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Balance Sheet Information | 6 Months Ended
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Dec. 29, 2023
Disclosure Text Block Supplement [Abstract] |
Balance Sheet Information | Balance Sheet Information Available-for-sale Debt Securities The following table summarizes, by major type, the fair value and amortized cost of the Company’s available-for-sale debt investments as of December 29, 2023 and June 30, 2023:
|  | December 29, 2023 |  | June 30, 2023
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 90 |  |  | $ | — |  |  | $ | 90 |  |  | $ | 73 |  |  | $ | — |  |  | $ | 73 |
Time deposits and certificates of deposit |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Other debt securities |  | 15 |  |  | — |  |  | 15 |  |  | 16 |  |  | — |  |  | 16 |
Total |  | $ | 106 |  |  | $ | — |  |  | $ | 106 |  |  | $ | 90 |  |  | $ | — |  |  | $ | 90 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 89 |  |  |  |  |  |  | $ | 72 |
Included in Other current assets |  |  |  |  |  | 2 |  |  |  |  |  |  | 2 |
Included in Other assets, net |  |  |  |  |  | 15 |  |  |  |  |  |  | 16 |
Total |  |  |  |  |  | $ | 106 |  |  |  |  |  |  | $ | 90 |
As of December 29, 2023 and June 30, 2023, the Company’s Other current assets in cluded $2 million in restricted cash equivalents held as collateral at banks for various performance obligations. As of December 29, 2023 and June 30, 2023, the Compa ny had no available-for-sale debt securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no impairment related to credit losses for available-for-sale debt securities as of December 29, 2023. The fair value and amortized cost of the Company’s investments classified as available-for-sale debt securities as of December 29, 2023, by remaining contractual maturity were as follows:
(Dollars in millions) |  | Amortized Cost |  | Fair Value
Due in less than 1 year |  | $ | 91 |  |  | $ | 91 |
Due in 1 to 5 years |  | 15 |  |  | 15 |
Total |  | $ | 106 |  |  | $ | 106 |
Cash, Cash Equivalents and Restricted Cash The following table provides a summary of cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Balance Sheets that reconciles to the corresponding amount in the Company’s Condensed Consolidated Statements of Cash Flows:
(Dollars in millions) |  | December 29, 2023 |  |  | June 30, 2023 |  | December 30, 2022 |  |  |  | July 1, 2022
Cash and cash equivalents |  | $ | 787 |  |  |  | $ | 786 |  |  | $ | 770 |  |  |  |  | $ | 615 |
Restricted cash included in Other current assets |  | 2 |  |  |  | 2 |  |  | 2 |  |  |  |  | 2 |
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows |  | $ | 789 |  |  |  | $ | 788 |  |  | $ | 772 |  |  |  |  | $ | 617 |
Accounts receivable, net In connection with the Company’s factoring agreements, from time to time the Company sells trade receivables to a third party for cash proceeds less a discount. During the three and six months ended December 29, 2023, the Company sold trade receivables without recourse for cash proceeds of $290 million and $582 million, respectively. As of December 29, 2023, the total amount that remained subject to servicing by the Company was $290 million. During the three and six months ended December 30, 2022, the Company sold trade receivables without recourse for cash proceeds of $211 million and $411 million, respectively. The discounts on the sale of trade receivables were not material for the three and six months ended December 29, 2023 and December 30, 2022, respectively. Inventories The details of the inventories were as follows:
(Dollars in millions) |  | December 29, 2023 |  | June 30, 2023
Raw materials and components |  | $ | 214 |  |  | $ | 241 |
Work-in-process |  | 627 |  |  | 682 |
Finished goods |  | 212 |  |  | 217 |
Total inventories |  | $ | 1,053 |  |  | $ | 1,140 |
Other Current Assets The details of the other current assets were as follows:
(Dollars in millions) |  | December 29, 2023 |  | June 30, 2023
Vendor receivables |  | $ | 122 |  |  | $ | 167 |
Other current assets |  | 195 |  |  | 191 |
Total |  | $ | 317 |  |  | $ | 358 |
Property, Equipment and Leasehold Improvements, net The components of property, equipment and leasehold improvements, net, were as follows:
(Dollars in millions) |  | December 29, 2023 |  | June 30, 2023
Property, equipment and leasehold improvements |  | $ | 10,270 |  |  | $ | 10,267 |
Accumulated depreciation and amortization |  | (8,628) |  |  | (8,561) |
Property, equipment and leasehold improvements, net |  | $ | 1,642 |  |  | $ | 1,706 |
During the three months ended December 29, 2023, the Company did not record accelerated depreciation expense. During the six months ended December 29, 2023, the Company recognized a charge of $13 million for the accelerated depreciation of certain fixed assets, respectively, which was recorded to Cost of revenue in the Condensed Consolidated Statements of Operations. During the three and six months ended December 30, 2022, the Company recognized a charge of $39 million and $61 million for the accelerated depreciation of certain fixed assets, respectively, which was recorded to Cost of revenue and Product development in the Condensed Consolidated Statements of Operations. Accrued Expenses The details of the accrued expenses were as follows:
(Dollars in millions) |  | December 29, 2023 |  | June 30, 2023
Dividends payable |  | $ | 147 |  |  | $ | 145 |
Other accrued expenses |  | 596 |  |  | 603 |
Total |  | $ | 743 |  |  | $ | 748 |
Accumulated Other Comprehensive Income (“AOCI”) The components of AOCI, net of tax, were as follows:
(Dollars in millions) |  | Unrealized Gains/(Losses) on Cash Flow Hedges |  |  |  | Unrealized Gains/(Losses) on Post-Retirement Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance at June 30, 2023 |  | $ | 103 |  |  |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | 98 |
Other comprehensive (loss) income before reclassifications |  | (9) |  |  |  |  | — |  |  | 1 |  |  | (8) |
Amounts reclassified from AOCI |  | (87) |  |  |  |  | — |  |  | — |  |  | (87) |
Other comprehensive (loss) income |  | (96) |  |  |  |  | — |  |  | 1 |  |  | (95) |
Balance at December 29, 2023 |  | $ | 7 |  |  |  |  | $ | (4) |  |  | $ | — |  |  | $ | 3 |
Balance at July 1, 2022 |  | $ | 51 |  |  |  |  | $ | (14) |  |  | $ | (1) |  |  | $ | 36 |
Other comprehensive income before reclassifications |  | 51 |  |  |  |  | — |  |  | — |  |  | 51 |
Amounts reclassified from AOCI |  | 11 |  |  |  |  | 1 |  |  | — |  |  | 12 |
Other comprehensive income |  | 62 |  |  |  |  | 1 |  |  | — |  |  | 63 |
Balance at December 30, 2022 |  | $ | 113 |  |  |  |  | $ | (13) |  |  | $ | (1) |  |  | $ | 99 |

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