v3.25.2
Supplemental Financial Statement Data
 12 Months Ended
Jun. 27, 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. In 2025, the Company sold no trade accounts receivable. In 2024 and 2023, the Company sold trade accounts receivable aggregating to $284 million and $406 million, respectively. The discounts on the trade accounts receivable sold during the periods were not material and were recorded within Other income (expense), net in the Consolidated Statements of Operations. As of June 27, 2025 and June 28, 2024, no factored receivables were outstanding.

Inventories
June 27,
2025		June 28,
2024
(in millions)
Inventories:
Raw materials and component parts$227 $329 
Work-in-process785 829 
Finished goods279 229 
Total inventories$1,291 $1,387 

Property, plant and equipment, net
June 27,
2025		June 28,
2024
(in millions)
Property, plant and equipment:
Land and improvements
$225 $225 
Buildings and improvements1,550 1,419 
Machinery and equipment6,488 6,301 
Computer equipment and software257 313 
Furniture and fixtures33 32 
Construction-in-process532 685 
Property, plant and equipment, gross9,085 8,975 
Accumulated depreciation(6,742)(6,616)
Property, plant and equipment, net$2,343 $2,359 

Depreciation expense for property, plant and equipment totaled $334 million, $347 million and $389 million in 2025, 2024 and 2023, respectively.

Other intangible assets, net

The Company has acquired IPR&D for projects in progress that had not yet reached technological feasibility at the time of acquisition. IPR&D is initially accounted for as an indefinite-lived intangible asset at the time of acquisition. 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 June 27, 2025 and June 28, 2024, Other non-current assets included $72 million of IPR&D. During 2025, 2024 and 2023, the Company did not record any impairment charges related to IPR&D.
Non-current assets
June 27,
2025		June 28,
2024
(in millions)
Non-current assets:
Deferred tax assets
$1,007 $225 
Other non-current assets
477 612 
Total non-current assets
$1,484 $837 

Product warranty liability

Changes in the warranty accrual were as follows:
202520242023
(in millions)
Warranty accrual, beginning of period$142 $202 $293 
Charges to operations99 79 76 
Utilization(83)(119)(143)
Changes in estimate related to pre-existing warranties(6)(20)(24)
Warranty accrual, end of period$152 $142 $202 

The current portion of the warranty accrual is classified in Accrued expenses and the long-term portion is classified in Other liabilities as noted below:
June 27,
2025		June 28,
2024
(in millions)
Warranty accrual:
Current portion (included in Accrued expenses)$57 $9 
Long-term portion (included in Other liabilities)95 133 
Total warranty accrual$152 $142 

Other liabilities
June 27,
2025		June 28,
2024
(in millions)
Other liabilities:
Non-current net tax payable$— $200 
Non-current portion of unrecognized tax benefits163 443 
Other non-current liabilities396 359 
Total other liabilities$559 $1,002 

Goodwill

Management performed its annual goodwill impairment assessment as of the first day of its fourth quarter ended June 27, 2025 and concluded there were no impairment indicators as of June 27, 2025. The Company also did not incur any impairment charges for 2025, 2024 or 2023. The carrying amount of goodwill was $4.32 billion as of both June 27, 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 following table illustrates the changes in the balances of each component of Accumulated other comprehensive income (loss):
Actuarial Pension Gains (Losses)
Foreign Currency Translation Adjustment
Unrealized Gains (Losses) on Derivative Contracts
Total Accumulated Comprehensive Income (Loss)
(in millions)
Balance at June 30, 2023$(2)$(389)$(157)$(548)
Other comprehensive income (loss) before reclassifications23 (115)(331)(423)
Amounts reclassified from accumulated other comprehensive income (loss)— — 244 244 
Income tax benefit (expense) related to items of other comprehensive income (loss)(7)(1)23 15 
Net current-period other comprehensive income (loss)16 (116)(64)(164)
Balance at June 28, 202414 (505)(221)(712)
Other comprehensive income before reclassifications3 45 31 79 
Amounts reclassified from accumulated other comprehensive income (loss)— — 149 149 
Income tax expense related to items of other comprehensive income(1)— (41)(42)
Net current-period other comprehensive income2 45 139 186 
Distribution in connection with the Separation— 458 88 546 
Balance at June 27, 2025$16 $(2)$6 $20 

During 2025 and 2024, the amounts reclassified out of Accumulated other comprehensive income (loss) included losses of $149 million and $244 million, respectively, related to foreign exchange contracts.
As of June 27, 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.