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Income Taxes (Tables)
 12 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Our income before income taxes consisted of the following (in millions):
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Domestic$(219.6)$(44.3)$77.5 
Foreign(186.1)(58.1)157.6 
Income before income taxes$(405.7)$(102.4)$235.1 
Schedule of Company's Income Tax Provision
Our income tax provision consisted of the following (in millions):
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Federal:
      Current$(10.6)$12.9 $13.7 
      Deferred124.0 (22.5)1.0 
113.4 (9.6)14.7 
State:
      Current1.3 0.9 (0.1)
      Deferred(8.0)(0.5)0.3 
(6.7)0.4 0.2 
Foreign:
      Current52.1 55.3 46.8 
      Deferred(18.0)(16.9)(25.5)
34.1 38.4 21.3 
Total income tax provision$140.8 $29.2 $36.2 
Schedule of Reconciliation of Company's Income Tax Expense (Benefit) at Federal Statutory Rate to Income Tax Expense (Benefit) at Effective Tax Rate
The provision for income taxes differs from the amount computed by applying the U.S. Federal statutory income tax rate to our income before provision for income taxes as follows (in millions):
Years Ended
June 29, 2024July 1, 2023July 2, 2022
Income tax provision computed at federal statutory rate$(85.2)$(21.5)$49.4 
Foreign rate differential58.9 33.6 (50.4)
Change in valuation allowance150.1 (4.8)10.5 
Tax credits(1.8)(46.5)(23.1)
Stock-based compensation17.8 19.1 9.6 
Permanent items(3.2)2.9 0.6 
Transaction costs1.3 2.4 — 
Subpart F and GILTI0.2 44.2 28.2 
Unrecognized tax benefits11.7 8.6 4.1 
Change in Tax Rates(9.9)— (1.2)
BEAT
— (8.0)8.0 
Other0.9 (0.8)0.5 
Total income tax provision$140.8 $29.2 $36.2 
Effective tax rate(34.71)%(28.52)%15.40 %
Schedule of Company's Net Deferred Taxes
The components of our net deferred taxes consisted of the following (in millions):
Years Ended
June 29, 2024July 1, 2023
Gross deferred tax assets:
      Intangibles$27.0 $11.5 
      Tax credit carryforwards109.3 84.3 
      Net operating loss carryforwards226.0 218.6 
      Inventories11.1 7.9 
      Accruals and reserves14.1 11.5 
      Fixed assets26.2 18.4 
      Capital loss carryforwards11.2 13.9 
      Capitalized and unclaimed R&D expenditure 77.0 67.2 
      Stock-based compensation5.9 8.3 
      Lease liabilities13.4 13.8 
      Other1.0 2.6 
      Gross deferred tax assets522.2 458.0 
      Valuation allowance(490.4)(303.4)
Deferred tax assets31.8 154.6 
Gross deferred tax liabilities:
      Intangible amortization(59.1)(21.1)
      Convertible notes(0.1)(3.4)
      Right-of-use assets(15.0)(16.1)
      Inventories(2.2)
      Other(0.4)(1.4)
Deferred tax liabilities(76.8)(42.0)
Total net deferred tax assets$(45.0)$112.6 
Schedule of Reconciliation on Unrecognized Tax Benefits
The aggregate changes in the balance of our unrecognized tax benefits between July 1, 2023 and June 29, 2024 are as follows (in millions):
Balance as of July 3, 2021$62.1 
Increases based on tax positions related to prior year5.2 
Decreases based on tax positions related to prior year(2.1)
Decreases related to Statute of Limitations(9.8)
Additions based on tax positions related to current year6.5 
Decreases related to audit settlements
(0.2)
Balance as of July 2, 2022$61.7 
Increases based on tax positions related to prior year2.8 
Decreases based on tax positions related to prior year(5.5)
Decreases related to Statute of Limitations(0.1)
Additions based on tax positions related to current year7.7 
Increases due to acquisition
47.3 
Balance as of July 1, 2023$113.9 
Increases based on tax positions related to prior year19.6 
Decreases based on tax positions related to prior year(9.4)
Decreases related to Statute of Limitations(24.8)
Additions based on tax positions related to current year7.3 
Increases due to acquisition
9.1 
Balance as of June 29, 2024$115.7