INCOME TAX EXPENSE

6 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

INCOME TAX EXPENSE

INCOME TAX EXPENSE

The Company’s provision for income taxes and effective tax rate are as follows:

	Three Months Ended						Six Months Ended
	December 29, 2024			December 24, 2023			December 29, 2024			December 24, 2023
	(in thousands, except percentages)
Income tax expense	$	157,128		$	132,785		$	334,962		$	271,017
Effective tax rate	11.7		%	12.2		%	12.7		%	12.8		%

The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate for the three and six months ended December 29, 2024 and December 24, 2023 was primarily due to income in lower tax jurisdictions.

The Internal Revenue Service (“IRS”) is examining the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020 and June 27, 2021. To date, no significant adjustments have been proposed by the IRS. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the IRS will occur.

The Company is in various stages of examinations in connection with all of its tax audits worldwide, and it is difficult to determine when these examinations will be settled. It is reasonably possible that over the next 12-month period the Company may experience an increase or decrease in its uncertain tax positions as a result of tax examinations or lapses of statutes of limitation. The change in uncertain tax positions as a result of lapses of statutes of limitation may range up to $211.1 million.