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INCOME TAX EXPENSE
 9 Months Ended
Mar. 29, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX EXPENSE INCOME TAX EXPENSE
The Company’s provision for income taxes and effective tax rate are as follows:
Three Months EndedNine Months Ended
March 29,
2026		March 30,
2025		March 29,
2026		March 30,
2025
(in thousands, except percentages)
Income tax expense$186,096 $206,057 $719,217 $541,019 
Effective tax rate9.3 %13.4 %12.6 %12.9 %
The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate for the three and nine months ended March 29, 2026, and March 30, 2025, was primarily due to income in lower tax jurisdictions.
The Internal Revenue Service (“IRS”) is examining the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021. To date, the IRS has not proposed any significant adjustments. The Company expects to finalize the audit within the next 12 months and anticipates any related cash settlements will not be significant.
The Organization for Economic Co-operation and Development’s Base Erosion and Profit Shifting 2.0 (“BEPS 2.0”) Pillar Two Global Minimum Tax (“GMT”) is fully effective for the Company this fiscal year. The Company assessed its exposure to GMT under currently enacted legislation and determined that it expects to meet transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT. The Company assessed the impact and concluded that it was not material. The impact has been included within income tax expense for the nine months ended March 29, 2026.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law by U.S. President Donald Trump. The impact on income taxes due to change in legislation is required, under Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted, which is this fiscal year. In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income. The Company assessed the changes and concluded that they were not material. The impact has been included within income tax expense for the nine months ended March 29, 2026.