DEBT (Tables)

12 Months Ended

Jun. 29, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized below:

	2018			2017
	(In millions)
Variable-rate debt:
Term loan, 3-year tranche, due May 29, 2018	$	—		$	36
Term loan, 5-year tranche, due May 29, 2020	—			269
Floating rate notes, due February 27, 2019	300			—
Floating rate notes, due April 30, 2020	250			—
Total variable-rate debt	550			305
Fixed-rate debt:
1.999% notes, due April 27, 2018	—			500
2.7% notes, due April 27, 2020	400			400
4.4% notes, due December 15, 2020	—			400
5.55% notes, due October 1, 2021	—			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
4.400% notes, due June 15, 2028	850			—
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			14
Total fixed-rate debt	3,190			3,640
Total debt	3,740			3,945
Plus: unamortized bond premium	—			29
Less: unamortized discounts and issuance costs	(28		)	(24		)
Total debt, net	3,712			3,950
Less: current portion of long-term debt, net	(304		)	(554		)
Total long-term debt, net	$	3,408		$	3,396

Schedule of 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 29, 2018				June 30, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Long-term debt (including current portion)(1)	$	3,712	$	3,848	$	3,950	$	4,252

(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.