Income taxes (Tables)

12 Months Ended

Jun. 29, 2019

Income taxes

Components of income tax expense ("tax provision")

	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
	(Thousands)
Current:
Federal	$	(18,611)	$	255,810	$	(45,351)
State and local		8,523		(3,174)		4,209
Foreign		78,988		104,156		106,441
Total current taxes		68,900		356,792		65,299
Deferred:
Federal		17,725		(70,172)		(30,025)
State and local		580		(10,551)		(3,934)
Foreign		(25,048)		11,897		15,713
Total deferred taxes		(6,743)		(68,826)		(18,246)
Income tax expense	$	62,157	$	287,966	$	47,053

Reconciliations of the federal statutory tax rate to the effective tax rates

	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
U.S. federal statutory rate	21.0	%	28.0	%	35.0	%
State and local income taxes, net of federal benefit	0.3		(6.1)		(1.7)
Tax on foreign income, net of valuation allowances	(0.5)		(23.5)		(23.5)
Establishment/(release) of valuation allowances, net of U.S. tax expense	(3.2)		(0.1)		1.3
Change in unrecognized tax benefit reserves	17.9		(7.4)		3.6
Tax audit settlements	0.9		4.5		0.1
Impact of the Act - transition tax	7.1		158.5		—
Impact of the Act - deferred tax effects	(5.6)		4.2		—
Impairment of investments, including goodwill	(8.0)		35.1		—
Other, net	(4.2)		5.3		0.4
Effective tax rate - continuing operations	25.7	%	198.5	%	15.2	%

Components of deferred tax assets and liabilities

	June 29,		June 30,
	2019		2018
	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	241,747	$	296,282
Depreciation and amortization		1,583		—
Inventories valuation		28,441		26,125
Receivables valuation		9,138		8,332
Various accrued liabilities and other		41,268		39,419
		322,177		370,158
Less — valuation allowances		(231,463)		(239,483)
		90,714		130,675
Deferred tax liabilities:
Depreciation and amortization		—		(84,250)
Net deferred tax assets	$	90,714	$	46,425

Reconciliation of the beginning and ending liability balances for unrecognized tax benefits

	June 29, 2019		June 30, 2018
	(Thousands)
Balance at beginning of year	$	84,357	$	91,451
Additions for tax positions taken in prior periods		44,429		18,085
Reductions for tax positions taken in prior periods		(5,237)		(16,774)
Reductions related to tax rate change		(254)		—
Additions for tax positions taken in current period		11,343		12,869
Reductions related to settlements with taxing authorities		(2,001)		(5,468)
Reductions related to the lapse of applicable statutes of limitations		(6,787)		(11,951)
Adjustments related to foreign currency translation		(2,085)		565
Additions from acquisitions		—		(4,420)
Balance at end of year	$	123,765	$	84,357

Years remaining subject to audit, by major jurisdiction

Jurisdiction	Fiscal Year
United States (Federal and state)	2015 - 2019
Taiwan	2014 - 2019
Hong Kong	2013 - 2019
Germany	2010 - 2019
Singapore	2015 - 2019
Belgium	2016 - 2019
United Kingdom	2017 - 2019
Canada	2011 - 2019