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Income Taxes (Tables) | 12 Months Ended
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Jun. 27, 2021
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 27, 2021 |  | June 28, 2020 |  | June 30, 2019
| (in thousands)
United States | $ | 120,161 |  |  | $ | 44,739 |  |  | $ | (59,876) |
Foreign | 4,250,643 |  |  | 2,530,239 |  |  | 2,506,447 |
| $ | 4,370,804 |  |  | $ | 2,574,978 |  |  | $ | 2,446,571 |
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 27, 2021 |  | June 28, 2020 |  | June 30, 2019
| (in thousands)
Federal: |  |  |  |  |
Current | $ | 437,525 |  |  | $ | 216,513 |  |  | $ | 143,845 |
Deferred | (139,531) |  |  | (18,458) |  |  | (10,722) |
| 297,994 |  |  | 198,055 |  |  | 133,123 |
State: |  |  |  |  |
Current | 13,560 |  |  | 4,724 |  |  | 5,994 |
Deferred | (8,324) |  |  | 6,524 |  |  | 4,944 |
| 5,236 |  |  | 11,248 |  |  | 10,938 |
Foreign: |  |  |  |  |
Current | 162,738 |  |  | 119,766 |  |  | 110,283 |
Deferred | (3,622) |  |  | (5,844) |  |  | 797 |
| 159,116 |  |  | 113,922 |  |  | 111,080 |
Total provision for income taxes | $ | 462,346 |  |  | $ | 323,225 |  |  | $ | 255,141 |
Components of Net Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities were as follows:
| June 27, 2021 |  | June 28, 2020
| (in thousands)
Deferred tax assets: |  |  |
Tax carryforwards | $ | 281,022 |  |  | $ | 249,874 |
Allowances and reserves | 165,335 |  |  | 119,974 |
Equity-based compensation | 7,322 |  |  | 7,167 |
Inventory valuation differences | 28,877 |  |  | 26,069 |
Outside basis differences of foreign subsidiaries | 193,734 |  |  | 105,159 |
Operating lease liabilities | 37,562 |  |  | 40,157 |
Other | 22,575 |  |  | 26,361 |
Gross deferred tax assets | 736,427 |  |  | 574,761 |
Valuation allowance | (277,133) |  |  | (244,973) |
Net deferred tax assets | 459,294 |  |  | 329,788 |
Deferred tax liabilities: |  |  |
Intangible assets | (3,113) |  |  | (6,442) |
Convertible debt | — |  |  | (24,530) |
Capital assets | (97,602) |  |  | (105,508) |
Amortization of goodwill | (13,161) |  |  | (12,256) |
Right-of-use assets | (37,562) |  |  | (40,157) |
Other | (262) |  |  | (7,509) |
Gross deferred tax liabilities | (151,700) |  |  | (196,402) |
Net deferred tax assets | $ | 307,594 |  |  | $ | 133,386 |
Reconciliation of Income Tax Expense Provided at Federal Statutory Rate to Actual Income Tax Expense | A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal years 2021, 2020, and 2019) to actual income tax expense is as follows:
| Year Ended
| June 27, 2021 |  | June 28, 2020 |  | June 30, 2019
| (in thousands)
Income tax expense computed at federal statutory rate | $ | 917,869 |  |  | $ | 540,745 |  |  | $ | 513,780 |
State income taxes, net of federal tax benefit | (33,478) |  |  | (28,046) |  |  | (17,565) |
Foreign income taxed at different rates | (365,886) |  |  | (146,023) |  |  | (260,344) |
Settlements and reductions in uncertain tax positions | (13,613) |  |  | (12,854) |  |  | (31,291) |
Tax credits | (86,709) |  |  | (88,762) |  |  | (71,779) |
State valuation allowance, net of federal tax benefit | 39,477 |  |  | 30,923 |  |  | 26,742 |
Equity-based compensation | (45,764) |  |  | (23,248) |  |  | (7,566) |
Other permanent differences and miscellaneous items | 50,450 |  |  | 50,490 |  |  | 39,251 |
U.S. tax reform impacts | — |  |  | — |  |  | 63,913 |
| $ | 462,346 |  |  | $ | 323,225 |  |  | $ | 255,141 |
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 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 |
Settlements and effective settlements with tax authorities | (1,443) |
Lapse of statute of limitations | (8,456) |
Increases in balances related to tax positions taken during prior periods | 15,986 |
Decreases in balances related to tax positions taken during prior periods | (2,746) |
Increases in balances related to tax positions taken during current period | 86,735 |
Balance as of June 27, 2021 | $ | 566,771 |

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