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LEASE COMMITMENTS | 6 Months Ended
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Jan. 03, 2020
Leases [Abstract] |
LEASE COMMITMENTS | NOTE 19: LEASE COMMITMENTS As discussed in Note 2: Accounting Changes or Recent Accounting Pronouncements, we adopted ASC 842 effective June 29, 2019. Our operating and finance leases at January 3, 2020 were for real estate such as office space, warehouses, manufacturing, research and development facilities, tower space and land, and for equipment. Finance leases were not material at January 3, 2020 and are not included in the disclosures below. Operating lease cost was $88 million for the two quarters ended January 3, 2020. Other lease expenses, including short-term and equipment lease cost, variable lease cost and sublease income, were not material for the two quarters ended January 3, 2020. Supplemental operating lease balance sheet information at January 3, 2020 is as follows:
| (In millions)
Operating lease right-of-use assets | $ | 837 |
Other accrued items | 129 |
Operating lease liabilities | 781 |
Total operating lease liabilities | $ | 910 |
Other supplemental lease information for the two quarters ended January 3, 2020 is as follows:
| (In millions, except lease term and discount rate)
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 91 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 17 |
Weighted average remaining lease term — operating leases (in years) | 9.4 |
Weighted average discount rate — operating leases | 3.1 | %
Future lease payments under non-cancelable operating leases at January 3, 2020 were as follows:
| (In millions)
Fiscal Years |
2020 | $ | 162 |
2021 | 134 |
2022 | 123 |
2023 | 103 |
2024 | 86 |
Thereafter | 450 |
Total future lease payments required | 1,058 |
Less: imputed interest | 148 |
Total | $ | 910 |
These commitments do not contain any material rent escalations, rent holidays, contingent rent, rent concessions, leasehold improvement incentives or unusual provisions or conditions. We do not consider any individual lease material to our operations. At January 3, 2020, we had $280 million of additional operating lease commitments for real estate leases that have not yet commenced. These leases will commence in 2021 with lease terms of 15 to 25 years. As discussed in Note 2: Accounting Changes or Recent Accounting Pronouncements in these Notes, we adopted ASC 842 using the optional transition method and, consequently, we are presenting prior period amounts and disclosures under ASC 840. Future minimum lease payments for operating leases under ASC 840 at June 28, 2019 were as follows:
| (In millions)
June 29, 2019 to July 3, 2020 | $ | 68 |
July 4, 2020 to July 2, 2021 | 62 |
July 3, 2021 to July 1, 2022 | 47 |
July 2, 2022 to June 30, 2023 | 40 |
July 1, 2023 to June 28, 2024 | 32 |
Thereafter | 64 |
Total minimum lease payments required | $ | 313 |
Rent expense was $73 million, $61 million and $65 million for fiscal 2019, 2018 and 2017, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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