341 | | | 3,219,790 | | | — | | | 4,505,137 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | — | | | $ | 3,393,326 | | Inter-segment revenues | 33,758 | | | 315,961 | | | 3,357 | | | (353,076) | | | — | | Operating income (loss) | 121,971 | | | 25,173 | | | (114,262) | | | — | | | 32,882 | | Interest expense | — | | | — | | | — | | | — | | | (220,689) | | Other income (expense), net | — | | | — | | | — | | | — | | | 30,252 | | Income tax benefit | — | | | — | | | — | | | — | | | 45,816 | | Net loss | — | | | — | | | — | | | — | | | (111,739) | | Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (107,712) | | Depreciation and amortization | 121,780 | | | 77,205 | | | 217,128 | | | — | | | 416,113 | | Expenditures for property, plant & equipment | 74,751 | | | 156,142 | | | 16,016 | | | — | | | 246,909 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | — | | | $ | 3,955,049 | | Inter-segment revenues | 54,129 | | | 277,502 | | | 1,400 | | | (333,031) | | | — | | Operating income (loss) | 230,497 | | | 224,633 | | | (337,020) | | | — | | | 118,110 | | Interest expense | — | | | — | | | — | | | — | | | (207,976) | | Other income (expense), net | — | | | — | | | — | | | — | | | (32,253) | | Income taxes | — | | | — | | | — | | | — | | | 40,895 | | Net loss | — | | | — | | | — | | | — | | | (81,224) | | Depreciation and amortization | 124,384 | | | 83,804 | | | 269,948 | | | — | | | 478,136 | | Expenditures for property, plant & equipment | 80,654 | | | 215,038 | | | 47,307 | | | — | | | 342,999 | | | | | | | | | | | | | | | | | | | | | |
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- DefinitionThe 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.
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v3.24.1.u1
Share-Based Compensation
|
9 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Compensation |
Share-Based Compensation Stock Award Plans The Company’s Board of Directors amended the Coherent Corp. 2018 Omnibus Incentive Plan, which originally was approved by the Company's shareholders at the Annual Meeting in November 2018, as the Coherent Corp. Omnibus Incentive Plan (as amended and restated, the “Plan”). The Plan was approved at the Annual Meeting in November 2023. The Plan provides for the grant of stock options, stock appreciation rights, restricted shares, restricted share units, deferred shares, performance shares and performance share units to employees, officers and directors of the Company. The maximum number of shares of Coherent Common Stock authorized for issuance under the Plan is limited to 13,450,000 shares of Coherent Common Stock, not including any remaining shares forfeited under the predecessor plans that may be rolled into the Plan. Certain awards under the Plan have certain vesting provisions predicated upon the death, retirement or disability of the grantee. On the Closing Date, the Company assumed the Coherent, Inc. Equity Incentive Plan (“Legacy Coherent Plan”) and the Legacy Coherent unvested restricted stock units (“Converted RSUs”) that are generally subject to the same terms and conditions that applied to the Converted RSUs immediately prior to the Closing Date. After the Closing Date, the Company granted restricted stock units under the Legacy Coherent Plan through August 28, 2023. The Legacy Coherent Plan was terminated upon adoption of the Plan in November 2023. No additional awards will be granted under the Coherent Legacy Plan. The Company has an Employee Stock Purchase Plan whereby eligible employees may authorize payroll deductions of up to 10%, or such other percentage up to 15% that the Company determines, of their regular base salary to purchase shares at the lower of 85% of the fair market value of the common stock on the date of commencement of the offering or on the last day of the six-month offering period. Share-based compensation expense for the periods indicated was as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | | 2024 | | 2023 | | 2024 | | 2023 | Stock Options and Cash-Based Stock Appreciation Rights | | $ | 1,078 | | | $ | 767 | | | $ | 824 | | | $ | 927 | | Restricted Share Awards and Cash-Based Restricted Share Unit Awards | | 20,050 | | | 29,533 | | | 72,038 | | | 103,003 | | Performance Share Awards and Cash-Based Performance Share Unit Awards | | 2,781 | | | 2,936 | | | 16,611 | | | 13,267 | | Employee Stock Purchase Plan | | 2,504 | | | 1,839 | | | 8,716 | | | 5,998 | | | | $ | 26,413 | | | $ | 35,075 | | | $ | 98,189 | | | $ | 123,195 | |
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
Fair Value of Financial Instruments
|
9 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The FASB defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous markets for the asset and liability in an orderly transaction between market participants at the measurement date. We estimate fair value of our financial instruments utilizing an established three-level hierarchy in accordance with U.S. GAAP. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: •Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. •Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments. •Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. We entered into an interest rate swap with a notional amount of $1,075 million to limit the exposure to our variable interest rate debt by effectively converting it to a fixed interest rate. Through February 28, 2023, we received payments based on the one-month LIBOR and made payments based on a fixed rate of 1.52%. We received payments with a floor of 0.00%. The interest rate swap agreement had an effective date of November 24, 2019, with an expiration date of September 24, 2024. The initial notional amount of the interest rate swap decreased to $825 million in June 2022, and will remain at that amount through the expiration date. On March 20, 2023, we amended our $825 million interest rate swap (“Amended Swap”), effective as of February 28, 2023, to replace the current reference rate (LIBOR) with SOFR, to be consistent with Amendment No. 1 to the Credit Agreement. See Note 7. Debt for further information. Under the Amended Swap, we receive payments based on the one-month SOFR and make payments based on a fixed rate of 1.42%. We receive payments with a floor of 0.10%. We designated this instrument as a cash flow hedge, and deemed the hedge relationship effective at inception of the contract and the amended contract. The fair value of the interest rate swap of $15 million and $37 million is recognized in the Condensed Consolidated Balance Sheet within prepaid and other current assets as of March 31, 2024 and June 30, 2023, respectively. Changes in fair value are recorded within accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets and reclassified into the Condensed Consolidated Statements of Earnings (Loss) as interest expense in the period in which the underlying transaction affects earnings. Cash flows from hedging activities are reported in the Condensed Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. The fair value of the interest rate swap is determined using widely accepted valuation techniques and reflects the contractual terms of the interest rate swap including the period to maturity, and while there are no quoted prices in active markets, it uses observable market-based inputs, including interest rate curves. The fair value analysis also considers a credit valuation adjustment to reflect nonperformance risk of both the Company and the single counterparty. The interest rate swap is classified as a Level 2 item within the fair value hierarchy. On February 23, 2022, we entered into an interest rate cap (the “Cap”) with an effective date of July 1, 2023. On March 20, 2023, we amended the Cap to replace the current reference rate (LIBOR) with SOFR, to be consistent with Amendment No. 1 to the Credit Agreement. See Note 7. Debt for further information. The Cap manages our exposure to interest rate movements on a portion of our floating rate debt. The Cap provides us with the right to receive payment if one-month SOFR exceeds 1.92%. Beginning in July 2023, we began to pay a fixed monthly premium based on an annual rate of 0.853% for the Cap. The Cap will carry a notional amount ranging from $500 million to $1,500 million. The fair value of the interest rate cap of $46 million and $46 million is recognized in the Condensed Consolidated Balance Sheet within prepaid and other current assets and other assets as of March 31, 2024 and June 30, 2023, respectively. The Cap, as amended, is designed to mirror the terms of the Credit Agreement as amended on March 31, 2023. We designated the Cap as a cash flow hedge of the variability of the SOFR based interest payments on the Term Facilities. Every period over the life of the hedging relationship, the entire change in fair value related to the hedging instrument will first be recorded within accumulated other comprehensive income (loss). Amounts accumulated in accumulated other comprehensive income (loss) are reclassified into interest expense in the same period or periods in which interest expense is recognized on the Credit Agreement, or its direct replacement. The fair value of the Cap is determined using widely accepted valuation techniques and reflects the contractual terms of the Cap including the period to maturity, and while there are no quoted prices in active markets, it uses observable market-based inputs, including interest rate curves. The fair value analysis also considers a credit valuation adjustment to reflect nonperformance risk of both the Company and the single counterparty. The Cap is classified as a Level 2 item within the fair value hierarchy. We estimated the fair value of the Senior Notes based on quoted market prices as of the last trading day prior to March 31, 2024; however, the Senior Notes have only a limited trading volume and as such this fair value estimate is not necessarily the value at which the Senior Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. The carrying value of the Senior Notes is net of unamortized discount and issuance costs. See Note 7. Debt for details on our debt facilities. The fair value and carrying value of the Senior Notes were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | | | | | | | | | Senior Notes | $ | 933,768 | | | $ | 983,827 | | | $ | 895,950 | | | $ | 983,137 | |
Our borrowings, including our lease obligations and the Senior Notes, are considered Level 2 among the fair value hierarchy and their principal amounts approximate fair value. Cash and cash equivalents are considered Level 1 among the fair value hierarchy and approximate fair value. At March 31, 2024, total restricted cash of $894 million includes $889 million of cash in Silicon Carbide LLC that is restricted for use only by that subsidiary and $5 million of cash restricted for other purposes in other entities. At June 30, 2023, total restricted cash of $16 million consisted of cash restricted for other purposes in other entities. The restricted cash is invested in money market accounts and time deposits, with maturities of one year or less, that are held-to-maturity, are considered Level 1 among the fair value hierarchy and approximate fair value. Restricted cash that is expected to be spent and released from restriction after 12 months is classified as non-current on the Condensed Consolidated Balance Sheets. We, from time to time, purchase foreign currency forward exchange contracts that permit us to sell specified amounts of these foreign currencies for pre-established U.S. dollar amounts at specified dates that represent assets or liabilities on the balance sheets of certain subsidiaries. These contracts are entered into for the purpose of limiting translational exposure to changes in currency exchange rates and which otherwise would expose our earnings, on the revaluation of our aggregate net assets or liabilities in respective currencies, to foreign currency risk. At March 31, 2024, we had foreign currency forward contracts recorded at fair value. The fair values of these instruments were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for credit risk and restrictions and other terms specific to the contracts. Realized losses related to these contracts for the three and nine months ended March 31, 2024 were $12 million and $9 million, respectively, and the three and nine months ended March 31, 2023 were $0 million and $5 million, respectively, and were included in other expense (income), net in the Condensed Consolidated Statements of Earnings (Loss).
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- DefinitionThe 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.
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v3.24.1.u1
Share Repurchase Programs
|
9 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Share Repurchase Programs |
Share Repurchase Programs In August 2014, the Company’s Board of Directors authorized the Company to purchase up to $50 million of its common stock through a share repurchase program (the “Program”) that calls for shares to be purchased in the open market or in private transactions from time to time. The Program has no expiration and may be suspended or discontinued at any time. We did not repurchase any shares pursuant to this Program during the quarter ended March 31, 2024. As of February 21, 2024, we had cumulatively purchased 1,416,587 shares of Coherent common stock pursuant to the Program for approximately $22 million. On February 21, 2024, the Company’s Board of Directors terminated the Program and any remaining amount authorized for the repurchase of shares.
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- DefinitionThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
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v3.24.1.u1
Accumulated Other Comprehensive Income
|
9 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive IncomeThe changes in accumulated other comprehensive income (loss) (“AOCI”) by component, net of tax, for the nine months ended March 31, 2024 were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Interest Rate Swap | | Interest Rate Cap | | Defined Benefit Pension Plan | | Total Accumulated Other Comprehensive Income (Loss) | AOCI - June 30, 2023 | $ | 53,355 | | | $ | 19,484 | | | $ | 36,628 | | | $ | 259 | | | $ | 109,726 | | Other comprehensive income (loss) before reclassifications | (28,656) | | | 7,248 | | | 9,128 | | | 824 | | | (11,456) | | Amounts reclassified from AOCI | — | | | (24,282) | | | (9,507) | | | — | | | (33,789) | | Net current-period other comprehensive income (loss) | (28,656) | | | (17,034) | | | (379) | | | 824 | | | (45,245) | | Reclass related to sale of shares to noncontrolling interests | 2,871 | | | — | | | — | | | — | | | 2,871 | | AOCI - March 31, 2024 | $ | 27,570 | | | $ | 2,450 | | | $ | 36,249 | | | $ | 1,083 | | | $ | 67,352 | |
|
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.24.1.u1
Restructuring and Synergy and Site Consolidation Plans
|
9 Months Ended |
Mar. 31, 2024 |
Restructuring and Related Activities [Abstract] |
|
Restructuring and Synergy and Site Consolidation Plans |
Restructuring and Synergy and Site Consolidation Plans Restructuring Plan On May 23, 2023, the Board of Directors approved the Company’s May 2023 Restructuring Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions are expected to be accompanied by other cost reductions, and are intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. We evaluate restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations (ASC 420), and ASC 712, Compensation-Nonretirement Post-Employment Benefits (ASC 712). In the three months ended March 31, 2024, these activities resulted in $12 million of charges primarily for employee termination costs, acceleration of depreciation and the write-off of property and equipment. In the nine months ended March 31, 2024, these activities resulted in $13 million of charges primarily for acceleration of depreciation, employee termination costs and write-off of property and equipment, as well as site move costs and travel costs. In fiscal 2023, these activities resulted in $119 million of charges primarily for employee termination costs and the write-off of property and equipment, net of $65 million from reimbursement arrangements. We expect the restructuring actions to be substantially completed by the end of fiscal 2025. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. The following table presents our current and non-current liability as accrued for restructuring charges on our Condensed Consolidated Balance Sheets. The table sets forth an analysis of the components of the restructuring charges and payments and other deductions made against the accrual for the first two quarters in fiscal 2024 ($000): | | | | | | | | | | | | | | | | | | | | | | | | | Severance | | Asset Write-Offs | | Other | | Total Accrual | Balance - June 30, 2023 | $ | 64,379 | | | $ | — | | | $ | — | | | $ | 64,379 | | Restructuring charges | 2,050 | | | 269 | | | 699 | | | 3,018 | | | | | | | | | | | | | | | | | | Payments | (7,930) | | | — | | | — | | | (7,930) | | Asset write-offs and other | — | | | (269) | | | (699) | | | (968) | | Balance - September 30, 2023 | 58,499 | | | — | | | — | | | 58,499 | |
| | | | | | | | | | | | | | | | | | | | | | | | Restructuring charges (recoveries) | (4,848) | | | 54 | | | 3,224 | | | (1,570) | | | | | | | | | | | | | | | | | | Payments | (2,103) | | | — | | | — | | | (2,103) | | Asset write-offs and other | — | | | (54) | | | (3,224) | | | (3,278) | | Balance - December 31, 2023 | 51,548 | | | — | | | — | | | 51,548 | | Restructuring charges (recoveries) | 5,232 | | | 1,593 | | | 4,705 | | | 11,530 | | | | | | | | | | | | | | | | | | Payments | (3,358) | | | — | | | — | | | (3,358) | | Asset write-offs and other | — | | | (1,593) | | | (4,705) | | | (6,298) | | Balance - March 31, 2024 | $ | 53,422 | | | $ | — | | | $ | — | | | $ | 53,422 | |
At March 31, 2024, $19 million and $35 million of accrued severance related costs were included in other accrued liabilities and other liabilities, respectively, and are expected to result in cash expenditures through fiscal 2028. The current year severance related costs are primarily comprised of severance pay for employees being terminated due to the consolidation of certain manufacturing sites, with severance recorded in accordance with ASC 712. By segment, for the three and nine months ended March 31, 2024, $8 million and $15 million, respectively, of restructuring costs were incurred in the Materials segment, and $4 million and $4 million, respectively, of restructuring costs were incurred in the Lasers segment, partially offset by no and $5 million, respectively, of restructuring recoveries in the Networking segment. Restructuring charges and recoveries are recorded in Restructuring Charges in our Condensed Consolidated Statements of Earnings (Loss). Synergy and Site Consolidation Plan On May 20, 2023, the Company announced that it has accelerated some of the actions planned as part of its multi-year synergy and site consolidation efforts following the acquisition of Coherent, Inc., including site consolidations and relocations to lower cost sites. These relocations and other actions are expected to result in the Company achieving its previously announced $250 million synergy plan, which includes savings from supply chain management, internal supply of enabling materials and components, operational efficiencies in all functions due to scale, global functional model efficiencies and consolidation of corporate costs. We evaluate severance and other site consolidation costs in accordance with ASC 420 and ASC 712. In the three and nine months ended March 31, 2024, the acceleration of these activities resulted in $13 million and $29 million, respectively, of charges primarily for overlapping labor related to transition of manufacturing operations to other sites, shut down costs, accelerated depreciation, and employee termination costs. In fiscal 2023, the acceleration of these activities resulted in $20 million of charges primarily for employee termination costs, the write-off of inventory for products that are end of life and shut down costs. At March 31, 2024, $6 million and $6 million of accrued severance related costs were included in Other accrued liabilities and Other liabilities, respectively, and are expected to result in cash expenditures through fiscal 2025. The current year severance related costs are primarily comprised of severance pay for employees being terminated due to the exit or consolidation of certain manufacturing sites. For the three and nine months ended March 31, 2024, the $13 million and $29 million, respectively, of synergy and site consolidation costs were incurred in the Lasers segment. Costs related to the synergy and site consolidation efforts are recorded in Cost of goods sold ($9 million and $21 million), IR&D ($3 million and $7 million) and SG&A ($1 million and $1 million) in the three and nine months ended March 31, 2024, respectively, in our Condensed Consolidated Statements of Earnings (Loss).
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.24.1.u1
Recently Issued Financial Accounting Standards (Policies)
|
9 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Reclassification |
Certain prior year amounts have been reclassified for consistency with the current year presentation.
|
Noncontrolling Interests |
Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the Condensed Consolidated Balance Sheets and the consolidated net income (loss) attributable to its noncontrolling interests be clearly identified and presented on the face of the Condensed Consolidated Statements of Earnings (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss).
|
Recently Issued Financial Accounting Standards |
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact this will have on the Company’s condensed consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures. In March 2024, the SEC issued the final rule under SEC Release No. 33-11275 and 34-99678, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” requiring public companies to provide certain climate-related information in their registration statements and annual reports. The final rules will require information about a company’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on its business strategy, results of operations, or financial condition, and the actual and potential material impacts of any identified climate-related risks on the company’s strategy, business model and outlook, as well as relating to assessment, management, oversight and mitigation of such material risks, material climate-related targets and goals, and material greenhouse gas emissions. Additionally, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The first phase of the final rule is effective for fiscal years beginning in 2025. Disclosure for prior periods is only required if it was previously disclosed in an SEC filing. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. We are currently evaluating the impact on our disclosures of adopting this new pronouncement.
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v3.24.1.u1
Revenue from Contracts with Customers (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregated Revenue by Market and Product |
The following tables summarize disaggregated revenue by market ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total | Industrial | $ | 16,361 | | | $ | 134,516 | | | $ | 270,301 | | | $ | 421,178 | | | $ | 47,072 | | | $ | 404,847 | | | $ | 796,961 | | | $ | 1,248,880 | | Communications | 593,223 | | | 22,568 | | | — | | | 615,791 | | | 1,538,847 | | | 56,804 | | | — | | | 1,595,651 | | Electronics | 1,643 | | | 71,970 | | | — | | | 73,613 | | | 4,820 | | | 247,314 | | | — | | | 252,134 | | Instrumentation | 7,597 | | | 9,928 | | | 80,702 | | | 98,227 | | | 25,169 | | | 28,335 | | | 243,157 | | | 296,661 | | Total Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | 1,208,809 | | | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | 3,393,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | Nine Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Total | | Networking | | Materials | | Lasers | | Total | Industrial | $ | 17,570 | | | $ | 156,846 | | | $ | 263,789 | | | $ | 438,205 | | | $ | 52,189 | | | $ | 450,383 | | | $ | 846,881 | | | $ | 1,349,453 | | Communications | 521,291 | | | 17,014 | | | — | | | 538,305 | | | 1,664,205 | | | 59,553 | | | — | | | 1,723,758 | | Electronics | 2,849 | | | 136,229 | | | — | | | 139,078 | | | 9,674 | | | 509,803 | | | — | | | 519,477 | | Instrumentation | 9,389 | | | 13,680 | | | 101,537 | | | 124,606 | | | 30,259 | | | 42,070 | | | 290,032 | | | 362,361 | | Total Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | 1,240,194 | | | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | 3,955,049 | |
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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Inventories (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Components of Inventories |
The components of inventories were as follows ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Raw materials | $ | 427,947 | | | $ | 462,436 | | Work in progress | 628,450 | | | 549,992 | | Finished goods | 235,306 | | | 259,905 | | Total inventories | $ | 1,291,703 | | | $ | 1,272,333 | |
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v3.24.1.u1
Property, Plant and Equipment (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property, plant and equipment consists of the following ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Land and improvements | $ | 69,578 | | | $ | 69,639 | | Buildings and improvements | 805,680 | | | 780,204 | | Machinery and equipment | 1,998,349 | | | 1,879,136 | | Construction in progress | 404,645 | | | 287,990 | | Finance lease right-of-use asset | 25,000 | | | 25,000 | | | 3,303,252 | | | 3,041,969 | | Less accumulated depreciation | (1,451,869) | | | (1,259,934) | | Property, plant, and equipment, net | $ | 1,851,383 | | | $ | 1,782,035 | |
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v3.24.1.u1
Goodwill and Other Intangible Assets (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Changes in Carrying Amount of Goodwill |
Changes in the carrying amount of goodwill were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Total | Balance-beginning of period | $ | 1,036,204 | | | $ | 247,695 | | | $ | 3,228,801 | | | $ | 4,512,700 | | | | | | | | | | | | | | | | | | Foreign currency translation | 457 | | | 224 | | | (20,156) | | | (19,475) | | Balance-end of period | $ | 1,036,661 | | | $ | 247,919 | | | $ | 3,208,645 | | | $ | 4,493,225 | |
|
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill |
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Technology | $ | 1,657,692 | | | $ | (363,999) | | | $ | 1,293,693 | | | $ | 1,661,263 | | | $ | (270,786) | | | $ | 1,390,477 | | Trade Names | 438,471 | | | (8,471) | | | 430,000 | | | 438,470 | | | (8,279) | | | 430,191 | | Customer Lists | 2,323,593 | | | (460,984) | | | 1,862,609 | | | 2,333,360 | | | (339,344) | | | 1,994,016 | | | | | | | | | | | | | | Total | $ | 4,419,756 | | | $ | (833,454) | | | $ | 3,586,302 | | | $ | 4,433,093 | | | $ | (618,409) | | | $ | 3,814,684 | |
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v3.24.1.u1
Debt (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Components of Debt |
The components of debt as of the dates indicated were as follows ($000): | | | | | | | | | | | | | March 31, 2024 | | June 30, 2023 | Term A Facility, interest at adjusted SOFR, as defined, plus 2.000% | $ | 786,250 | | | $ | 818,125 | | | | | | Debt issuance costs, Term A Facility and Revolving Credit Facility | (14,730) | | | (18,149) | | Term B Facility, interest at adjusted SOFR, as defined, plus 2.750% | 2,435,625 | | | 2,566,625 | | Debt issuance costs, Term B Facility | (54,830) | | | (63,977) | | 1.30% Term loan | 674 | | | 1,697 | | | | | | Borrowings on local lines of credit | 1,336 | | | — | | Facility construction loan in Germany | 19,973 | | | 22,340 | | | | | | | | | | | | | | | | | | | | | | 5.000% Senior Notes | 990,000 | | | 990,000 | | Debt issuance costs and discount, Senior Notes | (6,173) | | | (6,863) | | | | | | Total debt | 4,158,125 | | | 4,309,798 | | Current portion of long-term debt | (75,469) | | | (74,836) | | Long-term debt, less current portion | $ | 4,082,656 | | | $ | 4,234,962 | |
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v3.24.1.u1
Leases (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Schedule of Lease Costs, Including Short-Term Leases, Lease Term, and Discount Rates |
The following table presents lease costs, which include leases for arrangements with an initial term of more than 12 months, lease term, and discount rates ($000): | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | Nine Months Ended March 31, 2024 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | — | | | | | — | | Total finance lease cost | 417 | | | | | 1,250 | | Operating lease cost | 12,830 | | | | | 38,539 | | Total lease cost | $ | 13,247 | | | | | $ | 39,789 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 257 | | | | | $ | 789 | | Operating cash flows from operating leases | 12,293 | | | | | 36,834 | | Financing cash flows from finance leases | 408 | | | | | 1,171 | | | | | | | | Weighted-Average Remaining Lease Term (in Years) | | | | | | Finance leases | 7.8 | | | | | Operating leases | 6.2 | | | | | | | | | | | Weighted-Average Discount Rate | | | | | | Finance leases | 5.6 | % | | | | | Operating leases | 6.4 | % | | | | |
| | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | | | Nine Months Ended March 31, 2023 | Finance lease cost | | | | | | Amortization of right-of-use assets | $ | 417 | | | | | $ | 1,250 | | Interest on lease liabilities | 279 | | | | | 851 | | Total finance lease cost | 696 | | | | | 2,101 | | Operating lease cost | 13,324 | | | | | 39,817 | | Total lease cost | $ | 14,020 | | | | | $ | 41,918 | | | | | | | | Cash Paid for Amounts Included in the Measurement of Lease Liabilities | | | | | | Operating cash flows from finance leases | $ | 279 | | | | | $ | 851 | | Operating cash flows from operating leases | 12,578 | | | | | 37,843 | | Financing cash flows from finance leases | 369 | | | | | 1,056 | |
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v3.24.1.u1
Equity and Redeemable Preferred Stock (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of Dividends |
The following table presents dividends per share and dividends recognized: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Dividends per share | $ | — | | | $ | 3.00 | | | $ | — | | | $ | 9.00 | | Mandatory Convertible Preferred Stock dividends ($000) | — | | | 6,900 | | | — | | | 27,000 | |
The following table presents dividends per share and dividends recognized: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Dividends per share | $ | 145 | | | $ | 136 | | | $ | 428 | | | $ | 404 | | Dividends ($000) | 29,810 | | | 27,969 | | | 87,919 | | | 83,267 | | Deemed dividends ($000) | 1,383 | | | 1,202 | | | 4,027 | | | 3,570 | |
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v3.24.1.u1
Noncontrolling Interests (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Noncontrolling Interest [Abstract] |
|
Schedule of Noncontrolling Interests Activity |
The following table presents the activity in noncontrolling interests in the Company's Silicon Carbide subsidiary, as discussed above ($000s). | | | | | | | | | Nine Months Ended March 31, | | 2024 | | | Beginning balance | $ | — | | | | Sale of shares to noncontrolling interests | 373,573 | | | | Share of foreign currency translation adjustments | 771 | | | | Net loss | (4,027) | | | | Ending balance | $ | 370,317 | | | |
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v3.24.1.u1
Earnings (Loss) Per Share (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Earnings Per Share |
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations (000, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | Net loss attributable to Coherent Corp. | $ | (13,187) | | | $ | 2,546 | | | $ | (107,712) | | | $ | (81,224) | | Deduct Series A preferred stock dividends | — | | | (6,900) | | | — | | | (20,700) | | Deduct Series B dividends and deemed dividends | (31,193) | | | (29,171) | | | (91,946) | | | (86,837) | | Basic loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted loss available to common shareholders | $ | (44,380) | | | $ | (33,525) | | | $ | (199,658) | | | $ | (188,761) | | | | | | | | | | Denominator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted weighted average common shares | 152,138 | | | 139,113 | | | 151,341 | | | 136,990 | | | | | | | | | | Basic loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | | | | | | | | | | Diluted loss per common share | $ | (0.29) | | | $ | (0.24) | | | $ | (1.32) | | | $ | (1.38) | |
|
Schedule of Potential Shares of Common Stock Excluded from the Calculation of Diluted Net Earnings (Loss) Per Share |
The following table presents potential shares of common stock excluded from the calculation of diluted net earnings (loss) per share, as their effect would have been anti-dilutive (000): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | 2024 | | 2023 | | 2024 | | 2023 | Common stock equivalents | 3,546 | | | 2,416 | | | 2,613 | | | 2,334 | | Convertible Notes | — | | | — | | | — | | | 1,491 | | Series A Mandatory Convertible Preferred Stock | — | | | 10,697 | | | — | | | 10,331 | | Series B Convertible Preferred Stock | 27,862 | | | 26,511 | | | 27,518 | | | 26,185 | | Total anti-dilutive shares | 31,408 | | | 39,624 | | | 30,131 | | | 40,341 | |
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v3.24.1.u1
Segment Reporting (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Financial Information of Company's Operation by Segment |
The following tables summarize selected financial information of our operations by segment ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 618,824 | | | $ | 238,982 | | | $ | 351,003 | | | $ | — | | | $ | 1,208,809 | | Inter-segment revenues | 10,892 | | | 132,177 | | | 1,513 | | | (144,582) | | | — | | Operating income (loss) | 58,166 | | | 8,220 | | | (44,081) | | | — | | | 22,305 | | Interest expense | — | | | — | | | — | | | — | | | (72,753) | | Other income (expense), net | — | | | — | | | — | | | — | | | 18,597 | | Income tax benefit | — | | | — | | | — | | | — | | | 16,121 | | Net loss | — | | | — | | | — | | | — | | | (15,730) | | Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (13,187) | | Depreciation and amortization | 40,573 | | | 26,508 | | | 72,654 | | | — | | | 139,735 | | Expenditures for property, plant & equipment | 20,884 | | | 61,119 | | | 11,239 | | | — | | | 93,242 | | Segment assets | 3,497,693 | | | 3,028,652 | | | 7,994,067 | | | — | | | 14,520,412 | | Goodwill | 1,036,661 | | | 247,919 | | | 3,208,645 | | | — | | | 4,493,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 551,099 | | | $ | 323,769 | | | $ | 365,326 | | | $ | — | | | $ | 1,240,194 | | Inter-segment revenues | 17,759 | | | 96,604 | | | 317 | | | (114,680) | | | — | | Operating income (loss) | 49,476 | | | 67,826 | | | (49,914) | | | — | | | 67,388 | | Interest expense | — | | | — | | | — | | | — | | | (75,183) | | Other income (expense), net | — | | | — | | | — | | | — | | | 3,048 | | Income tax benefit | — | | | — | | | — | | | — | | | 7,293 | | Net earnings | — | | | — | | | — | | | — | | | 2,546 | | Depreciation and amortization | 41,369 | | | 29,242 | | | 90,330 | | | — | | | 160,941 | | Expenditures for property, plant & equipment | 6,441 | | | 78,666 | | | 12,038 | | | — | | | 97,145 | | Segment assets | 3,435,816 | | | 2,275,614 | | | 8,406,202 | | | — | | | 14,117,632 | | Goodwill | 1,012,006 | | | 273,341 | | | 3,219,790 | | | — | | | 4,505,137 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2024 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 1,615,908 | | | $ | 737,300 | | | $ | 1,040,118 | | | $ | — | | | $ | 3,393,326 | | Inter-segment revenues | 33,758 | | | 315,961 | | | 3,357 | | | (353,076) | | | — | | Operating income (loss) | 121,971 | | | 25,173 | | | (114,262) | | | — | | | 32,882 | | Interest expense | — | | | — | | | — | | | — | | | (220,689) | | Other income (expense), net | — | | | — | | | — | | | — | | | 30,252 | | Income tax benefit | — | | | — | | | — | | | — | | | 45,816 | | Net loss | — | | | — | | | — | | | — | | | (111,739) | | Net loss attributable to Coherent Corp. | — | | | — | | | — | | | — | | | (107,712) | | Depreciation and amortization | 121,780 | | | 77,205 | | | 217,128 | | | — | | | 416,113 | | Expenditures for property, plant & equipment | 74,751 | | | 156,142 | | | 16,016 | | | — | | | 246,909 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended March 31, 2023 | | Networking | | Materials | | Lasers | | Unallocated & Other | | Total | Revenues | $ | 1,756,327 | | | $ | 1,061,809 | | | $ | 1,136,913 | | | $ | — | | | $ | 3,955,049 | | Inter-segment revenues | 54,129 | | | 277,502 | | | 1,400 | | | (333,031) | | | — | | Operating income (loss) | 230,497 | | | 224,633 | | | (337,020) | | | — | | | 118,110 | | Interest expense | — | | | — | | | — | | | — | | | (207,976) | | Other income (expense), net | — | | | — | | | — | | | — | | | (32,253) | | Income taxes | — | | | — | | | — | | | — | | | 40,895 | | Net loss | — | | | — | | | — | | | — | | | (81,224) | | Depreciation and amortization | 124,384 | | | 83,804 | | | 269,948 | | | — | | | 478,136 | | Expenditures for property, plant & equipment | 80,654 | | | 215,038 | | | 47,307 | | | — | | | 342,999 | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Share-Based Compensation (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Share-Based Compensation Expense by Award Type |
Share-based compensation expense for the periods indicated was as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | | 2024 | | 2023 | | 2024 | | 2023 | Stock Options and Cash-Based Stock Appreciation Rights | | $ | 1,078 | | | $ | 767 | | | $ | 824 | | | $ | 927 | | Restricted Share Awards and Cash-Based Restricted Share Unit Awards | | 20,050 | | | 29,533 | | | 72,038 | | | 103,003 | | Performance Share Awards and Cash-Based Performance Share Unit Awards | | 2,781 | | | 2,936 | | | 16,611 | | | 13,267 | | Employee Stock Purchase Plan | | 2,504 | | | 1,839 | | | 8,716 | | | 5,998 | | | | $ | 26,413 | | | $ | 35,075 | | | $ | 98,189 | | | $ | 123,195 | |
|
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- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.
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v3.24.1.u1
Accumulated Other Comprehensive Income (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) ("AOCI") by Component, Net of Tax |
The changes in accumulated other comprehensive income (loss) (“AOCI”) by component, net of tax, for the nine months ended March 31, 2024 were as follows ($000): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Interest Rate Swap | | Interest Rate Cap | | Defined Benefit Pension Plan | | Total Accumulated Other Comprehensive Income (Loss) | AOCI - June 30, 2023 | $ | 53,355 | | | $ | 19,484 | | | $ | 36,628 | | | $ | 259 | | | $ | 109,726 | | Other comprehensive income (loss) before reclassifications | (28,656) | | | 7,248 | | | 9,128 | | | 824 | | | (11,456) | | Amounts reclassified from AOCI | — | | | (24,282) | | | (9,507) | | | — | | | (33,789) | | Net current-period other comprehensive income (loss) | (28,656) | | | (17,034) | | | (379) | | | 824 | | | (45,245) | | Reclass related to sale of shares to noncontrolling interests | 2,871 | | | — | | | — | | | — | | | 2,871 | | AOCI - March 31, 2024 | $ | 27,570 | | | $ | 2,450 | | | $ | 36,249 | | | $ | 1,083 | | | $ | 67,352 | |
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v3.24.1.u1
Restructuring and Synergy and Site Consolidation Plans (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Restructuring and Related Activities [Abstract] |
|
Schedule of Components of Restructuring Charges and Payments and Other Deductions |
The table sets forth an analysis of the components of the restructuring charges and payments and other deductions made against the accrual for the first two quarters in fiscal 2024 ($000): | | | | | | | | | | | | | | | | | | | | | | | | | Severance | | Asset Write-Offs | | Other | | Total Accrual | Balance - June 30, 2023 | $ | 64,379 | | | $ | — | | | $ | — | | | $ | 64,379 | | Restructuring charges | 2,050 | | | 269 | | | 699 | | | 3,018 | | | | | | | | | | | | | | | | | | Payments | (7,930) | | | — | | | — | | | (7,930) | | Asset write-offs and other | — | | | (269) | | | (699) | | | (968) | | Balance - September 30, 2023 | 58,499 | | | — | | | — | | | 58,499 | |
| | | | | | | | | | | | | | | | | | | | | | | | Restructuring charges (recoveries) | (4,848) | | | 54 | | | 3,224 | | | (1,570) | | | | | | | | | | | | | | | | | | Payments | (2,103) | | | — | | | — | | | (2,103) | | Asset write-offs and other | — | | | (54) | | | (3,224) | | | (3,278) | | Balance - December 31, 2023 | 51,548 | | | — | | | — | | | 51,548 | | Restructuring charges (recoveries) | 5,232 | | | 1,593 | | | 4,705 | | | 11,530 | | | | | | | | | | | | | | | | | | Payments | (3,358) | | | — | | | — | | | (3,358) | | Asset write-offs and other | — | | | (1,593) | | | (4,705) | | | (6,298) | | Balance - March 31, 2024 | $ | 53,422 | | | $ | — | | | $ | — | | | $ | 53,422 | |
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v3.24.1.u1
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue by Market and Product (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 1,208,809
|
$ 1,240,194
|
$ 3,393,326
|
$ 3,955,049
|
Industrial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
421,178
|
438,205
|
1,248,880
|
1,349,453
|
Communications |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
615,791
|
538,305
|
1,595,651
|
1,723,758
|
Electronics |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
73,613
|
139,078
|
252,134
|
519,477
|
Instrumentation |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
98,227
|
124,606
|
296,661
|
362,361
|
Operating Segments | Networking |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
618,824
|
551,099
|
1,615,908
|
1,756,327
|
Operating Segments | Networking | Industrial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
16,361
|
17,570
|
47,072
|
52,189
|
Operating Segments | Networking | Communications |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
593,223
|
521,291
|
1,538,847
|
1,664,205
|
Operating Segments | Networking | Electronics |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
1,643
|
2,849
|
4,820
|
9,674
|
Operating Segments | Networking | Instrumentation |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
7,597
|
9,389
|
25,169
|
30,259
|
Operating Segments | Materials |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
238,982
|
323,769
|
737,300
|
1,061,809
|
Operating Segments | Materials | Industrial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
134,516
|
156,846
|
404,847
|
450,383
|
Operating Segments | Materials | Communications |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
22,568
|
17,014
|
56,804
|
59,553
|
Operating Segments | Materials | Electronics |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
71,970
|
136,229
|
247,314
|
509,803
|
Operating Segments | Materials | Instrumentation |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
9,928
|
13,680
|
28,335
|
42,070
|
Operating Segments | Lasers |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
351,003
|
365,326
|
1,040,118
|
1,136,913
|
Operating Segments | Lasers | Industrial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
270,301
|
263,789
|
796,961
|
846,881
|
Operating Segments | Lasers | Communications |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
0
|
0
|
0
|
0
|
Operating Segments | Lasers | Electronics |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
0
|
0
|
0
|
0
|
Operating Segments | Lasers | Instrumentation |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 80,702
|
$ 101,537
|
$ 243,157
|
$ 290,032
|
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v3.24.1.u1
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 427,947
|
$ 462,436
|
Work in progress |
628,450
|
549,992
|
Finished goods |
235,306
|
259,905
|
Total inventories |
$ 1,291,703
|
$ 1,272,333
|
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Property Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Finance lease right-of-use asset |
$ 25,000
|
$ 25,000
|
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation |
3,303,252
|
3,041,969
|
Less accumulated depreciation |
(1,451,869)
|
(1,259,934)
|
Property, plant, and equipment, net |
1,851,383
|
1,782,035
|
Land and improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
69,578
|
69,639
|
Buildings and improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
805,680
|
780,204
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
1,998,349
|
1,879,136
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 404,645
|
$ 287,990
|
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v3.24.1.u1
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands |
9 Months Ended |
Mar. 31, 2024
USD ($)
|
Goodwill [Roll Forward] |
|
Balance-beginning of period |
$ 4,512,700
|
Foreign currency translation |
(19,475)
|
Balance-end of period |
4,493,225
|
Networking |
|
Goodwill [Roll Forward] |
|
Balance-beginning of period |
1,036,204
|
Foreign currency translation |
457
|
Balance-end of period |
1,036,661
|
Materials |
|
Goodwill [Roll Forward] |
|
Balance-beginning of period |
247,695
|
Foreign currency translation |
224
|
Balance-end of period |
247,919
|
Lasers |
|
Goodwill [Roll Forward] |
|
Balance-beginning of period |
3,228,801
|
Foreign currency translation |
(20,156)
|
Balance-end of period |
$ 3,208,645
|
X |
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Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Goodwill [Line Items] |
|
|
|
Goodwill |
$ 4,493,225
|
$ 4,512,700
|
$ 4,505,137
|
Lasers |
|
|
|
Goodwill [Line Items] |
|
|
|
Percentage of fair value in excess of carrying amount |
|
10.00%
|
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$ 3,200,000
|
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v3.24.1.u1
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 4,419,756
|
$ 4,433,093
|
Accumulated Amortization |
(833,454)
|
(618,409)
|
Net Book Value |
3,586,302
|
3,814,684
|
Technology |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
1,657,692
|
1,661,263
|
Accumulated Amortization |
(363,999)
|
(270,786)
|
Net Book Value |
1,293,693
|
1,390,477
|
Trade Names |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
438,471
|
438,470
|
Accumulated Amortization |
(8,471)
|
(8,279)
|
Net Book Value |
430,000
|
430,191
|
Customer Lists |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
2,323,593
|
2,333,360
|
Accumulated Amortization |
(460,984)
|
(339,344)
|
Net Book Value |
$ 1,862,609
|
$ 1,994,016
|
X |
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v3.24.1.u1
Debt - Schedule of Components of Debt (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
|
Mar. 31, 2024 |
Jun. 30, 2023 |
Dec. 10, 2021 |
Line of Credit Facility [Line Items] |
|
|
|
Total debt |
$ 4,158,125
|
$ 4,309,798
|
|
Current portion of long-term debt |
(75,469)
|
(74,836)
|
|
Long-term debt, less current portion |
4,082,656
|
4,234,962
|
|
1.30% Term loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
$ 674
|
1,697
|
|
Debt instrument, interest rate |
1.30%
|
|
|
Facility construction loan in Germany |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
$ 19,973
|
22,340
|
|
5.000% Senior Notes |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
$ 990,000
|
990,000
|
|
Debt instrument, interest rate |
5.00%
|
|
5.00%
|
Debt issuance costs and discount |
$ (6,173)
|
(6,863)
|
|
Term Loan A Credit Facility |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
$ 786,250
|
818,125
|
|
Term Loan A Credit Facility | SOFR |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, rate added on variable rate |
2.00%
|
|
|
Term A Loan Facility And Revolving Credit Facility |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt issuance costs |
$ (14,730)
|
(18,149)
|
|
Term Loan B Credit Facility |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
2,435,625
|
2,566,625
|
|
Debt issuance costs |
$ (54,830)
|
(63,977)
|
|
Term Loan B Credit Facility | SOFR |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, rate added on variable rate |
2.75%
|
|
|
Line of credit | Line Of Credit Facility Borrowing Capacity |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Total debt, gross |
$ 1,336
|
$ 0
|
|
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v3.24.1.u1
Debt - Senior Credit Facility (Details) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Apr. 02, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jul. 01, 2022 |
Dec. 10, 2021 |
Term A Facility and Revolving Credit Facility | SOFR Floor |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
0.10%
|
|
|
|
|
|
|
Term A Facility and Revolving Credit Facility | SOFR | Minimum |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
1.75%
|
|
|
|
|
|
|
Term A Facility and Revolving Credit Facility | SOFR | Maximum |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
2.50%
|
|
|
|
|
|
|
Term Loan A Credit Facility |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
$ 850,000,000
|
|
Term Loan A Credit Facility | SOFR |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
|
|
|
2.00%
|
|
|
|
New Term Loan B Credit Facility |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
2,800,000,000
|
|
Amortization of debt issuance costs |
|
|
$ 59,000,000
|
$ 62,000,000
|
$ 181,000,000
|
$ 168,000,000
|
|
|
New Term Loan B Credit Facility | SOFR Floor |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
|
|
|
0.50%
|
|
|
|
New Term Loan B Credit Facility | SOFR Floor | Subsequent Event |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
0.50%
|
|
|
|
|
|
|
|
New Term Loan B Credit Facility | SOFR |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
|
|
|
2.75%
|
|
|
|
New Term Loan B Credit Facility | SOFR | Subsequent Event |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
2.50%
|
|
|
|
|
|
|
|
Senior Credit Facilities |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
4,000,000,000
|
|
Amortization of debt issuance costs |
|
|
4,000,000
|
5,000,000
|
$ 11,000,000
|
14,000,000
|
|
|
Increase (decrease) in interest expense |
|
|
$ (11,000,000)
|
$ (6,000,000)
|
$ (34,000,000)
|
$ (12,000,000)
|
|
|
5.000% Senior Notes |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
5.00%
|
|
5.00%
|
|
|
5.00%
|
Letter of Credit |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
50,000,000
|
|
Revolving Credit Facility |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
$ 350,000,000
|
|
Revolving Credit Facility | SOFR |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
|
|
|
2.00%
|
|
|
|
Revolving Credit Facility | Term A Facility and Revolving Credit Facility | SOFR Floor |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
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|
0.10%
|
|
|
|
|
|
|
Revolving Credit Facility | Term A Facility and Revolving Credit Facility | SOFR | Minimum |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, rate added on variable rate |
|
1.75%
|
|
|
|
|
|
|
Revolving Credit Facility | Term A Facility and Revolving Credit Facility | SOFR | Maximum |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
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|
2.50%
|
|
|
|
|
|
|
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Debt - Assumed Through Acquisition (Details) $ in Thousands, € in Millions |
Dec. 21, 2020
EUR (€)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jul. 01, 2022
loan
|
Line of credit | Foreign Line of Credit |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument, interest rate |
1.55%
|
|
|
|
1.30% Term loan |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal outstanding |
|
$ 674
|
$ 1,697
|
|
Debt instrument, interest rate |
|
1.30%
|
|
|
Coherent Inc. |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Number of loans assumed | loan |
|
|
|
3
|
Aggregate principal outstanding |
|
$ 21,000
|
|
|
Coherent Inc. | Line of credit | Foreign Line of Credit |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal amount | € |
€ 24
|
|
|
|
Debt agreement term |
10 years
|
|
|
|
Coherent Inc. | 1.30% Term loan |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
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|
|
|
1.30%
|
Coherent Inc. | 1.00% State of Connecticut term loan due 2023 |
|
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Debt - Senior Notes and Additional Information (Details) - USD ($) $ in Millions |
|
3 Months Ended |
9 Months Ended |
Dec. 10, 2021 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
|
Available credit under lines of credit |
|
$ 346
|
|
$ 346
|
|
5.000% Senior Notes |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Debt instrument, interest rate |
5.00%
|
5.00%
|
|
5.00%
|
|
Aggregate principal amount |
$ 990
|
|
|
|
|
Interest expense |
|
$ 13
|
$ 13
|
$ 38
|
$ 38
|
5.000% Senior Notes | Senior Notes, Redemption, Period One |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Redemption price percentage |
100.00%
|
|
|
|
|
5.000% Senior Notes | Senior Notes, Redemption, Period Two |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Redemption price percentage |
40.00%
|
|
|
|
|
5.000% Senior Notes | Senior Notes, Redemption, Period Three |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Redemption price percentage |
105.00%
|
|
|
|
|
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Leases (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Finance lease cost |
|
|
|
|
Amortization of right-of-use assets |
$ 417
|
$ 417
|
$ 1,250
|
$ 1,250
|
Interest on lease liabilities |
0
|
279
|
0
|
851
|
Total finance lease cost |
417
|
696
|
1,250
|
2,101
|
Operating lease cost |
12,830
|
13,324
|
38,539
|
39,817
|
Total lease cost |
13,247
|
14,020
|
39,789
|
41,918
|
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
Operating cash flows from finance leases |
257
|
279
|
789
|
851
|
Operating cash flows from operating leases |
12,293
|
12,578
|
36,834
|
37,843
|
Financing cash flows from finance leases |
$ 408
|
$ 369
|
$ 1,171
|
$ 1,056
|
Weighted-Average Remaining Lease Term (in Years) |
|
|
|
|
Finance leases |
7 years 9 months 18 days
|
|
7 years 9 months 18 days
|
|
Operating leases |
6 years 2 months 12 days
|
|
6 years 2 months 12 days
|
|
Weighted-Average Discount Rate |
|
|
|
|
Finance leases |
5.60%
|
|
5.60%
|
|
Operating leases |
6.40%
|
|
6.40%
|
|
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v3.24.1.u1
Equity and Redeemable Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions |
|
|
1 Months Ended |
|
|
|
|
|
|
|
|
Jul. 03, 2023
shares
|
Jul. 01, 2022
USD ($)
day
$ / shares
shares
|
Mar. 31, 2021
USD ($)
day
$ / shares
shares
|
Jul. 31, 2020
shares
|
Mar. 31, 2024
$ / shares
shares
|
Dec. 31, 2023
shares
|
Sep. 30, 2023
shares
|
Jun. 30, 2023
shares
|
Mar. 31, 2023
shares
|
Dec. 31, 2022
shares
|
Sep. 30, 2022
shares
|
Jun. 30, 2022
shares
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock shares outstanding (in shares) |
|
|
|
|
215,000
|
215,000
|
215,000
|
215,000
|
215,000
|
215,000
|
215,000
|
75,000
|
Mandatory Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized (in shares) |
|
|
|
|
2,300,000
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding (in shares) |
|
|
|
|
0
|
|
|
|
|
|
|
|
Conversion ratio |
4.4523
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock shares outstanding (in shares) |
0
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, shares issued (in shares) |
0
|
|
|
|
|
|
|
|
|
|
|
|
Series B-1 Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued (in shares) |
|
|
|
|
75,000
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding (in shares) |
|
|
|
|
75,000
|
|
|
|
|
|
|
|
Preferred stock, par value (in usd per share) | $ / shares |
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
Shares issued (in shares) |
|
|
75,000
|
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, par value (in usd per share) | $ / shares |
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
Equity per share price (in usd per share) | $ / shares |
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
Proceeds from stock offering | $ |
|
|
$ 750
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion, conversion price per share (in usd per share) | $ / shares |
|
|
$ 85
|
|
|
|
|
|
|
|
|
|
Common stock , conversion, if volume weighted average price, percentage exceeds applicable conversion price |
|
|
150.00%
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion, trading days | day |
|
|
20
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion, consecutive trading days | day |
|
|
30
|
|
|
|
|
|
|
|
|
|
Default on payment obligation, cure period |
|
|
30 days
|
|
|
|
|
|
|
|
|
|
Default on payment obligation, dividend rate, quarterly increase, percentage |
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
Preferred stock, accretion of redemption value, period |
|
|
10 years
|
|
|
|
|
|
|
|
|
|
Series B-1 Convertible Preferred Stock | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, default on payment obligation, dividend rate, percentage |
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
Series B-1 Convertible Preferred Stock | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, default on payment obligation, dividend rate, percentage |
|
|
14.00%
|
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued (in shares) |
|
|
|
|
140,000
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding (in shares) |
|
|
|
|
140,000
|
|
|
|
|
|
|
|
Preferred stock, par value (in usd per share) | $ / shares |
|
$ 0
|
|
|
$ 0
|
|
|
|
|
|
|
|
Sale of stock, shares issued (in shares) |
|
140,000
|
|
|
|
|
|
|
|
|
|
|
Equity per share price (in usd per share) | $ / shares |
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
Proceeds from stock offering | $ |
|
$ 1,400
|
|
|
|
|
|
|
|
|
|
|
Common stock , conversion, if volume weighted average price, percentage exceeds applicable conversion price |
|
150.00%
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion, trading days | day |
|
20
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion, consecutive trading days | day |
|
30
|
|
|
|
|
|
|
|
|
|
|
Default on payment obligation, cure period |
|
30 days
|
|
|
|
|
|
|
|
|
|
|
Default on payment obligation, dividend rate, quarterly increase, percentage |
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, accretion of redemption value, period |
|
10 years
|
|
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, default on payment obligation, dividend rate, percentage |
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, default on payment obligation, dividend rate, percentage |
|
14.00%
|
|
|
|
|
|
|
|
|
|
|
Series A Mandatory Convertible Preferred Stock | Underwritten Public Offering |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares issued (in shares) |
|
|
|
2,300,000
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares converted (in shares) |
10,240,290
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued (in shares) |
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding (in shares) |
|
|
|
|
0
|
0
|
0
|
2,300,000
|
2,300,000
|
2,300,000
|
2,300,000
|
2,300,000
|
X |
- DefinitionCommon Stock, Volume-Weighted Average Price, Percentage Greater Than Applicable Conversion Price
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v3.24.1.u1
Equity and Redeemable Preferred Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
Preferred stock dividends |
$ 31,193
|
$ 36,071
|
$ 91,946
|
$ 107,537
|
Mandatory Convertible Preferred Stock |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Dividends per share (in usd per share) |
$ 0
|
$ 3.00
|
$ 0
|
$ 9.00
|
Preferred stock dividends |
$ 0
|
$ 6,900
|
$ 0
|
$ 27,000
|
Series B Convertible Preferred Stock |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Dividends per share (in usd per share) |
$ 145
|
$ 136
|
$ 428
|
$ 404
|
Preferred stock dividends |
$ 29,810
|
$ 27,969
|
$ 87,919
|
$ 83,267
|
Deemed dividends |
$ 1,383
|
$ 1,202
|
$ 4,027
|
$ 3,570
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands |
|
|
9 Months Ended |
Dec. 04, 2023 |
Oct. 10, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Noncontrolling Interest [Line Items] |
|
|
|
|
Sale of shares to noncontrolling interests |
|
$ 1,000,000
|
$ 1,000,000
|
$ 0
|
Silicon Carbide |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Non-controlling ownership interest percentage |
|
75.00%
|
|
|
Silicon Carbide | Denso |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Sale of stock, value of shares issued |
|
$ 500,000
|
|
|
Silicon Carbide | Denso | Common Class A |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Sale of stock, shares issued (in shares) |
16,666,667
|
|
|
|
Silicon Carbide | MELCO |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Sale of stock, value of shares issued |
|
$ 500,000
|
|
|
Silicon Carbide | MELCO | Common Class A |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Sale of stock, shares issued (in shares) |
16,666,667
|
|
|
|
MELCO | Silicon Carbide |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Equity investment, ownership percentage |
|
12.50%
|
|
|
Denso | Silicon Carbide |
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
Equity investment, ownership percentage |
|
12.50%
|
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3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity, Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
|
|
|
|
|
Beginning balance |
$ 5,844,056
|
$ 4,831,986
|
$ 4,987,551
|
$ 5,178,790
|
$ 5,009,038
|
$ 3,616,475
|
$ 4,987,551
|
$ 3,616,475
|
Sale of shares to noncontrolling interests |
|
850,058
|
|
|
|
|
|
|
Share of foreign currency translation adjustments |
(146,770)
|
226,788
|
(107,903)
|
58,141
|
232,035
|
(132,371)
|
(27,885)
|
157,805
|
Net loss |
(15,730)
|
(28,475)
|
(67,534)
|
2,546
|
(45,072)
|
(38,698)
|
(111,739)
|
(81,224)
|
Ending balance |
5,705,769
|
5,844,056
|
4,831,986
|
$ 5,239,436
|
$ 5,178,790
|
$ 5,009,038
|
5,705,769
|
$ 5,239,436
|
NCI |
|
|
|
|
|
|
|
|
Equity, Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
|
|
|
|
|
Beginning balance |
373,154
|
0
|
0
|
|
|
|
0
|
|
Sale of shares to noncontrolling interests |
|
373,573
|
|
|
|
|
|
|
Share of foreign currency translation adjustments |
(294)
|
1,065
|
|
|
|
|
|
|
Net loss |
(2,543)
|
(1,484)
|
|
|
|
|
|
|
Ending balance |
370,317
|
$ 373,154
|
0
|
|
|
|
370,317
|
|
NCI | Silicon Carbide |
|
|
|
|
|
|
|
|
Equity, Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
|
|
|
|
|
Beginning balance |
|
|
$ 0
|
|
|
|
0
|
|
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|
|
|
|
|
|
373,573
|
|
Share of foreign currency translation adjustments |
|
|
|
|
|
|
771
|
|
Net loss |
|
|
|
|
|
|
(4,027)
|
|
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$ 370,317
|
|
|
|
|
|
$ 370,317
|
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v3.24.1.u1
Earnings (Loss) Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Numerator |
|
|
|
|
Net loss attributable to Coherent Corp. |
$ (13,187)
|
$ 2,546
|
$ (107,712)
|
$ (81,224)
|
Deduct Series A preferred stock dividends |
(31,193)
|
(36,071)
|
(91,946)
|
(107,537)
|
Basic loss available to common shareholders |
(44,380)
|
(33,525)
|
(199,658)
|
(188,761)
|
Diluted loss available to common shareholders |
$ (44,380)
|
$ (33,525)
|
$ (199,658)
|
$ (188,761)
|
Denominator |
|
|
|
|
Diluted weighted average common shares (in shares) |
152,138
|
139,113
|
151,341
|
136,990
|
Basic loss per common share (in usd per share) |
$ (0.29)
|
$ (0.24)
|
$ (1.32)
|
$ (1.38)
|
Diluted loss per common share (in usd per share) |
$ (0.29)
|
$ (0.24)
|
$ (1.32)
|
$ (1.38)
|
Deduct Series A preferred stock dividends |
|
|
|
|
Numerator |
|
|
|
|
Deduct Series A preferred stock dividends |
$ 0
|
$ (6,900)
|
$ 0
|
$ (20,700)
|
Deduct Series B dividends and deemed dividends |
|
|
|
|
Numerator |
|
|
|
|
Deduct Series A preferred stock dividends |
(29,810)
|
(27,969)
|
(87,919)
|
(83,267)
|
Deduct Series B dividends and deemed dividends |
$ (31,193)
|
$ (29,171)
|
$ (91,946)
|
$ (86,837)
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).
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v3.24.1.u1
Earnings (Loss) Per Share - Schedule of Potential Shares of Common Stock Excluded from the Calculation of Diluted Net Income Per Share (Details) - shares shares in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total anti-dilutive shares (in shares) |
31,408
|
39,624
|
30,131
|
40,341
|
Common stock equivalents |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total anti-dilutive shares (in shares) |
3,546
|
2,416
|
2,613
|
2,334
|
Convertible Notes |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total anti-dilutive shares (in shares) |
0
|
0
|
0
|
1,491
|
Series A Mandatory Convertible Preferred Stock |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total anti-dilutive shares (in shares) |
0
|
10,697
|
0
|
10,331
|
Series B Convertible Preferred Stock |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total anti-dilutive shares (in shares) |
27,862
|
26,511
|
27,518
|
26,185
|
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- DefinitionNumber of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.
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Segment Reporting - Schedule of Financial Information of Company's Operations by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
$ 1,208,809
|
|
|
$ 1,240,194
|
|
|
$ 3,393,326
|
$ 3,955,049
|
|
Inter-segment revenues |
0
|
|
|
0
|
|
|
0
|
0
|
|
Operating income (loss) |
22,305
|
|
|
67,388
|
|
|
32,882
|
118,110
|
|
Interest expense |
(72,753)
|
|
|
(75,183)
|
|
|
(220,689)
|
(207,976)
|
|
Other income (expense), net |
18,597
|
|
|
3,048
|
|
|
30,252
|
(32,253)
|
|
Income tax benefit |
16,121
|
|
|
7,293
|
|
|
45,816
|
40,895
|
|
Net Earnings (Loss) |
(15,730)
|
$ (28,475)
|
$ (67,534)
|
2,546
|
$ (45,072)
|
$ (38,698)
|
(111,739)
|
(81,224)
|
|
Net loss attributable to Coherent Corp. |
(13,187)
|
|
|
2,546
|
|
|
(107,712)
|
(81,224)
|
|
Depreciation and amortization |
139,735
|
|
|
160,941
|
|
|
416,113
|
478,136
|
|
Expenditures for property, plant & equipment |
93,242
|
|
|
97,145
|
|
|
246,909
|
342,999
|
|
Segment assets |
14,520,412
|
|
|
14,117,632
|
|
|
14,520,412
|
14,117,632
|
$ 13,711,133
|
Goodwill |
4,493,225
|
|
|
4,505,137
|
|
|
4,493,225
|
4,505,137
|
4,512,700
|
Networking |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Goodwill |
1,036,661
|
|
|
|
|
|
1,036,661
|
|
1,036,204
|
Materials |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Goodwill |
247,919
|
|
|
|
|
|
247,919
|
|
247,695
|
Lasers |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Goodwill |
3,208,645
|
|
|
|
|
|
3,208,645
|
|
$ 3,228,801
|
Operating Segments | Networking |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
618,824
|
|
|
551,099
|
|
|
1,615,908
|
1,756,327
|
|
Inter-segment revenues |
10,892
|
|
|
17,759
|
|
|
33,758
|
54,129
|
|
Operating income (loss) |
58,166
|
|
|
49,476
|
|
|
121,971
|
230,497
|
|
Interest expense |
0
|
|
|
0
|
|
|
0
|
0
|
|
Other income (expense), net |
0
|
|
|
0
|
|
|
0
|
0
|
|
Income tax benefit |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net Earnings (Loss) |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net loss attributable to Coherent Corp. |
0
|
|
|
|
|
|
0
|
|
|
Depreciation and amortization |
40,573
|
|
|
41,369
|
|
|
121,780
|
124,384
|
|
Expenditures for property, plant & equipment |
20,884
|
|
|
6,441
|
|
|
74,751
|
80,654
|
|
Segment assets |
3,497,693
|
|
|
3,435,816
|
|
|
3,497,693
|
3,435,816
|
|
Goodwill |
1,036,661
|
|
|
1,012,006
|
|
|
1,036,661
|
1,012,006
|
|
Operating Segments | Materials |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
238,982
|
|
|
323,769
|
|
|
737,300
|
1,061,809
|
|
Inter-segment revenues |
132,177
|
|
|
96,604
|
|
|
315,961
|
277,502
|
|
Operating income (loss) |
8,220
|
|
|
67,826
|
|
|
25,173
|
224,633
|
|
Interest expense |
0
|
|
|
0
|
|
|
0
|
0
|
|
Other income (expense), net |
0
|
|
|
0
|
|
|
0
|
0
|
|
Income tax benefit |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net Earnings (Loss) |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net loss attributable to Coherent Corp. |
0
|
|
|
|
|
|
0
|
|
|
Depreciation and amortization |
26,508
|
|
|
29,242
|
|
|
77,205
|
83,804
|
|
Expenditures for property, plant & equipment |
61,119
|
|
|
78,666
|
|
|
156,142
|
215,038
|
|
Segment assets |
3,028,652
|
|
|
2,275,614
|
|
|
3,028,652
|
2,275,614
|
|
Goodwill |
247,919
|
|
|
273,341
|
|
|
247,919
|
273,341
|
|
Operating Segments | Lasers |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
351,003
|
|
|
365,326
|
|
|
1,040,118
|
1,136,913
|
|
Inter-segment revenues |
1,513
|
|
|
317
|
|
|
3,357
|
1,400
|
|
Operating income (loss) |
(44,081)
|
|
|
(49,914)
|
|
|
(114,262)
|
(337,020)
|
|
Interest expense |
0
|
|
|
0
|
|
|
0
|
0
|
|
Other income (expense), net |
0
|
|
|
0
|
|
|
0
|
0
|
|
Income tax benefit |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net Earnings (Loss) |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net loss attributable to Coherent Corp. |
0
|
|
|
|
|
|
0
|
|
|
Depreciation and amortization |
72,654
|
|
|
90,330
|
|
|
217,128
|
269,948
|
|
Expenditures for property, plant & equipment |
11,239
|
|
|
12,038
|
|
|
16,016
|
47,307
|
|
Segment assets |
7,994,067
|
|
|
8,406,202
|
|
|
7,994,067
|
8,406,202
|
|
Goodwill |
3,208,645
|
|
|
3,219,790
|
|
|
3,208,645
|
3,219,790
|
|
Unallocated & Other |
|
|
|
|
|
|
|
|
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
0
|
|
|
0
|
|
|
0
|
0
|
|
Inter-segment revenues |
(144,582)
|
|
|
(114,680)
|
|
|
(353,076)
|
(333,031)
|
|
Operating income (loss) |
0
|
|
|
0
|
|
|
0
|
0
|
|
Interest expense |
0
|
|
|
0
|
|
|
0
|
0
|
|
Other income (expense), net |
0
|
|
|
0
|
|
|
0
|
0
|
|
Income tax benefit |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net Earnings (Loss) |
0
|
|
|
0
|
|
|
0
|
0
|
|
Net loss attributable to Coherent Corp. |
0
|
|
|
|
|
|
0
|
|
|
Depreciation and amortization |
0
|
|
|
0
|
|
|
0
|
0
|
|
Expenditures for property, plant & equipment |
0
|
|
|
0
|
|
|
0
|
0
|
|
Segment assets |
0
|
|
|
0
|
|
|
0
|
0
|
|
Goodwill |
$ 0
|
|
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
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Share-Based Compensation - Schedule of Expense by Award Type (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
$ 26,413
|
$ 35,075
|
$ 98,189
|
$ 123,195
|
Stock Options and Cash-Based Stock Appreciation Rights |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
1,078
|
767
|
824
|
927
|
Restricted Share Awards and Cash-Based Restricted Share Unit Awards |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
20,050
|
29,533
|
72,038
|
103,003
|
Performance Share Awards and Cash-Based Performance Share Unit Awards |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
2,781
|
2,936
|
16,611
|
13,267
|
Employee Stock Purchase Plan |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
$ 2,504
|
$ 1,839
|
$ 8,716
|
$ 5,998
|
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v3.24.1.u1
Fair Value of Financial Instruments - Additional Information (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Mar. 20, 2023 |
Jun. 30, 2022 |
Feb. 23, 2022 |
Nov. 24, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Prepaid and other current assets
|
|
Prepaid and other current assets
|
|
Prepaid and other current assets
|
|
|
|
|
Restricted cash, current |
$ 894,000,000
|
|
$ 894,000,000
|
|
$ 16,000,000
|
|
|
|
|
Loss on derivative |
12,000,000
|
$ 0
|
9,000,000
|
$ 5,000,000
|
|
|
|
|
|
Silicon Carbide |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Restricted cash, current |
889,000,000
|
|
889,000,000
|
|
|
|
|
|
|
Other Entities |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Restricted cash, current |
5,000,000
|
|
5,000,000
|
|
|
|
|
|
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Notional amount |
|
|
|
|
|
$ 825,000,000
|
$ 825,000,000
|
|
$ 1,075,000,000
|
Fixed interest rate |
|
|
|
|
|
0.10%
|
|
|
1.52%
|
Floor interest rate |
|
|
|
|
|
1.42%
|
|
|
0.00%
|
Derivative asset |
15,000,000
|
|
15,000,000
|
|
37,000,000
|
|
|
|
|
Interest Rate Cap |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Fixed interest rate |
|
|
|
|
|
|
|
0.853%
|
|
Derivative asset |
$ 46,000,000
|
|
$ 46,000,000
|
|
$ 46,000,000
|
|
|
|
|
Interest Rate Cap | SOFR |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative, trigger for right to receive payment, percent |
|
|
|
|
|
|
|
1.92%
|
|
Interest Rate Cap | Minimum |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Notional amount |
|
|
|
|
|
|
|
$ 500,000,000
|
|
Interest Rate Cap | Maximum |
|
|
|
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
|
|
Notional amount |
|
|
|
|
|
|
|
$ 1,500,000,000
|
|
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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Mar. 31, 2024 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
$ 4,831,986
|
$ 4,987,551
|
Reclass related to sale of shares to noncontrolling interests |
850,058
|
|
Ending balance |
5,844,056
|
5,705,769
|
Total Accumulated Other Comprehensive Income (Loss) |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
5,052
|
109,726
|
Other comprehensive income (loss) before reclassifications |
|
(11,456)
|
Amounts reclassified from AOCI |
|
(33,789)
|
Net current-period other comprehensive income (loss) |
|
(45,245)
|
Reclass related to sale of shares to noncontrolling interests |
2,871
|
2,871
|
Ending balance |
$ 206,374
|
67,352
|
Foreign Currency Translation Adjustment |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
|
53,355
|
Other comprehensive income (loss) before reclassifications |
|
(28,656)
|
Amounts reclassified from AOCI |
|
0
|
Net current-period other comprehensive income (loss) |
|
(28,656)
|
Reclass related to sale of shares to noncontrolling interests |
|
2,871
|
Ending balance |
|
27,570
|
Interest Rate Swap/Interest Rate Cap | Interest Rate Swap |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
|
19,484
|
Other comprehensive income (loss) before reclassifications |
|
7,248
|
Amounts reclassified from AOCI |
|
(24,282)
|
Net current-period other comprehensive income (loss) |
|
(17,034)
|
Reclass related to sale of shares to noncontrolling interests |
|
0
|
Ending balance |
|
2,450
|
Interest Rate Swap/Interest Rate Cap | Interest Rate Cap |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
|
36,628
|
Other comprehensive income (loss) before reclassifications |
|
9,128
|
Amounts reclassified from AOCI |
|
(9,507)
|
Net current-period other comprehensive income (loss) |
|
(379)
|
Reclass related to sale of shares to noncontrolling interests |
|
0
|
Ending balance |
|
36,249
|
Defined Benefit Pension Plan |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
|
259
|
Other comprehensive income (loss) before reclassifications |
|
824
|
Amounts reclassified from AOCI |
|
0
|
Net current-period other comprehensive income (loss) |
|
824
|
Reclass related to sale of shares to noncontrolling interests |
|
0
|
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|
$ 1,083
|
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v3.24.1.u1
Restructuring and Synergy and Site Consolidation Plans - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
May 20, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
$ 11,530
|
|
|
$ 0
|
$ 12,978
|
$ 0
|
|
|
Restructuring charges |
|
|
|
|
4,858
|
$ 0
|
|
|
May 2023 Restructuring Plan |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
11,530
|
$ (1,570)
|
$ 3,018
|
|
13,000
|
|
$ 119,000
|
|
Reimbursement arrangements |
|
|
|
|
|
|
65,000
|
|
Restructuring accrual |
53,422
|
51,548
|
58,499
|
|
53,422
|
|
64,379
|
|
May 2023 Restructuring Plan | Materials |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
8,000
|
|
|
|
15,000
|
|
|
|
May 2023 Restructuring Plan | Lasers |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
4,000
|
|
|
|
4,000
|
|
|
|
May 2023 Restructuring Plan | Networking |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
0
|
|
|
|
(5,000)
|
|
|
|
May 2023 Restructuring Plan | Employee Severance |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
5,232
|
(4,848)
|
2,050
|
|
|
|
|
|
Restructuring accrual |
53,422
|
$ 51,548
|
$ 58,499
|
|
53,422
|
|
64,379
|
|
May 2023 Restructuring Plan | Other Accrued Liabilities | Employee Severance |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring accrual |
19,000
|
|
|
|
19,000
|
|
|
|
May 2023 Restructuring Plan | Other Liabilities | Employee Severance |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring accrual |
35,000
|
|
|
|
35,000
|
|
|
|
Synergy and Site Consolidation Plan |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Expected restructuring and other non-recurring costs |
|
|
|
|
|
|
|
$ 250,000
|
Restructuring charges |
13,000
|
|
|
|
29,000
|
|
$ 20,000
|
|
Synergy and Site Consolidation Plan | Cost of Goods Sold |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges |
9,000
|
|
|
|
21,000
|
|
|
|
Synergy and Site Consolidation Plan | Internal Research and Development |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges |
3,000
|
|
|
|
7,000
|
|
|
|
Synergy and Site Consolidation Plan | Selling, General and Administrative Expenses |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges |
1,000
|
|
|
|
1,000
|
|
|
|
Synergy and Site Consolidation Plan | Lasers |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring charges |
13,000
|
|
|
|
29,000
|
|
|
|
Synergy and Site Consolidation Plan | Other Accrued Liabilities | Employee Severance |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring accrual |
6,000
|
|
|
|
6,000
|
|
|
|
Synergy and Site Consolidation Plan | Other Liabilities | Employee Severance |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Restructuring accrual |
$ 6,000
|
|
|
|
$ 6,000
|
|
|
|
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v3.24.1.u1
Restructuring and Synergy and Site Consolidation Plans - Schedule of Components and Restructuring Charges and Payments (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
|
|
Restructuring charges (recoveries) |
$ 11,530
|
|
|
$ 0
|
$ 12,978
|
$ 0
|
|
May 2023 Restructuring Plan |
|
|
|
|
|
|
|
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
|
|
Beginning Balance |
51,548
|
$ 58,499
|
$ 64,379
|
|
64,379
|
|
|
Restructuring charges (recoveries) |
11,530
|
(1,570)
|
3,018
|
|
13,000
|
|
$ 119,000
|
Payments |
(3,358)
|
(2,103)
|
(7,930)
|
|
|
|
|
Asset write-offs and other |
(6,298)
|
(3,278)
|
(968)
|
|
|
|
|
Ending Balance |
53,422
|
51,548
|
58,499
|
|
53,422
|
|
64,379
|
May 2023 Restructuring Plan | Severance |
|
|
|
|
|
|
|
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
|
|
Beginning Balance |
51,548
|
58,499
|
64,379
|
|
64,379
|
|
|
Restructuring charges (recoveries) |
5,232
|
(4,848)
|
2,050
|
|
|
|
|
Payments |
(3,358)
|
(2,103)
|
(7,930)
|
|
|
|
|
Asset write-offs and other |
0
|
0
|
0
|
|
|
|
|
Ending Balance |
53,422
|
51,548
|
58,499
|
|
53,422
|
|
64,379
|
May 2023 Restructuring Plan | Asset Write-Offs |
|
|
|
|
|
|
|
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
|
|
Beginning Balance |
0
|
0
|
0
|
|
0
|
|
|
Restructuring charges (recoveries) |
1,593
|
54
|
269
|
|
|
|
|
Payments |
0
|
0
|
0
|
|
|
|
|
Asset write-offs and other |
(1,593)
|
(54)
|
(269)
|
|
|
|
|
Ending Balance |
0
|
0
|
0
|
|
0
|
|
0
|
May 2023 Restructuring Plan | Other |
|
|
|
|
|
|
|
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
|
|
Beginning Balance |
0
|
0
|
0
|
|
0
|
|
|
Restructuring charges (recoveries) |
4,705
|
3,224
|
699
|
|
|
|
|
Payments |
0
|
0
|
0
|
|
|
|
|
Asset write-offs and other |
(4,705)
|
(3,224)
|
(699)
|
|
|
|
|
Ending Balance |
$ 0
|
$ 0
|
$ 0
|
|
$ 0
|
|
$ 0
|
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