v3.24.2.u1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Income Taxes
The following were the components of loss before income taxes:
 Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 26, 2022
Domestic($572.2)($262.6)($244.3)
Foreign(0.3)2.8 2.4 
Loss before income taxes($572.5)($259.8)($241.9)
Schedule of Components of Income Tax Expense
The following were the components of income tax expense:
 Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 26, 2022
Current:
Federal$— $0.3 $0.3 
Foreign0.9 0.5 7.9 
State0.2 0.1 0.1 
Total current1.1 0.9 8.3 
Deferred:
Federal— — — 
Foreign— (0.2)(0.1)
State— — — 
Total deferred— (0.2)(0.1)
Income tax expense$1.1 $0.7 $8.2 
Schedule of Effective Income Tax Rate and Amount Reconciliation
Actual income tax expense differed from the amount computed by applying each period's United States federal statutory tax rate to pre-tax earnings as a result of the following:
 Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024% of LossJune 25, 2023% of LossJune 26, 2022% of Loss
Federal income tax provision at statutory rate($120.2)21 %($54.6)21 %($50.8)21 %
(Decrease) increase in income tax expense resulting from:
State tax provision, net of federal benefit(5.0)1 %(0.7)— %(2.2)1 %
Tax exempt interest(0.4)— %(0.5)— %(0.2)— %
(Decrease) increase in tax reserve(2.0)— %(0.4)— %(0.2)— %
Research and development credits(9.7)2 %(8.7)3 %(4.6)2 %
Foreign tax credit— — %— — %(0.3)— %
Increase (decrease) in valuation allowance127.0 (22)%62.0 (24)%(63.1)26 %
Extinguishment of convertible notes— — %— — %(4.5)2 %
Stock-based compensation8.8 (2)%3.0 (1)%(2.9)1 %
Statutory rate differences— — %0.1 — %— — %
Foreign earnings taxed in U.S.0.4 — %(0.4)— %6.8 (3)%
Provision to return adjustments(0.4)— %0.1 — %0.3 — %
Impact of rate changes0.4 — %— — %0.5 — %
Expiration of attributes2.0 — %0.2 — %0.1 — %
Corporate restructuring adjustment— — %— — %129.1 (53)%
Other0.2 — %0.6 — %0.2 — %
Income tax expense$1.1 — %$0.7 — %$8.2 (3)%
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
(in millions of U.S. Dollars)June 30, 2024June 25, 2023
Deferred tax assets:
Compensation$5.4 $7.7 
Inventories45.4 39.3 
Sales return reserve and allowance for bad debts11.2 7.0 
Federal and state net operating loss carryforwards506.8 366.1 
Federal income tax credits69.7 59.0 
State income tax credits0.7 1.0 
48C investment tax credits35.7 35.7 
Investments2.3 5.2 
Stock-based compensation10.7 10.0 
Deferred revenue35.0 9.0 
Lease liabilities28.7 29.5 
Capitalized research and development101.6 57.1 
Convertible notes62.6 73.7 
Nondeductible interest carryforward27.7 2.4 
Other3.0 4.5 
Total gross deferred assets946.5 707.2 
Less valuation allowance(734.1)(543.9)
Deferred tax assets, net212.4 163.3 
Deferred tax liabilities:
Property and equipment(123.8)(107.1)
Intangible assets(58.6)(22.7)
Other long-term investments(4.0)— 
Prepaid taxes(0.5)(0.5)
Foreign earnings recapture(4.2)(4.3)
Taxes on unremitted foreign earnings(6.9)(6.5)
Lease assets(23.8)(24.9)
Other(0.3)— 
Total gross deferred liability(222.1)(166.0)
Deferred tax liability, net($9.7)($2.7)
Schedule of Components Giving Rise to Net Deferred Tax Assets (Liabilities) Included in Accompanying Consolidated Balance Sheet
The components giving rise to the net deferred tax assets (liabilities) have been included in the consolidated balance sheets as follows:
 Balance at June 30, 2024
(in millions of U.S. Dollars)AssetsLiabilities
U.S. federal income taxes$— ($10.8)
Foreign income taxes1.1 — 
Total$1.1 ($10.8)
 Balance at June 25, 2023
(in millions of U.S. Dollars)AssetsLiabilities
U.S. federal income taxes$— ($3.9)
Foreign income taxes1.2 — 
Total$1.2 ($3.9)
Schedule of Reconciliation of the Change in Uncertain Tax Positions
The following is a tabular reconciliation of the Company’s change in uncertain tax positions:
Fiscal Years Ended
(in millions of U.S. Dollars)June 30, 2024June 25, 2023June 26, 2022
Balance at beginning of period$9.8 $7.2 $7.4 
Increases related to prior year tax positions— 1.7 — 
Decreases related to prior year tax positions(0.1)— — 
Settlements with tax authorities— (0.2)— 
Expiration of statute of limitations for assessment of taxes(2.0)(0.1)(0.2)
Increases related to current year positions1.7 1.2 — 
Balance at end of period$9.4 $9.8 $7.2