Balance Sheet Information

3 Months Ended

Oct. 02, 2026

Disclosure Text Block Supplement [Abstract]

alance Sheet Information

Cash, Cash Equivalents and Restricted Cash

The details of the cash, cash equivalents and restricted cash were as follows:


(Dollars in millions)	October 2, 2026		July 3, 2026
Cash and cash equivalents	$	1,258	$	1,704
Restricted cash included in Other current assets	112		1
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows	$	1,370	$	1,705

Inventories, net

The details of the inventory, net were as follows:


(Dollars in millions)	October 2, 2026		July 3, 2026
Raw materials and components	$	319	$	307
Work-in-process	1,156		1,088
Finished goods	225		176
Total inventories, net	$	1,700	$	1,571

Other Current Assets

The details of the other current assets were as follows:


(Dollars in millions)	October 2, 2026		July 3, 2026
Vendor receivables	$	123	$	123
Other current assets	498		289
Total	$	621	$	412

Property, Equipment and Leasehold Improvements, net

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


(Dollars in millions)	October 2, 2026		July 3, 2026
Gross property, equipment and leasehold improvements	$	10,840	$	10,676
Less: accumulated depreciation and amortization	(8,675)		(8,642)
Property, equipment and leasehold improvements, net	$	2,165	$	2,034

Accrued Expenses

The details of the accrued expenses were as follows:


(Dollars in millions)	October 2, 2026		July 3, 2026
Dividends payable	$	170	$	168




Other accrued expenses	618		576
Total	$	788	$	744

Other Non-Current Liabilities

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


(Dollars in millions)	October 2, 2026		July 3, 2026
Deferred contract liabilities	$	182	$	188
Non-current income tax payable	749		436
Non-current lease liabilities	321		293
Other accrued expenses	164		256
Total	$	1,416	$	1,173

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.

Outstanding amounts related to suppliers participating in the SCF program, recorded within Accounts payable in the Company's Condensed Consolidated Balance Sheets, were $284 million and $400 million as of October 2, 2026 and July 3, 2026, respectively. The associated payments are included in Net cash provided by operating activities on its Condensed Consolidated Statements of Cash Flows.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, net of tax, was comprised of $1 million of unrealized losses on derivative instruments and $3 million of unrealized losses on defined benefit pension plans as of October 2, 2026. Accumulated other comprehensive loss, net of tax, was comprised of $3 million of unrealized gains on derivative instruments offset by $3 million of unrealized losses on defined benefit pension plans as of July 3, 2026.