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Fair Value Measurements and Investments (Tables)

9 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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

Schedule of Related Costs And Fair Values Based On Quoted Market Prices

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

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

Comparison and disclosure of financial instruments where the carrying value in the financial statements differs from the fair value.

+ References

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