Fair Value Measurements and Investments

3 Months Ended

Oct. 03, 2025

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 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:

	October 3, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	533	$	—	$	—	$	533
Foreign exchange contracts (included in Other current assets)	—		4		—		4
Total assets at fair value	$	533	$	4	$	—	$	537
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	9	$	—	$	9
Total liabilities at fair value	$	—	$	9	$	—	$	9

	June 27, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	751	$	—	$	—	$	751
Foreign exchange contracts (included in Other current assets)	—		17		—		17
Total assets at fair value	$	751	$	17	$	—	$	768
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	22	$	—	$	22
Total liabilities at fair value	$	—	$	22	$	—	$	22

During the periods presented, the Company had no transfers of financial instruments between levels, and there were no changes in valuation techniques or the inputs used in the fair value measurement.

Financial Instruments Not Carried at Fair value

Financial instruments not recorded at fair value on a recurring basis (debt) had an estimated fair value of $1.4 billion as of October 3, 2025. The fair value of the debt was determined based on observable market prices in less active markets. The fair values do not indicate the amount the Company would have to pay to extinguish the debt. For more information regarding debt, see Note 8, Debt f