XML 53 R39.htm IDEA: XBRL DOCUMENT v3.25.2
Income taxes (Tables)K
12 Months Ended
Jun. 28, 2025
Income taxes  
Components of income tax expense ("tax provision")

Years Ended

 

    

June 28, 2025

    

June 29, 2024

    

July 1, 2023

 

(Thousands)

 

Current:

Federal

$

14,165

$

50,428

$

64,224

State and local

 

5,104

 

4,519

 

7,865

Foreign

 

90,637

 

94,663

 

173,450

Total current taxes

 

109,906

 

149,610

 

245,539

Deferred:

Federal

 

3,509

 

(16,452)

 

(15,422)

State and local

 

2,714

 

86

 

2,606

Foreign

 

(105,777)

 

320

 

(20,675)

Total deferred taxes

 

(99,554)

 

(16,046)

 

(33,491)

Income tax expense

$

10,352

$

133,564

$

212,048

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

Years Ended

    

June 28, 2025

    

June 29, 2024

    

July 1, 2023

U.S. federal statutory rate

    

21.0

21.0

21.0

%  

State and local income taxes

 

1.3

0.9

0.9

Tax on foreign income

 

(1.8)

(2.1)

0.5

Change in valuation allowances

 

8.1

0.8

0.5

Change in unrecognized tax benefit reserves

 

(4.8)

0.1

(0.5)

Tax audit settlements

 

3.6

0.3

0.3

Impact of tax attribute carryforwards

(26.2)

Impact on foreign currency translation loss

(1.2)

Other, net

 

2.9

0.1

0.1

Effective tax rate

 

4.1

21.1

21.6

%

Components of deferred tax assets and liabilities

    

June 28,

    

June 29,

 

2025

2024

 

(Thousands)

 

Deferred tax assets:

Federal, state and foreign net operating loss carry-forwards

$

264,043

$

207,087

Depreciation and amortization

8,801

18,501

Inventories valuation

19,070

19,022

Operating lease liabilities

 

48,842

 

51,581

Receivables valuation

17,510

18,417

Interest deductions

77,004

51,388

Various accrued liabilities and other

 

189,583

 

103,346

 

624,853

 

469,342

Less — valuation allowances

 

(253,618)

 

(216,179)

 

371,235

 

253,163

Deferred tax liabilities:

Operating lease assets

 

(47,222)

 

(49,956)

Net deferred tax assets

$

324,013

$

203,207

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

    

June 28, 2025

    

June 29, 2024

 

(Thousands)

 

Balance at beginning of year

$

100,661

$

102,841

Additions for tax positions taken in prior periods

 

1,078

 

86

Reductions for tax positions taken in prior periods

 

(7,159)

 

(3,242)

Additions for tax positions taken in current period

 

3,974

 

6,814

Reductions related to settlements with taxing authorities

 

(7,533)

 

(1,862)

Reductions related to the lapse of applicable statutes of limitations

 

(352)

 

(3,427)

Adjustments related to foreign currency translation

 

1,909

 

(549)

Balance at end of year

$

92,578

$

100,661

Years remaining subject to audit, by major jurisdiction

Jurisdiction

    

Fiscal Year

 

United States (Federal and state)

 

2016, 2017, 2019 - 2025

Taiwan

 

2020 - 2025

Hong Kong

 

2019 - 2025

Germany

2023 - 2025

Singapore

 

2020 - 2025

Belgium

 

2022 - 2025

United Kingdom

2022 - 2025

Canada

2018 - 2025