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Fair Value Measurements and Investments
 12 Months Ended
Jun. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Investments Fair Value Measurements and Investments
Financial Instruments Carried at Fair Value

Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels:

Level 1.    Quoted prices in active markets for identical assets or liabilities.

Level 2.    Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3.    Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities.

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 28, 2024 and June 30, 2023, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:
June 28, 2024
 Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$416 $— $— $416 
Foreign exchange contracts— 8 — 8 
Total assets at fair value$416 $8 $— $424 
Liabilities:
Foreign exchange contracts$— $197 $— $197 
Total liabilities at fair value$— $197 $— $197 
June 30, 2023
 Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$371 $— $— $371 
Foreign exchange contracts— 35 — 35 
Total assets at fair value$371 $35 $— $406 
Liabilities:
Foreign exchange contracts$— $192 $— $192 
Total liabilities at fair value$— $192 $— $192 
Money Market Funds. The Company’s money market funds are funds that invest in U.S. Treasury and U.S. Government agency securities. Money market funds are valued based on quoted market prices.

Foreign Exchange Contracts. The Company’s foreign exchange contracts are short-term contracts to hedge the Company’s foreign currency risk. Foreign exchange contracts are valued using an income approach that is based on a present value of future cash flows model. The market-based observable inputs for the model include forward rates and credit default swap rates. For more information on the Company’s foreign exchange contracts, see Note 6, Derivative Instruments and Hedging Activities. Derivative assets and liabilities are reflected in the Company’s Consolidated Balance Sheets under Other current assets and Accrued expenses, respectively.

During 2024 and 2023, the Company had no transfers of financial assets and liabilities between levels and there were no changes in valuation techniques and the inputs used in the fair value measurement.

Financial Instruments Not Carried at Fair Value

The following table contains the related carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) and fair value (which is based on quoted market prices) for each of the Company’s outstanding financial instruments. Each of the financial instruments presented below was categorized as Level 2 for all periods presented, based on the frequency of trading immediately prior to the end of the fourth quarter of 2024 and the fourth quarter of 2023, respectively.
June 28, 2024June 30, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
(in millions)
1.50% convertible notes due 2024
$— $— $1,099 $1,067 
3.00% convertible notes due 2028
1,568 2,556 — — 
4.75% senior unsecured notes due 2026
2,296 2,253 2,293 2,193 
Variable interest rate Term Loan A-2 maturing 20272,578 2,539 2,687 2,661 
2.85% senior notes due 2029
496 434 496 400 
3.10% senior notes due 2032
496 407 495 371 
Total$7,434 $8,189 $7,070 $6,692