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Fair Value Measurements and Investments (Tables)
12 Months Ended
Jun. 30, 2023
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 June 30, 2023 and July 1, 2022, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:
June 30, 2023
 Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$371 $— $— $371 
Foreign exchange contracts— 35 — 35 
Total assets at fair value$371 $35 $— $406 
Liabilities:
Foreign exchange contracts$— $192 $— $192 
Total liabilities at fair value$— $192 $— $192 
July 1, 2022
 Level 1Level 2Level 3Total
(in millions)
Assets:
Cash equivalents – Money market funds$266 $— $— $266 
Foreign exchange contracts— 61 — 61 
Interest rate swap contracts— — 
Total assets at fair value$266 $64 $— $330 
Liabilities:
Foreign exchange contracts$— $316 $— $316 
Total liabilities at fair value$— $316 $— $316 
Schedule of Related Costs And Fair Values Based On Quoted Market Prices For financial instruments where the carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) differs from fair value (which is based on quoted market prices), the following table represents the related carrying value and fair value 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 2023 and the fourth quarter of 2022, respectively.
June 30, 2023July 1, 2022
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(in millions)
1.50% convertible notes due 2024
$1,099 $1,067 $1,048 $1,040 
4.75% senior unsecured notes due 2026
2,293 2,193 2,291 2,205 
Variable interest rate Term Loan A-2 maturing 20272,687 2,661 2,693 2,621 
2.85% senior notes due 2029
496 400 495 412 
3.10% senior notes due 2032
495 371 495 389 
Total$7,070 $6,692 $7,022 $6,667