OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Jun. 27, 2026

A summary of the components of other comprehensive income (loss) and the related tax effects for each of the periods presented is as follows:


		2026
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:
Foreign currency translation adjustment	N/A	$	(124)	$	—	$	(124)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	2		—		2
Change in cash flow hedges	Operating expenses	40		10		30
Change in net investment hedges	N/A	65		17		48
Total other comprehensive income (loss) before reclassification adjustments		107		27		80
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	4		—		4
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain (loss) and other adjustments arising in the current year	Other expense (income), net	134		33		101



Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	31		9		22
Total reclassification adjustments		31		9		22
Marketable securities:
Change in marketable securities	Other expense (income), net	1		—		1
Total other comprehensive income (loss)		$	153	$	69	$	84


		2025
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:
Foreign currency translation adjustment	N/A	$	287	$	—	$	287
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	(2)		—		(2)
Change in cash flow hedges	Operating expenses	(7)		(4)		(3)
Change in net investment hedges	N/A	(65)		(16)		(49)
Total other comprehensive income (loss) before reclassification adjustments		(74)		(20)		(54)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	6		1		5
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:

Net actuarial loss, arising in the current year	Other expense (income), net	(28)		(7)		(21)


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	28		8		20
Total reclassification adjustments		28		8		20

Marketable securities:
Change in marketable securities	Other expense (income), net	4		—		4
Total other comprehensive income (loss)		$	223	$	(18)	$	241


		2024
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:
Foreign currency translation adjustment	N/A	$	(33)	$	—	$	(33)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	2		—		2
Change in cash flow hedges	Operating expenses	21		5		16
Change in net investment hedges	N/A	(5)		(2)		(3)
Total other comprehensive income before reclassification adjustments		18		3		15
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11		4		7
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:

Net actuarial loss, arising in the current year	Other expense (income), net	(130)		(33)		(97)


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	28		8		20
Total reclassification adjustments		28		8		20





Marketable securities:
Change in marketable securities	Other expense (income), net	3		1		2
Total other comprehensive income (loss)		$	(103)	$	(17)	$	(86)

The following tables provide a summary of the changes in accumulated other comprehensive income (loss), net for the periods presented:


	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities		Total
	(In millions)
Balance as of Jul. 1, 2023	$	(374)	$	(32)	$	(840)	$	(7)	$	(1,253)
Other comprehensive income (loss), net before reclassification adjustments	(33)		15		(97)		—		(115)
Amounts reclassified from accumulated other comprehensive income (loss), net	—		7		20		—		27
Change in marketable securities	—		—		—		2		2
Balance as of Jun. 29, 2024	(407)		(10)		(917)		(5)		(1,339)
Other comprehensive income (loss), net before reclassification adjustments	287		(54)		(21)		—		212
Amounts reclassified from accumulated other comprehensive income (loss), net	—		5		20		—		25
Change in marketable securities	—		—		—		4		4
Balance as of Jun. 28, 2025	(120)		(59)		(918)		(1)		(1,098)
Other comprehensive income (loss), net before reclassification adjustments	(124)		80		101		—		57
Amounts reclassified from accumulated other comprehensive income (loss), net	—		4		22		—		26

Change in marketable securities	—		—		—		1		1
Balance as of Jun. 27, 2026	$	(244)	$	25	$	(795)	$	—	$	(1,014)