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Balance Sheet Information | 9 Months Ended
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Apr. 02, 2021
Disclosure Text Block Supplement [Abstract] |
Balance Sheet Information | Balance Sheet Information Available-for-sale Debt Securities The following table summarizes, by major type, the fair value and amortized cost of the Company’s investments as of April 2, 2021:
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value
Available-for-sale debt securities: |  |  |  |  |  |
Money market funds |  | $ | 531 |  |  | $ | — |  |  | $ | 531 |
Time deposits and certificates of deposit |  | 1 |  |  | — |  |  | 1 |
Other debt securities |  | 18 |  |  | — |  |  | 18 |
Total |  | $ | 550 |  |  | $ | — |  |  | $ | 550 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 530 |
Included in Other current assets |  |  |  |  |  | 2 |
Included in Other assets, net |  |  |  |  |  | 18 |
Total |  |  |  |  |  | $ | 550 |
As of April 2, 2021, the Company’s Other current assets included $2 million in restricted cash and investments held as collateral at banks for various performance obligations. As of April 2, 2021, the Company had no material available-for-sale debt securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no impairment related to credit losses for available-for-sale debt securities as of April 2, 2021. The fair value and amortized cost of the Company’s investments classified as available-for-sale debt securities as of April 2, 2021, by remaining contractual maturity were as follows:
(Dollars in millions) |  | Amortized Cost |  | Fair Value
Due in less than 1 year |  | $ | 532 |  |  | $ | 532 |
Due in 1 to 5 years |  | 10 |  |  | 10 |
Due in 6 to 10 years |  | — |  |  | — |
Thereafter |  | 8 |  |  | 8 |
Total |  | $ | 550 |  |  | $ | 550 |
The following table summarizes, by major type, the fair value and amortized cost of the Company’s investments as of July 3, 2020:
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value
Available-for-sale debt securities: |  |  |  |  |  |
Money market funds |  | $ | 495 |  |  | $ | — |  |  | $ | 495 |
Time deposits and certificates of deposit |  | 56 |  |  | — |  |  | 56 |
Other debt securities |  | 18 |  |  | — |  |  | 18 |
Total |  | $ | 569 |  |  | $ | — |  |  | $ | 569 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 549 |
Included in Other current assets |  |  |  |  |  | 2 |
Included in Other assets, net |  |  |  |  |  | 18 |
Total |  |  |  |  |  | $ | 569 |
As of July 3, 2020, the Company’s Other current assets included $2 million in restricted cash and investments held as collateral at banks for various performance obligations. As of July 3, 2020, the Company had no material available-for-sale debt securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no available-for-sale debt securities were other-than-temporarily impaired as of July 3, 2020. Cash, Cash Equivalents and Restricted Cash The following table provides a summary of cash, cash equivalents and restricted cash reported on the Company’s Condensed Consolidated Balance Sheets that reconciles to the corresponding amount in the Company’s Condensed Consolidated Statements of Cash Flows:
(Dollars in millions) |  | April 2, 2021 |  |  |  | July 3, 2020 |  | April 3, 2020 |  |  |  | June 28, 2019
Cash and cash equivalents |  | $ | 1,212 |  |  |  |  | $ | 1,722 |  |  | $ | 1,612 |  |  |  |  | $ | 2,220 |
Restricted cash included in Other current assets |  | 2 |  |  |  |  | 2 |  |  | 2 |  |  |  |  | 31 |
Total cash, cash equivalents and restricted cash presented in the Statements of Cash Flows |  | $ | 1,214 |  |  |  |  | $ | 1,724 |  |  | $ | 1,614 |  |  |  |  | $ | 2,251 |
As of June 28, 2019, the Company’s Other current assets included $31 million in restricted cash and cash equivalents in an escrow account for the sale of certain properties and cash equivalents held as collateral at banks for various performance obligations. Accounts Receivable, net In connection with an existing factoring agreement, the Company sells trade receivables to a third party for cash proceeds less a discount. During the three and nine months ended April 2, 2021, the Company sold trade receivables without recourse for cash proceeds of $35 million and $183 million, respectively, of which $35 million remained subject to servicing by the Company as of April 2, 2021. During the three and nine months ended April 3, 2020, the Company sold trade receivables without recourse for cash proceeds of $79 million. The discounts on receivables sold were not material for the three and nine months ended April 2, 2021 and April 3, 2020. Inventories The following table provides details of the inventory balance sheet item:
(Dollars in millions) |  | April 2, 2021 |  | July 3, 2020
Raw materials and components |  | $ | 412 |  |  | $ | 451 |
Work-in-process |  | 443 |  |  | 313 |
Finished goods |  | 426 |  |  | 378 |
Total inventories |  | $ | 1,281 |  |  | $ | 1,142 |
Property, Equipment and Leasehold Improvements, net The components of property, equipment and leasehold improvements, net, were as follows:
(Dollars in millions) |  | April 2, 2021 |  | July 3, 2020
Property, equipment and leasehold improvements |  | $ | 10,384 |  |  | $ | 10,212 |
Accumulated depreciation and amortization |  | (8,169) |  |  | (8,083) |
Property, equipment and leasehold improvements, net |  | $ | 2,215 |  |  | $ | 2,129 |
Accrued Expenses The following table provides details of the accrued expenses balance sheet item:
(Dollars in millions) |  | April 2, 2021 |  | July 3, 2020
Dividends payable |  | $ | 154 |  |  | $ | 167 |
Other accrued expenses |  | 495 |  |  | 435 |
Total accrued expenses |  | $ | 649 |  |  | $ | 602 |
Accumulated Other Comprehensive Loss (“AOCL”) The components of AOCL, net of tax, were as follows:
(Dollars in millions) |  | Unrealized Gains/(Losses) on Cash Flow Hedges |  |  |  | Unrealized Gains/(Losses) on Post-Retirement Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance at July 3, 2020 |  | $ | (24) |  |  |  |  | $ | (26) |  |  | $ | (16) |  |  | $ | (66) |
Other comprehensive income before reclassifications |  | 20 |  |  |  |  | — |  |  | — |  |  | 20 |
Amounts reclassified from AOCL |  | (9) |  |  |  |  | 2 |  |  | 15 |  |  | 8 |
Other comprehensive income |  | 11 |  |  |  |  | 2 |  |  | 15 |  |  | 28 |
Balance at April 2, 2021 |  | $ | (13) |  |  |  |  | $ | (24) |  |  | $ | (1) |  |  | $ | (38) |
Balance at June 28, 2019 |  | $ | — |  |  |  |  | $ | (20) |  |  | $ | (14) |  |  | $ | (34) |
Other comprehensive (loss) income before reclassifications |  | (27) |  |  |  |  | 2 |  |  | (8) |  |  | (33) |
Amounts reclassified from AOCL |  | — |  |  |  |  | — |  |  | — |  |  | — |
Other comprehensive (loss) income |  | (27) |  |  |  |  | 2 |  |  | (8) |  |  | (33) |
Balance at April 3, 2020 |  | $ | (27) |  |  |  |  | $ | (18) |  |  | $ | (22) |  |  | $ | (67) |

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