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Stock-Based Compensation
 9 Months Ended
Mar. 27, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three and nine months ended March 27, 2021 and March 28, 2020, respectively:

Three Months EndedThree Months Ended
March 27, 2021March 28, 2020
Stock OptionsRestricted Stock Units and Other AwardsEmployee Stock Purchase PlanTotalStock OptionsRestricted Stock Units and Other AwardsEmployee Stock Purchase PlanTotal
(in thousands)
Cost of goods sold$12 $2,417 $113 $2,542 $10 $2,363 $726 $3,099 
Research and development— 9,768 — 9,768 4 9,719 1,628 11,351 
Selling, general and administrative59 8,509 — 8,568 72 8,037 844 8,953 
Pre-tax stock-based compensation expense$71 $20,694 $113 $20,878 $86 $20,119 $3,198 $23,403 
Less: income tax effect2,140 1,969 
Net stock-based compensation expense$18,738 $21,434 

Nine Months EndedNine Months Ended
March 27, 2021March 28, 2020
Stock OptionsRestricted Stock Units and Other AwardsEmployee Stock Purchase PlanTotalStock OptionsRestricted Stock Units and Other AwardsEmployee Stock Purchase PlanTotal
(in thousands)
Cost of goods sold$36 $9,712 $1,562 $11,310 $23 $6,912 $2,094 $9,029 
Research and development5 32,915 3,155 36,075 12 29,122 4,537 33,671 
Selling, general and administrative207 38,552 1,673 40,432 194 26,744 2,503 29,441 
Pre-tax stock-based compensation expense$248 $81,179 $6,390 $87,817 $229 $62,778 $9,134 $72,141 
Less: income tax effect7,701 7,050 
Net stock-based compensation expense$80,116 $65,091 
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of March 27, 2021 and related activity for the nine months ended March 27, 2021:
Number of
Shares
Weighted Average Exercise PriceWeighted Average Remaining Contractual Term (in Years)
Aggregate Intrinsic Value(1)
Balance at June 27, 2020104,447 $28.76 
Options Granted— — 
Options Exercised(102,039)28.62 
Options Cancelled— — 
Balance at March, 27, 20212,408 $34.20 0.2$141,927 
Exercisable, March 27, 20212,408 $34.20 0.2$141,927 
Vested and expected to vest, March 27, 20212,408 $34.20 0.2$141,927 

(1)Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 26, 2021, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 27, 2021.
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]
The following table summarizes the outstanding and expected to vest RSUs and RSAs as of March 27, 2021 and related activity during the nine months ended March 27, 2021:
Number of
Shares
Weighted Average
Remaining
Contractual Term
(in Years)
Aggregate Intrinsic
Value(1)
Balance at June 27, 20204,606,592 
Restricted stock units and restricted stock awards granted1,524,955 
Restricted stock units and restricted stock awards released(1,446,842)
Restricted stock units and restricted stock awards cancelled(327,909)
Balance at March, 27, 20214,356,796 1.8$405,791,979 
Outstanding and expected to vest, March 27, 2021
3,679,491 1.5$342,707,796 

(1)Aggregate intrinsic value for RSUs and RSAs represents the closing price per share of the Company’s common stock on March 26, 2021, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs and RSAs outstanding or expected to vest as of March 27, 2021.
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]
The following table summarizes the number of MSUs outstanding and expected to vest as of March 27, 2021 and their activity during the nine months ended March 27, 2021:
Number of
Shares
Weighted Average
Remaining
Contractual Term
(in Years)
Aggregate Intrinsic
Value(1)
Balance at June 27, 2020971,220 
Market stock units granted— 
Market stock units released— 
Market stock units cancelled(237,576)
Balance at March, 27, 2021733,644 1.4$68,331,602 
Outstanding and expected to vest, March 27, 2021
1,015,277 1.0$94,562.856 

(1)Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 26, 2021, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 27, 2021.
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
The fair value of 2008 ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods:
Three Months EndedNine Months Ended
March 27, 2021March 28, 2020March 27, 2021March 28, 2020
Expected holding period (in years)—0.5 years0.5 years0.5 years
Risk-free interest rate—1.6% - 2.3%0.2% - 1.6%1.6% - 2.7%
Expected stock price volatility—28.4% - 29.5%29.2% - 55.2%28.4% - 31.3%
Dividend yield—3.3% - 3.4%3.3% - 3.3%3.1% - 3.4%
Nonvested Restricted Stock Shares Activity [Table Text Block] The Company withheld shares totaling $51.9 million in value as a result of employee withholding taxes based on the value of RSUs and RSAs on their vesting date for the nine months ended March 27, 2021. Total payments for employees’ tax obligations to taxing authorities are reflected as financing activities within the Condensed Consolidated Statements of Cash Flows.As of March 27, 2021, there was $173.4 million of unrecognized compensation expense related to 4.4 million unvested RSUs and RSAs, which is expected to be recognized over a weighted average period of approximately 1.8 years.
Compensation and Employee Benefit Plans
At March 27, 2021, the Company had one stock incentive plan, the Company's 1996 Stock Incentive Plan (the “1996 Plan”) and one employee stock purchase plan, the 2008 Employee Stock Purchase Plan (the “2008 ESPP”). The 1996 Plan was adopted by the Board of Directors to provide the grant of incentive stock options, non-statutory stock options, restricted stock units (“RSUs”), restricted stock awards ("RSAs") and market stock units (“MSUs”) to employees, directors, and consultants.

Pursuant to the 1996 Plan, the exercise price for incentive stock options and non-statutory stock options is determined to be the fair market value of the underlying shares on the date of grant. Options typically vest ratably over a four-year period measured from the date of grant. Options generally expire no later than seven years after the date of grant, subject to earlier termination upon an optionee's cessation of employment or service.

RSUs granted to employees typically vest ratably over a four-year period and are released or converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. RSUs granted from September 2017 to July 2020 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements.

RSAs granted to employees typically vest over a four-year cliff period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. RSAs have certain shareholder rights, such as voting rights, but are not eligible for dividends or dividend equivalents.
MSUs granted to employees typically vest over a four-year cliff period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. The number of shares that are released at the end of the performance period can range from zero to a maximum cap depending on the Company's performance. MSUs granted in September 2017, September 2018, and September 2019 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements.
Income Taxes [Text Block] INCOME TAXES
In the three and nine months ended March 27, 2021 the Company recorded an income tax provision of $27.2 million and $78.6 million, respectively, compared to $20.5 million and $61.2 million, for the three and nine months ended March 28, 2020, respectively. The Company’s effective tax rate for the three and nine months ended March 27, 2021 was 11.0% and 12.1%, respectively, compared to 11.3% and 12.0% for the three and nine months ended March 28, 2020, respectively.

The Company’s federal statutory tax rate is 21%. The Company’s effective tax rate for the three and nine months ended March 27, 2021 and March 28, 2020 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by U.S. tax expense generated by Global Intangible Low-Taxed Income (“GILTI”). In addition, a $6.7 million discrete benefit for prior year Internal Revenue Code Section 199 (Domestic Production Activities) refund claims was recognized in the three and nine months ended March 27, 2021.
On June 18, 2019, the U.S. Treasury and Internal Revenue Service (“IRS”) released temporary regulations under Internal Revenue Code (“IRC”) Sections 245A and 954(c)(6) (the “Temporary Regulations”), which applied retroactively to intercompany dividends occurring after December 31, 2017. The Temporary Regulations limit the applicability of the foreign personal holding company income (“FPHCI”) look-through exception for certain intercompany dividends received by a controlled foreign corporation. Before application of the retroactive Temporary Regulations, the Company benefited in fiscal years 2018 and 2019 from the FPHCI look-through exception. On August 21, 2020, the U.S. Treasury and IRS released final regulations under IRC Sections 245A and 954(c)(6) (the “Final Regulations”), which generally apply to years ending on or after June 14, 2019. The relevant sections of the Final Regulations are virtually the same as the Temporary Regulations. The Temporary Regulations apply to fiscal year 2018 and the Final Regulations apply to fiscal year 2019 intercompany dividends. The Company does not have any intercompany dividends after fiscal year 2019 that are impacted by relevant sections of the Temporary Regulations or Final Regulations.

The Company previously analyzed the relevant Temporary Regulations and concluded that they were not validly issued, a conclusion which the Company has determined is not altered by issuance of the Final Regulations. The Company has also analyzed the relevant Final Regulations and concluded that they were not validly issued. Therefore, the Company has not accounted for the effects of the Temporary Regulations or Final Regulations in its results of operations for any fiscal period. The Company believes it has strong arguments in favor of its position and that it has met the more likely than not recognition threshold that its position will be sustained. The Company intends to vigorously defend its position, however, due to the uncertainty involved in challenging and litigating the validity of regulations, there can be no assurance that a court of law will rule in favor of the Company. An unfavorable resolution of this issue could have a material adverse impact on the Company's results of operations and financial condition.

The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. It is reasonably possible that the balance of gross unrecognized tax benefits, including accrued interest and penalties, could decrease up to $108.0 million within the next twelve months due to the completion of federal tax audits, including any administrative appeals. The $108.0 million primarily relates to matters involving federal taxation of international income and cross-border transactions.

The Company’s federal corporate income tax returns are audited on a recurring basis by the IRS. In fiscal year 2020, the IRS commenced an audit of the Company’s federal corporate income tax returns for fiscal years 2015 through 2017, which is ongoing. The Company expects that the IRS will commence an audit of the Company’s federal corporate income tax returns for fiscal years 2018 through 2020 in the summer of 2021.