Fair Value Measurements and Investments

6 Months Ended

Dec. 27, 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 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	$	232	$	—	$	—	$	232
Foreign exchange contracts (included in other current assets)	—		17		—		17
Total assets at fair value	$	232	$	17	$	—	$	249
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	145	$	—	$	145
Total liabilities at fair value	$	—	$	145	$	—	$	145

	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	28	$	—	$	—	$	28
Foreign exchange contracts (included in other current assets)	—		7		—		7
Total assets at fair value	$	28	$	7	$	—	$	35
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	179	$	—	$	179
Total liabilities at fair value	$	—	$	179	$	—	$	179

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.