LONG-TERM DEBT (Tables)

12 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of long-term debt

Long-term debt is summarized below:

	2017			2016
	(In millions)
Variable-rate term loans:
3-year tranche, due May 29, 2018	$	36		$	300
5-year tranche, due May 29, 2020	269			318
Total variable-rate term loans	305			618
Fixed-rate debt:
4.25% notes, due October 1, 2016	—			250
1.999% notes, due April 27, 2018	500			500
2.7% notes, due April 27, 2020	400			400
4.4% notes, due December 15, 2020	400			400
5.55% notes, due October 1, 2021	400			400
3.832% notes, due April 27, 2025	600			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			400
6.15% notes, due December 15, 2040	300			300
5.054% notes, due April 27, 2045	500			500
Other	14			—
Total fixed-rate debt	3,640			3,876
Total debt	3,945			4,494
Current portion of long-term debt	(556		)	(380		)
Plus: current portion of unamortized debt issuance costs	2			—
Less: current portion of unamortized bond premium	—			(2		)
Total current portion of long-term debt	(554		)	(382		)
Total long-term debt	3,391			4,112
Plus: unamortized bond premium	29			38
Less: unamortized discounts	(2		)	(3		)
Less: unamortized debt issuance costs	(22		)	(27		)
Total long-term debt, net	$	3,396		$	4,120

Carrying amounts and estimated fair values of long-term debt

The following table presents the carrying amounts and estimated fair values of our long-term debt:

	June 30, 2017				July 1, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Long-term debt (including current portion) (1)	$	3,950	$	4,252	$	4,502	$	4,873

(1) The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.