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Income Taxes (Tables) | 12 Months Ended
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Jun. 28, 2020
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes were as follows:
| Year Ended
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
United States | $ | 44,739 |  |  | $ | (59,876 | ) |  | $ | 128,190 |
Foreign | 2,530,239 |  |  | 2,506,447 |  |  | 3,023,599 |
| $ | 2,574,978 |  |  | $ | 2,446,571 |  |  | $ | 3,151,789 |
Components of Provision (Benefit) for Income Taxes | Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows:
| Year Ended
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
Federal: |  |  |  |  |
Current | $ | 216,513 |  |  | $ | 143,845 |  |  | $ | 630,148 |
Deferred | (18,458 | ) |  | (10,722 | ) |  | 12,871 |
| 198,055 |  |  | 133,123 |  |  | 643,019 |
State: |  |  |  |  |
Current | 4,724 |  |  | 5,994 |  |  | 5,348 |
Deferred | 6,524 |  |  | 4,944 |  |  | (3,273 | )
| 11,248 |  |  | 10,938 |  |  | 2,075 |
Foreign: |  |  |  |  |
Current | 119,766 |  |  | 110,283 |  |  | 132,566 |
Deferred | (5,844 | ) |  | 797 |  |  | (6,552 | )
| 113,922 |  |  | 111,080 |  |  | 126,014 |
Total provision for income taxes | $ | 323,225 |  |  | $ | 255,141 |  |  | $ | 771,108 |
Components of Net Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities were as follows:
| June 28, 2020 |  | June 30, 2019
| (in thousands)
Deferred tax assets: |  |  |
Tax carryforwards | $ | 249,874 |  |  | $ | 231,390 |
Allowances and reserves | 119,974 |  |  | 97,671 |
Equity-based compensation | 7,167 |  |  | 14,661 |
Inventory valuation differences | 26,069 |  |  | 18,516 |
Prepaid cost sharing | — |  |  | 74,139 |
Outside basis differences of foreign subsidiaries | 105,159 |  |  | 16,260 |
Operating lease liabilities | 40,157 |  |  | — |
Other | 26,361 |  |  | 17,972 |
Gross deferred tax assets | 574,761 |  |  | 470,609 |
Valuation allowance | (244,973 | ) |  | (226,928 | )
Net deferred tax assets | 329,788 |  |  | 243,681 |
Deferred tax liabilities: |  |  |
Intangible assets | (6,442 | ) |  | (9,883 | )
Convertible debt | (24,530 | ) |  | (46,993 | )
Capital assets | (105,508 | ) |  | (83,298 | )
Amortization of goodwill | (12,256 | ) |  | (11,299 | )
Right-of-use assets | (40,157 | ) |  | — |
Other | (7,509 | ) |  | (8,752 | )
Gross deferred tax liabilities | (196,402 | ) |  | (160,225 | )
Net deferred tax assets | $ | 133,386 |  |  | $ | 83,456 |
Reconciliation of Income Tax Expense Provided at Federal Statutory Rate to Actual Income Tax Expense (Benefit) | A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal year 2020 and fiscal year 2019, and 28.27% in fiscal year 2018) to actual income tax expense is as follows:
| Year Ended
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
Income tax expense computed at federal statutory rate | $ | 540,745 |  |  | $ | 513,780 |  |  | $ | 891,011 |
State income taxes, net of federal tax benefit | (28,046 | ) |  | (17,565 | ) |  | (50,585 | )
Foreign income taxed at different rates | (146,023 | ) |  | (260,344 | ) |  | (939,808 | )
Settlements and reductions in uncertain tax positions | (12,854 | ) |  | (31,291 | ) |  | (33,367 | )
Tax credits | (88,762 | ) |  | (71,779 | ) |  | (69,301 | )
State valuation allowance, net of federal tax benefit | 30,923 |  |  | 26,742 |  |  | 57,302 |
Equity-based compensation | (23,248 | ) |  | (7,566 | ) |  | (35,875 | )
Other permanent differences and miscellaneous items | 50,490 |  |  | 39,251 |  |  | 43,214 |
U.S. tax reform impacts | — |  |  | 63,913 |  |  | 908,517 |
| $ | 323,225 |  |  | $ | 255,141 |  |  | $ | 771,108 |
Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross uncertain tax positions were as follows:
| (in thousands)
Balance as of June 25, 2017 | $ | 339,447 |
Settlements and effective settlements with tax authorities | (693 | )
Lapse of statute of limitations | (88,837 | )
Increases in balances related to tax positions taken during prior periods | 2,044 |
Decreases in balances related to tax positions taken during prior periods | (1,320 | )
Increases in balances related to tax positions taken during current period | 54,772 |
Balance as of June 24, 2018 | 305,413 |
Settlements and effective settlements with tax authorities | (3,705 | )
Lapse of statute of limitations | (28,176 | )
Increases in balances related to tax positions taken during prior periods | 78,927 |
Decreases in balances related to tax positions taken during prior periods | (1,577 | )
Increases in balances related to tax positions taken during current period | 69,890 |
Balance as of June 30, 2019 | 420,772 |
Settlements and effective settlements with tax authorities | (1,836 | )
Lapse of statute of limitations | (8,026 | )
Increases in balances related to tax positions taken during prior periods | 3,206 |
Decreases in balances related to tax positions taken during prior periods | (3,989 | )
Increases in balances related to tax positions taken during current period | 66,568 |
Balance as of June 28, 2020 | $ | 476,695 |

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