v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 29, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of income before income taxes were as follows:
Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
 (in thousands)
United States$219,435 $282,736 $151,759 
Foreign5,738,694 4,077,486 4,957,451 
$5,958,129 $4,360,222 $5,109,210 
Schedule of Components of Provision (Benefit) for Income Taxes
Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows:
Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
 (in thousands)
Federal:
Current$701,819 $566,106 $541,416 
Deferred(372,783)(186,238)(136,178)
329,036 379,868 405,238 
State:
Current22,979 20,081 32,082 
Deferred12,448 (15,118)(2,813)
35,427 4,963 29,269 
Foreign:
Current238,363 143,595 196,842 
Deferred(2,914)4,024 (33,070)
235,449 147,619 163,772 
Total provision for income taxes$599,912 $532,450 $598,279 
Schedule of Components of Net Deferred Tax Assets and Liabilities Significant components of the Company’s net deferred tax assets and liabilities were as follows:
June 29,
2025		June 30,
2024
 (in thousands)
Deferred tax assets:
Tax carryforwards$431,533 $396,036 
Allowances and reserves216,788 189,429 
Equity-based compensation10,813 9,981 
Inventory valuation differences61,484 64,135 
Outside basis differences of foreign subsidiaries1,002,861 680,598 
R&D capitalization96,594 75,196 
Operating lease liabilities50,722 57,972 
Intangible assets4,831 4,908 
Other21,099 37,878 
Gross deferred tax assets1,896,725 1,516,133 
Valuation allowance(424,347)(389,315)
Net deferred tax assets1,472,378 1,126,818 
Deferred tax liabilities:
Capital assets(129,145)(142,963)
Amortization of goodwill(11,102)(11,287)
Right-of-use assets(50,722)(57,337)
Other(6,370)(6,596)
Gross deferred tax liabilities(197,339)(218,183)
Net deferred tax assets$1,275,039 $908,635 
Schedule of Reconciliation of Income Tax Expense Provided at Federal Statutory Rate to Actual Income Tax Expense
A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal years 2025, 2024, and 2023) to actual income tax expense is as follows: 
Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
 (in thousands)
Income tax expense computed at federal statutory rate$1,251,207 $915,647 $1,072,934 
State income taxes, net of federal tax benefit(13,581)(37,965)(23,252)
Foreign income taxed at different rates(451,199)(313,795)(430,314)
Settlements and reductions in uncertain tax positions(266,805)(18,947)(28,968)
Tax credits(116,699)(125,523)(103,019)
State valuation allowance, net of federal tax benefit42,759 44,916 49,073 
Equity-based compensation17,391 (11,296)15,816 
Increases in uncertain tax positions 138,029 62,333 34,661 
Other permanent differences and miscellaneous items(1,190)17,080 11,348 
$599,912 $532,450 $598,279 
Schedule of Changes in Balance of Gross Unrecognized Tax Benefits
The aggregate changes in the balance of gross uncertain tax positions were as follows: 
(in thousands)
Balance as of June 26, 2022$617,373 
Settlements and effective settlements with tax authorities(50,238)
Lapse of statute of limitations(22,103)
Increases in balances related to tax positions taken during prior periods5,841 
Decreases in balances related to tax positions taken during prior periods(4,316)
Increases in balances related to tax positions taken during current period93,615 
Balance as of June 25, 2023640,172 
Settlements and effective settlements with tax authorities(9,548)
Lapse of statute of limitations(10,114)
Decreases in balances related to tax positions taken during prior periods(12,326)
Increases in balances related to tax positions taken during current period115,600 
Balance as of June 30, 2024723,784 
Settlements and effective settlements with tax authorities(7,668)
Lapse of statute of limitations(211,696)
Increases in balances related to tax positions taken during prior periods69,016 
Decreases in balances related to tax positions taken during prior periods(3,983)
Increases in balances related to tax positions taken during current period150,868 
Balance as of June 29, 2025$720,321