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Income taxes (Tables)
12 Months Ended
Jul. 01, 2023
Income taxes  
Components of income tax expense ("tax provision")

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​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended

 

​

    

July 1, 2023

    

July 2, 2022

    

July 3, 2021

 

​

​

(Thousands)

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

64,224

​

$

58,512

​

$

(62,445)

​

State and local

​

 

7,865

​

 

8,871

​

 

(4,723)

​

Foreign

​

 

173,450

​

 

126,522

​

 

21,530

​

Total current taxes

​

 

245,539

​

 

193,905

​

 

(45,638)

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

(15,422)

​

 

(32,424)

​

 

21,590

​

State and local

​

 

2,606

​

 

(22,320)

​

 

259

​

Foreign

​

 

(20,675)

​

 

1,794

​

 

3,604

​

Total deferred taxes

​

 

(33,491)

​

 

(52,950)

​

 

25,453

​

Income tax expense (benefit)

​

$

212,048

​

$

140,955

​

$

(20,185)

​

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

​

​

​

​

​

​

​

​

​

​

​

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Years Ended

​

    

July 1, 2023

    

July 2, 2022

    

July 3, 2021

U.S. federal statutory rate

    

21.0

% 

​

21.0

% 

​

21.0

%  

State and local income taxes, net of federal benefit

 

0.9

​

​

1.1

​

​

(2.2)

​

Tax on foreign income, net of valuation allowances

 

0.5

​

​

(1.7)

​

​

(10.7)

​

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

 

0.5

​

​

(5.8)

​

​

2.1

​

Change in unrecognized tax benefit reserves

 

(0.5)

​

​

(0.6)

​

​

14.3

​

Tax audit settlements

 

0.3

​

​

0.2

​

​

0.4

​

Impact of surrender of Company owned life insurance policies

​

—

​

​

1.4

​

​

—

​

Impact on foreign currency translation loss

​

(1.2)

​

​

—

​

​

—

​

Impact of the CARES Act

​

—

​

​

—

​

​

(8.4)

​

Impairments of investments

​

—

​

​

—

​

​

(22.4)

​

Other, net

 

0.1

​

​

1.3

​

​

(5.8)

​

Effective tax rate

 

21.6

% 

​

16.9

% 

​

(11.7)

%  

Components of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

    

July 1,

    

July 2,

 

​

​

2023

​

2022

 

​

​

(Thousands)

 

Deferred tax assets:

​

​

​

​

​

​

​

Federal, state and foreign net operating loss carry-forwards

​

$

211,719

​

$

226,072

​

Depreciation and amortization

​

​

15,311

​

​

11,525

​

Inventories valuation

​

​

11,525

​

​

29,798

​

Operating lease liabilities

​

 

56,424

​

 

56,256

​

Receivables valuation

​

​

13,946

​

​

18,321

​

Interest deductions

​

​

39,175

​

​

29,358

​

Various accrued liabilities and other

​

 

101,713

​

 

47,717

​

​

​

 

449,813

​

 

419,047

​

Less — valuation allowances

​

 

(207,744)

​

 

(207,889)

​

​

​

 

242,069

​

 

211,158

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Operating lease assets

​

 

(54,799)

​

 

(54,632)

​

Net deferred tax assets

​

$

187,270

​

$

156,526

​

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

​

​

​

​

​

​

​

​

​

​

    

July 1, 2023

    

July 2, 2022

 

​

​

(Thousands)

 

Balance at beginning of year

​

$

109,285

​

$

118,660

​

Additions for tax positions taken in prior periods

​

 

6,086

​

 

3,569

​

Reductions for tax positions taken in prior periods

​

 

(3,485)

​

 

(4,075)

​

Additions for tax positions taken in current period

​

 

7,523

​

 

1,269

​

Reductions related to settlements with taxing authorities

​

 

(2,873)

​

 

(1,660)

​

Reductions related to the lapse of applicable statutes of limitations

​

 

(14,691)

​

 

(3,883)

​

Adjustments related to foreign currency translation

​

 

996

​

 

(4,595)

​

Balance at end of year

​

$

102,841

​

$

109,285

​

Years remaining subject to audit, by major jurisdiction

​

​

​

​

​

Jurisdiction

    

Fiscal Year

 

United States (Federal and state)

 

2017,2019 - 2023

​

Taiwan

 

2017 - 2023

​

Hong Kong

 

2017 - 2023

​

Germany

​

2019 - 2023

​

Singapore

 

2018 - 2023

​

Belgium

 

2021 - 2023

​

United Kingdom

​

2021 - 2023

​

Canada

​

2017 - 2023

​