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Significant Accounting Policies and Recent Accounting Standards (Tables) | 9 Months Ended
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Mar. 29, 2019
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 three quarters ended March 30, 2018:
| Quarter Ended March 30, 2018
| 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 | $ | 1,568 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 1,562 |
Cost of product sales and services | (994 | ) |  | 3 |  |  | (37 | ) |  | (1,028 | )
Engineering, selling and administrative expenses | (318 | ) |  | (4 | ) |  | (9 | ) |  | (331 | )
Non-operating income | — |  |  | — |  |  | 46 |  |  | 46 |
Interest expense | (41 | ) |  | — |  |  | — |  |  | (41 | )
Income from continuing operations before income taxes | 215 |  |  | (7 | ) |  | — |  |  | 208 |
Income taxes | (12 | ) |  | 2 |  |  | — |  |  | (10 | )
Income from continuing operations | 203 |  |  | (5 | ) |  | — |  |  | 198 |
Discontinued operations, net of income taxes | (2 | ) |  | — |  |  | — |  |  | (2 | )
Net income | $ | 201 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 196 |
Net income per common share |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 1.71 |  |  | $ | (0.05 | ) |  | $ | — |  |  | $ | 1.66 |
Discontinued operations | (0.01 | ) |  | — |  |  | — |  |  | (0.01 | )
| $ | 1.70 |  |  | $ | (0.05 | ) |  | $ | — |  |  | $ | 1.65 |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 1.67 |  |  | $ | (0.04 | ) |  | $ | — |  |  | $ | 1.63 |
Discontinued operations | (0.01 | ) |  | — |  |  | — |  |  | (0.01 | )
| $ | 1.66 |  |  | $ | (0.04 | ) |  | $ | — |  |  | $ | 1.62 |
| Three Quarters Ended March 30, 2018
| 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 | $ | 4,516 |  |  | $ | (9 | ) |  | $ | — |  |  | $ | 4,507 |
Cost of product sales and services | (2,866 | ) |  | 7 |  |  | (110 | ) |  | (2,969 | )
Engineering, selling and administrative expenses | (850 | ) |  | (12 | ) |  | (28 | ) |  | (890 | )
Non-operating income (loss) | (2 | ) |  | — |  |  | 138 |  |  | 136 |
Interest income | 1 |  |  | — |  |  | — |  |  | 1 |
Interest expense | (124 | ) |  | — |  |  | — |  |  | (124 | )
Income from continuing operations before income taxes | 675 |  |  | (14 | ) |  | — |  |  | 661 |
Income taxes | (166 | ) |  | (1 | ) |  | — |  |  | (167 | )
Income from continuing operations | 509 |  |  | (15 | ) |  | — |  |  | 494 |
Discontinued operations, net of income taxes | (8 | ) |  | — |  |  | — |  |  | (8 | )
Net income | $ | 501 |  |  | $ | (15 | ) |  | $ | — |  |  | $ | 486 |
Net income per common share |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 4.28 |  |  | $ | (0.13 | ) |  | $ | — |  |  | $ | 4.15 |
Discontinued operations | (0.07 | ) |  | — |  |  | — |  |  | (0.07 | )
| $ | 4.21 |  |  | $ | (0.13 | ) |  | $ | — |  |  | $ | 4.08 |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 4.19 |  |  | $ | (0.12 | ) |  | $ | — |  |  | $ | 4.07 |
Discontinued operations | (0.06 | ) |  | (0.01 | ) |  | — |  |  | (0.07 | )
| $ | 4.13 |  |  | $ | (0.13 | ) |  | $ | — |  |  | $ | 4.00 |
The following table presents the effect of adopting ASC 606 on our previously reported Condensed Consolidated Statement of Cash Flows (Unaudited) for the three quarters ended March 30, 2018:
| Three Quarters Ended March 30, 2018
| Previously Reported |  | Effect of Adopting ASC 606 |  | Currently Reported
| (In millions, except shares)
Net income | $ | 501 |  |  | $ | (15 | ) |  | $ | 486 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Amortization of acquisition-related intangibles(1) | 87 |  |  | — |  |  | 87 |
Depreciation and other amortization(1) | 105 |  |  | — |  |  | 105 |
Share-based compensation | 50 |  |  | — |  |  | 50 |
Qualified pension plan contributions | (301 | ) |  | — |  |  | (301 | )
Pension income | (101 | ) |  | — |  |  | (101 | )
(Increase) decrease in: |  |  |  |  |
Accounts receivable | (120 | ) |  | 26 |  |  | (94 | )
Contract assets | — |  |  | (110 | ) |  | (110 | )
Inventories | (122 | ) |  | 86 |  |  | (36 | )
Increase (decrease) in: |  |  |  |  |
Accounts payable | (46 | ) |  | — |  |  | (46 | )
Advance payments and unearned income | 45 |  |  | (45 | ) |  | — |
Contract liabilities | — |  |  | 58 |  |  | 58 |
Income taxes | 146 |  |  | 2 |  |  | 148 |
Other | (14 | ) |  | (2 | ) |  | (16 | )
Net cash provided by operating activities | $ | 230 |  |  | $ | — |  |  | $ | 230 |
_______________
(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 March 30, 2018.

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