v3.25.2
Fair Value Measurements and Investments (Tables)
12 Months Ended
Jun. 27, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 27, 2025 and June 28, 2024, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:
June 27, 2025
 Level 1Level 2Level 3Total
(in millions)
Assets:
Retained interest in Sandisk
$354 $— $— $354 
Cash equivalents – Money market funds285 — — 285 
Foreign exchange contracts— 10 — 10 
Total assets at fair value$639 $10 $— $649 
Liabilities:
Foreign exchange contracts$— $$— $
Total liabilities at fair value$— $$— $

June 28, 2024
 Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$388 $— $— $388 
Foreign exchange contracts— — 
Total assets at fair value$388 $$— $389 
Liabilities:
Foreign exchange contracts$— $18 $— $18 
Total liabilities at fair value$— $18 $— $18 
Schedule of Related Costs And Fair Values Based On Quoted Market Prices
The following table contains the related carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) and fair value (which is based on quoted market prices) for each of the Company’s outstanding financial instruments. Each of the financial instruments presented below was categorized as Level 2 for all periods presented, based on the frequency of trading immediately prior to the end of the fourth quarter of 2025 and the fourth quarter of 2024, respectively.
June 27, 2025June 28, 2024
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(in millions)
4.75% senior unsecured notes due 2026
$500 $499 $2,296 $2,253 
Variable interest rate Term Loan A-2 maturing 2027— — 2,578 2,539 
Variable interest rate Term Loan A-3 maturing 20271,642 1,655 — — 
3.00% convertible notes due 2028
1,575 2,849 1,568 2,556 
2.85% senior notes due 2029
498 463 496 434 
3.10% senior notes due 2032
496 442 496 407 
Total$4,711 $5,908 $7,434 $8,189