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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, 2024June 28, 2024
Cash and cash equivalents$1,239 $1,358 
Restricted cash included in Other current assets2 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 remained 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 sold 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, 2024June 28, 2024
Raw materials and components$441 $270 
Work-in-process829 831 
Finished goods113 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, 2024June 28, 2024
Vendor receivables$125 $110 
Other current assets233 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, 2024June 28, 2024
Gross property, equipment and leasehold improvements10,280 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, 2024June 28, 2024
Dividends payable$148 $147 
Other accrued expenses537 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, 2024September 29, 2023
Outstanding at the beginning of the period$50 $51 
Added to the program during the period332 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 HedgesUnrealized Gains/(Losses) on Post-Retirement PlansForeign Currency Translation AdjustmentsTotal
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)