XML 27 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Supplemental Financial Statement Data | 9 Months Ended
--- | ---
Mar. 29, 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. During the nine months ended March 29, 2024 and March 31, 2023, the Company sold trade accounts receivable aggregating $623 million and $626 million, respectively. The discounts on the trade accounts receivable sold were not material and were recorded within Other income, net in the Condensed Consolidated Statements of Operations. As of March 29, 2024 and June 30, 2023, the amount of factored receivables that remained outstanding was $102 million and $150 million, respectively. Inventories
| March 29, 2024 |  | June 30, 2023
| (in millions)
Inventories: |  |  |
Raw materials and component parts | $ | 1,666 |  |  | $ | 2,096 |
Work-in-process | 1,045 |  |  | 979 |
Finished goods | 504 |  |  | 623 |
Total inventories | $ | 3,215 |  |  | $ | 3,698 |
Property, plant and equipment, net
| March 29, 2024 |  | June 30, 2023
| (in millions)
Property, plant and equipment: |  |  |
Land | $ | 235 |  |  | $ | 269 |
Buildings and improvements | 1,826 |  |  | 1,955 |
Machinery and equipment | 8,655 |  |  | 8,704 |
Computer equipment and software | 473 |  |  | 470 |
Furniture and fixtures | 54 |  |  | 54 |
Construction-in-process | 793 |  |  | 798 |
Property, plant and equipment, gross | 12,036 |  |  | 12,250 |
Accumulated depreciation | (8,783) |  |  | (8,630) |
Property, plant and equipment, net | $ | 3,253 |  |  | $ | 3,620 |
Other intangible assets, net As part of prior acquisitions, the Company recorded at the time of the acquisition acquired in-process research and development (“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. During the three months ended December 29, 2023, 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. As of March 29, 2024 and June 30, 2023, IPR&D included in intangible assets, net was $72 million and $80 million, respectively. Product warranty liability Changes in the warranty accrual were as follows:
| Three Months Ended |  | Nine Months Ended |  |
| March 29, 2024 |  | March 31, 2023 |  | March 29, 2024 |  | March 31, 2023 |  |
| (in millions)
Warranty accrual, beginning of period | $ | 202 |  |  | $ | 289 |  |  | $ | 244 |  |  | $ | 345 |  |  |
Charges to operations | 28 |  |  | 26 |  |  | 76 |  |  | 83 |  |  |
Utilization | (29) |  |  | (43) |  |  | (112) |  |  | (137) |  |  |
Changes in estimate related to pre-existing warranties | 2 |  |  | — |  |  | (5) |  |  | (19) |  |  |
Warranty accrual, end of period | $ | 203 |  |  | $ | 272 |  |  | $ | 203 |  |  | $ | 272 |  |  |
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:
| March 29, 2024 |  | June 30, 2023 |  |  |  |  |  |
| (in millions)
Warranty accrual: |  |  |  |  |  |  |  |  |
Current portion (included in Accrued expenses) | $ | 47 |  |  | $ | 97 |  |  |  |  |  |  |
Long-term portion (included in Other liabilities) | 156 |  |  | 147 |  |  |  |  |  |  |
Total warranty accrual | $ | 203 |  |  | $ | 244 |  |  |  |  |  |  |
Other liabilities
| March 29, 2024 |  | June 30, 2023
| (in millions)
Other liabilities: |  |  |
Non-current net tax payable | $ | 201 |  |  | $ | 464 |
Non-current portion of unrecognized tax benefits | 552 |  |  | 408 |
Other non-current liabilities | 680 |  |  | 543 |
Total other liabilities | $ | 1,433 |  |  | $ | 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 Losses |  | Foreign Currency Translation Adjustment |  |  |  |  |  | Unrealized Losses on Derivative Contracts |  | Total Accumulated Comprehensive Loss
| (in millions)
Balance at June 30, 2023 | $ | (2) |  |  | $ | (389) |  |  |  |  |  |  | $ | (157) |  |  | $ | (548) |
Other comprehensive loss before reclassifications | — |  |  | (55) |  |  |  |  |  |  | (196) |  |  | (251) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | — |  |  |  |  |  |  | 151 |  |  | 151 |
Income tax benefit related to items of other comprehensive loss | — |  |  | 1 |  |  |  |  |  |  | 11 |  |  | 12 |
Net current-period other comprehensive loss | — |  |  | (54) |  |  |  |  |  |  | (34) |  |  | (88) |
Balance at March 29, 2024 | $ | (2) |  |  | $ | (443) |  |  |  |  |  |  | $ | (191) |  |  | $ | (636) |
During the three and nine months ended March 29, 2024, the amounts reclassified out of AOCL were losses related to foreign exchange contracts that were substantially charged to Cost of revenue in the Condensed Consolidated Statements of Operations. As of March 29, 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. In addition, as of March 29, 2024, the Company did not have any foreign exchange forward contracts with credit-risk-related contingent features.

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

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration