Long Term Debt (Tables)

12 Months Ended

Jul. 03, 2015

Long Term Debt (Tables) [Abstract]

Summary of Long-term debt

Long-term debt is summarized below:

		2015		2014
		(In millions)
Variable-rate term loans:
	3-year tranche, due May 29, 2018	$	634	$	―
	5-year tranche, due May 29, 2020		634		―
Total variable-rate debt			1,268		―
Fixed-rate debt:
	4.25% notes, due October 1, 2016 (Exelis)		250		―
	5.95% notes, due December 1, 2017		―		400
	1.999% notes, due April 27, 2018		500		―
	6.375% notes, due June 15, 2019		―		350
	2.700% notes, due April 27, 2020		400		―
	4.4% notes, due December 15, 2020		400		400
	5.55% notes, due October 1, 2021 (Exelis)		400		―
	3.832% notes, due April 27, 2025		600		―
	7.0% debentures, due January 15, 2026		100		100
	6.35% debentures, due February 1, 2028		26		26
	4.854% notes, due April 27, 2035		400		―
	6.15% notes, due December 15, 2040		300		300
	5.054% notes, due April 27, 2045		500		―
	Other		24		1
Total fixed-rate debt			3,900		1,577
Total debt			5,168		1,577
	Less: current portion of long-term debt		(130)		(1)
Total long-term debt			5,038		1,576
	Plus: unamortized bond premium		51		―
	Less: unamortized discounts		(3)		(4)
	Less: unamortized debt issuance costs		(33)		(8)
Total long-term debt, net		$	5,053	$	1,564

Carrying amounts and estimated fair values of financial instruments not measured at fair value

			July 3, 2015				June 27, 2014
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
		(In millions)
Financial Liabilities
	Long-term debt (including current portion) (1)		$	5,183	$	5,230	$	1,566	$	1,800