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Fair Value Measurements and Investments Fair Value Measurements and Investments (Tables)

3 Months Ended

Sep. 28, 2018

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents, and Marketable Securities

The Company’s total cash, cash equivalents and available-for-sale securities was as follows:

	September 28, 2018				June 29, 2018
	(in millions)
Cash and cash equivalents	$	4,646			$	5,005
Short-term available-for-sale securities (included within Other current assets)	24				23
Long-term available-for-sale securities (included within Other non-current assets)	91				93
Total cash, cash equivalents and available-for-sale securities	$	4,761			$	5,121

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 28, 2018 and June 29, 2018, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

	September 28, 2018
	Level 1				Level 2				Level 3				Total
	(in millions)
Assets:
Cash equivalents:
Money market funds	$	2,229			$	—			$	—			$	2,229
Total cash equivalents	2,229				—				—				2,229
Short-term available-for-sale securities:
U.S. Treasury securities	1				—				—				1
Corporate notes and bonds	—				12				—				12
Asset-backed securities	—				7				—				7
Municipal notes and bonds					2				—				2
Equity securities	2				—				—				2
Total short-term available-for-sale securities	3				21				—				24
Long-term available-for-sale securities:
U.S. Treasury securities	2				—				—				2
U.S. Government agency securities	—				5				—				5
International government securities	—				1				—				1
Corporate notes and bonds	—				69				—				69
Asset-backed securities	—				4				—				4
Municipal notes and bonds	—				10				—				10
Total long-term available-for-sale securities	2				89				—				91
Foreign exchange contracts	—				46				—				46
Interest rate swap contracts	—				23				—				23
Total assets at fair value	$	2,234			$	179			$	—			$	2,413
Liabilities:
Foreign exchange contracts	$	—			$	31			$	—			$	31
Total liabilities at fair value	$	—			$	31			$	—			$	31

	June 29, 2018
	Level 1				Level 2				Level 3				Total
	(in millions)
Assets:
Cash equivalents:
Money market funds	$	2,554			$	—			$	—			$	2,554
Certificates of deposit	—				4				—				4
Total cash equivalents	2,554				4				—				2,558
Short-term available-for-sale securities:
U.S. Treasury securities	3				—				—				3
Corporate notes and bonds	—				12				—				12
Asset-backed securities	—				4				—				4
Municipal notes and bonds	—				2				—				2
Equity securities	2				—				—				2
Total short-term available-for-sale securities	5				18				—				23
Long-term available-for-sale securities:
U.S. Treasury securities	3				—				—				3
U.S. Government agency securities	—				5				—				5
International government securities	—				1				—				1
Corporate notes and bonds	—				65				—				65
Asset-backed securities	—				8				—				8
Municipal notes and bonds	—				11				—				11
Total long-term available-for-sale securities	3				90				—				93
Foreign exchange contracts	—				51				—				51
Interest rate swap contracts	—				16				—				16
Total assets at fair value	$	2,562			$	179			$	—			$	2,741
Liabilities:
Foreign exchange contracts	$	—			$	28			$	—			$	28
Total liabilities at fair value	$	—			$	28			$	—			$	28

Related Costs And Fair Values Based On Quoted Market Prices

For financial instruments where the carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) differs from fair value (which is based on quoted market prices), the following table represents the related carrying value and fair value for each of the Company’s outstanding financial instruments. Each of the financial instruments presented below was categorized as Level 2 for all periods presented, based on the frequency of trading immediately prior to the end of the first quarter of 2019 and the fourth quarter of 2018, respectively.

	September 28, 2018								June 29, 2018
	Carrying Value				Fair Value				Carrying Value				Fair Value
	(in millions)
0.50% convertible senior notes due 2020	$	31			$	34			$	31			$	34
Variable interest rate Term Loan A-1 maturing 2023	4,951				4,968				4,982				5,013
Variable interest rate U.S. Term Loan B-4 maturing 2023	2,442				2,451				2,448				2,452
1.50% convertible notes due 2024	938				1,022				931				1,114
4.750% senior unsecured notes due 2026	2,281				2,232				2,280				2,238
Total	$	10,643			$	10,707			$	10,672			$	10,851

X

- Definition

The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 305
-URI http://asc.fasb.org/topic&trid=2122426

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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