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Shareholders’ Equity and Convertible Preferred Stock (Tables) | 12 Months Ended
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Jun. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following tables present the Company’s stock-based compensation for equity-settled awards by type and financial statement line as well as the related tax benefit included in the Company’s Consolidated Statements of Operations:
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions)
RSUs and PSUs |  |  |  |  | $ | 262 |  |  | $ | 283 |  |  | $ | 286 |
ESPP |  |  |  |  | 33 |  |  | 35 |  |  | 40 |
Total |  |  |  |  | $ | 295 |  |  | $ | 318 |  |  | $ | 326 |
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions)
Cost of revenue |  |  |  |  | $ | 49 |  |  | $ | 49 |  |  | $ | 48 |
Research and development |  |  |  |  | 133 |  |  | 152 |  |  | 167 |
Selling, general and administrative |  |  |  |  | 113 |  |  | 117 |  |  | 111 |
Subtotal |  |  |  |  | 295 |  |  | 318 |  |  | 326 |
Tax benefit |  |  |  |  | (41) |  |  | (43) |  |  | (48) |
Total |  |  |  |  | $ | 254 |  |  | $ | 275 |  |  | $ | 278 |
Schedule of Employee Service Share-based Compensation , Unrecognized Costs | The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of June 28, 2024:
| Unamortized Compensation Costs |  | Weighted Average Service Period
| (in millions) |  | (years)
RSUs and PSUs (1) | $ | 442 |  |  | 2.2
ESPP | 23 |  |  | 0.5
Total unamortized compensation cost | $ | 465 |  |  |
(1) Weighted average service period assumes the performance conditions are met for the PSUs.
Schedule of Stock Option Activity | The following table summarizes stock option activity under the Company’s incentive plans:
| Number of Shares |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (in millions) |  |  |  | (in years) |  | (in millions)
Options outstanding at July 2, 2021 | 1.5 |  |  | $ | 72.84 |  |  |  |  |
Exercised | (0.2) |  |  | 43.80 |  |  |  |  | $ | 3 |
Canceled or expired | (0.4) |  |  | 97.65 |  |  |  |  |
Options outstanding at July 1, 2022 | 0.9 |  |  | 66.76 |  |  |  |  |
Canceled or expired | (0.6) |  |  | 80.72 |  |  |  |  |
Options outstanding at June 30, 2023 | 0.3 |  |  | 44.95 |  |  | 0.10 |  |
Canceled or expired | (0.3) |  |  | 44.95 |  |  |  |  |
Options outstanding at June 28, 2024 | — |  |  | $ | — |  |  |  |  |
Schedule of Restricted Stock Unit | The following table summarizes RSU and PSU activity under the Company’s incentive plans:
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value at Vest Date
| (in millions) |  |  |  | (in millions)
RSUs and PSUs outstanding at July 2, 2021 | 16.1 |  |  | $ | 50.12 |  |  |
Granted | 6.9 |  |  | 60.00 |  |  |
Vested | (5.2) |  |  | 54.27 |  |  | $ | 317 |
Forfeited | (2.4) |  |  | 52.14 |  |  |
RSUs and PSUs outstanding at July 1, 2022 | 15.4 |  |  | 52.89 |  |  |
Granted | 6.6 |  |  | 41.27 |  |  |
Vested | (6.6) |  |  | 54.05 |  |  | $ | 274 |
Forfeited | (1.6) |  |  | 54.56 |  |  |
RSUs and PSUs outstanding at June 30, 2023 | 13.8 |  |  | 46.56 |  |  |
Granted | 6.6 |  |  | 42.29 |  |  |
Vested | (5.8) |  |  | 48.26 |  |  | $ | 297 |
Forfeited | (1.6) |  |  | 45.62 |  |  |
RSUs and PSUs outstanding at June 28, 2024 | 13.0 |  |  | $ | 44.42 |  |  |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair values of ESPP purchase rights have been estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following weighted average assumptions:
|  |  |  |  | 2024 |  | 2023 |  | 2022
Weighted-average expected term (in years) |  |  |  |  | 1.25 |  | 1.25 |  | 1.25
Risk-free interest rate |  |  |  |  | 4.93% |  | 4.52% |  | 1.42%
Stock price volatility |  |  |  |  | 0.39 |  | 0.46 |  | 0.48
Dividend yield |  |  |  |  | —% |  | —% |  | —%
Fair value |  |  |  |  | $15.08 |  | $9.70 |  | $15.56
Schedule of Shares of Common Stock Reserved for Issuance Table | The following table summarizes all common stock reserved for issuance at June 28, 2024:
| Number of Shares
| (in millions)
Convertible notes | 40 |
Outstanding awards and shares available for award grants | 22 |
Convertible preferred stock | 10 |
ESPP | 5 |
Total | 77 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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