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Fair Value (Tables)

9 Months Ended

Apr. 02, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities, by financial instrument type and balance sheet line item, that are measured at fair value on a recurring basis, excluding accrued interest components, as of April 2, 2021:

						Fair Value Measurements at Reporting Date Using
(Dollars in millions)						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance
Assets:
Money market funds						$	530					$	—					$	—					$	530
Total cash equivalents						530						—						—						530
Restricted cash and investments:
Money market funds						1						—						—						1
Time deposits and certificates of deposit						—						1						—						1
Other debt securities						—						—						18						18
Derivative assets						—						6						—						6
Total assets						$	531					$	7					$	18					$	556
Liabilities:
Derivative liabilities						$	—					$	16					$	—					$	16
Total liabilities						$	—					$	16					$	—					$	16

The following tables present the Company’s assets and liabilities, by financial instrument type and balance sheet line item, that are measured at fair value on a recurring basis, excluding accrued interest components, as of July 3, 2020:

						Fair Value Measurements at Reporting Date Using
(Dollars in millions)						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance
Assets:
Money market funds						$	494					$	—					$	—					$	494
Time deposits and certificates of deposit						—						55						—						55
Total cash equivalents						494						55						—						549
Restricted cash and investments:
Money market funds						1						—						—						1
Time deposits and certificates of deposit						—						1						—						1
Other debt securities						—						—						18						18
Derivative assets						—						6						—						6
Total assets						$	495					$	62					$	18					$	575
Liabilities:
Derivative liabilities						$	—					$	29					$	—					$	29
Total liabilities						$	—					$	29					$	—					$	29

Schedule of Fair Value, by Balance Sheet Grouping, Measured on Recurring Basis

						Fair Value Measurements at Reporting Date Using
(Dollars in millions)						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance
Assets:
Cash and cash equivalents						$	530					$	—					$	—					$	530
Other current assets						1						7						—						8
Other assets, net						—						—						18						18
Total assets						$	531					$	7					$	18					$	556
Liabilities:
Accrued expenses						$	—					$	16					$	—					$	16
Total liabilities						$	—					$	16					$	—					$	16

						Fair Value Measurements at Reporting Date Using
(Dollars in millions)						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Balance
Assets:
Cash and cash equivalents						$	494					$	55					$	—					$	549
Other current assets						1						7						—						8
Other assets, net						—						—						18						18
Total assets						$	495					$	62					$	18					$	575
Liabilities:
Accrued expenses						$	—					$	29					$	—					$	29
Total liabilities						$	—					$	29					$	—					$	29

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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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X

- References

No definition available.

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X

- 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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