Income Taxes (Tables)

12 Months Ended

Jun. 25, 2022

Income Tax Disclosure [Abstract]

Tabular Disclosure of Income (Loss) Before Income Tax Between Domestic and Foreign Jurisdictions

Income/(loss) before provision for income taxes for fiscal 2022, 2021, and 2020 consisted of the following (in millions):

	2022			2021			2020
United States	$	(44.8	)	$	(21.0	)	$	(13.5	)
Foreign		365.3			141.1			172.9
Income before provision for income taxes	$	320.5		$	120.1		$	159.4

Provision for Income Taxes

The provision for income taxes for fiscal 2022, 2021, and 2020 consisted of the following (in millions):

	2022			2021			2020
Current tax expense/(benefit)
Federal	$	(0.6	)	$	4.1		$	0.8
State		—			0.1			—
Foreign		94.9			36.1			35.4
		94.3			40.3			36.2
Deferred tax expense/(benefit)
Federal		(21.8	)		(0.5	)		(5.8	)
State		-			-			0.1
Foreign		(7.9	)		(8.4	)		8.1
		(29.7	)		(8.9	)		2.4
Provision for income taxes	$	64.6		$	31.4		$	38.6

Provision for Income Taxes Differs from Federal Statutory Rate

The provision for income taxes differs from the federal statutory rate for fiscal 2022, 2021, and 2020 as follows (in millions):

	2022			2021			2020
Provision at U.S. federal statutory tax rate	$	67.3		$	25.1		$	33.5
State income taxes		—			0.1			—
Non-deductible share-based compensation		7.9			5.2			3.0
(Windfall)/shortfall related to share-based compensation		(18.1	)		(3.8	)		2.1
Non-deductible officer compensation		6.4			6.4			1.9
Business credits		(10.0	)		(3.8	)		(6.1	)
Foreign tax differential		6.4			(6.7	)		4.9
Foreign income inclusion		3.6			5.2			0.7
Deferred taxes on unremitted foreign earnings		0.7			3.5			—
Other differences		0.4			0.2			(1.4	)
Provision for income taxes	$	64.6		$	31.4		$	38.6

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) as of the end of fiscal 2022 and 2021 consisted of the following (in millions):

	2022			2021
Deferred tax assets:
Capital loss carryforward	$	17.8		$	0.2
Inventory write downs		2.6			3.9
Property and equipment and intangible assets		11.7			6.0
Share-based compensation		12.0			8.8
Nondeductible interest		5.4			—
Business credit carryforward		62.0			39.1
Lease liabilities		11.2			6.5
Net operating loss carryforward		16.3			7.2
Other accruals		5.6			5.1
		144.6			76.8
Valuation allowance		(59.0	)		(32.6	)
		85.6			44.2
Deferred tax liabilities:
Property and equipment		(2.0	)		(0.9	)
Interest		—			(3.4	)
Right-of-use assets		(11.5	)		(6.2	)
Unremitted foreign earnings		(22.1	)		(3.5	)
Acquisition intangibles		(45.8	)		(29.0	)
		(81.4	)		(43.0	)
Net deferred tax assets	$	4.2		$	1.2

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2022, 2021, and 2020 consisted of the following (in millions):

	2022			2021			2020
Beginning balance	$	22.6		$	20.1		$	18.9
Increase in unrecognized tax benefits related to current year tax    positions		7.1			5.5			3.2
Increase in unrecognized tax benefits related to prior year tax    positions		5.5			—			0.1
Remeasurement of unrecognized tax benefits		(0.5	)		—			—
Decrease due to statute expiration		(4.9	)		(3.0	)		(2.1	)
Ending Balance	$	29.8		$	22.6		$	20.1