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Debt (Tables) | 12 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of June 30, 2023 and July 1, 2022:
| June 30, 2023 |  | July 1, 2022
| (in millions)
1.50% convertible notes due 2024 | $ | 1,100 |  |  | $ | 1,100 |
4.75% senior unsecured notes due 2026 | 2,300 |  |  | 2,300 |
Variable interest rate Term Loan A-2 maturing 2027 | 2,700 |  |  | 2,700 |
2.85% senior notes due 2029 | 500 |  |  | 500 |
3.10% senior notes due 2032 | 500 |  |  | 500 |
Total debt | 7,100 |  |  | 7,100 |
Issuance costs and debt discounts | (30) |  |  | (78) |
Subtotal | 7,070 |  |  | 7,022 |
Less current portion of long-term debt | (1,213) |  |  | — |
Long-term debt | $ | 5,857 |  |  | $ | 7,022 |
Schedule of Leverage Ratio | As amended, the Company is required to comply with maintaining a maximum ratio (“Leverage Ratio”) of total funded debt to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) at the end of each quarter as follows:
Quarter ending | Leverage ratio
June 30, 2023 | 5.50 to 1.00
September 29, 2023 | N/A(1) to 1.00
December 29, 2023 | N/A(1) to 1.00
March 29, 2024 | 6.25 to 1.00
June 28, 2024 | 5.25 to 1.00
September 27, 2024 | 5.00 to 1.00
December 27, 2024 | 4.50 to 1.00
March 28, 2025 | 4.00 to 1.00
June 25, 2025 | 3.75 to 1.00
Thereafter | 3.25 to 1.00
(1) Leverage ratio is not required.
Schedule of Maturities of Long-term Debt | As of June 30, 2023, the required annual future debt payments were as follows:
|  | Future Debt Payments
|  | (in millions)
Fiscal year: |  |
2024 |  | $ | 1,213 |
2025 |  | 150 |
2026 |  | 2,450 |
2027 |  | 2,287 |
2028 |  | — |
2029 and thereafter |  | 1,000 |
Total debt maturities |  | 7,100 |
Issuance costs and debt discounts |  | (30) |
Net carrying value |  | $ | 7,070 |

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