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INCOME TAX EXPENSE | 3 Months Ended
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Sep. 28, 2025
Income Tax Disclosure [Abstract] |
INCOME TAX EXPENSE | INCOME TAX EXPENSE The Company’s provision for income taxes and effective tax rate are as follows:
|  |  | Three Months Ended
|  |  |  |  | September 28, 2025 |  | September 29, 2024
|  |  |  |  | (in thousands, except percentages)
Income tax expense |  |  |  |  | $ | 290,502 |  |  | $ | 177,834 |
Effective tax rate |  |  |  |  | 15.6 | % |  | 13.7 | %
The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate for the three months ended September 28, 2025, and September 29, 2024, was primarily due to income in lower tax jurisdictions. The Internal Revenue Service (“IRS”) is examining the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021. To date, no significant adjustments have been proposed by the IRS. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the IRS will occur. The Organization for Economic Co-operation and Development’s Base Erosion and Profit Shifting 2.0 (“BEPS 2.0”) Pillar Two Global Minimum Tax (“GMT”) is fully effective for the Company this fiscal year. The Company assessed its exposure to GMT under currently enacted legislation and determined that it expects to meet transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT. The Company assessed the impact and concluded that it was not material. The impact has been included within income tax expense for the three months ended September 28, 2025. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law by U.S. President Donald Trump. The impact on income taxes due to change in legislation is required, under Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted, which is this fiscal year. In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income. The Company assessed the changes and concluded that they were not material. The impact has been included within income tax expense for the three months ended September 28, 2025.

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