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Fair Value Measurements and Investments (Tables)

3 Months Ended

Sep. 27, 2024

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 instruments that were measured at fair value on a recurring basis for the periods presented, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

			September 27, 2024
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Cash equivalents - Money market funds			$	269					$	—					$	—					$	269
Foreign exchange contracts			—						106						—						106
Total assets at fair value			$	269					$	106					$	—					$	375
Liabilities:
Foreign exchange contracts			$	—					$	22					$	—					$	22
Total liabilities at fair value			$	—					$	22					$	—					$	22

			June 28, 2024
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Cash equivalents - Money market funds			$	416					$	—					$	—					$	416
Foreign exchange contracts			—						8						—						8
Total assets at fair value			$	416					$	8					$	—					$	424
Liabilities:
Foreign exchange contracts			$	—					$	197					$	—					$	197
Total liabilities at fair value			$	—					$	197					$	—					$	197

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 first quarter of 2025 and the fourth quarter of 2024, respectively.

			September 27, 2024												June 28, 2024
			Carrying Value						Fair Value						Carrying Value						Fair Value
			(in millions)
3.00% convertible notes due 2028			$	1,569					$	2,402					$	1,568					$	2,556
4.75% senior unsecured notes due 2026			2,296						2,285						2,296						2,253
Variable interest rate Term Loan A-2 maturing 2027			2,542						2,505						2,578						2,539
2.85% senior notes due 2029			497						456						496						434
3.10% senior notes due 2032			496						430						496						407
Total			$	7,400					$	8,078					$	7,434					$	8,189

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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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

No definition available.

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