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Income Taxes (Tables)
 12 Months Ended
Jul. 02, 2022
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 2, 2022July 3, 2021June 27, 2020
Domestic$(82.6)$(21.7)$(14.9)
Foreign147.7 152.5 129.2 
Income before income taxes$65.1 $130.8 $114.3 
Schedule of Income Tax Expense (Benefit)
The Company’s income tax expense (benefit) consisted of the following (in millions):
Years Ended
July 2, 2022July 3, 2021June 27, 2020
Federal:
Current$— $— $— 
Deferred— — — 
Total federal income tax expense— — — 
State:
Current(2.2)20.1 2.7 
Deferred— — — 
Total state income tax (benefit) expense(2.2)20.1 2.7 
Foreign:
Current63.2 44.8 50.1 
Deferred(11.4)(1.6)12.5 
Total foreign income tax expense51.8 43.2 62.6 
Total income tax expense$49.6 $63.3 $65.3 
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 2, 2022July 3, 2021June 27, 2020
Income tax expense computed at federal statutory rate$13.7 $27.5 $24.0 
Withholding Taxes8.7 8.7 34.2 
U.S. Inclusion of foreign earnings19.8 3.6 12.8 
Internal Intellectual Property Restructuring10.1 19.1 — 
Valuation allowance3.3 1.0 (3.5)
Foreign rate differential6.9 3.9 4.5 
Reserves1.7 1.5 2.3 
Permanent items0.3 (0.6)(0.7)
Fair value change of the earn-out liability0.1 (1.5)(6.6)
Reversal of previously accrued taxes(8.6)(2.1)(3.7)
Research and experimentation benefits and other tax credits(1.1)(0.5)(0.2)
State taxes0.8 0.9 2.1 
Disallowed compensations2.2 1.4 0.4 
Senior Convertible Notes settlements(8.3)— — 
Other— 0.4 (0.3)
Income tax expense$49.6 $63.3 $65.3 
Schedule of Net Deferred Taxes
The components of the Company’s net deferred taxes consisted of the following (in millions):
Balance as of
July 2, 2022July 3, 2021June 27, 2020
Gross deferred tax assets:
Tax credit carryforwards$136.7 $135.7 $159.5 
Net operating loss carryforwards491.8 536.1 1,118.6 
Capital loss carryforwards1.0 1.1 63.8 
Inventories34.5 28.9 20.3 
Accruals and reserves58.5 66.5 61.6 
Intangibles including acquisition-related items 603.6 632.4 45.2 
Capitalized research costs100.3 15.7 72.0 
Other45.7 65.9 44.1 
Gross deferred tax assets1,472.1 1,482.3 1,585.1 
Valuation allowance(1,320.8)(1,308.9)(1,423.1)
Deferred tax assets151.3 173.4 162.0 
Gross deferred tax liabilities:
Acquisition-related items(31.9)(29.1)(31.8)
Tax on unrepatriated earnings(7.2)(18.4)(15.6)
Foreign branch taxes(17.8)(22.2)(21.4)
Other(17.6)(18.7)(11.7)
Deferred tax liabilities(74.5)(88.4)(80.5)
Total net deferred tax assets$76.8 $85.0 $81.5 
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 AllowanceBalance 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 2, 2022$1,308.9 $101.7 $(89.8)$1,320.8 
Year Ended July 3, 2021$1,423.1 $617.5 $(731.7)$1,308.9 
Year Ended June 27, 2020$1,427.9 $90.1 $(94.9)$1,423.1 
(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, and 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 29, 2019 and July 2, 2022 is as follows (in millions):
Balance at June 29, 2019$54.2 
Additions based on tax positions related to current year2.2 
Additions based on tax positions related to prior year0.3 
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, 202052.0 
Additions based on tax positions related to current year14.8 
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, 202159.1 
Additions based on tax positions related to current year0.4 
Addition based on tax positions related to prior year2.6 
Reduction based on tax positions related to prior year(2.6)
Reductions for lapse of statute of limitations(6.1)
Balance at July 2, 2022$53.4 
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 2, 2022:
Tax JurisdictionsTax Years
United States(1)
2004 and onward
Canada2021 and onward
China2017 and onward
France2017 and onward
Germany2017 and onward
Korea2017 and onward
United Kingdom2020 and onward
(1) 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.