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Income taxes (Tables)
12 Months Ended
Jul. 03, 2021
Income taxes  
Components of income tax expense ("tax provision")

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​

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Years Ended

 

​

    

July 3, 2021

    

June 27, 2020

    

June 29, 2019

 

​

​

(Thousands)

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

(62,445)

​

$

(127,250)

​

$

(20,250)

​

State and local

​

 

(4,723)

​

 

17,990

​

 

8,248

​

Foreign

​

 

21,530

​

 

22,816

​

 

79,004

​

Total current taxes

​

 

(45,638)

​

 

(86,444)

​

 

67,002

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

21,590

​

 

14,845

​

 

17,725

​

State and local

​

 

259

​

 

4,450

​

 

580

​

Foreign

​

 

3,604

​

 

(31,355)

​

 

(25,048)

​

Total deferred taxes

​

 

25,453

​

 

(12,060)

​

 

(6,743)

​

Income tax (benefit) expense

​

$

(20,185)

​

$

(98,504)

​

$

60,259

​

Reconciliations of the federal statutory tax rate to the effective tax rates

​

​

​

​

​

​

​

​

​

​

​

Years Ended

 

​

    

July 3, 2021

    

June 27, 2020

    

June 29, 2019

 

U.S. federal statutory rate

    

21.0

%  

21.0

%  

21.0

%  

State and local income taxes, net of federal benefit

 

(2.2)

​

4.6

​

0.3

​

Tax on foreign income, net of valuation allowances

 

(10.7)

​

5.0

​

(0.5)

​

Establishment/release of valuation allowances, net of U.S. tax expense

 

2.1

​

(28.5)

​

(3.3)

​

Change in unrecognized tax benefit reserves

 

14.3

​

20.1

​

18.3

​

Tax audit settlements

 

0.4

​

(5.6)

​

1.0

​

Impact of the Tax Cuts and Jobs Act (the Act) - transition tax

​

—

​

—

​

7.3

​

Impact of the Act - deferred tax effects

​

—

​

—

​

(5.8)

​

Impact of the CARES Act

​

(8.4)

​

10.2

​

—

​

Impairment of investments, including goodwill

​

(22.4)

​

56.5

​

(8.2)

​

Other, net

 

(5.8)

​

(7.3)

​

(4.6)

​

Effective tax rate

 

(11.7)

%  

76.0

%  

25.5

% 

Components of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

    

July 3,

    

June 27,

 

​

​

2021

​

2020

 

​

​

(Thousands)

 

Deferred tax assets:

​

​

​

​

​

​

​

Federal, state and foreign net operating loss carry-forwards

​

$

282,882

​

$

237,200

​

Depreciation and amortization

​

​

17,333

​

​

16,585

​

Inventories valuation

​

​

25,336

​

​

35,509

​

Operating lease liabilities

​

 

69,759

​

 

67,814

​

Receivables valuation

​

​

13,757

​

​

11,868

​

Various accrued liabilities and other

​

 

62,082

​

 

102,298

​

​

​

 

471,149

​

 

471,274

​

Less — valuation allowances

​

 

(293,569)

​

 

(283,721)

​

​

​

 

177,580

​

 

187,553

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Operating lease assets

​

 

(68,135)

​

 

(66,316)

​

Net deferred tax assets

​

$

109,445

​

$

121,237

​

Reconciliation of the beginning and ending liability balances for unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

    

July 3, 2021

    

June 27, 2020

 

​

​

(Thousands)

 

Balance at beginning of year

​

$

96,292

​

$

123,765

​

Additions for tax positions taken in prior periods

​

 

36,452

​

 

10,456

​

Reductions for tax positions taken in prior periods

​

 

(4,880)

​

 

(33,880)

​

Reductions related to tax rate change

​

​

(200)

​

​

—

​

Additions for tax positions taken in current period

​

 

4,030

​

 

23,611

​

Reductions related to settlements with taxing authorities

​

 

(711)

​

 

(5,480)

​

Reductions related to the lapse of applicable statutes of limitations

​

 

(15,713)

​

 

(21,339)

​

Adjustments related to foreign currency translation

​

 

3,390

​

 

(841)

​

Balance at end of year

​

$

118,660

​

$

96,292

​

Years remaining subject to audit, by major jurisdiction

​

​

​

​

​

Jurisdiction

    

Fiscal Year

 

United States (Federal and state)

 

2016 - 2021

​

Taiwan

 

2016 - 2021

​

Hong Kong

 

2015 - 2021

​

Germany

​

2010 - 2021

​

Singapore

 

2017 - 2021

​

Belgium

 

2019 - 2021

​

United Kingdom

​

2019 - 2021

​

Canada

​

2011 - 2021

​