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Fair Value (Tables)

3 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities, by financial instrument type and balance sheet line item that are measured at fair value on a recurring basis, excluding accrued interest components, as of:

												September 27, 2024																								June 28, 2024
												Fair Value Measurements at Reporting Date Using																								Fair Value Measurements at Reporting Date Using
(Dollars in millions)						Balance Sheet Location						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance
Assets:
Money market funds						Cash and cash equivalents						$	458					$	—					$	—					$	458					$	386					$	—					$	—					$	386
Total cash equivalents												458						—						—						458						386						—						—						386
Restricted cash and investments:
Money market funds						Other current assets						1						—						—						1						1						—						—						1
Time deposits and certificates of deposit						Other current assets						—						1						—						1						—						1						—						1
Other debt securities						Other assets, net						—						—						15						15						—						—						15						15
Derivative assets						Other current assets						—						1						—						1						—						1						—						1
Total assets												$	459					$	2					$	15					$	476					$	387					$	2					$	15					$	404
Liabilities:
Derivative liabilities						Accrued expenses						$	—					$	(1)					$	—					$	(1)					$	—					$	(1)					$	—					$	(1)
Total liabilities												$	—					$	(1)					$	—					$	(1)					$	—					$	(1)					$	—					$	(1)

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The Company’s debt is carried at amortized cost. The estimated fair value of the Company’s debt is derived using the closing price of the same debt instruments as of the date of valuation, which takes into account the yield curve, interest rates and other observable inputs. Accordingly, these fair value measurements are categorized as Level 2. The following table presents the fair value and amortized cost of the Company’s debt in order of maturity:

						September 27, 2024												June 28, 2024
(Dollars in millions)						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
4.75% Senior Notes due January 2025						479						478						479						476
4.875% Senior Notes due June 2027						505						504						505						493
3.50% Exchangeable Senior Notes due June 2028						1,500						2,142						1,500						2,070
4.091% Senior Notes due June 2029						472						475						471						459
3.125% Senior Notes due July 2029						163						147						163						139
8.25% Senior Notes due December 2029						500						544						500						537
4.125% Senior Notes due January 2031						275						254						275						245
3.375% Senior Notes due July 2031						72						61						72						58
8.50% Senior Notes due July 2031						500						547						500						538
9.625% Senior Notes due December 2032						750						871						750						855
5.75% Senior Notes due December 2034						489						494						489						472
						$	5,705					$	6,517					$	5,704					$	6,342
Less: unamortized debt issuance costs						(29)						—						(30)						—
Debt, net of debt issuance costs						$	5,676					$	6,517					$	5,674					$	6,342
Less: current portion of debt, net of debt issuance costs						(479)						(478)						(479)						(476)
Long-term debt, less current portion, net of debt issuance costs						$	5,197					$	6,039					$	5,195					$	5,866

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- References

No definition available.

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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