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Inventories

6 Months Ended

Jan. 01, 2016

Note F — Inventories

Inventories are summarized below:

	January 1,		July 3,
	2016		2015

	(In millions)
Unbilled costs and accrued earnings on fixed-price contracts	$	543	$	463
Finished products		100		100
Work in process		228		256
Raw materials and supplies		199		196
	$	1,070	$	1,015

Unbilled costs and accrued earnings on fixed-price contracts were net of progress payments of $70 million at January 1, 2016 and $85 million at July 3, 2015.