Leases and Other Commitments (Tables)

6 Months Ended

Dec. 27, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Disclosures

The following table presents right-of-use lease assets and lease liabilities included in the Company’s Condensed Combined Balance Sheets:

	December 27, 2024		June 28, 2024
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	191	$	179
Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)	17		11
Long-term operating lease liabilities (included in other liabilities)	179		171
Total operating lease liabilities	$	196	$	182

Schedule of Supplemental Cash Flow

The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases:

	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Cost of operating leases	$	8	$	7	$	16	$	13
Cash paid for operating leases	7		8		14		14
Operating lease assets obtained in exchange for operating lease liabilities	4		—		4		167

The weighted average remaining lease term and discount rate for the Company’s operating leases were as follows:

	December 27, 2024		June 28, 2024
Weighted average remaining lease term in years	12.6		13.7
Weighted average discount rate	7.4	%	7.5	%

Schedule of Minimum Lease Payments

As of December 27, 2024, minimum lease payments were as follows:

	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
Remaining six months of 2025	$	14
2026	30
2027	28
2028	20
2029	20
Thereafter	198
Total future minimum lease payments	310
Less: Imputed interest	114
Present value of lease liabilities	$	196

Schedule of Minimum Long-Term Commitments

As of December 27, 2024, the Company had the following minimum long-term commitments:

	Long-term commitments
	(in millions)
Fiscal year:
Remaining six months of 2025	$	26
2026	496
2027	586
2028	570
2029	570
Thereafter	660
Total	$	2,908