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Leases, Codification Topic 842
12 Months Ended
Jun. 28, 2024
Leases [Abstract]  
Lessee, Operating Leases Leases
The Company is a lessee in several operating leases related to real estate facilities for warehouse, office and lab space.
The Company’s lease arrangements comprise operating leases with various expiration dates through 2068. The lease term includes the non-cancelable period of the lease, adjusted for options to extend or terminate the lease when it is reasonably certain that an option will be exercised.
During fiscal years 2024 and 2023, the Company sold and leased back certain properties and recorded a net gain of $30 million and $156 million respectively, within Restructuring and other, net in the Consolidated Statements of Operations.
Operating lease costs include short-term lease costs and are shown net of immaterial sublease income. The components of lease costs and other information related to leases were as follows:
 Fiscal Years Ended
(Dollars in millions)June 28,
2024
June 30,
2023
July 1,
2022
Operating lease cost$72 $21 $16 
Variable lease cost34
Total lease cost$75 $24 $20 
Operating cash outflows from operating leases$63 $23 $20 

During fiscal years 2024 and 2023, the Company obtained $47 million and $353 million ROU assets in exchange for new operating lease liabilities, respectively. In fiscal year 2022, the ROU assets obtained in exchange for new operating lease liabilities were immaterial.
June 28,
2024
June 30,
2023
July 1,
2022
Weighted-average remaining lease term8.6 years9.6 years9.3 years
Weighted-average discount rate8.45 %8.49 %6.40 %
ROU assets and lease liabilities included in the Company’s Consolidated Balance Sheets were as follows:
(Dollars in millions)Balance Sheet LocationJune 28,
2024
June 30,
2023
ROU assetsOther assets, net$403 $396 
Current lease liabilitiesAccrued expenses61 51
Non-current lease liabilitiesOther non-current liabilities338 333
At June 28, 2024, future lease payments included in the measurement of lease liabilities were as follows (in millions):
Fiscal YearAmount
2025$63 
202664 
202759 
202860 
202962 
Thereafter256 
Total lease payments564 
Less: imputed interest(165)
Present value of lease liabilities$399