Leases and Other Commitments (Tables)

12 Months Ended

Jul. 02, 2021

Leases [Abstract]

Lessee, Operating Leases, Supplemental Balance Sheet Disclosures

The following table summarizes supplemental balance sheet information related to operating leases as of July 2, 2021:

	Lease Amounts
Minimum lease payments by fiscal year:	(in millions)
2022	$	40
2023	34
2024	33
2025	31
2026	30
Thereafter	116
Total future minimum lease payments	284
Less: Imputed Interest	(47)
Present value of lease liabilities	237
Less: Current portion (included in Accrued expenses)	33
Long-term operating lease liabilities (included in Other liabilities )	$	204
Operating lease right-of-use assets (included in Other non-current assets)	$	222
Weighted average remaining lease term in years	8.4
Weighted average discount rate	3.8		%

Lease, Cost

The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases for the year ended July 2, 2021:

	Year Ended
	July 2, 2021
	(in millions)
Cost of operating leases	$	50
Cash paid for operating leases	51
Operating lease assets obtained in exchange for operating lease liabilities	29

Cost of operating leases was as follows:

	2021		2020		2019
	(in millions)
Cost of operating leases	$	50	$	55	$	47

Long-term Purchase Agreements

As of July 2, 2021, the Company had the following minimum long-term commitments:

	Long-term commitments
	(in millions)
Fiscal year:
2022	$	630
2023	530
2024	281
2025	148
2026	20
Thereafter	170
Total	$	1,779