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Balance Sheet Information (Tables)

6 Months Ended

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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