Balance Sheet Information (Tables)

12 Months Ended

Jul. 03, 2026

Disclosure Text Block Supplement [Abstract]

Cash, Cash Equivalent, and Restricted Cash

The following table provides a summary of cash, cash equivalents and restricted cash reported within the Company’s Consolidated Balance Sheets that reconciles to the corresponding amount in the Company’s Consolidated Statements of Cash Flows:


(Dollars in millions)	July 3, 2026		June 27, 2025		June 28, 2024
Cash and cash equivalents	$	1,704	$	891	$	1,358
Restricted cash included in Other current assets	1		2		2
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows	$	1,705	$	893	$	1,360

Schedule of Cash and Cash Equivalents


(Dollars in millions)	July 3, 2026		June 27, 2025		June 28, 2024
Cash and cash equivalents	$	1,704	$	891	$	1,358
Restricted cash included in Other current assets	1		2		2
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows	$	1,705	$	893	$	1,360

Inventories

The details of the inventory, net were as follows:


(Dollars in millions)	July 3, 2026		June 27, 2025
Raw materials and components	$	307	$	374
Work-in-process	1,088		838
Finished goods	176		228
Total inventories, net	$	1,571	$	1,440

Schedule of Other Current Assets

The details of the other current assets were as follows:


(Dollars in millions)	July 3, 2026		June 27, 2025
Vendor receivables	$	123	$	121
Other current assets	289		242
Total	$	412	$	363

Property, Equipment and Leasehold Improvements, net

The components of property, equipment and leasehold improvements, net were as follows:


(Dollars in millions)	Useful Life in Years	July 3, 2026		June 27, 2025
Land and land improvements		$	22	$	18
Equipment	3 – 10	8,661		8,566
Buildings and leasehold improvements	Up to 30	1,572		1,413
Construction in progress		421		333
Gross property, equipment and leasehold improvements		10,676		10,330
Less: accumulated depreciation and amortization		(8,642)		(8,673)
Property, equipment and leasehold improvements, net		$	2,034	$	1,657

Accrued Expenses

The details of the accrued expenses were as follows:


(Dollars in millions)	July 3, 2026		June 27, 2025
Dividends payable	$	168	$	153




Other accrued expenses	576		479
Total	$	744	$	632

Other Non-Current Liabilities

The details of the other non-current liabilities were as follows:


(Dollars in millions)	July 3, 2026		June 27, 2025
Deferred contract liabilities	$	188	$	211
Non-current income tax payable	436		1
Non-current lease liabilities	293		317
Other accrued expenses	256		227
Total	$	1,173	$	756

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 Consolidated Balance Sheets and the associated payments are included in Net cash provided by operating activities on its Consolidated Statements of Cash Flows.

The details of the outstanding supplier financing obligation were as follows:


	For the Fiscal Year Ended
(Dollars in millions)	July 3, 2026		June 27, 2025
Outstanding at the beginning of the period	$	20	$	50
Added to the program during the period	1,817		1,344
Settled during the period	(1,437)		(1,374)
Outstanding at the end of the period	$	400	$	20

Accumulated Other Comprehensive Income (Loss)

The components of AOCI, net of tax, were as follows:


(Dollars in millions)	Unrealized Gains/(Losses) on Derivative Instruments		Unrealized Gains/(Losses) on Post-Retirement Plans		Foreign Currency Translation Adjustments		Total
Balance at June 28, 2024	$	—	$	(2)	$	—	$	(2)
Other comprehensive loss before reclassifications	—		(7)		—		(7)
Amounts reclassified from AOCI	—		1		—		1
Other comprehensive loss	—		(6)		—		(6)
Balance at June 27, 2025	$	—	$	(8)	$	—	$	(8)
Other comprehensive income before reclassifications	3		5		—		8
Amounts reclassified from AOCI	—		—		—		—
Other comprehensive income	3		5		—		8
Balance at July 3, 2026	$	3	$	(3)	$	—	$	—