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Supplemental Financial Statement Data | 6 Months Ended
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Dec. 27, 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. There were no trade accounts receivable sold during the six months ended December 27, 2024. During the six months ended December 29, 2023, the Company sold trade accounts receivable aggregating to $392 million. The discounts on the trade accounts receivable sold were not material and were recorded within Other income (expense), net in the Condensed Consolidated Statements of Operations. There were no factored receivables outstanding as of December 27, 2024 and June 28, 2024. Inventories
| December 27, 2024 |  | June 28, 2024
| (in millions)
Inventories: |  |  |
Raw materials and component parts | $ | 1,916 |  |  | $ | 1,727 |
Work-in-process | 957 |  |  | 1,066 |
Finished goods | 547 |  |  | 549 |
Total inventories | $ | 3,420 |  |  | $ | 3,342 |
Property, plant and equipment, net
| December 27, 2024 |  | June 28, 2024
| (in millions)
Property, plant and equipment: |  |  |
Land and improvements | $ | 235 |  |  | $ | 235 |
Buildings and improvements | 1,806 |  |  | 1,820 |
Machinery and equipment | 7,889 |  |  | 8,646 |
Computer equipment and software | 469 |  |  | 471 |
Furniture and fixtures | 51 |  |  | 54 |
Construction-in-process | 683 |  |  | 797 |
Property, plant and equipment, gross | 11,133 |  |  | 12,023 |
Accumulated depreciation | (8,203) |  |  | (8,856) |
Property, plant and equipment, net | $ | 2,930 |  |  | $ | 3,167 |
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. As of December 27, 2024 and June 28, 2024, IPR&D included in intangible assets, net was $72 million. During the three and six months ended December 27, 2024 and December 29, 2023, the Company did not record any impairment charges related to IPR&D. Product warranty liability Changes in the warranty accrual were as follows:
| Three Months Ended |  | Six Months Ended |  |
| December 27, 2024 |  | December 29, 2023 |  | December 27, 2024 |  | December 29, 2023 |  |
| (in millions)
Warranty accrual, beginning of period | $ | 160 |  |  | $ | 218 |  |  | $ | 189 |  |  | $ | 244 |  |  |
Charges to operations | 33 |  |  | 26 |  |  | 58 |  |  | 48 |  |  |
Utilization | (22) |  |  | (40) |  |  | (59) |  |  | (83) |  |  |
Changes in estimate related to pre-existing warranties | (6) |  |  | (2) |  |  | (23) |  |  | (7) |  |  |
Warranty accrual, end of period | $ | 165 |  |  | $ | 202 |  |  | $ | 165 |  |  | $ | 202 |  |  |
The current portion of the warranty accrual was classified in Accrued expenses and the long-term portion was classified in Other liabilities as noted below:
| December 27, 2024 |  | June 28, 2024 |  |  |  |  |  |
| (in millions)
Warranty accrual: |  |  |  |  |  |  |  |  |
Current portion | $ | 57 |  |  | $ | 36 |  |  |  |  |  |  |
Long-term portion | 108 |  |  | 153 |  |  |  |  |  |  |
Total warranty accrual | $ | 165 |  |  | $ | 189 |  |  |  |  |  |  |
Other liabilities
| December 27, 2024 |  | June 28, 2024
| (in millions)
Other liabilities: |  |  |
Non-current net tax payable | $ | — |  |  | $ | 201 |
Non-current portion of unrecognized tax benefits | 590 |  |  | 565 |
Other non-current liabilities | 598 |  |  | 604 |
Total other liabilities | $ | 1,188 |  |  | $ | 1,370 |
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 components of AOCL were as follows:
| Actuarial Pension Gains |  | Foreign Currency Translation Adjustment |  |  |  | Unrealized Losses on Derivative Contracts |  | Total Accumulated Comprehensive Loss
| (in millions)
Balance at June 28, 2024 | $ | 14 |  |  | $ | (505) |  |  |  |  | $ | (221) |  |  | $ | (712) |
Other comprehensive income (loss) before reclassifications | — |  |  | 21 |  |  |  |  | (40) |  |  | (19) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | — |  |  |  |  | 114 |  |  | 114 |
Income tax expense related to items of other comprehensive income | — |  |  | — |  |  |  |  | (16) |  |  | (16) |
Net current-period other comprehensive income | — |  |  | 21 |  |  |  |  | 58 |  |  | 79 |
Balance at December 27, 2024 | $ | 14 |  |  | $ | (484) |  |  |  |  | $ | (163) |  |  | $ | (633) |
During the three and six months ended December 27, 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 December 27, 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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