Debt (Tables)

12 Months Ended

Jun. 27, 2025

Debt consisted of the following:


	June 27, 2025		June 28, 2024
	(in millions)
4.75% senior unsecured notes due 2026	$	500	$	2,300
Variable interest rate Term Loan A-2 maturing 2027	—		2,588
Variable interest rate Term Loan A-3 maturing 2027	1,649		—
3.00% convertible notes due 2028	1,600		1,600
2.85% senior notes due 2029	500		500
3.10% senior notes due 2032	500		500
Total debt	4,749		7,488
Issuance costs	(38)		(54)
Subtotal	4,711		7,434
Less: current portion of long-term debt	(2,226)		(1,750)
Long-term debt	$	2,485	$	5,684

Schedule of Maturities of Long-term Debt

As of June 27, 2025, the Company is subject to required principal payment or earlier conversion, at the option of the holder, as follows:


	Contractual Maturity (1)
	(in millions)
Fiscal year:
2026	$	2,226
2027	1,523
2028	—
2029	500
2030	—
2031 and thereafter	500
Total debt maturities	4,749
Issuance costs	(38)
Net carrying value	$	4,711

(1) As of June 30, 2025, the holders of the 2028 Convertible Notes will have the option to convert the notes from July 1, 2025 through September 30, 2025. As such, the principal portion of these notes is reflected as current in the table above.