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Business Segments (Tables) | 6 Months Ended
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Dec. 29, 2017
Segment Reporting [Abstract] |
Total Segment Revenue and Operating Income Reconciliation | Total assets by business segment are summarized below:
|  | December 29, 2017 |  | June 30, 2017
|  | (In millions)
Total Assets |  |  |
Communication Systems | $ | 1,541 |  |  | $ | 1,534 |
Electronic Systems | 4,137 |  |  | 4,094 |
Space and Intelligence Systems | 2,155 |  |  | 2,117 |
Corporate (1) | 2,023 |  |  | 2,345 |
|  | $ | 9,856 |  |  | $ | 10,090 |
(1) | Identifiable intangible assets acquired in connection with our acquisition of Exelis in the fourth quarter of fiscal 2015 were recorded as Corporate assets because they benefit the entire Company as opposed to any individual segment. Exelis identifiable intangible asset balances recorded as Corporate assets were approximately $1 billion as of December 29, 2017 and June 30, 2017. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan assets and buildings and equipment.
Segment revenue, segment operating income and a reconciliation of segment operating income to total income from continuing operations before income taxes are as follows:
|  | Quarter Ended |  | Two Quarters Ended
|  | December 29, 2017 |  | December 30, 2016 |  | December 29, 2017 |  | December 30, 2016
|  | (In millions)
Revenue |  |  |  |  |  |  |
Communication Systems | $ | 489 |  |  | $ | 413 |  |  | $ | 899 |  |  | $ | 843 |
Electronic Systems | 584 |  |  | 570 |  |  | 1,124 |  |  | 1,107 |
Space and Intelligence Systems | 465 |  |  | 468 |  |  | 931 |  |  | 921 |
Corporate eliminations | (3 | ) |  | (2 | ) |  | (6 | ) |  | (2 | )
| $ | 1,535 |  |  | $ | 1,449 |  |  | $ | 2,948 |  |  | $ | 2,869 |
Income From Continuing Operations Before Income Taxes
Segment Operating Income:(1) |  |  |  |  |  |  |
Communication Systems | $ | 144 |  |  | $ | 121 |  |  | $ | 262 |  |  | $ | 239 |
Electronic Systems | 101 |  |  | 134 |  |  | 210 |  |  | 245 |
Space and Intelligence Systems | 81 |  |  | 76 |  |  | 168 |  |  | 155 |
Unallocated corporate expense(2) | (55 | ) |  | (53 | ) |  | (96 | ) |  | (114 | )
Corporate eliminations, net | 1 |  |  | (1 | ) |  | — |  |  | (2 | )
Non-operating income (loss) | (2 | ) |  | 1 |  |  | (2 | ) |  | 2 |
Net interest expense | (41 | ) |  | (43 | ) |  | (82 | ) |  | (87 | )
| $ | 229 |  |  | $ | 235 |  |  | $ | 460 |  |  | $ | 438 |
(1) | Segment operating income for the quarter and two quarters ended December 30, 2016 included stranded costs and Financial Accounting Standards (“FAS”) pension income previously reported as part of our former Critical Networks segment but now re-allocated to our remaining three segments.
(2) | Unallocated corporate expense included (i) a $12 million adjustment for deferred compensation in the quarter and two quarters ended December 29, 2017, (ii) $13 million and $30 million of Exelis acquisition-related charges in the quarter and two quarters ended December 30, 2016, respectively, and (iii) $25 million and $50 million of expense in the quarter and two quarters ended December 29, 2017, respectively, compared with $28 million and $55 million of expense in the quarter and two quarters ended December 30, 2016, respectively, for amortization of identifiable intangible assets acquired as a result of our acquisition of Exelis. Because the acquisition of Exelis benefited the entire Company as opposed to any individual segment, the amortization of identifiable intangible assets acquired in the Exelis acquisition was recorded as unallocated corporate expense.
Total Assets by Segment | Total assets by business segment are summarized below:
|  | December 29, 2017 |  | June 30, 2017
|  | (In millions)
Total Assets |  |  |
Communication Systems | $ | 1,541 |  |  | $ | 1,534 |
Electronic Systems | 4,137 |  |  | 4,094 |
Space and Intelligence Systems | 2,155 |  |  | 2,117 |
Corporate (1) | 2,023 |  |  | 2,345 |
|  | $ | 9,856 |  |  | $ | 10,090 |
(1) | Identifiable intangible assets acquired in connection with our acquisition of Exelis in the fourth quarter of fiscal 2015 were recorded as Corporate assets because they benefit the entire Company as opposed to any individual segment. Exelis identifiable intangible asset balances recorded as Corporate assets were approximately $1 billion as of December 29, 2017 and June 30, 2017. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan assets and buildings and equipment.
Segment revenue, segment operating income and a reconciliation of segment operating income to total income from continuing operations before income taxes are as follows:
|  | Quarter Ended |  | Two Quarters Ended
|  | December 29, 2017 |  | December 30, 2016 |  | December 29, 2017 |  | December 30, 2016
|  | (In millions)
Revenue |  |  |  |  |  |  |
Communication Systems | $ | 489 |  |  | $ | 413 |  |  | $ | 899 |  |  | $ | 843 |
Electronic Systems | 584 |  |  | 570 |  |  | 1,124 |  |  | 1,107 |
Space and Intelligence Systems | 465 |  |  | 468 |  |  | 931 |  |  | 921 |
Corporate eliminations | (3 | ) |  | (2 | ) |  | (6 | ) |  | (2 | )
| $ | 1,535 |  |  | $ | 1,449 |  |  | $ | 2,948 |  |  | $ | 2,869 |
Income From Continuing Operations Before Income Taxes
Segment Operating Income:(1) |  |  |  |  |  |  |
Communication Systems | $ | 144 |  |  | $ | 121 |  |  | $ | 262 |  |  | $ | 239 |
Electronic Systems | 101 |  |  | 134 |  |  | 210 |  |  | 245 |
Space and Intelligence Systems | 81 |  |  | 76 |  |  | 168 |  |  | 155 |
Unallocated corporate expense(2) | (55 | ) |  | (53 | ) |  | (96 | ) |  | (114 | )
Corporate eliminations, net | 1 |  |  | (1 | ) |  | — |  |  | (2 | )
Non-operating income (loss) | (2 | ) |  | 1 |  |  | (2 | ) |  | 2 |
Net interest expense | (41 | ) |  | (43 | ) |  | (82 | ) |  | (87 | )
| $ | 229 |  |  | $ | 235 |  |  | $ | 460 |  |  | $ | 438 |
(1) | Segment operating income for the quarter and two quarters ended December 30, 2016 included stranded costs and Financial Accounting Standards (“FAS”) pension income previously reported as part of our former Critical Networks segment but now re-allocated to our remaining three segments.
(2) | Unallocated corporate expense included (i) a $12 million adjustment for deferred compensation in the quarter and two quarters ended December 29, 2017, (ii) $13 million and $30 million of Exelis acquisition-related charges in the quarter and two quarters ended December 30, 2016, respectively, and (iii) $25 million and $50 million of expense in the quarter and two quarters ended December 29, 2017, respectively, compared with $28 million and $55 million of expense in the quarter and two quarters ended December 30, 2016, respectively, for amortization of identifiable intangible assets acquired as a result of our acquisition of Exelis. Because the acquisition of Exelis benefited the entire Company as opposed to any individual segment, the amortization of identifiable intangible assets acquired in the Exelis acquisition was recorded as unallocated corporate expense.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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