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Income Tax Expense (Tables)

9 Months Ended

Apr. 01, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the Company’s Income tax expense and the effective tax rate:

			Three Months Ended												Nine Months Ended
			April 1, 2022						April 2, 2021						April 1, 2022						April 2, 2021
			($ in millions)
Income before taxes			$	262					$	249					$	1,612					$	331
Income tax expense			237						52						413						132
Effective tax rate			90		%				21		%				26		%				40		%

Schedule of Income Tax Contingencies

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits excluding accrued interest and penalties for the nine months ended April 1, 2022 (in millions):

Accrual balance at July 2, 2021			$	748
Gross increases related to current year tax positions			7
Gross increases related to prior year tax positions			216
Gross decreases related to prior year tax positions			(57)
Settlements			(2)
Lapse of statute of limitations			(5)
Accrual balance at April 1, 2022			$	907

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

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