XML 53 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
DISCONTINUED OPERATIONS AND DIVESTITURES (Tables)
12 Months Ended
Jun. 29, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Summarized Financial Information of Discontinued Operations
Depreciation and amortization, capital expenditures and significant non-cash items of discontinued operations included the following:
 
Fiscal Years Ended
 
2017
 
2016
 
 
 
 
 
(In millions)
Depreciation and amortization
$
39

 
$
78

Capital expenditures
4

 
19

Significant non-cash items:
 
 
 
Impairment of goodwill and other assets
(240
)
 
(367
)
Loss on sale of discontinued operations, net
(11
)
 
(21
)
Summarized financial information for Aerostructures is as follows:
 
Fiscal Year Ended
 
2016
 
 
 
(In millions)
Revenue from product sales and services
$
60

Income before income taxes
5

Net gain on sale of business
10

The following table presents the key financial results of IT Services included in “Discontinued operations, net of income taxes” in our Consolidated Statement of Income:
 
Fiscal Years Ended
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
(In millions)
Revenue from product sales and services
$

 
$
895

 
$
1,168

Cost of product sales and services

 
(777
)
 
(1,002
)
Engineering, selling and administrative expenses

 
(68
)
 
(84
)
Impairment of goodwill and other assets

 
(240
)
 

Non-operating loss
(4
)
 
(9
)
 

Income (loss) before income taxes
(4
)
 
(199
)
 
82

Loss on sale of discontinued operation

 
(28
)
 

Income tax benefit (expense)
5

 
69

 
(30
)
Discontinued operations, net of income taxes
$
1

 
$
(158
)
 
$
52

The following table presents the key financial results of CapRock included in “Discontinued operations, net of income taxes” included in our Consolidated Statement of Income:
 
Fiscal Years Ended
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
(In millions)
Revenue from product sales and services
$

 
$
144

 
$
361

Cost of product sales and services

 
(108
)
 
(284
)
Engineering, selling and administrative expenses

 
(23
)
 
(66
)
Impairment of goodwill and other assets

 

 
(367
)
Non-operating income (loss)
(4
)
 
4

 

Income (loss) before income taxes
(4
)
 
17

 
(356
)
Gain on sale of discontinued operation

 
14

 

Income tax benefit

 
41

 
38

Discontinued operations, net of income taxes
$
(4
)
 
$
72

 
$
(318
)
The major components of discontinued operations in our Consolidated Statement of Income included the following:
 
 
Fiscal Years Ended
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
 
 
(In millions)
Revenue from product sales and services
$

 
$
1,039

 
$
1,529

Cost of product sales and services

 
(885
)
 
(1,286
)
Engineering, selling and administrative expenses

 
(91
)
 
(150
)
Impairment of goodwill and other assets

 
(240
)
 
(367
)
Non-operating loss, net(1)
(8
)
 
(7
)
 
(4
)
Loss before income taxes
(8
)
 
(184
)
 
(278
)
Loss on sale of discontinued operations, net (2)

 
(11
)
 
(21
)
Income tax benefit(3)
5

 
110

 
12

Discontinued operations, net of income taxes
$
(3
)
 
$
(85
)
 
$
(287
)
_______________
(1) “Non-operating loss, net” included losses of $2 million in fiscal 2017 and $4 million in fiscal 2016 related to our former broadcast communications business (“Broadcast Communications”), which was divested in fiscal 2013.
(2) “Loss on sale of discontinued operations, net” included a $3 million decrease and $21 million increase to the loss on the sale of Broadcast Communications in fiscal 2017 and 2016, respectively.
(3) “Income tax benefit” included a $4 million income tax benefit in fiscal 2016 related to Broadcast Communications.