XML 30 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Supplemental Financial Statement Data | 9 Months Ended
--- | ---
Mar. 28, 2025
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 nine months ended March 28, 2025. During the nine months ended March 29, 2024, the Company sold trade accounts receivable aggregating to $284 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 March 28, 2025 and June 28, 2024. Inventories
| March 28, 2025 |  | June 28, 2024
| (in millions)
Inventories: |  |  |
Raw materials and component parts | $ | 227 |  |  | $ | 329 |
Work-in-process | 786 |  |  | 829 |
Finished goods | 298 |  |  | 229 |
Total inventories | $ | 1,311 |  |  | $ | 1,387 |
Property, plant and equipment, net
| March 28, 2025 |  | June 28, 2024
| (in millions)
Property, plant and equipment: |  |  |
Land and improvements | $ | 225 |  |  | $ | 225 |
Buildings and improvements | 1,543 |  |  | 1,419 |
Machinery and equipment | 6,468 |  |  | 6,301 |
Computer equipment and software | 323 |  |  | 313 |
Furniture and fixtures | 33 |  |  | 32 |
Construction-in-process | 576 |  |  | 685 |
Property, plant and equipment, gross | 9,168 |  |  | 8,975 |
Accumulated depreciation | (6,821) |  |  | (6,616) |
Property, plant and equipment, net | $ | 2,347 |  |  | $ | 2,359 |
Other intangible assets, net As part of the Company’s prior acquisitions, the Company recorded, at the time of each 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 both March 28, 2025 and June 28, 2024, IPR&D included in intangible assets, net was $72 million. During the three and nine months ended March 28, 2025 and March 29, 2024, the Company did not record any impairment charges related to IPR&D. Non-current assets
| March 28, 2025 |  | June 28, 2024 |  |  |  |  |  |
| (in millions)
Non-current assets: |  |  |  |  |  |  |  |  |
Deferred tax assets | $ | 989 |  |  | $ | 225 |  |  |  |  |  |  |
Other non-current assets | 551 |  |  | 534 |  |  |  |  |  |  |
Total non-current assets | $ | 1,540 |  |  | $ | 759 |  |  |  |  |  |  |
Product warranty liability Changes in the warranty accrual were as follows:
| Three Months Ended |  | Nine Months Ended |  |
| March 28, 2025 |  | March 29, 2024 |  | March 28, 2025 |  | March 29, 2024 |  |
| (in millions)
Warranty accrual, beginning of period | $ | 121 |  |  | $ | 159 |  |  | $ | 142 |  |  | $ | 202 |  |  |
Charges to operations | 24 |  |  | 21 |  |  | 73 |  |  | 55 |  |  |
Utilization | (18) |  |  | (21) |  |  | (61) |  |  | (87) |  |  |
Changes in estimate related to pre-existing warranties | (11) |  |  | 1 |  |  | (38) |  |  | (10) |  |  |
Warranty accrual, end of period | $ | 116 |  |  | $ | 160 |  |  | $ | 116 |  |  | $ | 160 |  |  |
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:
| March 28, 2025 |  | June 28, 2024 |  |  |  |  |  |
| (in millions)
Warranty accrual: |  |  |  |  |  |  |  |  |
Current portion | $ | 33 |  |  | $ | 9 |  |  |  |  |  |  |
Long-term portion | 83 |  |  | 133 |  |  |  |  |  |  |
Total warranty accrual | $ | 116 |  |  | $ | 142 |  |  |  |  |  |  |
Other liabilities
| March 28, 2025 |  | June 28, 2024
| (in millions)
Other liabilities: |  |  |
Non-current net tax payable | $ | — |  |  | $ | 144 |
Non-current portion of unrecognized tax benefits | 473 |  |  | 499 |
Other non-current liabilities | 400 |  |  | 359 |
Total other liabilities | $ | 873 |  |  | $ | 1,002 |
Goodwill Goodwill is not amortized. Instead, it is tested for impairment annually as of the beginning of the Company’s fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Management performed goodwill impairment assessments and concluded there were no impairments for the three- and nine-month periods ended March 28, 2025 and March 29, 2024. The carrying amount of goodwill was $4.32 billion as of both March 28, 2025 and June 28, 2024. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss), 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 accumulated other comprehensive income (loss) were as follows:
| Actuarial Pension Gains |  | Foreign Currency Translation Adjustment |  |  |  | Unrealized Losses on Derivative Contracts |  | Total Accumulated Comprehensive Income (Loss)
| (in millions)
Balance at June 28, 2024 | $ | 14 |  |  | $ | (505) |  |  |  |  | $ | (221) |  |  | $ | (712) |
Other comprehensive income before reclassifications | — |  |  | 45 |  |  |  |  | 21 |  |  | 66 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | — |  |  |  |  | 151 |  |  | 151 |
Income tax expense related to items of other comprehensive income | — |  |  | — |  |  |  |  | (40) |  |  | (40) |
Net current-period other comprehensive income | — |  |  | 45 |  |  |  |  | 132 |  |  | 177 |
Distribution in connection with the Separation | — |  |  | 458 |  |  |  |  | 88 |  |  | 546 |
Balance at March 28, 2025 | $ | 14 |  |  | $ | (2) |  |  |  |  | $ | (1) |  |  | $ | 11 |
During the three and nine months ended March 28, 2025, the amounts reclassified out of accumulated other comprehensive loss 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 28, 2025, all existing net losses related to cash flow hedges recorded in accumulated other comprehensive income (loss) are expected to be reclassified to earnings within the next twelve months.

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