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Balance Sheet Information (Tables) | 6 Months Ended
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Dec. 31, 2021
Disclosure Text Block Supplement [Abstract] |
Summary of Debt Securities, Available-for-sale | The following table summarizes, by major type, the fair value and amortized cost of the Company’s available-for-sale debt investments as of December 31, 2021 and July 2, 2021:
|  | December 31, 2021 |  | July 2, 2021
(Dollars in millions) |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value |  | Amortized Cost |  | Unrealized Gain/(Loss) |  | Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 435 |  |  | $ | — |  |  | $ | 435 |  |  | $ | 552 |  |  | $ | — |  |  | $ | 552 |
Time deposits and certificates of deposit |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Other debt securities |  | 36 |  |  | — |  |  | 36 |  |  | 18 |  |  | — |  |  | 18 |
Total |  | $ | 472 |  |  | $ | — |  |  | $ | 472 |  |  | $ | 571 |  |  | $ | — |  |  | $ | 571 |
Included in Cash and cash equivalents |  |  |  |  |  | $ | 434 |  |  |  |  |  |  | $ | 551 |
Included in Other current assets |  |  |  |  |  | 2 |  |  |  |  |  |  | 2 |
Included in Other assets, net |  |  |  |  |  | 36 |  |  |  |  |  |  | 18 |
Total |  |  |  |  |  | $ | 472 |  |  |  |  |  |  | $ | 571 |
Fair value and amortized cost of available-for-sale securities by contractual maturity | The fair value and amortized cost of the Company’s investments classified as available-for-sale debt securities as of December 31, 2021, by remaining contractual maturity were as follows:
(Dollars in millions) |  | Amortized Cost |  | Fair Value
Due in less than 1 year |  | $ | 436 |  |  | $ | 436 |
Due in 1 to 5 years |  | 28 |  |  | 28 |
Due in 6 to 10 years |  | — |  |  | — |
Thereafter |  | 8 |  |  | 8 |
Total |  | $ | 472 |  |  | $ | 472 |
Cash, cash equivalents, and restricted cash | The following table provides a summary of cash, cash equivalents and restricted cash reported within 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) |  | December 31, 2021 |  |  |  | July 2, 2021 |  | January 1, 2021 |  |  |  | July 3, 2020
Cash and cash equivalents |  | $ | 1,535 |  |  |  |  | $ | 1,209 |  |  | $ | 1,799 |  |  |  |  | $ | 1,722 |
Restricted cash included in Other current assets |  | 2 |  |  |  |  | 2 |  |  | 2 |  |  |  |  | 2 |
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows |  | $ | 1,537 |  |  |  |  | $ | 1,211 |  |  | $ | 1,801 |  |  |  |  | $ | 1,724 |
Inventories | The following table provides details of the inventory balance sheet item:
(Dollars in millions) |  | December 31, 2021 |  | July 2, 2021
Raw materials and components |  | $ | 474 |  |  | $ | 375 |
Work-in-process |  | 463 |  |  | 443 |
Finished goods |  | 350 |  |  | 386 |
Total inventories |  | $ | 1,287 |  |  | $ | 1,204 |
Property, Equipment and Leasehold Improvements, net | The components of property, equipment and leasehold improvements, net, were as follows:
(Dollars in millions) |  | December 31, 2021 |  | July 2, 2021
Property, equipment and leasehold improvements |  | $ | 10,521 |  |  | $ | 10,378 |
Accumulated depreciation and amortization |  | (8,305) |  |  | (8,197) |
Property, equipment and leasehold improvements, net |  | $ | 2,216 |  |  | $ | 2,181 |
Accrued expenses | The following table provides details of the accrued expenses balance sheet item:
(Dollars in millions) |  | December 31, 2021 |  | July 2, 2021
Dividends payable |  | $ | 154 |  |  | $ | 153 |
Other accrued expenses |  | 501 |  |  | 455 |
Total |  | $ | 655 |  |  | $ | 608 |
Schedule of accumulated other comprehensive income (loss) | 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 2, 2021 |  | $ | (18) |  |  |  |  | $ | (22) |  |  | $ | (1) |  |  | $ | (41) |
Other comprehensive income before reclassifications |  | 2 |  |  |  |  | 1 |  |  | — |  |  | 3 |
Amounts reclassified from AOCL |  | 12 |  |  |  |  | 1 |  |  | — |  |  | 13 |
Other comprehensive income |  | 14 |  |  |  |  | 2 |  |  | — |  |  | 16 |
Balance at December 31, 2021 |  | $ | (4) |  |  |  |  | $ | (20) |  |  | $ | (1) |  |  | $ | (25) |
Balance at July 3, 2020 |  | $ | (24) |  |  |  |  | $ | (26) |  |  | $ | (16) |  |  | $ | (66) |
Other comprehensive income (loss) before reclassifications |  | 16 |  |  |  |  | (1) |  |  | — |  |  | 15 |
Amounts reclassified from AOCL |  | (2) |  |  |  |  | 2 |  |  | 15 |  |  | 15 |
Other comprehensive income |  | 14 |  |  |  |  | 1 |  |  | 15 |  |  | 30 |
Balance at January 1, 2021 |  | $ | (10) |  |  |  |  | $ | (25) |  |  | $ | (1) |  |  | $ | (36) |

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