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Supplemental Financial Statement Data | 12 Months Ended
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Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Statement Data | Supplemental Financial Statement Data Accounts receivable, net From time to time, in connection with factoring agreements, the Company sells trade accounts receivable without recourse to third-party purchasers in exchange for cash. In 2024, 2023 and 2022, the Company sold trade accounts receivable aggregating $623 million, $776 million and $400 million, respectively. The discounts on the trade accounts receivable sold during the periods were not material and were recorded within Other income, net in the Consolidated Statements of Operations. No factored receivables were outstanding as of June 28, 2024, and $150 million of factored receivables remained outstanding as of June 30, 2023. Inventories
| June 28, 2024 |  | June 30, 2023
| (in millions)
Inventories: |  |  |
Raw materials and component parts | $ | 1,727 |  |  | $ | 2,096 |
Work-in-process | 1,066 |  |  | 979 |
Finished goods | 549 |  |  | 623 |
Total inventories | $ | 3,342 |  |  | $ | 3,698 |
Property, plant and equipment, net
| June 28, 2024 |  | June 30, 2023
| (in millions)
Property, plant and equipment: |  |  |
Land and improvements | $ | 235 |  |  | $ | 269 |
Buildings and improvements | 1,820 |  |  | 1,955 |
Machinery and equipment | 8,646 |  |  | 8,704 |
Computer equipment and software | 471 |  |  | 470 |
Furniture and fixtures | 54 |  |  | 54 |
Construction-in-process | 797 |  |  | 798 |
Property, plant and equipment, gross | 12,023 |  |  | 12,250 |
Accumulated depreciation | (8,856) |  |  | (8,630) |
Property, plant and equipment, net | $ | 3,167 |  |  | $ | 3,620 |
Depreciation expense for property, plant and equipment totaled $566 million, $695 million and $708 million in 2024, 2023 and 2022, respectively. Other intangible assets, net As part of prior acquisitions, the Company recorded at the time of the acquisition acquired IPR&D for projects in progress that had not yet reached technological feasibility. IPR&D is initially accounted for as an indefinite-lived intangible asset. Once a project reaches technological feasibility, the Company reclassifies the balance to existing technology and begins to amortize the intangible asset over its estimated useful life. As of June 28, 2024 and June 30, 2023, IPR&D included in intangible assets, net was $72 million and $80 million, respectively. During the year ended June 28, 2024, one IPR&D project reached technological feasibility and $8 million was reclassified from IPR&D to existing technology and commenced amortization over an estimated useful life of three years. During 2024, 2023 and 2022, the Company did not record any impairment charges related to IPR&D. Amortizable intangible assets are amortized over the estimated useful lives based on the pattern in which the economic benefits are expected to be received. As of June 28, 2024 and June 29, 2023, intangible assets had been substantially fully amortized and were not material. Amortization expense for intangible assets subject to amortization totaled $3 million, $133 million and $221 million in 2024, 2023 and 2022, respectively. Product warranty liability Changes in the warranty accrual were as follows:
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions)
Warranty accrual, beginning of period |  |  |  |  | $ | 244 |  |  | $ | 345 |  |  | $ | 363 |
Charges to operations |  |  |  |  | 107 |  |  | 106 |  |  | 146 |
Utilization |  |  |  |  | (154) |  |  | (169) |  |  | (103) |
Changes in estimate related to pre-existing warranties |  |  |  |  | (8) |  |  | (38) |  |  | (61) |
Warranty accrual, end of period |  |  |  |  | $ | 189 |  |  | $ | 244 |  |  | $ | 345 |
The current portion of the warranty accrual is classified in Accrued expenses and the long-term portion is classified in Other liabilities as noted below:
| 2024 |  | 2023 |  |  |  |  |  |
| (in millions)
Warranty accrual: |  |  |  |  |  |  |  |  |
Current portion (included in Accrued expenses) | $ | 36 |  |  | $ | 97 |  |  |  |  |  |  |
Long-term portion (included in Other liabilities) | 153 |  |  | 147 |  |  |  |  |  |  |
Total warranty accrual | $ | 189 |  |  | $ | 244 |  |  |  |  |  |  |
Other liabilities
| 2024 |  | 2023
| (in millions)
Other liabilities: |  |  |
Non-current net tax payable | $ | 201 |  |  | $ | 464 |
Non-current portion of unrecognized tax benefits | 565 |  |  | 408 |
Other non-current liabilities | 604 |  |  | 543 |
Total other liabilities | $ | 1,370 |  |  | $ | 1,415 |
Accumulated other comprehensive loss Accumulated other comprehensive loss (“AOCL”), net of tax, refers to expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income. The following table illustrates the changes in the balances of each component of AOCL:
| Actuarial Pension Gains (Losses) |  | Foreign Currency Translation Adjustment |  |  |  |  |  | Unrealized Gains (Losses) on Derivative Contracts |  | Total Accumulated Comprehensive Loss
| (in millions)
Balance at July 1, 2022 | $ | (11) |  |  | $ | (302) |  |  |  |  |  |  | $ | (266) |  |  | $ | (579) |
Other comprehensive income (loss) before reclassifications | 12 |  |  | (88) |  |  |  |  |  |  | (213) |  |  | (289) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | — |  |  |  |  |  |  | 351 |  |  | 351 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (3) |  |  | 1 |  |  |  |  |  |  | (29) |  |  | (31) |
Net current-period other comprehensive income (loss) | 9 |  |  | (87) |  |  |  |  |  |  | 109 |  |  | 31 |
Balance at June 30, 2023 | (2) |  |  | (389) |  |  |  |  |  |  | (157) |  |  | (548) |
Other comprehensive income (loss) before reclassifications | 23 |  |  | (115) |  |  |  |  |  |  | (331) |  |  | (423) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | — |  |  |  |  |  |  | 244 |  |  | 244 |
Income tax benefit (expense) related to items of other comprehensive loss | (7) |  |  | (1) |  |  |  |  |  |  | 23 |  |  | 15 |
Net current-period other comprehensive loss | 16 |  |  | (116) |  |  |  |  |  |  | (64) |  |  | (164) |
Balance at June 28, 2024 | $ | 14 |  |  | $ | (505) |  |  |  |  |  |  | $ | (221) |  |  | $ | (712) |
During 2024, the amounts reclassified out of AOCL included losses of $244 million related to foreign exchange contracts. During 2023, the amounts reclassified out of AOCL included losses of $361 million related to foreign exchange contracts, and gains of $10 million related to interest rate swaps. The gains and losses related to interest rate swaps were charged to Interest expense and losses related to foreign contracts were substantially all charged to Cost of revenue in the Consolidated Statements of Operations. As of June 28, 2024, substantially all existing net losses related to cash flow hedges recorded in AOCL are expected to be reclassified to earnings within the next twelve months.

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