XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Significant Accounting Policies and Recent Accounting Standards (Tables) | 6 Months Ended
--- | ---
Dec. 28, 2018
Accounting Policies [Abstract] |
Schedule of Effect of Adopting ASC 606 and ASU 2017-07 on Condensed Consolidated Financial Statements (Unaudited) | The following table summarizes the effect of adopting ASC 606 and ASU 2017-07 on our previously reported Condensed Consolidated Statement of Income (Unaudited) for the quarter and two quarters ended December 29, 2017:
| Quarter Ended December 29, 2017
| Previously Reported |  | Effect of Adopting ASC 606 |  | Effect of Adopting ASU 2017-07 |  | Currently Reported
| (In millions, except per share amounts)
Revenue from product sales and services | $ | 1,535 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,535 |
Cost of product sales and services | (987 | ) |  | 1 |  |  | (36 | ) |  | (1,022 | )
Engineering, selling and administrative expenses | (276 | ) |  | (5 | ) |  | (10 | ) |  | (291 | )
Non-operating income (loss) | (2 | ) |  | — |  |  | 46 |  |  | 44 |
Interest income | 1 |  |  | — |  |  | — |  |  | 1 |
Interest expense | (42 | ) |  | — |  |  | — |  |  | (42 | )
Income from continuing operations before income taxes | 229 |  |  | (4 | ) |  | — |  |  | 225 |
Income taxes | (90 | ) |  | (4 | ) |  | — |  |  | (94 | )
Income from continuing operations | 139 |  |  | (8 | ) |  | — |  |  | 131 |
Discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |
Net income | $ | 139 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 131 |
Net income per common share |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 1.17 |  |  | $ | (0.07 | ) |  | $ | — |  |  | $ | 1.10 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 1.17 |  |  | $ | (0.07 | ) |  | $ | — |  |  | $ | 1.10 |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 1.15 |  |  | $ | (0.07 | ) |  | $ | — |  |  | $ | 1.08 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 1.15 |  |  | $ | (0.07 | ) |  | $ | — |  |  | $ | 1.08 |
| Two Quarters Ended December 29, 2017
| Previously Reported |  | Effect of Adopting ASC 606 |  | Effect of Adopting ASU 2017-07 |  | Currently Reported
| (In millions, except per share amounts)
Revenue from product sales and services | $ | 2,948 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 2,945 |
Cost of product sales and services | (1,872 | ) |  | 4 |  |  | (73 | ) |  | (1,941 | )
Engineering, selling and administrative expenses | (532 | ) |  | (8 | ) |  | (19 | ) |  | (559 | )
Non-operating income (loss) | (2 | ) |  | — |  |  | 92 |  |  | 90 |
Interest income | 1 |  |  | — |  |  | — |  |  | 1 |
Interest expense | (83 | ) |  | — |  |  | — |  |  | (83 | )
Income from continuing operations before income taxes | 460 |  |  | (7 | ) |  | — |  |  | 453 |
Income taxes | (154 | ) |  | (3 | ) |  | — |  |  | (157 | )
Income from continuing operations | 306 |  |  | (10 | ) |  | — |  |  | 296 |
Discontinued operations, net of income taxes | (6 | ) |  | — |  |  | — |  |  | (6 | )
Net income | $ | 300 |  |  | $ | (10 | ) |  | $ | — |  |  | $ | 290 |
Net income per common share |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 2.57 |  |  | $ | (0.08 | ) |  | $ | — |  |  | $ | 2.49 |
Discontinued operations | (0.05 | ) |  | (0.01 | ) |  | — |  |  | (0.06 | )
| $ | 2.52 |  |  | $ | (0.09 | ) |  | $ | — |  |  | $ | 2.43 |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 2.52 |  |  | $ | (0.08 | ) |  | $ | — |  |  | $ | 2.44 |
Discontinued operations | (0.05 | ) |  | — |  |  | — |  |  | (0.05 | )
| $ | 2.47 |  |  | $ | (0.08 | ) |  | $ | — |  |  | $ | 2.39 |
The following table presents the effect of adopting ASC 606 on our previously reported Condensed Consolidated Statement of Cash Flows (Unaudited) for the two quarters ended December 29, 2017:
| Two Quarters Ended December 29, 2017
| Previously Reported |  | Effect of Adopting ASC 606 |  | Currently Reported
| (In millions, except shares)
Net income | $ | 300 |  |  | $ | (10 | ) |  | $ | 290 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Amortization of acquisition-related intangibles(1) | 58 |  |  | — |  |  | 58 |
Depreciation and other amortization(1) | 72 |  |  | — |  |  | 72 |
Share-based compensation | 24 |  |  | — |  |  | 24 |
Pension income | (68 | ) |  | — |  |  | (68 | )
(Increase) decrease in: |  |  |  |  |
Accounts receivable | (19 | ) |  | 5 |  |  | (14 | )
Contract assets | — |  |  | (84 | ) |  | (84 | )
Inventories | (102 | ) |  | 79 |  |  | (23 | )
Increase (decrease) in: |  |  |  |  |
Accounts payable | (78 | ) |  | — |  |  | (78 | )
Advance payments and unearned income | 38 |  |  | (38 | ) |  | — |
Contract liabilities | — |  |  | 47 |  |  | 47 |
Income taxes | 213 |  |  | 3 |  |  | 216 |
Other | (65 | ) |  | (2 | ) |  | (67 | )
Net cash provided by operating activities | $ | 373 |  |  | $ | — |  |  | $ | 373 |
_______________
(1) | “Amortization of acquisition-related intangibles” includes amortization of non-Exelis Inc. acquisition-related intangibles, which was previously included in the “Depreciation and amortization” line item in our Condensed Consolidated Statement of Cash Flows (Unaudited) in our Form 10-Q for the quarter ended December 29, 2017.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration