v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 27, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Our loss before income taxes consisted of the following (in millions):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Domestic$(8,018.7)$(174.4)$(219.6)
Foreign845.9 2.3 (186.1)
Loss before income taxes$(7,172.8)$(172.1)$(405.7)
Schedule of Company's Income Tax Provision
Our income tax (benefit) provision consisted of the following (in millions):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Federal:
      Current$0.2 $(8.4)$(10.6)
      Deferred(226.9)— 124.0 
(226.7)(8.4)113.4 
State:
      Current1.4 1.8 1.3 
      Deferred(69.6)— (8.0)
(68.2)1.8 (6.7)
Foreign:
      Current55.5 55.5 52.1 
      Deferred1.7 (246.9)(18.0)
57.2 (191.4)34.1 
Total income tax (benefit) provision$(237.7)$(198.0)$140.8 
Schedule of Reconciliation of Company's Income Tax Expense (Benefit) at Federal Statutory Rate to Income Tax Expense (Benefit) at Effective Tax Rate
The following table reconciles the income tax benefit recorded for fiscal year 2026 to the amount computed by applying the U.S. federal statutory income tax rate of 21% to loss before income taxes after the adoption of ASU 2023-09 (in millions, except percentages):
Year Ended June 27, 2026
AmountPercentage
Income tax benefit computed at U.S. federal statutory rate$(1,506.3)21.0 %
State and local income tax, net of federal income tax effect (1)
(70.3)1.0 
Foreign tax effects
    Switzerland
        Income not subject to local corporate income tax(138.1)1.9 
        Other(2.2)0.0 
    Other foreign jurisdictions7.5 (0.1)
Effects of cross-border tax laws
    GILTI100.6 (1.4)
    Other(23.0)0.3 
Tax credits(37.8)0.5 
Changes in valuation allowances(181.4)2.5 
Nontaxable or nondeductible items
    Nondeductible loss on extinguishment of debt1,628.6 (22.7)
    Other(36.1)0.5 
Changes in unrecognized tax benefits14.5 (0.2)
Other adjustments6.3 (0.1)%
Total income tax benefit$(237.7)3.2 %

(1) The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California and Georgia.
Prior to our adoption of ASU 2023-09, the reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for fiscal year 2025 and 2024 was presented as follows (in millions):
Years Ended
June 28, 2025June 29, 2024
Income tax provision computed at federal statutory rate$(36.1)$(85.2)
Foreign rate differential(49.9)58.9 
Change in valuation allowance(161.5)150.1 
Tax credits(2.2)(1.8)
Stock-based compensation22.3 17.8 
Permanent items0.3 (3.2)
Transaction costs— 1.3 
Subpart F and GILTI22.4 0.2 
Unrecognized tax benefits8.5 11.7 
Change in Tax Rates0.5 (9.9)
BEAT
— — 
Audit settlement(4.4)— 
State taxes1.9 — 
Other0.2 0.9 
Total income tax (benefit) provision$(198.0)$140.8 
Effective tax rate115.04 %(34.71)%
Schedule of Company's Net Deferred Taxes
The components of our net deferred taxes consisted of the following (in millions):
Years Ended
June 27, 2026June 28, 2025
Gross deferred tax assets:
      Intangibles$22.8 $20.3 
      Tax credit carryforwards149.1 143.2 
      Net operating loss carryforwards187.4 232.1 
      Inventories9.8 14.9 
      Accruals and reserves42.7 28.1 
      Fixed assets22.6 17.2 
      Capital loss carryforwards13.7 11.2 
      Capitalized and unclaimed R&D expenditure 239.5 178.1 
      Convertible notes22.1 — 
      Stock-based compensation7.5 8.9 
      Lease liabilities7.1 7.5 
      Other1.0 2.4 
      Gross deferred tax assets725.3 663.9 
      Valuation allowance(189.0)(440.8)
Deferred tax assets536.3 223.1 
Gross deferred tax liabilities:
      Intangible amortization(3.0)(10.5)
      Right-of-use assets(5.9)(5.8)
      Inventories(3.0)(3.6)
      Other(0.6)(0.1)
Deferred tax liabilities(12.5)(20.0)
Total net deferred tax assets$523.8 $203.1 
Schedule of Unrecognized Tax Benefits Roll Forward
The aggregate changes in the balance of our unrecognized tax benefits between June 28, 2025 and June 27, 2026 are as follows (in millions):
Balance as of July 1, 2023$113.9 
Increases based on tax positions related to prior year19.6 
Decreases based on tax positions related to prior year(9.4)
Decreases related to Statute of Limitations(24.8)
Additions based on tax positions related to current year7.3 
Increases due to acquisition
9.1 
Balance as of June 29, 2024$115.7 
Increases based on tax positions related to prior year10.4 
Decreases based on tax positions related to prior year(4.9)
Decreases related to Statute of Limitations(13.6)
Additions based on tax positions related to current year14.8 
Increases due to acquisition
4.4 
Decreases due to audit settlement(13.9)
Decreases due to reclass(14.3)
Balance as of June 28, 2025$98.6 
Increases based on tax positions related to prior year1.1 
Decreases based on tax positions related to prior year(2.5)
Decreases related to Statute of Limitations(4.8)
Additions based on tax positions related to current year16.2 
Decrease due to divestitures(0.2)
Balance as of June 27, 2026$108.4 
Schedule of Cash Income Taxes
The amounts of cash income taxes paid by us were as follows (in millions):
Year Ended
June 27, 2026
Federal$12.3 
State and Local1.2 
Foreign
    Thailand12.2 
    Switzerland11.0 
    Japan4.6 
    China4.5 
    All other foreign 0.9 
Income taxes, net of amounts refunded$46.7