Fair Value Measurements and Investments Fair Value Measurements and Investments (Tables)

9 Months Ended

Mar. 30, 2018

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents, and Marketable Securities

The Company’s total cash, cash equivalents and available-for-sale securities was as follows:

	March 30, 2018		June 30, 2017
	(in millions)
Cash and cash equivalents	$	4,963	$	6,354
Short-term available-for-sale securities	20		24
Long-term available-for-sale securities (included within other non-current assets)	93		94
Total cash, cash equivalents and available-for-sale securities	$	5,076	$	6,472

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 30, 2018 and June 30, 2017, and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

	March 30, 2018
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents:
Money market funds	$	2,353	$	—	$	—	$	2,353
Certificates of deposit	—		6		—		6
Total cash equivalents	2,353		6		—		2,359
Short-term investments:
U.S. Treasury securities	3		—		—		3
Corporate notes and bonds	—		14		—		14
Asset-backed securities	—		1		—		1
Municipal notes and bonds	—		1		—		1
Equity securities	1		—		—		1
Total short-term investments	4		16		—		20
Long-term investments:
U.S. Treasury securities	2		—		—		2
U.S. Government agency securities	—		5		—		5
International government securities	—		1		—		1
Corporate notes and bonds	—		65		—		65
Asset-backed securities	—		9		—		9
Municipal notes and bonds	—		11		—		11
Total long-term investments	2		91		—		93
Foreign exchange contracts	—		24		—		24
Interest rate swap contract	—		14		—		14
Total assets at fair value	$	2,359	$	151	$	—	$	2,510
Liabilities:
Foreign exchange contracts	$	—	$	10	$	—	$	10
Total liabilities at fair value	$	—	$	10	$	—	$	10

	June 30, 2017
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents:
Money market funds	$	2,836	$	—	$	—	$	2,836
Certificates of deposit	—		10		—		10
Total cash equivalents	2,836		10		—		2,846
Short-term investments:
Corporate notes and bonds	—		11		—		11
Asset-backed securities	—		7		—		7
Municipal notes and bonds	—		2		—		2
Equity securities	4		—		—		4
Total short-term investments	4		20		—		24
Long-term investments:
U.S. Treasury securities	5		—		—		5
U.S. Government agency securities	—		5		—		5
International government securities	—		1		—		1
Corporate notes and bonds	—		67		—		67
Asset-backed securities	—		7		—		7
Municipal notes and bonds	—		9		—		9
Total long-term investments	5		89		—		94
Foreign exchange contracts	—		16		—		16
Total assets at fair value	$	2,845	$	135	$	—	$	2,980
Liabilities:
Foreign exchange contracts	$	—	$	8	$	—	$	8
Interest rate swap contract	—		1		—		1
Exchange options	—		—		1		1
Total liabilities at fair value	$	—	$	9	$	1	$	10

Available-for-sale Securities

The cost basis and fair value of the Company’s investments classified as available-for-sale securities as of March 30, 2018, by remaining contractual maturity, were as follows:

	Cost Basis		Fair Value
	(in millions)
Due in less than one year (short-term investments)	$	22	$	20
Due in one to five years (included in other non-current assets)	95		93
Total	$	117	$	113

Related Costs And Fair Values Based On Quoted Market Prices

For financial instruments where the carrying value (which includes principal adjusted for any unamortized issuance costs, and discounts or premiums) differs from fair value (which is based on quoted market prices), the following table represents the related carrying value and fair value for each of the Company’s outstanding financial instruments. Each of the financial instruments presented below was categorized as Level 2 for all periods presented, based on the frequency of trading immediately prior to the end of the third quarter of 2018 and the fourth quarter of 2017, respectively.

	March 30, 2018				June 30, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
0.50% convertible senior notes due 2020	$	31	$	36	$	30	$	34
Variable interest rate Term Loan A maturing 2021	—		—		4,074		4,130
Variable interest rate Term Loan A-1 maturing 2023	5,013		5,047		—		—
Variable interest rate U.S. Term Loan B-2 maturing 2023	—		—		2,968		2,989
Variable interest rate U.S. Term Loan B-3 maturing 2023	2,452		2,470		—		—
Variable interest rate Euro Term Loan B-2 maturing 2023(1)	—		—		1,000		1,010
7.375% senior secured notes due 2023	—		—		1,835		2,062
1.50% convertible notes due 2024	924		1,192		—		—
10.50% senior unsecured notes due 2024	—		—		3,244		3,956
4.750% senior unsecured notes due 2026	2,280		2,301		—		—
Total	$	10,700	$	11,046	$	13,151	$	14,181

⁽¹⁾  Euro Term Loan B-2 outstanding principal amount as of June 30, 2017 was based upon the Euro to U.S. dollar exchange rate as of that respective date.