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Balance Sheet Information | 9 Months Ended
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Mar. 30, 2012
Balance Sheet Information |
Balance Sheet Information |
2. Balance Sheet Information Investments The Company’s short-term investments are primarily comprised of readily marketable debt securities with remaining maturities of more than 90 days at the time of purchase. With the exception of securities held for its non-qualified deferred compensation plan, which are classified as trading securities, the Company classifies its investment portfolio as available-for-sale. The Company recognizes its available-for-sale investments at fair value with unrealized gains and losses included in Accumulated other comprehensive income (loss), which is a component of Shareholders’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in Interest income. Realized gains and losses are included in Other, net. The cost of securities sold is based on the specific identification method. As of March 30, 2012, the Company’s Restricted cash and investments consisted of $78 million in cash equivalents and investments held in trust for payment of its non-qualified deferred compensation plan liabilities and $20 million in cash and investments held as collateral at banks for various performance obligations. As of July 1, 2011, the Company’s Restricted cash and investments consisted of $84 million in cash equivalents and investments held in trust for payment of its non-qualified deferred compensation plan liabilities and $18 million in cash and investments held as collateral at banks for various performance obligations. The following table summarizes, by major type, the fair value and amortized cost of the Company’s investments as of March 30, 2012:
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |
Money market funds |  | $ | 1,133 |  | $ | — |  | $ | 1,133 |
Commercial paper |  | 363 |  | — |  | 363 |
Corporate bonds |  | 207 |  | — |  | 207 |
U.S. treasuries and agency bonds |  | 94 |  | 1 |  | 95 |
Auction rate securities |  | 17 |  | (2 | ) | 15 |
Other debt securities |  | 109 |  | — |  | 109 |
|  | 1,923 |  | (1 | ) | 1,922 |
Trading securities |  | 76 |  | 2 |  | 78 |
Total |  | $ | 1,999 |  | $ | 1 |  | $ | 2,000 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 1,479 |
Included in Short-term investments |  |  |  |  |  | 408 |
Included in Restricted cash and investments |  |  |  |  |  | 98 |
Included in Other assets, net |  |  |  |  |  | 15 |
Total |  |  |  |  |  | $ | 2,000 |
The Company’s available-for-sale securities include investments in auction rate securities. Beginning in fiscal year 2008, the Company’s auction rate securities failed to settle at auction and have continued to fail through March 30, 2012. Since the Company continues to earn interest on its auction rate securities at the maximum contractual rate, there have been no payment defaults with respect to such securities, and they are all collateralized, the Company expects to recover the entire amortized cost basis of these auction rate securities. The Company does not intend to sell these securities and has concluded it is not more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. Given the uncertainty as to when the liquidity issues associated with these securities will improve, these securities are classified within Other assets, net in the Company’s Condensed Consolidated Balance Sheets. As of March 30, 2012, with the exception of the Company’s auction rate securities, the Company had no available-for-sale securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no available-for-sale securities were other-than-temporarily impaired as of March 30, 2012. The fair value and amortized cost of the Company’s investments classified as available-for-sale at March 30, 2012, by remaining contractual maturity were as follows:
(Dollars in millions) |  | Amortized Cost |  | Fair Value |
Due in less than 1 year |  | $ | 1,565 |  | $ | 1,565 |
Due in 1 to 5 years |  | 341 |  | 342 |
Thereafter |  | 17 |  | 15 |
Total |  | $ | 1,923 |  | $ | 1,922 |
The following table summarizes, by major type, the fair value and amortized cost of the Company’s investments as of July 1, 2011:
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |
Commercial paper |  | $ | 1,729 |  | $ | — |  | $ | 1,729 |
Money market funds |  | 815 |  | — |  | 815 |
U.S. treasuries and agency bonds |  | 190 |  | — |  | 190 |
Certificates of deposit |  | 136 |  | — |  | 136 |
Corporate bonds |  | 116 |  | — |  | 116 |
Auction rate securities |  | 18 |  | (2 | ) | 16 |
Other debt securities |  | 96 |  | — |  | 96 |
|  | 3,100 |  | (2 | ) | 3,098 |
Trading securities |  | 80 |  | 4 |  | 84 |
Total |  | $ | 3,180 |  | $ | 2 |  | $ | 3,182 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 2,590 |
Included in Short-term investments |  |  |  |  |  | 474 |
Included in Restricted cash and investments |  |  |  |  |  | 102 |
Included in Other assets, net |  |  |  |  |  | 16 |
Total |  |  |  |  |  | $ | 3,182 |
As of July 1, 2011, with the exception of the Company’s auction rate securities, the Company had no available-for-sale securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no available-for-sale securities were other-than-temporarily impaired as of July 1, 2011. Inventories
(Dollars in millions) |  | March 30, 2012 |  | July 1, 2011 |
Raw materials and components |  | $ | 366 |  | $ | 286 |
Work-in-process |  | 273 |  | 201 |
Finished goods |  | 202 |  | 385 |
|  | $ | 841 |  | $ | 872 |
Other Current Assets
(Dollars in millions) |  | March 30, 2012 |  | July 1, 2011 |
Vendor non-trade receivables |  | $ | 647 |  | $ | 519 |
Other |  | 161 |  | 187 |
|  | $ | 808 |  | $ | 706 |
Other current assets include non-trade receivables from certain manufacturing vendors resulting from the sale of components to these vendors who manufacture completed sub-assemblies or finished goods for the Company. The Company does not reflect the sale of these components in revenue and does not recognize any profits on these sales. The costs of the completed sub-assemblies are included in inventory upon purchase from the vendors. Property, Equipment and Leasehold Improvements, net
(Dollars in millions) |  | March 30, 2012 |  | July 1, 2011 |
Property, equipment and leasehold improvements |  | $ | 7,799 |  | $ | 7,383 |
Accumulated depreciation and amortization |  | (5,620 | ) | (5,138 | )
|  | $ | 2,179 |  | $ | 2,245 |

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