Income taxes (Tables)

12 Months Ended

Jun. 27, 2015

Income taxes

Components of income tax expense ("tax provision")

	Years Ended
	June 27, 2015		June 28, 2014		June 29, 2013
	(Thousands)
Current:
Federal	$	41,757	$	71,714	$	17,212
State and local		4,496		8,038		7,034
Foreign		76,363		91,415		84,965
Total current taxes		122,616		171,167		109,211
Deferred:
Federal		39,246		11,305		2,619
State and local		5,264		3,810		2,390
Foreign		(26,074)		(30,759)		(15,028)
Total deferred taxes		18,436		(15,644)		(10,019)
Income tax expense	$	141,052	$	155,523	$	99,192

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

	Years Ended
	June 27, 2015		June 28, 2014		June 29, 2013
Federal statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal benefit	1.6		1.3		1.1
Foreign tax rates, net of valuation allowances	(8.8)		(9.3)		(7.2)
Release of valuation allowance, net of U.S. tax expense	(7.2)		(4.8)		(6.4)
Change in contingency reserves	0.5		(0.1)		0.4
Tax audit settlements	(2.3)		(0.6)		(6.0)
Other, net	1.0		0.7		1.2
Effective tax rate	19.8	%	22.2	%	18.1	%

Components of deferred tax assets and liabilities

	June 27,		June 28,
	2015		2014
	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	249,385	$	336,334
Inventories valuation		16,806		18,442
Receivables valuation		16,989		26,022
Various accrued liabilities and other		14,427		(1,673)
		297,607		379,125
Less — valuation allowances		(111,381)		(182,123)
		186,226		197,002
Deferred tax liabilities:
Depreciation and amortization of property, plant and equipment		(67,828)		(46,294)
Net deferred tax assets	$	118,398	$	150,708

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

	June 27, 2015		June 28, 2014
	(Thousands)
Balance at beginning of year	$	128,221	$	123,930
Additions for tax positions taken in prior periods, including interest		7,713		15,966
Reductions for tax positions taken in prior periods, including interest		(17,810)		(880)
Additions for tax positions taken in current period		4,233		8,364
Reductions related to settlements with taxing authorities		(243)		(14,250)
Reductions related to the lapse of applicable statutes of limitations		(6,028)		(7,571)
Adjustments related to foreign currency translation		(12,163)		2,662
Balance at end of year	$	103,923	$	128,221

Years remaining subject to audit, by major jurisdiction

Jurisdiction	Fiscal Year
United States (Federal and state)	2012 - 2015
Taiwan and Germany	2010 - 2015
Hong Kong and United Kingdom	2009 - 2015
Netherlands and Singapore	2008 - 2015
Belgium	2014 - 2015