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Income Taxes (Tables)
12 Months Ended
Jun. 27, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes
The Company’s income (loss) before income taxes consisted of the following (in millions):
 
Years Ended
 
June 27, 2020
 
June 29, 2019
 
June 30, 2018
Domestic
$
(35.1
)
 
$
(66.9
)
 
$
(112.5
)
Foreign
129.2

 
106.2

 
76.8

Income (loss) before income taxes
$
94.1

 
$
39.3

 
$
(35.7
)

Schedule of Income Tax Expense (Benefit)
The Company’s income tax expense (benefit) consisted of the following (in millions):
 
Years Ended
 
June 27, 2020
 
June 29, 2019
 
June 30, 2018
Federal:
 
 
 
 
 
Current
$

 
$

 
$
(4.5
)
Deferred

 

 
(1.7
)
Total federal income tax (benefit)

 

 
(6.2
)
State:
 
 
 
 
 
Current
2.7

 
0.1

 

Deferred

 

 
(0.1
)
Total state income tax (benefit) expense
2.7

 
0.1

 
(0.1
)
Foreign:
 
 
 
 
 
Current
50.1

 
33.3

 
22.0

Deferred
12.5

 
(1.9
)
 
(2.8
)
Total foreign income tax (benefit) expense
62.6

 
31.4

 
19.2

Total income tax expense
$
65.3

 
$
31.5

 
$
12.9


Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Company’s income tax expense at the federal statutory rate to the income tax expense at the effective tax rate is as follows (in millions):
 
Years Ended
 
June 27, 2020
 
June 29, 2019
 
June 30, 2018
Income tax (benefit) expense computed at federal statutory rate
$
19.8

 
$
8.3

 
$
(10.0
)
Withholding Taxes
34.2

 
1.5

 
0.7

US Inclusion of foreign earnings
12.8

 
16.0

 
1.0

Tax Reform E&P Inclusion

 

 
14.3

Valuation allowance
0.7

 
1.0

 
13.0

Foreign rate differential
4.5

 
4.8

 
(1.1
)
Reserves
2.3

 
3.5

 
0.4

AMT Tax Repeal

 

 
(4.5
)
Permanent items
(0.3
)
 
(1.4
)
 
0.7

Fair value change of the earn-out liability
(6.6
)
 
(1.3
)
 

Reversal of previously accrued taxes
(3.7
)
 
(1.2
)
 
(1.2
)
Research and experimentation benefits and other tax credits
(0.2
)
 

 
(0.7
)
State taxes
2.1

 
0.1

 

Other
(0.3
)
 
0.2

 
0.3

Income tax expense
$
65.3

 
$
31.5

 
$
12.9


Schedule of Net Deferred Taxes
The components of the Company’s net deferred taxes consisted of the following (in millions):
 
Balance as of
 
June 27, 2020
 
June 29, 2019
 
June 30, 2018
Gross deferred tax assets:
 
 
 
 
 
Tax credit carryforwards
$
159.5

 
$
164.3

 
$
158.8

Net operating loss carryforwards
1,118.6

 
1,206.9

 
1,219.0

Capital loss carryforwards
63.9

 
63.9

 
63.9

Inventories
20.3

 
9.6

 
4.2

Accruals and reserves
61.6

 
55.6

 
20.5

Acquisition-related items
45.1

 
42.1

 
31.5

Capitalized research costs
72.0

 

 

Other
44.6

 
43.1

 
43.8

Gross deferred tax assets
1,585.6

 
1,585.5

 
1,541.7

Valuation allowance
(1,405.5
)
 
(1,405.3
)
 
(1,382.1
)
Deferred tax assets
180.1

 
180.2

 
159.6

Gross deferred tax liabilities:
 
 
 
 
 
Acquisition-related items
(31.8
)
 
(33.5
)
 
(26.8
)
 Tax on unrepatriated earnings
(15.6
)
 
(1.8
)
 
(1.6
)
Foreign branch taxes


(21.4
)
 
(22.0
)
 

Other
(29.8
)
 
(29.1
)
 
(37.4
)
Deferred tax liabilities
(98.6
)
 
(86.4
)
 
(65.8
)
Total net deferred tax assets
$
81.5

 
$
93.8

 
$
93.8


Summary of Activity Of Deferred Tax Valuation Allowance The following table provides information about the activity of our deferred tax valuation allowance (in millions):
Deferred Tax Valuation Allowance
 
Balance at
Beginning
of Period
 
Additions Charged
to Expenses or
Other Accounts (1)
 
Deductions Credited to Expenses or Other Accounts (2)
 
Balance at
End of
Period
Year Ended June 27, 2020
 
$
1,405.3

 
$
95.1

 
$
(94.9
)
 
$
1,405.5

Year Ended June 29, 2019
 
$
1,382.1

 
$
72.8

 
$
(49.6
)
 
$
1,405.3

Year Ended June 30, 2018
 
$
2,095.0

 
$
31.7

 
$
(744.6
)
 
$
1,382.1

(1)
Additions include current year additions charged to expenses and current year build due to increases in net deferred tax assets, return to provision true-ups, other adjustments.
(2)
Deductions include current year releases credited to expenses and current year reductions due to decreases in net deferred tax assets, return to provision true-ups, other adjustments and increases in deferred tax liabilities
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of unrecognized tax benefits between July 1, 2017 and June 27, 2020 is as follows (in millions):
Balance at July 1, 2017
$
38.9

Additions based on tax positions related to current year
4.4

Additions based on tax positions related to prior year
5.6

Reductions for lapse of statute of limitations
(0.3
)
Balance at June 30, 2018
48.6

Additions based on tax positions related to current year
1.7

Additions based on tax positions related to prior year
7.3

Reduction based on tax positions related to prior year
(2.8
)
Reductions for lapse of statute of limitations
(0.6
)
Balance at June 29, 2019
54.2

Additions based on tax positions related to current year
2.2

Additions based on tax positions related to prior year
0.3

Reduction based on tax positions related to prior year

(3.8
)
Reduction related to settlement
(0.4
)
Reductions for lapse of statute of limitations
(0.5
)
Balance at June 27, 2020
$
52.0


Schedule of Tax Years That Remain Subject To Examination
The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by such jurisdictions as of June 27, 2020:
Tax Jurisdictions
Tax Years
United States*
2001 and onward
Canada
2019 and onward
China
2015 and onward
France
2017 and onward
Germany
2015 and onward
Korea
2015 and onward
United Kingdom
2019 and onward

*Although the Company is generally subject to a three-year statute of limitations in the U.S., tax authorities maintain the ability to adjust tax attribute carryforwards generated in earlier years.