v3.26.1
Balance Sheet Information
 12 Months Ended
Jul. 03, 2026
Disclosure Text Block Supplement [Abstract]  
Balance Sheet Information Balance Sheet Information
Cash, Cash Equivalents 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 assets1 2 2 
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows$1,705 $893 $1,360 
Accounts Receivable, net
In connection with the Company’s factoring agreements, from time to time the Company sells accounts receivables to third parties for cash proceeds less a discount.
During fiscal year 2026, the Company did not sell any accounts receivable to a third party. During fiscal year 2025, the Company sold accounts receivable without recourse for cash proceeds of $692 million and no amount remained subject to servicing by the Company as of June 27, 2025. The discounts on accounts receivable sold were immaterial for fiscal year 2025 and $11 million for fiscal year 2024.
Inventories, net
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-process1,088 838 
Finished goods176 228 
Total inventories, net$1,571 $1,440 
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 assets289 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 YearsJuly 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 progress421 333 
Gross property, equipment and leasehold improvements10,676 10,330 
Less: accumulated depreciation and amortization(8,642)(8,673)
Property, equipment and leasehold improvements, net$2,034 $1,657 
Depreciation expense, which includes amortization of leasehold improvements, was $268 million, $251 million and $264 million for fiscal years 2026, 2025 and 2024, respectively. Interest on borrowings related to eligible capital expenditures is capitalized as part of the cost of the qualified assets and amortized over the estimated useful lives of the assets. During fiscal years 2026, 2025 and 2024, the Company’s capitalized interest was immaterial.
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 expenses576 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 payable436 1 
Non-current lease liabilities293317
Other accrued expenses256 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 period1,817 1,344 
Settled during the period(1,437)(1,374)
Outstanding at the end of the period$400 $20 
Accumulated Other Comprehensive Income (Loss) (“AOCI”)
The components of AOCI, net of tax, were as follows:
(Dollars in millions)Unrealized Gains/(Losses) on Derivative InstrumentsUnrealized Gains/(Losses) on Post-Retirement PlansForeign Currency Translation AdjustmentsTotal
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 income3 5 — 8 
Balance at July 3, 2026
$3 $(3)$— $—