Quantitative and Qualitative Disclosures About Market Risk
+Added: Equity Prices
+Added: We are exposed to equity market risk through our investment in marketable equity securities in a foreign entity, which we typically do not attempt to reduce or eliminate through hedging activities.
+Added: As of July 3, 2026, the fair value of our marketable equity securities was $1,777 million.
+Added: This represents an investment in Nanya, for which the securities are traded on the Taiwan Stock Exchange.
+Added: To determine a reasonable possible decrease in the market value of our marketable equity securities, we have analyzed the historical market price sensitivity of our investment.
+Added: Assuming a decline of 10% in market prices, the aggregate value of our marketable equity securities could decrease by $178 million, based on the fair value as of July 3, 2026.
Foreign Currency Risk
5 unchanged sentences
We do not purchase foreign exchange contracts for speculative or trading purposes.
−Removed: We have performed sensitivity analyses as of June 27, 2025, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S.
+Added: We have performed sensitivity analyses as of July 3, 2026, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S.
dollar, with all other variables held constant.
The analyses cover all of our foreign currency derivative contracts used to offset the underlying exposures.
−Removed: The foreign currency exchange rates used in performing the sensitivity analyses were based on market rates in effect at June 27, 2025.
+Added: The foreign currency exchange rates used in performing the sensitivity analyses were based on market rates in effect at July 3, 2026.
The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates relative to the U.S.
−Removed: dollar would result in a foreign exchange fair value loss of $85 million at June 27, 2025.
+Added: dollar would result in a foreign exchange fair value loss of $22 million at July 3, 2026.
During 2026, 2025 and 2024, total net realized and unrealized transaction and foreign exchange contract currency losses were $17 million, $29 million, and $4 million, respectively, to our Consolidated Financial Statements.
2 unchanged sentences
We have revised, and may continue to alter, our hedging program and may choose to discontinue our hedging activities at any time.
−Removed: Interest Rate Risk
−Removed: We held variable rate debt.
−Removed: As of June 27, 2025, our variable rate debt outstanding consisted of our Term Loan Facility, which is based on various index rates as discussed further in Part II, Item 8., Note 8, Debt of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.
−Removed: As of June 27, 2025, the outstanding balance on our variable rate debt was approximately $1.9 billion and a one percent increase in the variable rate of interest would increase our annual interest expense by $19 million.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.