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Table of Contents
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 December 31, 2020
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
________________________________________________________________
II-VI INCORPORATED
(Exact name of registrant as specified in its charter)
________________________________________________________________
PENNSYLVANIA25-1214948
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
375 Saxonburg Boulevard16056
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueIIVINasdaq Global Select Market
Series A Mandatory Convertible Preferred Stock, no par valueIIVIPNasdaq Global Select Market
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 filerSmaller 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  




Table of Contents
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
At February 4, 2021, 104,762,037 shares of Common Stock, no par value, of the registrant were outstanding.


Table of Contents
II-VI INCORPORATED
INDEX
Page No.
Condensed Consolidated Balance Sheets – December 31, 2020 and June 30, 2020 (Unaudited)
Condensed Consolidated Statements of Earnings (Loss) – Three and six months ended December 31, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and six months ended December 31, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Cash Flows – Six months ended December 31, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Shareholders’ Equity – Three and six months ended December 31, 2020 and 2019

2

Table of Contents
PART I - FINANCIAL INFORMATION
Item 1.    FINANCIAL STATEMENTS
II-VI Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
($000)
December 31,
2020
June 30,
2020
Assets
Current Assets
Cash and cash equivalents$834,540 $493,046 
Accounts receivable - less allowance for doubtful accounts of $1,248 at December 31, 2020
and $1,698 at June 30, 2020
570,985 598,124 
Inventories656,993 619,810 
Prepaid and refundable income taxes12,122 12,279 
Prepaid and other current assets63,083 65,710 
Total Current Assets2,137,723 1,788,969 
Property, plant & equipment, net1,250,480 1,214,772 
Goodwill1,292,384 1,239,009 
Other intangible assets, net761,195 758,368 
Deferred income taxes34,061 22,938 
Other assets170,720 210,658 
Total Assets$5,646,563 $5,234,714 
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt$62,050 $69,250 
Accounts payable250,740 268,773 
Accrued compensation and benefits143,592 157,557 
Operating lease current liabilities24,998 24,634 
Accrued income taxes payable42,550 33,341 
Other accrued liabilities140,544 119,338 
Total Current Liabilities664,474 672,893 
Long-term debt1,408,790 2,186,092 
Deferred income taxes64,313 45,551 
Operating lease liabilities108,594 94,701 
Other liabilities163,579 158,674 
Total Liabilities2,409,750 3,157,911 
Shareholders' Equity
Preferred stock, no par value, 6% cumulative; authorized - 5,000,000; issued - 2,300,000 shares at December 31, 2020
445,319  
Common stock, no par value; authorized - 300,000,000 shares; issued - 118,043,133 shares at December 31, 2020; 105,916,068 shares at June 30, 2020
1,985,833 1,486,947 
Accumulated other comprehensive income (loss)
14,507 (87,383)
Retained earnings997,283 876,552 
3,442,942 2,276,116 
Treasury stock, at cost; 13,486,364 shares at December 31, 2020 and 13,356,447 shares at June 30, 2020
(206,129)(199,313)
Total Shareholders' Equity3,236,813 2,076,803 
Total Liabilities and Shareholders' Equity$5,646,563 $5,234,714 
- See notes to condensed consolidated financial statements.
3

Table of Contents
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
($000, except per share data)


Three Months Ended
December 31,
20202019
Revenues$786,569 $666,331 
Costs, Expenses, and Other Expense (Income)
Cost of goods sold464,103 517,991 
Internal research and development84,858 107,700 
Selling, general and administrative118,893 119,218 
Interest expense15,585 28,390 
Other expense (income), net(3,153)487 
Total Costs, Expenses, & Other Expense (Income)680,286 773,786 
Earnings (Loss) Before Income Taxes106,283 (107,455)
Income Tax Expense (Benefit)18,383 (9,242)
Net Earnings (Loss)$87,900 $(98,213)
Series A Mandatory Convertible Preferred Stock Dividends6,900  
Net Earnings (Loss) available to the Common Shareholders$81,000 $(98,213)
Basic Earnings (Loss) Per Share$0.78 $(1.08)
Diluted Earnings (Loss) Per Share$0.73 $(1.08)
- See notes to condensed consolidated financial statements.













4

Table of Contents

II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
($000, except per share data)
Six Months Ended
December 31,
20202019
Revenues$1,514,653 $1,006,740 
Costs, Expenses, and Other Expense (Income)
Cost of goods sold905,623 735,260 
Internal research and development163,106 143,820 
Selling, general and administrative226,079 224,713 
Interest expense32,799 35,358 
Other expense (income), net21,186 5,566 
Total Costs, Expenses, & Other Expense (Income)1,348,793 1,144,717 
Earnings (Loss) Before Income Taxes165,860 (137,977)
Income Tax Expense (Benefit)31,694 (13,766)
Net Earnings (Loss)$134,166 $(124,211)
Series A Mandatory Convertible Preferred Stock Dividends13,340  
Net Earnings (Loss) available to the Common Shareholders$120,826 $(124,211)
Basic Earnings (Loss) Per Share$1.17 $(1.58)
Diluted Earnings (Loss) Per Share$1.12 $(1.58)

5

Table of Contents
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
($000)
Three Months Ended
December 31,
Six Months Ended
December 31,
2020201920202019
Net earnings (loss)$87,900 $(98,213)$134,166 $(124,211)
Other comprehensive income (loss):
Foreign currency translation adjustments64,067 24,590 99,591 11,571 
Change in fair value of interest rate swap, net of taxes of $782 and $630 for the three and six months ended December 31, 2020, respectively, and $989 for both the three and six months ended December 31, 2019
2,854 3,609 2,299 3,609 
Pension adjustment, net of taxes of ($92) and ($69) for the three and six months ended December 31, 2019
 (251) (167)
Comprehensive income (loss)$154,821 $(70,265)$236,056 $(109,198)
- See notes to condensed consolidated financial statements.
6

Table of Contents
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
($000)
Six Months Ended December 31,
20202019
Cash Flows from Operating Activities
Net earnings (loss)$134,166 $(124,211)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation91,027 69,386 
Amortization40,859 39,714 
Share-based compensation expense38,018 34,380 
Amortization of discount on convertible debt and debt issuance costs10,376 9,639 
Debt extinguishment costs24,747 3,960 
Losses on foreign currency remeasurements and transactions12,178 4,575 
Earnings from equity investments(1,817)(918)
Deferred income taxes8,518 (42,076)
Increase (decrease) in cash from changes in (net of effect of acquisitions):
Accounts receivable32,371 31,237 
Inventories(1,714)78,065 
Accounts payable(23,262)(1,963)
Income taxes(12,013)8,930 
Accrued compensation and benefits(13,965)(9,642)
Other operating net assets (liabilities)16,210 (44,816)
Net cash provided by operating activities355,699 56,260 
Cash Flows from Investing Activities
Additions to property, plant & equipment(79,329)(80,288)
Purchases of businesses, net of cash acquired(34,431)(1,036,609)
Other investing activities (1,102)
Net cash used in investing activities(113,760)(1,117,999)
Cash Flows from Financing Activities
Proceeds from issuance of common shares460,000  
Proceeds from issuance of preferred shares460,000  
Proceeds from borrowings of Term A Facility 1,241,000 
Proceeds from borrowings of Term B Facility 720,000 
Proceeds from borrowings of Revolving Credit Facility 160,000 
Proceeds from borrowings under prior Credit Facility 10,000 
Payments on Finisar Notes (560,112)
Payments on borrowings under prior Term Loan, Credit Facility and other loans (176,596)
Payments on borrowings under Term A Facility(31,025)(15,513)
Payments on borrowings under Term B Facility(714,600)(1,800)
Payments on borrowings under Revolving Credit Facility(74,000)(66,000)
Debt issuance costs (63,510)
Equity issuance costs(36,092) 
Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan22,355 3,077 
Common stock repurchase  (1,626)
Payments in satisfaction of employees' minimum tax obligations(6,941)(15,031)
Payment of dividends(6,519) 
Other financing activities(366)(1,839)
Net cash provided by financing activities72,812 1,232,050 
Effect of exchange rate changes on cash and cash equivalents26,743 1,657 
Net increase in cash and cash equivalents341,494 171,968 
Cash and Cash Equivalents at Beginning of Period493,046 204,872 
Cash and Cash Equivalents at End of Period$834,540 $376,840 
Cash paid for interest$13,898 $24,745 
Cash paid for income taxes$24,227 $25,087 
Additions to property, plant & equipment included in accounts payable$10,497 $12,502 
- See notes to condensed consolidated financial statements.
7

Table of Contents
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
($000, including share amounts)
Common StockPreferred StockAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal
Three Months Ended December 31, 2020SharesAmountSharesAmountSharesAmount
Balance - September 30, 2020
117,189 $1,942,300 2,300 $445,319 $(52,414)$916,283 (13,476)$(204,811)$3,046,677 
Share-based and deferred compensation activities854 43,533 — — — — (11)(1,318)42,215 
Net earnings— — — — — 87,900 — — 87,900 
Foreign currency translation adjustments— — — — 64,067 — — — 64,067 
Change in fair value of interest rate swap, net of taxes of $782
— — — — 2,854 — — — 2,854 
Dividends— — — — — (6,900)— — (6,900)
Balance - December 31, 2020
118,043 $1,985,833 2,300 $445,319 $14,507 $997,283 (13,487)$(206,129)$3,236,813 

Common StockAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal
Three Months Ended December 31, 2019SharesAmountSharesAmount
Balance - September 30, 2019
103,736 $1,429,173 $(37,156)$917,583 (12,855)$(178,406)$2,131,194 
Share-based and deferred compensation activities307 12,007 — — (175)(5,614)6,393 
Common Stock Repurchase — — — — (50)(1,625)(1,625)
Net loss— — — (98,213)— — (98,213)
Foreign currency translation adjustments— — 24,590 — — — 24,590 
Change in fair value of interest rate swap, net of taxes of $989
— — 3,609 — — — 3,609 
Pension adjustment, net of taxes of ($92)
— — (251)— — — (251)
Balance - December 31, 2019
104,043 $1,441,180 $(9,208)$819,370 (13,080)$(185,645)$2,065,697 

Common StockPreferred Stock Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal
Six Months Ended December 31, 2020SharesAmountSharesAmount SharesAmount
Balance - June 30, 2020
105,916 $1,486,947  $ $(87,383)$876,552 (13,356)$(199,313)$2,076,803 
Share-based and deferred compensation activities1,429 60,297 — — — — (131)(6,816)53,481 
Shares issued in July 2020 underwritten public offering10,698 438,589 2,300 445,319 — — — — 883,908 
Net earnings— — — — — 134,166 — — 134,166 
Foreign currency translation adjustments— — — — 99,591 — — — 99,591 
Change in fair value of interest rate swap, net of taxes of $630
— — — — 2,299 — — — 2,299 
Dividends— — — — — (13,435)— — (13,435)
Balance - December 31, 2020
118,043 $1,985,833 2,300 $445,319 $14,507 $997,283 (13,487)$(206,129)$3,236,813 

8

Table of Contents
Common StockAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal
Six Months Ended December 31, 2019SharesAmountSharesAmount
Balance - June 30, 2019
76,315 $382,423 $(24,221)$943,581 (12,604)$(168,574)$1,133,209 
Share-based and deferred compensation activities1,015 71,050 — — (426)(15,446)55,604 
Common Stock Repurchase — — — — (50)(1,625)(1,625)
Shares issued and related to Finisar acquisition26,713 987,707 — — — — 987,707 
Net loss— — — (124,211)— — (124,211)
Foreign currency translation adjustments— — 11,571 — — — 11,571 
Change in fair value of interest rate swap, net of taxes of $989
— — 3,609 — — — 3,609 
Pension adjustment, net of taxes of ($69)
— — (167)— — — (167)
Balance - December 31, 2019
104,043 $1,441,180 $(9,208)$819,370 (13,080)$(185,645)$2,065,697 
- See notes to condensed consolidated financial statements.
9

Table of Contents
II-VI Incorporated and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1.    Basis of Presentation
The condensed consolidated financial statements of II-VI Incorporated (“II-VI”, the “Company”, “we”, “us” or “our”) for the three and six months ended December 31, 2020 and 2019 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 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K dated August 26, 2020. The condensed consolidated results of operations for the three and six months ended December 31, 2020 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, 2020 was derived from the Company’s audited consolidated financial statements.
In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the United States and world. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of our business including the impact to our suppliers and customers as well as the impact to the countries and markets in which II-VI operates. At the onset of the COVID-19 outbreak, the Company began focusing intensely on mitigating the adverse impacts of COVID-19 on foreign and domestic operations starting by protecting its employees, suppliers and customers.
Note 2.    Recently Issued Financial Accounting Standards
Financial Instruments - Credit Losses
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), which modifies the measurement of expected credit losses on certain types of financial instruments, including trade receivables. The Company adopted this standard on July 1, 2020. The adoption did not have a material impact on the Company's condensed consolidated financial statements.
Note 3.    Acquisitions and Investments
Acquisition of Ascatron AB
On August 20, 2020, the Company acquired all of the outstanding shares of Ascatron AB, located in Sweden. The acquisition will add essential elements to the Company's vertically integrated silicon carbide technology platform. Purchase price consideration totaled $36.7 million.
Due to the timing of the acquisition, the Company is in the process of measuring the fair value of assets acquired and liabilities assumed, including tangible and intangible assets and related deferred income taxes. The following table presents a
preliminary allocation of the purchase price of the assets acquired and liabilities assumed at the date of acquisition ($000):
Previously Reported September 30, 2020
Measurement Period Adjustments (a)
As Adjusted (preliminary)
Assets
Developed technology$20,000 $(3,622)$16,378 
Goodwill18,922 2,815 21,738 
Other assets2,511 33 2,543 
Total assets acquired$41,433 $(774)$40,659 
Liabilities
Non-interest bearing liabilities$(203)$(247)$(450)
Deferred tax liability(4,526)1,021 (3,505)
Total liabilities assumed(4,729)774 (3,955)
Net assets acquired$36,704 $ $36,704 
10


(a) The Company recorded measurement period adjustments to its preliminary acquisition date fair values due to the refinement of its valuation models, assumptions and inputs. The measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date.
The goodwill is recorded in the Compound Semiconductors segment and is attributed to the workforce acquired as part of the transaction. The goodwill is non-deductible for income tax purposes. Transaction expenses related to the acquisition totaled $2.0 million for six months ended December 31, 2020 and are included in Selling, General and Administrative expenses in the Condensed Consolidated Statements of Earnings. Technology is being amortized with a weighted average remaining life of approximately 17 years.
The amount of revenues and net earnings from the acquisition included in the Company’s Condensed Consolidated Statements of Earnings for the three and six months ended December 31, 2020 were insignificant.
Purchase of Equity Investment in INNOViON Corporation
On October 1, 2020, II-VI acquired the remaining 6.1% interest in INNOViON Corporation ("Innovion") for $4.4 million. Innovion is a provider of ion implantation services supporting unique capabilities in semiconductor materials processing. This acquisition will add essential elements to the Company's vertically integrated silicon carbide technology platform.

Through the period ended September 30, 2020, the Company held a 93.9% investment in Innovion which was accounted for as an equity method investment. The Company accounted for the acquisition of the remaining equity of Innovion as a step acquisition, which required remeasurement of the Company's previous ownership interest to fair value prior to completing purchase accounting. Using step acquisition accounting the Company increased the value of its previously held equity investment to its fair value of $66.6 million, which resulted in a gain of approximately $7.0 million, recorded in other expense (income), net in the Condensed Consolidated Statement of Operations.

The Company utilized widely accepted income-based, market-based, and cost-based valuation approaches to perform the preliminary purchase price allocation and determine the fair value of the previously held equity method investment. Income-based valuation approaches included the use of the multi-period excess earnings and relief-from-royalty methods for certain acquired intangible assets.

Due to the timing of the acquisition, the Company is in the process of measuring the fair value of assets acquired and liabilities assumed, including tangible and intangible assets and related deferred income taxes. The following table presents a preliminary allocation of the purchase price of the assets acquired and liabilities assumed at the date of acquisition ($000):


Assets
Developed technology$15,000 
Customer lists10,000 
Goodwill29,478 
Property, plant, & equipment16,556 
Right of use asset10,644 
Other assets12,450 
Total assets acquired$94,128 
Liabilities
Non-interest bearing liabilities$(14,050)
Interest bearing liabilities(3,430)
Deferred tax liabilities(5,743)
Total liabilities assumed(23,223)
Net assets acquired$70,905 

The goodwill is recorded in the Compound Semiconductor segment and is attributed to the workforce acquired as part of the transaction. The goodwill is non-deductible for income tax purposes. Technology is being amortized with a weighted average



remaining life of approximately 16 years. Customer lists are being amortized with a weighted average remaining life of approximately 14 years. Transaction expenses for the six months ended December 31, 2020 were insignificant.

The revenues and net loss from Innovion included in the Company’s Consolidated Statement of Earnings for the three months ended December 31, 2020 was $7.2 million and $1.8 million, respectively.
Note 4.    Revenue from Contracts with Customers
The following tables summarize disaggregated revenue by revenue market and product for the three and six months ended December 31, 2020 and 2019 ($000):
Three Months Ended December 31, 2020
Photonic SolutionsCompound SemiconductorsUnallocated
& Other
Total
Commercial
Direct Ship Parts$478,887 $257,187 $ $736,074 
Services3,992 5,078  9,070 
U.S. Government
Direct Ship Parts 35,447  35,447 
Services 5,978  5,978 
Total Revenues$482,879 $303,690 $ $786,569 

Three Months Ended December 31, 2019
Photonic SolutionsCompound SemiconductorsUnallocated
& Other
Total
Commercial
Direct Ship Parts$459,253 $157,848 $ $617,101 
Services1,140 3,297  4,437 
U.S. Government
Direct Ship Parts 40,165  40,165 
Services 4,628  4,628 
Total Revenues$460,393 $205,938 $ $666,331 


Six Months Ended December 31, 2020
Photonic SolutionsCompound SemiconductorsUnallocated
& Other
Total
Commercial
Direct Ship Parts$972,816 $438,102 $ $1,410,917 
Services7,790 9,155  16,946 
U.S. Government
Direct Ship Parts 71,935  71,935 
Services 14,855  14,855 
Total Revenues$980,606 $534,047 $ $1,514,653 






Six Months Ended December 31, 2019
Photonic SolutionsCompound SemiconductorsUnallocated
& Other
Total
Commercial
Direct Ship Parts$599,598 $288,036 $22,051 $909,685 
Services2,151 8,989  11,140 
U.S. Government
Direct Ship Parts 77,247  77,247 
Services 8,668  8,668 
Total Revenues$601,749 $382,940 $22,051 $1,006,740 

Contracts with the United States (“U.S.”) government disclosed above are through its prime contractors.
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 obligation has been performed. During the six months ended December 31, 2020, the Company recognized revenue of $9.7 million related to customer payments that were included as contract liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2020. The Company had $44.6 million of contract liabilities recorded in the Condensed Consolidated Balance Sheets as of December 31, 2020.
Note 5.    Inventories
The components of inventories were as follows ($000):
December 31,
2020
June 30,
2020
Raw materials$195,550 $190,237 
Work in progress326,653 298,577 
Finished goods134,790 130,996 
$656,993 $619,810 

Note 6.    Property, Plant and Equipment
Property, plant and equipment consists of the following ($000):
December 31,
2020
June 30,
2020
Land and improvements$20,381 $18,396 
Buildings and improvements412,958 345,736 
Machinery and equipment1,432,604 1,352,835 
Construction in progress112,350 111,394 
Finance lease right-of-use asset25,000 25,000 
2,003,293 1,853,361 
Less accumulated depreciation(752,813)(638,589)
$1,250,480 $1,214,772 


Note 7.    Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill were as follows ($000):


Table of Contents
Six Months Ended December 31, 2020
Photonic SolutionsCompound SemiconductorsTotal
Balance-beginning of period$1,052,494 $186,515 $1,239,009 
Goodwill acquired 51,21651,216 
Finisar measurement period adjustments(4,901) (4,901)
Foreign currency translation4,239 2,821 7,060 
Balance-end of period$1,051,832 $240,552 $1,292,384 
The gross carrying amount and accumulated amortization of the Company’s intangible assets other than goodwill as of December 31, 2020 and June 30, 2020 were as follows ($000):

December 31, 2020June 30, 2020
Gross
Carrying
Amount
Accumulated
Amortization
Net
Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book Value
Technology$477,021 $(87,401)$389,620 $444,315 $(68,048)$376,267 
Trade Names22,627 (4,963)17,664 22,369 (3,669)18,700 
Customer Lists469,155 (115,244)353,911 456,223 (92,822)363,401 
Other1,579 (1,579) 1,570 (1,570) 
Total$970,382 $(209,187)$761,195 $924,477 $(166,109)$758,368 

Note 8.    Debt
The components of debt as of the dates indicated were as follows ($000):
December 31,
2020
June 30,
2020
Term A Facility, interest at LIBOR, as defined, plus 1.50%
$1,163,438 $1,194,463 
Revolving Credit Facility, interest at LIBOR, as defined, plus 1.50%
 74,000 
Debt issuance costs, Term A Facility and Revolving Credit Facility(28,651)(32,174)
Term B Facility, interest at LIBOR, as defined, plus 3.50%