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Leases and Other Commitments | 12 Months Ended
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Jul. 01, 2022
Leases [Abstract] |
Leases and Other Commitments | Leases and Other Commitments Leases The following table summarizes supplemental balance sheet information related to operating leases as of July 1, 2022:
| Lease Amounts |  |  |  |  |  |  |  |
Minimum lease payments by fiscal year: | (in millions) |  |  |  |  |  |  |  |
2023 | $ | 48 |  |  |  |  |  |  |  |  |
2024 | 48 |  |  |  |  |  |  |  |  |
2025 | 44 |  |  |  |  |  |  |  |  |
2026 | 43 |  |  |  |  |  |  |  |  |
2027 | 39 |  |  |  |  |  |  |  |  |
Thereafter | 147 |  |  |  |  |  |  |  |  |
Total future minimum lease payments | 369 |  |  |  |  |  |  |  |  |
Less: Imputed Interest | 52 |  |  |  |  |  |  |  |  |
Present value of lease liabilities | 317 |  |  |  |  |  |  |  |  |
Less: Current portion (included in Accrued expenses) | 40 |  |  |  |  |  |  |  |  |
Long-term operating lease liabilities (included in Other liabilities ) | $ | 277 |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets (included in Other non-current assets) | $ | 300 |  |  |  |  |  |  |  |  |
Weighted average remaining lease term in years | 8.3 |  |  |  |  |  |  |  |
Weighted average discount rate | 3.4 | % |  |  |  |  |  |  |  |
The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases for the year ended July 1, 2022:
|  |  | July 1, 2022 |  |  |  |  |  |
|  |  | (in millions) |  |  |  |  |  |
Cost of operating leases |  |  | $ | 58 |  |  |  |  |  |  |
Cash paid for operating leases |  |  | 51 |  |  |  |  |  |  |
Operating lease assets obtained in exchange for operating lease liabilities |  |  | 137 |  |  |  |  |  |  |
Cost of operating leases was as follows:
| 2022 |  | 2021 |  | 2020
| (in millions)
Cost of operating leases | $ | 58 |  |  | $ | 50 |  |  | $ | 55 |
Purchase Agreements and Other Commitments In the normal course of business, the Company enters into purchase orders with suppliers for the purchase of components used to manufacture its products. These purchase orders generally cover forecasted component supplies needed for production during the next quarter, are recorded as a liability upon receipt of the components, and generally may be changed or canceled at any time prior to shipment of the components. The Company also enters into long-term agreements with suppliers that contain fixed future commitments, which are contingent on certain conditions such as performance, quality and technology of the vendor’s components. As of July 1, 2022, the Company had the following minimum long-term commitments:
|  | Long-term commitments
|  | (in millions)
Fiscal year: |  |
2023 |  | $ | 572 |
2024 |  | 348 |
2025 |  | 180 |
2026 |  | 53 |
2027 |  | 46 |
Thereafter |  | 150 |
Total |  | $ | 1,349 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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