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Income Taxes (Tables) | 12 Months Ended
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Jun. 29, 2024
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
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Domestic | $ | (95.8) |  |  | $ | (37.6) |  |  | $ | (82.6) |
Foreign | 107.4 |  |  | 98.3 |  |  | 147.7 |
Income before income taxes | $ | 11.6 |  |  | $ | 60.7 |  |  | $ | 65.1 |
Schedule of Income Tax Expense (Benefit) | The Company’s income tax expense (benefit) consisted of the following (in millions):
| Years Ended
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Federal: |  |  |  |  |
Current | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Deferred | — |  |  | — |  |  | — |
Total federal income tax expense | 0.3 |  |  | — |  |  | — |
State: |  |  |  |  |
Current | 3.3 |  |  | 2.6 |  |  | (2.2) |
Deferred | — |  |  | — |  |  | — |
Total state income tax expense (benefit) | 3.3 |  |  | 2.6 |  |  | (2.2) |
Foreign: |  |  |  |  |
Current | 32.8 |  |  | 27.6 |  |  | 63.2 |
Deferred | 1.0 |  |  | 5.0 |  |  | (11.4) |
Total foreign income tax expense | 33.8 |  |  | 32.6 |  |  | 51.8 |
Total income tax expense | $ | 37.4 |  |  | $ | 35.2 |  |  | $ | 49.6 |
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
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Income tax expense computed at federal statutory rate | $ | 2.4 |  |  | $ | 12.8 |  |  | $ | 13.7 |
Withholding Taxes | 5.6 |  |  | 8.0 |  |  | 8.7 |
U.S. inclusion of foreign earnings | 3.8 |  |  | 1.3 |  |  | 19.8 |
Internal restructuring | 1.2 |  |  | 1.2 |  |  | 10.1 |
Valuation allowance | 17.5 |  |  | 0.5 |  |  | 3.3 |
Foreign rate differential | 3.8 |  |  | 4.5 |  |  | 6.9 |
Reserves | 1.2 |  |  | 2.9 |  |  | 1.7 |
Permanent items | (0.6) |  |  | 1.1 |  |  | 0.3 |
Fair value change of the earn-out liability | (2.0) |  |  | (1.0) |  |  | 0.1 |
Impact of prior years’ taxes | 3.0 |  |  | (0.5) |  |  | (8.6) |
Research and experimentation benefits and other tax credits | — |  |  | (1.3) |  |  | (1.1) |
State taxes | — |  |  | 2.6 |  |  | 0.8 |
Disallowed compensations | 2.0 |  |  | 3.3 |  |  | 2.2 |
Senior Convertible Notes settlements | — |  |  | — |  |  | (8.3) |
Other | (0.5) |  |  | (0.2) |  |  | — |
Income tax expense | $ | 37.4 |  |  | $ | 35.2 |  |  | $ | 49.6 |
Schedule of Net Deferred Taxes | The components of the Company’s net deferred taxes consisted of the following (in millions):
| Balance as of
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Gross deferred tax assets: |  |  |  |  |
Tax credit carryforwards | $ | 138.2 |  |  | $ | 136.4 |  |  | $ | 136.7 |
Net operating loss carryforwards | 381.0 |  |  | 437.5 |  |  | 491.8 |
Capital loss carryforwards | 1.0 |  |  | 1.1 |  |  | 1.0 |
Inventories | 37.2 |  |  | 40.2 |  |  | 34.5 |
Accruals and reserves | 53.0 |  |  | 58.1 |  |  | 58.5 |
Intangibles including acquisition-related items | 510.6 |  |  | 597.5 |  |  | 603.6 |
Capitalized research costs | 312.3 |  |  | 186.7 |  |  | 100.3 |
Other | 43.5 |  |  | 44.3 |  |  | 45.7 |
Gross deferred tax assets | 1,476.8 |  |  | 1,501.8 |  |  | 1,472.1 |
Valuation allowance | (1,336.0) |  |  | (1,351.5) |  |  | (1,320.8) |
Deferred tax assets | 140.8 |  |  | 150.3 |  |  | 151.3 |
Gross deferred tax liabilities: |  |  |  |  |
Acquisition-related items | (29.4) |  |  | (30.9) |  |  | (31.9) |
Tax on unrepatriated earnings | (9.5) |  |  | (13.7) |  |  | (7.2) |
Foreign branch taxes | (14.6) |  |  | (15.0) |  |  | (17.8) |
Other | (16.5) |  |  | (17.7) |  |  | (17.6) |
Deferred tax liabilities | (70.0) |  |  | (77.3) |  |  | (74.5) |
Total net deferred tax assets | $ | 70.8 |  |  | $ | 73.0 |  |  | $ | 76.8 |
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 June 29, 2024 |  | $ | 1,351.5 |  |  | $ | 132.7 |  |  | $ | (148.2) |  |  | $ | 1,336.0 |
Year Ended July 1, 2023 |  | $ | 1,320.8 |  |  | $ | 114.4 |  |  | $ | (83.7) |  |  | $ | 1,351.5 |
Year Ended July 2, 2022 |  | $ | 1,308.9 |  |  | $ | 101.7 |  |  | $ | (89.8) |  |  | $ | 1,320.8 |
(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 July 3, 2021 and June 29, 2024 is as follows (in millions):
Balance at July 3, 2021 | $ | 59.1 |
Additions based on tax positions related to current year | 0.4 |
Additions based on tax positions related to prior year | 2.6 |
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 |
Additions based on tax positions related to current year | 2.7 |
Addition based on tax positions related to prior year | 0.1 |
Reduction based on tax positions related to prior year | (1.1) |
Reductions for lapse of statute of limitations | (0.2) |
Balance at July1, 2023 | 54.9 |
Additions based on tax positions related to current year | 1.2 |
Addition based on tax positions related to prior year | 0.5 |
Reduction based on tax positions related to prior year | (1.9) |
Reductions for lapse of statute of limitations | (0.2) |
Balance at June 29, 2024 | $ | 54.5 |
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 June 29, 2024:
Tax Jurisdictions | Tax Years
United States(1) | 2005 and onward
Canada | 2022 and onward
China | 2019 and onward
France | 2021 and onward
Germany | 2018 and onward
Korea | 2019 and onward
United Kingdom | 2023 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.

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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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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