Fair Value Measurements and Investments (Tables)

6 Months Ended

Dec. 27, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial instruments that were measured at fair value on a recurring basis for the periods presented, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

	December 27, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	745	$	—	$	—	$	745
Foreign exchange contracts	—		23		—		23
Total assets at fair value	$	745	$	23	$	—	$	768
Liabilities:
Foreign exchange contracts	$	—	$	156	$	—	$	156
Total liabilities at fair value	$	—	$	156	$	—	$	156

	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(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

Schedule of Related Costs and Fair Values Based on Quoted Market Prices

For financial instruments where the carrying value (which includes principal adjusted for any unamortized issuance costs and discounts or premiums) differs from fair value (which is based on quoted market prices), the following table represents the related carrying value and fair value 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 second quarter of 2025 and the fourth quarter of 2024, respectively.

	December 27, 2024				June 28, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
4.75% senior unsecured notes due 2026	$	2,297	$	2,279	$	2,296	$	2,253
Variable interest rate Term Loan A-2 maturing 2027	2,505		2,487		2,578		2,539
3.00% convertible notes due 2028	1,571		2,155		1,568		2,556
2.85% senior notes due 2029	497		445		496		434
3.10% senior notes due 2032	496		418		496		407
Total	$	7,366	$	7,784	$	7,434	$	8,189