v3.26.1
Fair Value Measurements and Investments (Tables)
12 Months Ended
Jul. 03, 2026
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 July 3, 2026 and June 27, 2025, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:
July 3, 2026
Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$67 $— $— $67 
Foreign exchange contracts— — 
Total assets at fair value$67 $$— $69 
Liabilities:
Foreign exchange contracts$— $22 $— $22 
Total liabilities at fair value$— $22 $— $22 

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 $— $649 
Liabilities:
Foreign exchange contracts$— $$— $
Total liabilities at fair value$— $$— $
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 2026 and the fourth quarter of 2025, respectively.
July 3, 2026June 27, 2025
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(in millions)
3.00% convertible notes due 2028
$702 $10,109 $1,575 $2,849 
Revolving Credit Facility maturing January 2027350 350 — — 
Variable interest rate Term Loan A-3 maturing 2027— — 1,642 1,655 
4.75% senior unsecured notes due 2026
— — 500 499 
2.85% senior notes due 2029
— — 498 463 
3.10% senior notes due 2032
— — 496 442 
Total$1,052 $10,459 $4,711 $5,908