XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements and Investments | 9 Months Ended
--- | ---
Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Investments | Fair Value Measurements and Investments Financial Instruments Carried at Fair Value Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities. The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and July 1, 2022, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:
| March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Cash equivalents - Money market funds | $ | 146 |  |  | $ | — |  |  | $ | — |  |  | $ | 146 |
Foreign exchange contracts | — |  |  | 72 |  |  | — |  |  | 72 |
Total assets at fair value | $ | 146 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 218 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 46 |
Total liabilities at fair value | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 46 |
| July 1, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Cash equivalents - Money market funds | $ | 266 |  |  | $ | — |  |  | $ | — |  |  | $ | 266 |
Foreign exchange contracts | — |  |  | 61 |  |  | — |  |  | 61 |
Interest rate swap contracts | — |  |  | 3 |  |  | — |  |  | 3 |
Total assets at fair value | $ | 266 |  |  | $ | 64 |  |  | $ | — |  |  | $ | 330 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts | $ | — |  |  | $ | 316 |  |  | $ | — |  |  | $ | 316 |
Total liabilities at fair value | $ | — |  |  | $ | 316 |  |  | $ | — |  |  | $ | 316 |
During the periods presented, the Company had no transfers of financial assets and liabilities between levels and there were no changes in valuation techniques or the inputs used in the fair value measurement. Financial Instruments Not Carried at Fair Value For financial instruments where the carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) differs from fair value (which is based on quoted market prices), the following table represents the related carrying value and fair value for each of the Company’s outstanding financial instruments. Each of the financial instruments presented below was categorized as Level 2 for all periods presented, based on the frequency of trading immediately prior to the end of the third quarter of 2023 and the fourth quarter of 2022, respectively.
| March 31, 2023 |  | July 1, 2022
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
| (in millions)
1.50% convertible notes due 2024 | $ | 1,098 |  |  | $ | 1,063 |  |  | $ | 1,048 |  |  | $ | 1,040 |
4.75% senior unsecured notes due 2026 | 2,292 |  |  | 2,219 |  |  | 2,291 |  |  | 2,205 |
Variable interest rate Term Loan A-2 maturing 2027 | 2,692 |  |  | 2,651 |  |  | 2,693 |  |  | 2,621 |
2.85% senior unsecured notes due 2029 | 496 |  |  | 408 |  |  | 495 |  |  | 412 |
3.10% senior unsecured notes due 2032 | 495 |  |  | 378 |  |  | 495 |  |  | 389 |
Total | $ | 7,073 |  |  | $ | 6,719 |  |  | $ | 7,022 |  |  | $ | 6,667 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration