XML 49 R35.htm IDEA: XBRL DOCUMENT v3.22.2
Income taxes (Tables)
12 Months Ended
Jul. 02, 2022
Income taxes  
Components of income tax expense ("tax provision")

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended

 

​

    

July 2, 2022

    

July 3, 2021

    

June 27, 2020

 

​

​

(Thousands)

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

58,512

​

$

(62,445)

​

$

(127,250)

​

State and local

​

 

8,871

​

 

(4,723)

​

 

17,990

​

Foreign

​

 

126,522

​

 

21,530

​

 

22,816

​

Total current taxes

​

 

193,905

​

 

(45,638)

​

 

(86,444)

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

(32,424)

​

 

21,590

​

 

14,845

​

State and local

​

 

(22,320)

​

 

259

​

 

4,450

​

Foreign

​

 

1,794

​

 

3,604

​

 

(31,355)

​

Total deferred taxes

​

 

(52,950)

​

 

25,453

​

 

(12,060)

​

Income tax expense (benefit)

​

$

140,955

​

$

(20,185)

​

$

(98,504)

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended

​

    

July 2, 2022

    

July 3, 2021

    

June 27, 2020

U.S. federal statutory rate

    

21.0

% 

​

21.0

% 

​

21.0

%  

State and local income taxes, net of federal benefit

 

1.1

​

​

(2.2)

​

​

4.6

​

Tax on foreign income, net of valuation allowances

 

(1.7)

​

​

(10.7)

​

​

5.0

​

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

 

(5.8)

​

​

2.1

​

​

(28.5)

​

Change in unrecognized tax benefit reserves

 

(0.6)

​

​

14.3

​

​

20.1

​

Tax audit settlements

 

0.2

​

​

0.4

​

​

(5.6)

​

Impact of surrender of Company owned life insurance policies

​

1.4

​

​

—

​

​

—

​

Impact of the CARES Act

​

—

​

​

(8.4)

​

​

10.2

​

Impairments of investments, goodwill and long-lived assets

​

—

​

​

(22.4)

​

​

56.5

​

Other, net

 

1.3

​

​

(5.8)

​

​

(7.3)

​

Effective tax rate

 

16.9

% 

​

(11.7)

% 

​

76.0

%  

Components of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

    

July 2,

    

July 3,

 

​

​

2022

​

2021

 

​

​

(Thousands)

 

Deferred tax assets:

​

​

​

​

​

​

​

Federal, state and foreign net operating loss carry-forwards

​

$

226,072

​

$

282,882

​

Depreciation and amortization

​

​

11,525

​

​

17,333

​

Inventories valuation

​

​

29,798

​

​

25,336

​

Operating lease liabilities

​

 

56,256

​

 

69,759

​

Receivables valuation

​

​

18,321

​

​

13,757

​

Interest deductions

​

​

29,358

​

​

35,516

​

Various accrued liabilities and other

​

 

47,717

​

 

26,566

​

​

​

 

419,047

​

 

471,149

​

Less — valuation allowances

​

 

(207,889)

​

 

(293,569)

​

​

​

 

211,158

​

 

177,580

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Operating lease assets

​

 

(54,632)

​

 

(68,135)

​

Net deferred tax assets

​

$

156,526

​

$

109,445

​

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

​

​

​

​

​

​

​

​

​

​

    

July 2, 2022

    

July 3, 2021

 

​

​

(Thousands)

 

Balance at beginning of year

​

$

118,660

​

$

96,292

​

Additions for tax positions taken in prior periods

​

 

3,569

​

 

36,452

​

Reductions for tax positions taken in prior periods

​

 

(4,075)

​

 

(4,880)

​

Reductions related to tax rate change

​

​

—

​

​

(200)

​

Additions for tax positions taken in current period

​

 

1,269

​

 

4,030

​

Reductions related to settlements with taxing authorities

​

 

(1,660)

​

 

(711)

​

Reductions related to the lapse of applicable statutes of limitations

​

 

(3,883)

​

 

(15,713)

​

Adjustments related to foreign currency translation

​

 

(4,595)

​

 

3,390

​

Balance at end of year

​

$

109,285

​

$

118,660

​

Years remaining subject to audit, by major jurisdiction

​

​

​

​

​

Jurisdiction

    

Fiscal Year

 

United States (Federal and state)

 

2016 - 2022

​

Taiwan

 

2017 - 2022

​

Hong Kong

 

2016 - 2022

​

Germany

​

2016 - 2022

​

Singapore

 

2018 - 2022

​

Belgium

 

2020 - 2022

​

United Kingdom

​

2020 - 2022

​

Canada

​

2016 - 2022

​