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Significant Accounting Policies and Recent Accounting Standards (Tables)
 9 Months Ended
Mar. 29, 2019
Accounting Policies [Abstract]  
Schedule of Effect of Adopting ASC 606 and ASU 2017-07 on Condensed Consolidated Financial Statements (Unaudited) The following table summarizes the effect of adopting ASC 606 and ASU 2017-07 on our previously reported Condensed Consolidated Statement of Income (Unaudited) for the quarter and three quarters ended March 30, 2018:
 
Quarter Ended March 30, 2018
 
Previously Reported
 
Effect of Adopting ASC 606
 
Effect of Adopting ASU 2017-07
 
Currently Reported
 
 
 
 
 
 
 
 
 
(In millions, except per share amounts)
Revenue from product sales and services
$
1,568

 
$
(6
)
 
$
—

 
$
1,562

Cost of product sales and services
(994
)
 
3

 
(37
)
 
(1,028
)
Engineering, selling and administrative expenses
(318
)
 
(4
)
 
(9
)
 
(331
)
Non-operating income
—

 
—

 
46

 
46

Interest expense
(41
)
 
—

 
—

 
(41
)
Income from continuing operations before income taxes
215

 
(7
)
 
—

 
208

Income taxes
(12
)
 
2

 
—

 
(10
)
Income from continuing operations
203

 
(5
)
 
—

 
198

Discontinued operations, net of income taxes
(2
)
 
—

 
—

 
(2
)
Net income
$
201

 
$
(5
)
 
$
—

 
$
196

 
 
 
 
 
 
 
 
Net income per common share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Continuing operations
$
1.71

 
$
(0.05
)
 
$
—

 
$
1.66

Discontinued operations
(0.01
)
 
—

 
—

 
(0.01
)
 
$
1.70

 
$
(0.05
)
 
$
—

 
$
1.65

Diluted
 
 
 
 
 
 
 
Continuing operations
$
1.67

 
$
(0.04
)
 
$
—

 
$
1.63

Discontinued operations
(0.01
)
 
—

 
—

 
(0.01
)
 
$
1.66

 
$
(0.04
)
 
$
—

 
$
1.62

 
Three Quarters Ended March 30, 2018
 
Previously Reported
 
Effect of Adopting ASC 606
 
Effect of Adopting ASU 2017-07
 
Currently Reported
 
 
 
 
 
 
 
 
 
(In millions, except per share amounts)
Revenue from product sales and services
$
4,516

 
$
(9
)
 
$
—

 
$
4,507

Cost of product sales and services
(2,866
)
 
7

 
(110
)
 
(2,969
)
Engineering, selling and administrative expenses
(850
)
 
(12
)
 
(28
)
 
(890
)
Non-operating income (loss)
(2
)
 
—

 
138

 
136

Interest income
1

 
—

 
—

 
1

Interest expense
(124
)
 
—

 
—

 
(124
)
Income from continuing operations before income taxes
675

 
(14
)
 
—

 
661

Income taxes
(166
)
 
(1
)
 
—

 
(167
)
Income from continuing operations
509

 
(15
)
 
—

 
494

Discontinued operations, net of income taxes
(8
)
 
—

 
—

 
(8
)
Net income
$
501

 
$
(15
)
 
$
—

 
$
486

 
 
 
 
 
 
 
 
Net income per common share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Continuing operations
$
4.28

 
$
(0.13
)
 
$
—

 
$
4.15

Discontinued operations
(0.07
)
 
—

 
—

 
(0.07
)
 
$
4.21

 
$
(0.13
)
 
$
—

 
$
4.08

Diluted
 
 
 
 
 
 
 
Continuing operations
$
4.19

 
$
(0.12
)
 
$
—

 
$
4.07

Discontinued operations
(0.06
)
 
(0.01
)
 
—

 
(0.07
)
 
$
4.13

 
$
(0.13
)
 
$
—

 
$
4.00




The following table presents the effect of adopting ASC 606 on our previously reported Condensed Consolidated Statement of Cash Flows (Unaudited) for the three quarters ended March 30, 2018:
 
Three Quarters Ended March 30, 2018
 
Previously Reported
 
Effect of Adopting ASC 606
 
Currently Reported
 
 
 
 
 
 
 
(In millions, except shares)
Net income
$
501

 
$
(15
)
 
$
486

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Amortization of acquisition-related intangibles(1)
87

 
—

 
87

Depreciation and other amortization(1)
105

 
—

 
105

Share-based compensation
50

 
—

 
50

Qualified pension plan contributions
(301
)
 
—

 
(301
)
Pension income
(101
)
 
—

 
(101
)
(Increase) decrease in:
 
 
 
 
 
Accounts receivable
(120
)
 
26

 
(94
)
Contract assets
—

 
(110
)
 
(110
)
Inventories
(122
)
 
86

 
(36
)
Increase (decrease) in:
 
 
 
 
 
Accounts payable
(46
)
 
—

 
(46
)
Advance payments and unearned income
45

 
(45
)
 
—

Contract liabilities
—

 
58

 
58

Income taxes
146

 
2

 
148

Other
(14
)
 
(2
)
 
(16
)
Net cash provided by operating activities
$
230

 
$
—

 
$
230

_______________
(1)
“Amortization of acquisition-related intangibles” includes amortization of non-Exelis Inc. acquisition-related intangibles, which was previously included in the “Depreciation and amortization” line item in our Condensed Consolidated Statement of Cash Flows (Unaudited) in our Form 10-Q for the quarter ended March 30, 2018.