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v2.3.0.11

Income Taxes (Tables) | 12 Months Ended
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Jul. 02, 2011
Income Taxes [Abstract] |
Components of provision for income taxes expense (benefit) |
|  | Years Ended |
|  | July 2, |  |  | July 3, |  |  | June 27, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (Thousands) |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 64,476 |  |  | $ | 61,892 |  |  | $ | 69,835 |
State and local |  |  | 11,724 |  |  |  | 9,789 |  |  |  | 7,689 |
Foreign |  |  | 109,731 |  |  |  | 56,608 |  |  |  | 50,007 |
Total current taxes |  |  | 185,931 |  |  |  | 128,289 |  |  |  | 127,531 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 41,029 |  |  |  | 24,251 |  |  |  | (55,743 | )
State and local |  |  | 5,273 |  |  |  | 1,290 |  |  |  | (5,250 | )
Foreign |  |  | (30,336 | ) |  |  | 20,883 |  |  |  | (31,794 | )
Total deferred taxes |  |  | 15,966 |  |  |  | 46,424 |  |  |  | (92,787 | )
Provision for income taxes |  | $ | 201,897 |  |  | $ | 174,713 |  |  | $ | 34,744 |
Reconciliation between federal statutory tax rate and effective tax rate |
|  | Years Ended
|  | July 2, |  | July 3, |  | June 27,
|  | 2011 |  | 2010 |  | 2009
Federal statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | (35.0 | )%
State and local income taxes, net of federal benefit |  |  | 1.5 |  |  |  | 1.2 |  |  |  | 0.3 |
Foreign tax rates, net of valuation allowances |  |  | (5.3 | ) |  |  | (6.6 | ) |  |  | (2.0 | )
Release of valuation allowance, net of U.S. tax expense (as discussed below) |  |  | (7.4 | ) |  |  | — |  |  |  | — |
Change in contingency reserves |  |  | 1.4 |  |  |  | 2.6 |  |  |  | 1.1 |
Tax audit settlements |  |  | (0.4 | ) |  |  | (1.6 | ) |  |  | (2.9 | )
Impairment charges |  |  | — |  |  |  | — |  |  |  | 41.9 |
Other, net |  |  | (1.6 | ) |  |  | (0.7 | ) |  |  | (0.2 | )
Effective tax rate |  |  | 23.2 | % |  |  | 29.9 | % |  |  | 3.2 | %
Components of deferred tax assets and liabilities |
|  | July 2, |  |  | July 3, |
|  | 2011 |  |  | 2010 |
|  | (Thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory valuation |  | $ | 13,680 |  |  | $ | 8,276 |
Accounts receivable valuation |  |  | 27,916 |  |  |  | 24,264 |
Federal, state and foreign tax loss carry-forwards |  |  | 394,093 |  |  |  | 361,988 |
Various accrued liabilities and other |  |  | 57,686 |  |  |  | 101,254 |
|  |  | 493,375 |  |  |  | 495,782 |
Less — valuation allowance |  |  | (310,772 | ) |  |  | (331,423 | )
|  |  | 182,603 |  |  |  | 164,359 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization of property, plant and equipment |  |  | (43,302 | ) |  |  | (23,177 | )
Net deferred tax assets |  | $ | 139,301 |  |  | $ | 141,182 |
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits |
|  | July 2, 2011 |  |  | July 3, 2010 |
|  | (Thousands) |
Balance at beginning of year |  | $ | 132,828 |  |  | $ | 135,891 |
Additions for tax positions taken in prior periods, including interest |  |  | 40,218 |  |  |  | 32,723 |
Reductions for tax positions taken in prior periods, including interest |  |  | (16,837 | ) |  |  | (33,168 | )
Additions for tax positions taken in current period |  |  | 11,041 |  |  |  | 4,970 |
Reductions related to cash settlements with taxing authorities |  |  | (616 | ) |  |  | (96 | )
Reductions related to the lapse of statute of limitations |  |  | (1,565 | ) |  |  | (2,006 | )
Additions (reductions) related to foreign currency translation |  |  | 10,082 |  |  |  | (5,486 | )
Balance at end of year |  | $ | 175,151 |  |  | $ | 132,828 |
Summary of major jurisdiction |
Jurisdiction |  | Fiscal Year |
Belgium |  |  | 1999 – 2011 |
United States (federal and state) and Singapore |  |  | 2004 – 2011 |
Hong Kong |  |  | 2005 – 2011 |
Germany and Taiwan |  |  | 2006 – 2011 |
United Kingdom |  |  | 2007 – 2011 |
Netherlands |  |  | 2008 – 2011 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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