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Fair Value Measurements and Investments (Tables)

9 Months Ended

Apr. 02, 2021

Fair Value Disclosures [Abstract]

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 April 2, 2021 and July 3, 2020, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

			April 2, 2021
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Cash equivalents - Money market funds			$	784					$	—					$	—					$	784
Foreign exchange contracts			—						52						—						52
Total assets at fair value			$	784					$	52					$	—					$	836
Liabilities:
Foreign exchange contracts			$	—					$	113					$	—					$	113
Interest rate swap contract			—						91						—						91
Total liabilities at fair value			$	—					$	204					$	—					$	204

			July 3, 2020
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Cash equivalents - Money market funds			$	1,079					$	—					$	—					$	1,079
Foreign exchange contracts			—						28						—						28
Total assets at fair value			$	1,079					$	28					$	—					$	1,107
Liabilities:
Foreign exchange contracts			$	—					$	9					$	—					$	9
Interest rate swap contract			—						133						—						133
Total liabilities at fair value			$	—					$	142					$	—					$	142

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 third quarter of fiscal 2021 and the fourth quarter of fiscal 2020, respectively.

			April 2, 2021												July 3, 2020
			Carrying Value						Fair Value						Carrying Value						Fair Value
			(in millions)
0.50% convertible senior notes due 2020			$	—					$	—					$	34					$	30
Variable interest rate Term Loan A-1 maturing 2023			4,389						4,405						4,576						4,474
Variable interest rate Term Loan B-4 maturing 2023			1,243						1,244						1,692						1,656
1.50% convertible notes due 2024			1,010						1,142						987						1,036
4.75% senior unsecured notes due 2026			2,287						2,534						2,286						2,428
Total			$	8,929					$	9,325					$	9,575					$	9,624

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Comparison and disclosure of financial instruments where the carrying value in the financial statements differs from the fair value.

+ References

No definition available.

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