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Income Taxes (Tables)

12 Months Ended

Jun. 27, 2020

Income Tax Disclosure [Abstract]

Tabular Disclosure of Income (Loss) Before Income Tax Between Domestic and Foreign Jurisdictions

Income/(loss) before provision for income taxes for fiscal 2020, 2019, and 2018 consisted of the following (in millions):

		2020				2019				2018
United States		$	(13.5	)		$	(40.6	)		$	(51.1	)
Foreign			172.9				19.8				(30.7	)
Income/(loss) before provision for income taxes		$	159.4			$	(20.8	)		$	(81.8	)

Provision for Income Taxes

The provision for income taxes for fiscal 2020, 2019, and 2018 consisted of the following (in millions):

		2020				2019				2018
Current tax expense/(benefit)
Federal		$	0.8			$	(4.9	)		$	21.5
Foreign			35.4				20.4				14.1
			36.2				15.5				35.6
Deferred tax expense/(benefit)
Federal			(5.8	)			(8.5	)			14.4
State			0.1				—				—
Foreign			8.1				(6.7	)			(9.5	)
			2.4				(15.2	)			4.9
Provision for income taxes		$	38.6			$	0.3			$	40.5

Provision for Income Taxes Differs from Federal Statutory Rate

The provision for income taxes differs from the federal statutory rate for fiscal 2020, 2019, and 2018 as follows (in millions):

		2020				2019				2018
Provision at U.S. federal statutory tax rate		$	33.5			$	(4.4	)		$	(22.9	)
Non-deductible share-based compensation			3.0				4.0				4.9
Shortfall related to share-based compensation			2.1				3.3				4.1
Non-deductible officer compensation			1.9				1.1				—
Business credits			(6.1	)			(6.1	)			(4.9	)
Foreign tax differential			4.9				1.0				16.5
Nondeductible amortization			—				0.7				1.2
Taxes associated with one-time transition tax			—				—				44.1
Impact of corporate tax rate change on deferred taxes			—				—				(2.7	)
Other differences			(0.7	)			0.7				0.2
Provision for income taxes		$	38.6			$	0.3			$	40.5

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) as of the end of fiscal 2020 and 2019 consisted of the following (in millions):

		2020				2019
Deferred tax assets:
Inventory write downs		$	4.0			$	12.1
Property and equipment			1.2				1.5
Accrued compensation			3.4				0.8
Deferred compensation			0.6				0.5
Share-based compensation			6.8				9.5
Business credit carryforward			41.3				37.3
Acquisition intangibles			6.6				7.0
Other accruals			5.2				3.3
			69.1				72.0
Valuation allowance			(33.3	)			(30.4	)
			35.8				41.6
Deferred tax liabilities:
Interest			(7.1	)			(10.5	)
			(7.1	)			(10.5	)
Net deferred tax assets		$	28.7			$	31.1

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2020, 2019, and 2018 consisted of the following (in millions):

		2020				2019				2018
Beginning balance		$	18.9			$	24.8			$	15.2
Increase in unrecognized tax benefits related to current year tax    positions			3.2				4.2				10.5
Increase in unrecognized tax benefits related to prior year tax    positions			0.1				—				—
Decrease due to effective settlement with tax authorities			—				(6.2	)			—
Remeasurement of unrecognized tax benefits			—				(2.0	)			—
Decrease due to statute expiration			(2.1	)			(1.9	)			(0.9	)
Ending Balance		$	20.1			$	18.9			$	24.8

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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