v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 27, 2026
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Provision (Benefit) For Income Taxes
Loss before provision (benefit) for income taxes was as follows:
202620252024
United States$(125.1)$(64.3)$(80.5)
Foreign45.7 (49.2)(44.1)
Loss before provision (benefit) for income taxes$(79.4)$(113.5)$(124.6)
Schedule of Provision (Benefit) For Income Taxes
The provision (benefit) for income taxes consisted of the following:
202620252024
Current tax (benefit) provision
Federal$0.7 $2.4 $(17.4)
State— — — 
Foreign6.9 7.3 56.0 
7.6 9.7 38.6 
Deferred tax (benefit) provision
Federal395.0 (49.9)(280.8)
State— — — 
Foreign8.8 (25.5)(8.0)
403.8 (75.4)(288.8)
Provision (benefit) for income taxes$411.4 $(65.7)$(250.2)
Schedule of Statutory Tax Rate Difference Benefit For Income Taxes Differed From The Federal Statutory Rate
The provision for income taxes differs from the U.S. federal statutory rate for fiscal 2026, as follows, reflecting the adoption of ASU 2023-09:

2026
Amount Percent
U.S. federal statutory tax rate (16.7)21.0 %
State and local income taxes, net of federal income tax effect— — %
Foreign tax effects
Hong Kong
Statutory tax rate difference between Hong Kong and United States(1.4)1.8 %
Share-based payment awards(2.7)3.4 %
Other(0.3)0.4 %
India
Statutory tax rate difference between India and United States1.6 (2.0)%
Share-based payment awards2.3 (2.9)%
Other (0.8)0.6 %
Japan
Statutory tax rate difference between Japan and United States0.4 (0.5)%
Foreign exchange gain/(loss)1.2 (1.5)%
Share-based payment awards (1.1)1.4 %
Other(0.1)0.1 %
Israel
Statutory tax rate difference between Israel and United States(0.2)0.3 %
Foreign exchange gain/(loss)(1.4)1.8 %
Other1.9 (2.3)%
Other foreign jurisdictions1.3 (1.6)%
Effect of cross-border tax laws
Foreign-derived deduction eligible income(4.7)5.9 %
Subpart F income 2.6(3.2)%
Global intangible low-taxed income1.3(1.6)%
Foreign disregarded entity income(1.4)1.7 %
Tax credits
  Research and development tax credits(8.0)10.1 %
Changes in valuation allowances425.3(535.6)%
Nontaxable or nondeductible Items
Non-deductible share-based compensation7.2(9.1)%
Non-deductible officer compensation5.9(7.4)%
Changes in unrecognized tax benefits(0.7)0.9 %
Other adjustments(0.1)0.2 %
Effective tax rate411.4(518.1)%

The effective tax rate for fiscal 2026 diverged from the combined U.S. federal and state statutory tax rate primarily due to $425.3 million of non-cash tax expenses associated with the establishment of a full valuation allowance against our U.S.
federal deferred tax assets. During the fourth quarter of fiscal 2026, we recorded a full valuation allowance against our net U.S. federal deferred tax assets after determining that it was not more likely than not that such deferred tax assets would be realized, primarily based on our three-year cumulative adjusted taxable loss position for U.S. federal income tax purposes as of fiscal 2026.

For fiscal 2025 and 2024 , the benefit for income taxes differed from the U.S. federal statutory rate as follows:
20252024
Benefit at U.S. federal statutory tax rate$(23.8)$(26.2)
Non-deductible share-based compensation7.2 7.6 
Shortfall/(windfall) related to share-based compensation3.9 3.5 
Non-deductible officer compensation2.5 4.8 
Business credits(4.4)(5.2)
Foreign tax differential(10.6)45.2 
U.S. inclusion of foreign income(10.3)(0.3)
Deferred taxes on unremitted foreign earnings(14.2)— 
U.S. provision to return adjustment 0.5 (18.1)
Deferred tax benefit from domestication (7.7)(262.8)
Tax benefit from U.S. transition tax(8.9)— 
Other differences0.1 1.3 
Benefit for income taxes$(65.7)$(250.2)
Schedule of Components of Deferred Tax Assets (Liabilities)
Significant components of deferred tax assets (liabilities) consisted of the following:
20262025
Deferred tax assets:
Capital loss carryforward$35.4 $34.6 
Inventory write downs5.2 5.7 
Intangibles and capitalized research and development costs351.2 306.5 
Property and equipment 3.5 3.9 
Share-based compensation8.9 22.6 
Nondeductible interest— 22.6 
Lease liabilities8.5 10.7 
Business credit carryforward97.2 89.0 
Net operating loss carryforward10.8 17.9 
Other accruals26.6 18.0 
547.3 531.5 
Valuation allowance(522.6)(94.8)
24.7 436.7 
Deferred tax liabilities:
Right-of-use assets(8.1)(10.2)
Acquisition intangibles(16.2)(22.7)
(24.3)(32.9)
Net deferred tax assets$0.4 $403.8 
Schedule of Reconciliation of Gross Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2026, 2025, and 2024 consisted of the following:
202620252024
Beginning balance$44.6 $46.5 $43.7 
Increase in unrecognized tax benefits related to current year tax positions3.3 1.9 10.4 
Decrease in unrecognized tax benefits related to prior year tax positions(2.7)(2.4)(5.3)
Decrease due to effective settlement with tax authorities— (0.4)— 
Remeasurement of unrecognized tax benefits1.6 1.2 (1.0)
Decrease due to statute expiration(5.2)(2.2)(1.3)
Ending balance$41.6 $44.6 $46.5 
Schedule of Cash Paid for Income Taxes
The amount of cash paid for income taxes (net of refunds) for fiscal 2026, is as follows:
2026
Federal $6.0 
State— 
Foreign
Switzerland(5.3)
Hong Kong (2.4)
India 2.4 
Taiwan1.2 
China 1.0 
Other countries 0.3 
Total income taxes paid, net of refunds $3.2