Shareholders’ Equity and Convertible Preferred Stock (Tables)

12 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following tables present the Company’s stock-based compensation for equity-settled awards by type and financial statement line as well as the related tax benefit included in the Company’s Consolidated Statements of Operations:

	2024		2023		2022
	(in millions)
RSUs and PSUs	$	262	$	283	$	286
ESPP	33		35		40
Total	$	295	$	318	$	326

	2024		2023		2022
	(in millions)
Cost of revenue	$	49	$	49	$	48
Research and development	133		152		167
Selling, general and administrative	113		117		111
Subtotal	295		318		326
Tax benefit	(41)		(43)		(48)
Total	$	254	$	275	$	278

Schedule of Employee Service Share-based Compensation , Unrecognized Costs

The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of June 28, 2024:

	Unamortized Compensation Costs		Weighted Average Service Period
	(in millions)		(years)
RSUs and PSUs (1)	$	442	2.2
ESPP	23		0.5
Total unamortized compensation cost	$	465

(1)    Weighted average service period assumes the performance conditions are met for the PSUs.

Schedule of Stock Option Activity

The following table summarizes stock option activity under the Company’s incentive plans:

	Number of Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in millions)			(in years)	(in millions)
Options outstanding at July 2, 2021	1.5	$	72.84
Exercised	(0.2)	43.80			$	3
Canceled or expired	(0.4)	97.65
Options outstanding at July 1, 2022	0.9	66.76
Canceled or expired	(0.6)	80.72
Options outstanding at June 30, 2023	0.3	44.95		0.10
Canceled or expired	(0.3)	44.95
Options outstanding at June 28, 2024	—	$	—

Schedule of Restricted Stock Unit

The following table summarizes RSU and PSU activity under the Company’s incentive plans:

	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value at Vest Date
	(in millions)			(in millions)
RSUs and PSUs outstanding at July 2, 2021	16.1	$	50.12
Granted	6.9	60.00
Vested	(5.2)	54.27		$	317
Forfeited	(2.4)	52.14
RSUs and PSUs outstanding at July 1, 2022	15.4	52.89
Granted	6.6	41.27
Vested	(6.6)	54.05		$	274
Forfeited	(1.6)	54.56
RSUs and PSUs outstanding at June 30, 2023	13.8	46.56
Granted	6.6	42.29
Vested	(5.8)	48.26		$	297
Forfeited	(1.6)	45.62
RSUs and PSUs outstanding at June 28, 2024	13.0	$	44.42

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair values of ESPP purchase rights have been estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following weighted average assumptions:

	2024	2023	2022
Weighted-average expected term (in years)	1.25	1.25	1.25
Risk-free interest rate	4.93%	4.52%	1.42%
Stock price volatility	0.39	0.46	0.48
Dividend yield	—%	—%	—%
Fair value	$15.08	$9.70	$15.56

Schedule of Shares of Common Stock Reserved for Issuance Table

The following table summarizes all common stock reserved for issuance at June 28, 2024:

	Number of Shares
	(in millions)
Convertible notes	40
Outstanding awards and shares available for award grants	22
Convertible preferred stock	10
ESPP	5
Total	77