Shareholders' Equity and Convertible Preferred Stock (Tables)

9 Months Ended

Mar. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule 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 (i.e., restricted stock units (“RSUs”), restricted stock unit awards with performance conditions or market conditions (“PSUs”), and rights to purchase shares of common stock under the Company’s Employee Stock Purchase Plan (“ESPP”)) and financial statement line items as well as the related tax benefit included in the Company’s Condensed Consolidated Statements of Operations:

	Three Months Ended				Nine Months Ended
	March 28, 2025		March 29, 2024		March 28, 2025		March 29, 2024
	(in millions)
RSUs and PSUs	$	34	$	44	$	110	$	137
ESPP	1		8		12		18
Total	$	35	$	52	$	122	$	155

	Three Months Ended				Nine Months Ended
	March 28, 2025		March 29, 2024		March 28, 2025		March 29, 2024
	(in millions)
Cost of revenue	$	7	$	8	$	26	$	28
Research and development	17		17		52		49
Selling, general and administrative	11		27		44		78
Subtotal	35		52		122		155
Tax benefit	(4)		(7)		(15)		(21)
Total	$	31	$	45	$	107	$	134

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 March 28, 2025:

	Unamortized Compensation Costs		Weighted Average Service Period
	(in millions)		(years)
RSUs and PSUs (1)	$	270	2.2

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

Schedule of RSUs and PSUs

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 June 28, 2024	13.0	$	44.42
Granted	5.2	59.54
Vested	(5.0)	42.92		$	304
Forfeited	(1.1)	45.71
Share conversion due to Separation	2.6	52.15
Awards cancelled due to Separation	(3.5)	52.32
RSUs and PSUs outstanding at March 28, 2025	11.2	$	37.88