Debt (Tables)

6 Months Ended

Dec. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:

	December 30, 2022		July 1, 2022
	(in millions)
1.50% convertible notes due 2024	$	1,100	$	1,100
4.75% senior unsecured notes due 2026	2,300		2,300
Variable interest rate Term Loan A-2 maturing 2027	2,700		2,700
2.85% senior unsecured notes due 2029	500		500
3.10% senior unsecured notes due 2032	500		500
Total debt	7,100		7,100
Issuance costs and debt discounts	(29)		(78)
Subtotal	7,071		7,022
Less current portion of long-term debt	(38)		—
Long-term debt	$	7,033	$	7,022

Schedule of Leverage Ratio

As amended, the Company is required to maintain a maximum ratio (“Leverage Ratio”) of total funded debt to trailing twelve-month Consolidated Adjusted EBITDA (as defined in the Credit Agreement) at the end of each quarter as follows:

Quarter ending:	Leverage ratio
December 30, 2022	3.25 to 1.00
March 31, 2023	3.75 to 1.00
June 30, 2023	4.75 to 1.00
September 29, 2023	5.00 to 1.00
December 29, 2023	4.75 to 1.00
March 29, 2024	4.50 to 1.00
June 28, 2024	4.25 to 1.00
September 27, 2024	3.75 to 1.00
December 27, 2024 and thereafter	3.25 to 1.00