XML 36 R27.htm IDEA: XBRL DOCUMENT v3.21.4

Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional value of outstanding foreign currency forward exchange contracts

The following tables show the total notional value of the Company’s outstanding foreign currency forward exchange contracts as of December 31, 2021 and July 2, 2021. All of the foreign currency forward exchange contracts mature within 12 months.

						As of December 31, 2021
(Dollars in millions)						Contracts Designated as Hedges						Contracts Not Designated as Hedges
Singapore Dollar						$	170					$	54
Thai Baht						130						42
Chinese Renminbi						84						22
British Pound Sterling						65						18
						$	449					$	136

						As of July 2, 2021
(Dollars in millions)						Contracts Designated as Hedges						Contracts Not Designated as Hedges
Singapore Dollar						$	172					$	43
Thai Baht						131						46
Chinese Renminbi						73						21
British Pound Sterling						54						16
						$	430					$	126

Schedule of gross fair value of derivative instruments

The following tables show the Company’s derivative instruments measured at gross fair value as reflected in the Condensed Consolidated Balance Sheets as of December 31, 2021 and July 2, 2021:

As of December 31, 2021

Derivative Assets

Derivative Liabilities

(Dollars in millions)

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Foreign currency forward exchange contracts

Other current assets

$

1

Accrued expenses

$

(2)

Interest rate swap

Other current assets

2

Accrued expenses

(5)

Derivatives not designated as hedging instruments:

Foreign currency forward exchange contracts

Other current assets

1

Accrued expenses

(3)

Total derivatives

$

4

$

(10)

As of July 2, 2021

Derivative Assets

Derivative Liabilities

(Dollars in millions)

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Foreign currency forward exchange contracts

Other current assets

$

1

Accrued expenses

$

(5)

Interest rate swap

Other current assets

—

Accrued expenses

(14)

Derivatives not designated as hedging instruments:

Foreign currency forward exchange contracts

Other current assets

1

Accrued expenses

(2)

Total return swap

Other current assets

2

Accrued expenses

—

Total derivatives

$

4

$

(21)

Schedule of the effect of derivative instruments on Other comprehensive income (loss) and the Consolidated Statement of Operations

The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2021:

    

												Amount of Gain/(Loss) Recognized in Income on Derivatives
(Dollars in millions) Derivatives Not Designated as Hedging Instruments						Location of Gain/(Loss) Recognized in Income on Derivatives						For the Three Months						For the Six Months
Foreign currency forward exchange contracts						Other, net						$	2					$	(2)
Total return swap						Operating expenses						7						6

The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended January 1, 2021:

(Dollars in millions) Derivatives Not Designated as Hedging Instruments						Location of Gain/(Loss) Recognized in Income on Derivatives						Amount of Gain/(Loss) Recognized in Income on Derivatives
												For the Three Months						For the Six Months
Foreign currency forward exchange contracts						Other, net						$	6					$	14
Total return swap						Operating expenses						$	11					$	16

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration