LEASES (Tables)

12 Months Ended

Jun. 28, 2025

Schedule of Lease, Financial Statement Presentation

The following table presents the location of the finance lease ROU assets and lease liabilities in our consolidated balance sheets at June 28, 2025 and June 29, 2024:


	Consolidated Balance Sheet Location	Jun. 28, 2025		Jun. 29, 2024
		(In millions)
Finance lease right-of-use assets	Plant and equipment at cost, less accumulated depreciation	$	476	$	339
Current finance lease liabilities	Current maturities of long-term debt	65		54
Long-term finance lease liabilities	Long-term debt	387		307

Schedule of Lease Costs

The following table presents lease costs for each of the presented periods ended June 28, 2025 and June 29, 2024:


	Consolidated Results of Operations Location	Jun. 28, 2025		Jun. 29, 2024
		(In millions)
Operating lease cost	Operating expenses	$	186	$	154
Financing lease cost:
Amortization of right-of-use assets	Operating expenses	70		60
Interest on lease obligations	Interest expense	17		14
Variable lease cost	Operating expenses	115		111
Short-term lease cost	Operating expenses	54		68
Net lease cost		$	442	$	407

Other information related to lease agreements was as follows:


	Jun. 28, 2025			Jun. 29, 2024
Cash Paid For Amounts Included In Measurement of Liabilities:	(Dollars in millions)
Operating cash flows for operating leases	$	177		$	144
Operating cash flows for financing leases	17			14
Financing cash flows for financing leases	115			51

Supplemental Non-cash Information on Lease Liabilities:
Assets obtained in exchange for operating lease obligations	$	254		$	287
Assets obtained in exchange for finance lease obligations	202			115
Operating lease asset adjustments, including renewals and remeasurements	80			24
Operating lease liability adjustments, including renewals and remeasurements	83			24

Lease Term and Discount Rate:
Weighted-average remaining lease term (years):
Operating leases	11.10 years			10.63 years
Financing leases	12.38 years			12.50 years
Weighted-average discount rate:
Operating leases	4.56		%	4.19		%
Financing leases	4.65		%	4.50		%

Schedule of Minimum Operating Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of June 28, 2025 are as follows:


	Operating Leases		Finance Leases
	(In millions)
2026	$	187	$	84
2027	188		77
2028	154		62
2029	130		48
2030	119		39
Thereafter	749		289
Total undiscounted lease obligations	1,527		599
Less imputed interest	(342)		(147)
Present value of lease obligations	$	1,185	$	452

Schedule of Minimum Finance Lease Obligations

Future minimum lease obligations under existing noncancelable operating and finance lease agreements by fiscal year as of June 28, 2025 are as follows:


	Operating Leases		Finance Leases
	(In millions)
2026	$	187	$	84
2027	188		77
2028	154		62
2029	130		48
2030	119		39
Thereafter	749		289
Total undiscounted lease obligations	1,527		599
Less imputed interest	(342)		(147)
Present value of lease obligations	$	1,185	$	452