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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 29, 2018
Jun. 30, 2017
Jul. 01, 2016
Operating Activities      
Net income $ 718 $ 553 $ 324
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 158 183 229
Amortization of intangible assets from Exelis Inc. acquisition 101 128 132
Share-based compensation 82 42 39
Qualified pension plan contributions (301) (589) (174)
Pension income (135) (97) (26)
Net liability reduction for certain post-employment benefit plans 0 0 (101)
Settlement of Exelis Inc. excess pension plan 0 0 (244)
Impairment of goodwill and other assets 0 240 367
(Gain) loss on sales of businesses, net 0 14 (10)
Adjustment to loss on sales of businesses, net 0 0 20
Loss on extinguishment of debt 24 0 0
(Increase) decrease in:      
Accounts receivable (112) 111 192
Inventories (84) 28 (28)
Increase (decrease) in:      
Accounts payable 82 18 (10)
Advance payments and unearned income 63 (42) (96)
Income taxes 202 131 199
Other (47) (151) 111
Net cash provided by operating activities 751 569 924
Investing Activities      
Cash paid for fixed income securities 0 0 (19)
Net additions of property, plant and equipment (136) (119) (152)
Proceeds from sales of businesses, net 0 1,014 181
Adjustment to proceeds from sales of businesses, net (2) (25) (11)
Other investing activities (3) 0 0
Net cash provided by (used in) investing activities (141) 870 (1)
Financing Activities      
Net proceeds from borrowings 1,387 85 61
Repayments of borrowings (1,658) (584) (730)
Proceeds from exercises of employee stock options 34 54 44
Repurchases of common stock (272) (710) 0
Cash dividends (272) (262) (252)
Other financing activities (24) (21) (16)
Net cash used in financing activities (805) (1,438) (893)
Effect of exchange rate changes on cash and cash equivalents (1) (4) (24)
Net increase (decrease) in cash and cash equivalents (196) (3) 6
Cash and cash equivalents, beginning of year 484 487 481
Cash and cash equivalents, end of year $ 288 $ 484 $ 487