Income Taxes (Tables)

12 Months Ended

Jun. 29, 2013

Income Tax Disclosure [Abstract]

Components of provision for income taxes expense (benefit)

	Years Ended
	June 29, 2013			June 30, 2012		July 2, 2011
	(Thousands)
Current:
Federal	$	17,212		$	94,237	$	64,476
State and local	7,034			19,466		11,724
Foreign	84,965			98,278		109,731
Total current taxes	109,211			211,981		185,931
Deferred:
Federal	2,619			6,896		41,029
State and local	2,390			758		5,273
Foreign	(15,028		)	4,128		(30,336		)
Total deferred taxes	(10,019		)	11,782		15,966
Provision for income taxes	$	99,192		$	223,763	$	201,897

Reconciliation between federal statutory tax rate and effective tax rate

Reconciliations of the federal statutory tax rate to the effective tax rates are as follows:

	Years Ended
	June 29, 2013		June 30, 2012		July 2, 2011
Federal statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal benefit	1.1		1.8		1.5
Foreign tax rates, net of valuation allowances	(7.2	)	(5.4	)	(5.3	)
Release of valuation allowance, net of U.S. tax expense (as discussed below)	(6.4	)	(2.8	)	(7.4	)
Change in contingency reserves	0.4		0.5		1.4
Tax audit settlements	(6.0	)	(1.0	)	(0.4	)
Other, net	1.2		0.2		(1.6	)
Effective tax rate	18.1	%	28.3	%	23.2	%

Components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities, included primarily in “other assets” on the consolidated balance sheets, are as follows:

	June 29, 2013			June 30, 2012
	(Thousands)
Deferred tax assets:
Inventory valuation	$	19,509		$	13,298
Accounts receivable valuation	27,185			29,984
Federal, state and foreign tax loss carry-forwards	333,940			304,410
Various accrued liabilities and other	33,031			88,792
	413,665			436,484
Less — valuation allowance	(230,821		)	(244,093		)
	182,844			192,391
Deferred tax liabilities:
Depreciation and amortization of property, plant and equipment	(50,469		)	(54,745		)
Net deferred tax assets	$	132,375		$	137,646

Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits

Reconciliations of the beginning and ending accrual balances for unrecognized tax benefits are as follows:

	June 29, 2013			June 30, 2012
	(Thousands)
Balance at beginning of year	$	146,626		$	175,151
Additions for tax positions taken in prior periods, including interest	11,732			19,262
Reductions for tax positions taken in prior periods, including interest	(33,776		)	(35,898		)
Additions for tax positions taken in current period	7,445			8,179
Reductions related to cash settlements with taxing authorities	(9,064		)	(7,460		)
Reductions related to the lapse of statute of limitations	(2,812		)	(3,810		)
Additions (reductions) related to foreign currency translation	3,779			(8,798		)
Balance at end of year	$	123,930		$	146,626

Summary of major jurisdiction

Jurisdiction	Fiscal Year
Belgium, Germany and United States (federal and state)	2010-2013
United Kingdom	2009-2013
Hong Kong	2007-2013
Singapore	2006-2013
Netherlands and Taiwan	2008-2013