XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.24.3

Balance Sheet Information | 3 Months Ended
--- | ---
Sep. 27, 2024
Disclosure Text Block Supplement [Abstract] |
Balance Sheet Information | Balance Sheet Information Cash, Cash Equivalents and Restricted Cash The details of the cash, cash equivalents and restricted cash were as follows:
(Dollars in millions) |  | September 27, 2024 |  | June 28, 2024 |  |  |  |
Cash and cash equivalents |  | $ | 1,239 |  |  | $ | 1,358 |  |  |  |  |
Restricted cash included in Other current assets |  | 2 |  |  | 2 |  |  |  |  |
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows |  | $ | 1,241 |  |  | $ | 1,360 |  |  |  |  |
Accounts Receivable, net In connection with the Company’s factoring agreements, from time to time the Company sells accounts receivables to third parties for cash proceeds less a discount. During the three months ended September 27, 2024, the Company sold accounts receivables without recourse for cash proceeds of $343 million. As of September 27, 2024, the total amount that remai ned subject to servicing by the Company was $343 million. During the three months ended September 29, 2023, the Company sold accounts receivables without recourse for cash proceeds of $292 million. As of September 29, 2023, the total amount that remained subject to servicing by the Company was $363 million. The discounts on accounts receivables sol d were not material for the three months ended September 27, 2024, and September 29, 2023, respectively. Inventories, net The details of the inventory, net were as follows:
(Dollars in millions) |  | September 27, 2024 |  | June 28, 2024
Raw materials and components |  | $ | 441 |  |  | $ | 270 |
Work-in-process |  | 829 |  |  | 831 |
Finished goods |  | 113 |  |  | 138 |
Total inventories, net |  | $ | 1,383 |  |  | $ | 1,239 |
Other Current Assets The details of the other current assets were as follows:
(Dollars in millions) |  | September 27, 2024 |  | June 28, 2024
Vendor receivables |  | $ | 125 |  |  | $ | 110 |
Other current assets |  | 233 |  |  | 196 |
Total |  | $ | 358 |  |  | $ | 306 |
Property, Equipment and Leasehold Improvements, net The components of property, equipment and leasehold improvements, net were as follows:
(Dollars in millions) |  | September 27, 2024 |  | June 28, 2024
Gross property, equipment and leasehold improvements |  | 10,280 |  |  | 10,260 |
Less: accumulated depreciation and amortization |  | (8,681) |  |  | (8,646) |
Property, equipment and leasehold improvements, net |  | $ | 1,599 |  |  | $ | 1,614 |
During the three months ended September 27, 2024, the accelerated depreciation charge recognized was immaterial. During the three months ended September 29, 2023, the Company recognized a charge of $13 million for the accelerated depreciation of certain fixed assets, which was recorded to Cost of revenue in the Condensed Consolidated Statements of Operations. Accrued Expenses The details of the accrued expenses were as follows:
(Dollars in millions) |  | September 27, 2024 |  | June 28, 2024
Dividends payable |  | $ | 148 |  |  | $ | 147 |
Other accrued expenses |  | 537 |  |  | 507 |
Total |  | $ | 685 |  |  | $ | 654 |
Supplier Financing Arrangements The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with third-party financial institutions. This SCF program does not result in changes to the Company's contractual payment terms with the suppliers regardless of program participation. At the suppliers' election, they can receive payment of the Company's obligations prior to the scheduled due dates, at a discount price to the third-party financial institution. The Company does not determine the terms or conditions of the arrangement between suppliers and the third-party financial institution. Participating suppliers are paid directly by the third-party financial institution and the Company pays the third-party financial institution the stated amount of confirmed invoices from its designated suppliers at the original invoice amount on the agreed due dates. The Company has not pledged any assets or provided other guarantees under its SCF program. All outstanding amounts related to suppliers participating in the SCF Program are recorded within Accounts payable in the Company's Condensed Consolidated Balance Sheets and the associated payments are included in Net cash provided by operating activities on its Condensed Consolidated Statements of Cash Flows. The details of the outstanding supplier financing obligation were as follows:
(Dollars in millions) |  | September 27, 2024 |  | September 29, 2023
Outstanding at the beginning of the period |  | $ | 50 |  |  | $ | 51 |
Added to the program during the period |  | 332 |  |  | 161 |
Settled during the period |  | (348) |  |  | (163) |
Outstanding at the ending of the period |  | $ | 34 |  |  | $ | 49 |
Accumulated Other Comprehensive (Loss) 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 28, 2024 |  | $ | — |  |  |  | $ | (2) |  |  | $ | — |  |  | $ | (2) |
Other comprehensive income before reclassifications |  | — |  |  |  | — |  |  | — |  |  | — |
Amounts reclassified from AOCI |  | — |  |  |  | — |  |  | — |  |  | — |
Other comprehensive income |  | — |  |  |  | — |  |  | — |  |  | — |
Balance at September 27, 2024 |  | — |  |  |  | (2) |  |  | — |  |  | (2) |
Balance at June 30, 2023 |  | 103 |  |  |  | (4) |  |  | (1) |  |  | 98 |
Other comprehensive (loss) before reclassifications |  | (22) |  |  |  | — |  |  | — |  |  | (22) |
Amounts reclassified from AOCI |  | (92) |  |  |  | — |  |  | 1 |  |  | (91) |
Other comprehensive (loss) |  | (114) |  |  |  | — |  |  | 1 |  |  | (113) |
Balance at September 29, 2023 |  | $ | (11) |  |  |  | $ | (4) |  |  | $ | — |  |  | $ | (15) |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockSupplementAbstract
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