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Income Taxes (Tables) | 12 Months Ended
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Jun. 25, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income (Loss) Before Income Taxes | The components of income before income taxes were as follows:
| Year Ended
| June 25, 2023 |  | June 26, 2022 |  | June 27, 2021
| (in thousands)
United States | $ | 151,759 |  |  | $ | 87,933 |  |  | $ | 120,161 |
Foreign | 4,957,451 |  |  | 5,105,181 |  |  | 4,250,643 |
| $ | 5,109,210 |  |  | $ | 5,193,114 |  |  | $ | 4,370,804 |
Schedule of 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 25, 2023 |  | June 26, 2022 |  | June 27, 2021
| (in thousands)
Federal: |  |  |  |  |
Current | $ | 541,416 |  |  | $ | 620,344 |  |  | $ | 437,525 |
Deferred | (136,178) |  |  | (226,895) |  |  | (139,531) |
| 405,238 |  |  | 393,449 |  |  | 297,994 |
State: |  |  |  |  |
Current | 32,082 |  |  | 20,759 |  |  | 13,560 |
Deferred | (2,813) |  |  | (19,096) |  |  | (8,324) |
| 29,269 |  |  | 1,663 |  |  | 5,236 |
Foreign: |  |  |  |  |
Current | 196,842 |  |  | 204,163 |  |  | 162,738 |
Deferred | (33,070) |  |  | (11,447) |  |  | (3,622) |
| 163,772 |  |  | 192,716 |  |  | 159,116 |
Total provision for income taxes | $ | 598,279 |  |  | $ | 587,828 |  |  | $ | 462,346 |
The Company’s remaining obligation related to this arrangement as of June 25, 2023, were as follows:
Payments Due by Fiscal Year (1): | Transition Tax
| (in thousands)
2024 | $ | 137,783 |
2025 | 183,710 |
2026 | 229,638 |
Total | $ | 551,131 |
(1) The Company may choose to apply existing tax credits, thereby reducing the actual cash payment.
Schedule of Components of Net Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities were as follows:
| June 25, 2023 |  | June 26, 2022
| (in thousands)
Deferred tax assets: |  |  |
Tax carryforwards | $ | 359,505 |  |  | $ | 315,396 |
Allowances and reserves | 192,374 |  |  | 194,410 |
Equity-based compensation | 9,600 |  |  | 8,845 |
Inventory valuation differences | 57,675 |  |  | 52,323 |
Outside basis differences of foreign subsidiaries | 527,139 |  |  | 421,056 |
R&D capitalization | 36,618 |  |  | — |
Operating lease liabilities | 50,867 |  |  | 50,294 |
Finance lease assets | 32,905 |  |  | 35,754 |
Intangible assets | 4,108 |  |  | 889 |
Other | 31,773 |  |  | 23,955 |
Gross deferred tax assets | 1,302,564 |  |  | 1,102,922 |
Valuation allowance | (352,377) |  |  | (308,724) |
Net deferred tax assets | 950,187 |  |  | 794,198 |
Deferred tax liabilities: |  |  |
Capital assets | (121,948) |  |  | (114,644) |
Amortization of goodwill | (12,515) |  |  | (13,789) |
Right-of-use assets | (50,867) |  |  | (50,294) |
Finance lease liabilities | (50,534) |  |  | (52,379) |
Other | (1,974) |  |  | (2,395) |
Gross deferred tax liabilities | (237,838) |  |  | (233,501) |
Net deferred tax assets | $ | 712,349 |  |  | $ | 560,697 |
Schedule of 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 2023, 2022, and 2021) to actual income tax expense is as follows:
| Year Ended
| June 25, 2023 |  | June 26, 2022 |  | June 27, 2021
| (in thousands)
Income tax expense computed at federal statutory rate | $ | 1,072,934 |  |  | $ | 1,096,692 |  |  | $ | 917,869 |
State income taxes, net of federal tax benefit | (23,252) |  |  | (35,584) |  |  | (33,478) |
Foreign income taxed at different rates | (430,314) |  |  | (407,989) |  |  | (365,886) |
Settlements and reductions in uncertain tax positions | (28,968) |  |  | (51,227) |  |  | (13,613) |
Tax credits | (103,019) |  |  | (96,440) |  |  | (86,709) |
State valuation allowance, net of federal tax benefit | 49,073 |  |  | 43,502 |  |  | 39,477 |
Equity-based compensation | 15,816 |  |  | (13,168) |  |  | (45,764) |
Other permanent differences and miscellaneous items | 46,009 |  |  | 52,042 |  |  | 50,450 |
| $ | 598,279 |  |  | $ | 587,828 |  |  | $ | 462,346 |
Schedule of 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 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 |
Settlements and effective settlements with tax authorities | (14,440) |
Lapse of statute of limitations | (8,021) |
Increases in balances related to tax positions taken during prior periods | 6,468 |
Decreases in balances related to tax positions taken during prior periods | (28,376) |
Increases in balances related to tax positions taken during current period | 94,971 |
Balance as of June 26, 2022 | 617,373 |
Settlements and effective settlements with tax authorities | (50,238) |
Lapse of statute of limitations | (22,103) |
Increases in balances related to tax positions taken during prior periods | 5,841 |
Decreases in balances related to tax positions taken during prior periods | (4,316) |
Increases in balances related to tax positions taken during current period | 93,615 |
Balance as of June 25, 2023 | $ | 640,172 |

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