Fair Value (Tables)

9 Months Ended

Apr. 01, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

	April 1, 2022								July 2, 2021
	Fair Value Measurements at Reporting Date Using								Fair Value Measurements at Reporting Date Using
(Dollars in millions)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets:
Money market funds	$	175	$	—	$	—	$	175	$	551	$	—	$	—	$	551
Total cash equivalents	175		—		—		175		551		—		—		551
Restricted cash and investments:
Money market funds	1		—		—		1		1		—		—		1
Time deposits and certificates of deposit	—		1		—		1		—		1		—		1
Other debt securities	—		—		23		23		—		—		18		18
Derivative assets	—		60		—		60		—		4		—		4
Total assets	$	176	$	61	$	23	$	260	$	552	$	5	$	18	$	575
Liabilities:
Derivative liabilities	$	—	$	4	$	—	$	4	$	—	$	21	$	—	$	21
Total liabilities	$	—	$	4	$	—	$	4	$	—	$	21	$	—	$	21

Schedule of Fair Value, by Balance Sheet Grouping, Measured on Recurring Basis

	April 1, 2022								July 2, 2021
	Fair Value Measurements at Reporting Date Using								Fair Value Measurements at Reporting Date Using
(Dollars in millions)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets:
Cash and cash equivalents	$	175	$	—	$	—	$	175	$	551	$	—	$	—	$	551
Other current assets	1		61		—		62		1		5		—		6
Other assets, net	—		—		23		23		—		—		18		18
Total assets	$	176	$	61	$	23	$	260	$	552	$	5	$	18	$	575
Liabilities:
Accrued expenses	$	—	$	4	$	—	$	4	$	—	$	21	$	—	$	21
Total liabilities	$	—	$	4	$	—	$	4	$	—	$	21	$	—	$	21

Fair Value and Amortized Cost of Debt

The following table presents the fair value and amortized cost of the Company’s debt in order of maturity:

	April 1, 2022				July 2, 2021
(Dollars in millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
4.25% Senior Notes due March 2022	$	—	$	—	$	220	$	224
4.75% Senior Notes due June 2023	541		551		541		578
4.875% Senior Notes due March 2024	499		513		499		544
4.75% Senior Notes due January 2025	479		491		479		529
4.875% Senior Notes due June 2027	504		517		504		561
4.091% Senior Notes due June 2029	464		484		461		519
3.125% Senior Notes due July 2029	500		446		500		488
4.125% Senior Notes due January 2031	500		473		499		513
3.375% Senior Notes due July 2031	500		444		500		487
5.75% Senior Notes due December 2034	489		501		489		566
LIBOR Based Term Loan A1 due September 2025	600		589		—		—
LIBOR Based Term Loan A2 due July 2027	600		591		—		—
LIBOR Based Term Loan due September 2025	—		—		481		478
	5,676		5,600		5,173		5,487
Less: unamortized debt issuance costs	(32)		—		(34)		—
Debt, net of debt issuance costs	5,644		5,600		5,139		5,487
Less: current portion of debt	(30)		(30)		(245)		(249)
Long-term debt, less current portion, net of debt issuance costs	$	5,614	$	5,570	$	4,894	$	5,238