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Income taxes (Tables) | 12 Months Ended
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Jun. 27, 2020
Income taxes |
Components of income tax expense ("tax provision") | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended |
​ |  | June 27, 2020 |  | June 29, 2019 |  | June 30, 2018 |
​ | ​ | (Thousands) |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (127,312) | ​ | $ | (18,611) | ​ | $ | 255,810 | ​
State and local | ​ |  | 17,983 | ​ |  | 8,523 | ​ |  | (3,174) | ​
Foreign | ​ |  | 22,816 | ​ |  | 78,988 | ​ |  | 104,156 | ​
Total current taxes | ​ |  | (86,513) | ​ |  | 68,900 | ​ |  | 356,792 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 14,844 | ​ |  | 17,725 | ​ |  | (70,172) | ​
State and local | ​ |  | 4,450 | ​ |  | 580 | ​ |  | (10,551) | ​
Foreign | ​ |  | (31,355) | ​ |  | (25,048) | ​ |  | 11,897 | ​
Total deferred taxes | ​ |  | (12,061) | ​ |  | (6,743) | ​ |  | (68,826) | ​
Income tax (benefit) expense | ​ | $ | (98,574) | ​ | $ | 62,157 | ​ | $ | 287,966 | ​
Reconciliations of the federal statutory tax rate to the effective tax rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended |
​ |  | June 27, 2020 |  | June 29, 2019 |  | June 30, 2018 |
U.S. federal statutory rate |  | 21.0 | % | 21.0 | % | 28.0 | %
State and local income taxes, net of federal benefit |  | 4.7 | ​ | 0.3 | ​ | (6.1) | ​
Tax on foreign income, net of valuation allowances |  | 5.1 | ​ | (0.5) | ​ | (23.5) | ​
Establishment/release of valuation allowances, net of U.S. tax expense |  | (28.9) | ​ | (3.2) | ​ | (0.1) | ​
Change in unrecognized tax benefit reserves |  | 20.3 | ​ | 17.9 | ​ | (7.4) | ​
Tax audit settlements |  | (5.6) | ​ | 0.9 | ​ | 4.5 | ​
Impact of the Act - transition tax | ​ | — | ​ | 7.1 | ​ | 158.5 | ​
Impact of the Act - deferred tax effects | ​ | — | ​ | (5.6) | ​ | 4.2 | ​
Impact of the CARES Act | ​ | 10.3 | ​ | — | ​ | — | ​
Impairment of investments, including goodwill | ​ | 57.1 | ​ | (8.0) | ​ | 35.1 | ​
Other, net |  | (7.1) | ​ | (4.2) | ​ | 5.3 | ​
Effective tax rate - continuing operations |  | 76.9 | % | 25.7 | % | 198.5 | %
Components of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 27, |  | June 29, |
​ | ​ | 2020 | ​ | 2019 |
​ | ​ | (Thousands) |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal, state and foreign net operating loss carry-forwards | ​ | $ | 237,200 | ​ | $ | 241,747 | ​
Depreciation and amortization | ​ | ​ | 16,585 | ​ | ​ | 1,583 | ​
Inventories valuation | ​ | ​ | 35,509 | ​ | ​ | 28,441 | ​
Operating lease liabilities | ​ | ​ | 67,814 | ​ | ​ | — | ​
Receivables valuation | ​ |  | 11,868 | ​ |  | 9,138 | ​
Various accrued liabilities and other | ​ |  | 102,298 | ​ |  | 41,268 | ​
​ | ​ |  | 471,274 | ​ |  | 322,177 | ​
Less — valuation allowances | ​ |  | (283,721) | ​ |  | (231,463) | ​
​ | ​ |  | 187,553 | ​ |  | 90,714 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease assets | ​ |  | (66,316) | ​ |  | — | ​
Net deferred tax assets | ​ | $ | 121,237 | ​ | $ | 90,714 | ​
Reconciliation of the beginning and ending liability balances for unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 27, 2020 |  | June 29, 2019 |
​ | ​ | (Thousands) |
Balance at beginning of year | ​ | $ | 123,765 | ​ | $ | 84,357 | ​
Additions for tax positions taken in prior periods | ​ |  | 10,456 | ​ |  | 44,429 | ​
Reductions for tax positions taken in prior periods | ​ |  | (33,880) | ​ |  | (5,237) | ​
Reductions related to tax rate change | ​ | ​ | — | ​ | ​ | (254) | ​
Additions for tax positions taken in current period | ​ |  | 23,611 | ​ |  | 11,343 | ​
Reductions related to settlements with taxing authorities | ​ |  | (5,480) | ​ |  | (2,001) | ​
Reductions related to the lapse of applicable statutes of limitations | ​ |  | (21,339) | ​ |  | (6,787) | ​
Adjustments related to foreign currency translation | ​ |  | (841) | ​ |  | (2,085) | ​
Balance at end of year | ​ | $ | 96,292 | ​ | $ | 123,765 | ​
Years remaining subject to audit, by major jurisdiction | ​
​ | ​ | ​ | ​
Jurisdiction |  | Fiscal Year |
United States (Federal and state) |  | 2016 - 2020 | ​
Taiwan |  | 2015 - 2020 | ​
Hong Kong |  | 2014 - 2020 | ​
Germany | ​ | 2010 - 2020 | ​
Singapore |  | 2016 - 2020 | ​
Belgium |  | 2017 - 2020 | ​
United Kingdom | ​ | 2018 - 2020 | ​
Canada | ​ | 2011 - 2020 | ​

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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