Employee Termination and Other Charges

6 Months Ended

Dec. 27, 2024

Restructuring and Related Activities [Abstract]

Business Realignment

The Company periodically incurs charges to realign its operations with anticipated market demand, primarily consisting of organization rationalization designed to streamline its business, reduce its cost structure and focus its resources. The Company has taken actions to reduce the amount of capital invested in facilities, including the sale-leaseback of its facility in Milpitas, California, in September 2023, as discussed in Part 1, Item 1, Note 10, Leases and Other Commitments of the Notes to Condensed Combined Financial Statements included in this Quarterly Report on Form 10-Q.

The Company recorded the following net charges related to these actions for the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Employee termination benefits	$	2	$	13	$	2	$	14
Contract termination and other	1		—		3		—
Gain on sale-leaseback of facility	—		—		—		(60)
Total employee termination and other charges	$	3	$	13	$	5	$	(46)

The termination benefits accrual balance as of December 27, 2024 and the periodic activity during the three and six months ended December 27, 2024 were not material.