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Income Taxes (Tables) | 12 Months Ended
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Jul. 03, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | The Company’s income (loss) before income taxes consisted of the following (in millions):
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Domestic | $ | (43.1) |  |  | $ | (35.1) |  |  | $ | (66.9) |
Foreign | 152.5 |  |  | 129.2 |  |  | 106.2 |
Income before income taxes | $ | 109.4 |  |  | $ | 94.1 |  |  | $ | 39.3 |
Schedule of Income Tax Expense (Benefit) | The Company’s income tax expense (benefit) consisted of the following (in millions):
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Federal: |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | — |
Deferred | — |  |  | — |  |  | — |
Total federal income tax expense | — |  |  | — |  |  | — |
State: |  |  |  |  |
Current | 20.1 |  |  | 2.7 |  |  | 0.1 |
Deferred | — |  |  | — |  |  | — |
Total state income tax expense | 20.1 |  |  | 2.7 |  |  | 0.1 |
Foreign: |  |  |  |  |
Current | 44.8 |  |  | 50.1 |  |  | 33.3 |
Deferred | (1.6) |  |  | 12.5 |  |  | (1.9) |
Total foreign income tax (benefit) expense | 43.2 |  |  | 62.6 |  |  | 31.4 |
Total income tax expense | $ | 63.3 |  |  | $ | 65.3 |  |  | $ | 31.5 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s income tax expense at the federal statutory rate to the income tax expense at the effective tax rate is as follows (in millions):
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Income tax expense computed at federal statutory rate | $ | 23.0 |  |  | $ | 19.8 |  |  | $ | 8.3 |
Withholding Taxes | 8.7 |  |  | 34.2 |  |  | 1.5 |
US Inclusion of foreign earnings | 3.6 |  |  | 12.8 |  |  | 16.0 |
Valuation allowance | 5.5 |  |  | 0.7 |  |  | 1.0 |
Foreign rate differential | 3.9 |  |  | 4.5 |  |  | 4.8 |
Reserves | 8.6 |  |  | 2.3 |  |  | 3.5 |
Permanent items | 0.8 |  |  | (0.3) |  |  | (1.4) |
Fair value change of the earn-out liability | (1.5) |  |  | (6.6) |  |  | (1.3) |
Reversal of previously accrued taxes | (2.1) |  |  | (3.7) |  |  | (1.2) |
Research and experimentation benefits and other tax credits | (0.5) |  |  | (0.2) |  |  | — |
State taxes | 12.9 |  |  | 2.1 |  |  | 0.1 |
Other | 0.4 |  |  | (0.3) |  |  | 0.2 |
Income tax expense | $ | 63.3 |  |  | $ | 65.3 |  |  | $ | 31.5 |
Schedule of Net Deferred Taxes | The components of the Company’s net deferred taxes consisted of the following (in millions):
| Balance as of
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Gross deferred tax assets: |  |  |  |  |
Tax credit carryforwards | $ | 135.7 |  |  | $ | 159.5 |  |  | $ | 164.3 |
Net operating loss carryforwards | 536.1 |  |  | 1,118.6 |  |  | 1,206.9 |
Capital loss carryforwards | 1.1 |  |  | 63.9 |  |  | 63.9 |
Inventories | 28.9 |  |  | 20.3 |  |  | 9.6 |
Accruals and reserves | 66.5 |  |  | 61.6 |  |  | 55.6 |
Intangibles including acquisition-related items | 632.4 |  |  | 45.1 |  |  | 42.1 |
Capitalized research costs | 15.7 |  |  | 72.0 |  |  | — |
Other | 66.1 |  |  | 44.6 |  |  | 43.1 |
Gross deferred tax assets | 1,482.5 |  |  | 1,585.6 |  |  | 1,585.5 |
Valuation allowance | (1,295.9) |  |  | (1,405.5) |  |  | (1,405.3) |
Deferred tax assets | 186.6 |  |  | 180.1 |  |  | 180.2 |
Gross deferred tax liabilities: |  |  |  |  |
Acquisition-related items | (29.1) |  |  | (31.8) |  |  | (33.5) |
Tax on unrepatriated earnings | (18.4) |  |  | (15.6) |  |  | (1.8) |
Foreign branch taxes | (22.3) |  |  | (21.4) |  |  | (22.0) |
Other | (31.9) |  |  | (29.8) |  |  | (29.1) |
Deferred tax liabilities | (101.7) |  |  | (98.6) |  |  | (86.4) |
Total net deferred tax assets | $ | 84.9 |  |  | $ | 81.5 |  |  | $ | 93.8 |
Summary of Activity Of Deferred Tax Valuation Allowance | The following table provides information about the activity of our deferred tax valuation allowance (in millions):
Deferred Tax Valuation Allowance |  | Balance at Beginning of Period |  | Additions Charged to Expenses or Other Accounts (1) |  | Deductions Credited to Expenses or Other Accounts (2) |  | Balance at End of Period
Year Ended July 3, 2021 |  | $ | 1,405.5 |  |  | $ | 622.0 |  |  | $ | (731.6) |  |  | $ | 1,295.9 |
Year Ended June 27, 2020 |  | $ | 1,405.3 |  |  | $ | 95.1 |  |  | $ | (94.9) |  |  | $ | 1,405.5 |
Year Ended June 29, 2019 |  | $ | 1,382.1 |  |  | $ | 72.8 |  |  | $ | (49.6) |  |  | $ | 1,405.3 |
(1)Additions include current year additions charged to expenses and current year build due to increases in net deferred tax assets, return to provision true-ups, other adjustments. (2)Deductions include current year releases credited to expenses and current year reductions due to decreases in net deferred tax assets, return to provision true-ups, other adjustments and increases in deferred tax liabilities
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits between June 30, 2018 and July 3, 2021 is as follows (in millions):
Balance at June 30, 2018 | $ | 48.6 |
Additions based on tax positions related to current year | 1.7 |
Additions based on tax positions related to prior year | 7.3 |
Reduction based on tax positions related to prior year | (2.8) |
Reductions for lapse of statute of limitations | (0.6) |
Balance at June 29, 2019 | 54.2 |
Additions based on tax positions related to current year | 2.2 |
Additions based on tax positions related to prior year | 0.3 |
Reduction based on tax positions related to prior year | (3.8) |
Reduction related to settlement | (0.4) |
Reductions for lapse of statute of limitations | (0.5) |
Balance at June 27, 2020 | 52.0 |
Additions based on tax positions related to current year | 14.8 |
Reduction based on tax positions related to prior year | (6.8) |
Reduction related to settlement | (0.5) |
Reductions for lapse of statute of limitations | (0.4) |
Balance at July 3, 2021 | $ | 59.1 |
Schedule of Tax Years That Remain Subject To Examination | The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by such jurisdictions as of July 3, 2021:
Tax Jurisdictions | Tax Years
United States* | 2002 and onward
Canada | 2020 and onward
China | 2016 and onward
France | 2018 and onward
Germany | 2016 and onward
Korea | 2016 and onward
United Kingdom | 2019 and onward
*Although the Company is generally subject to a three-year statute of limitations in the U.S., tax authorities maintain the ability to adjust tax attribute carryforwards generated in earlier years.

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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=121826272&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=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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