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Interest Expense
12 Months Ended
Jul. 03, 2015
Interest Expense [Abstract]  
INTEREST EXPENSE

NOTE 18: INTEREST EXPENSE

 

Total interest expense was $130 million, $94 million and $109 million in fiscal 2015, 2014 and 2013, respectively. Fiscal 2015 interest expense includes $18 million of debt issuance costs related to financing commitments for a senior unsecured bridge loan facility established (and subsequently terminated when we secured permanent financing) in connection with our acquisition of Exelis. Interest paid was $89 million, $93 million and $110 million in fiscal 2015, 2014 and 2013, respectively. The increase in the difference between interest expense and interest paid in fiscal 2015 was primarily due to the timing of the new debt issued during the fourth quarter of fiscal 2015 in connection with our acquisition of Exelis.