DEBT (Tables)

12 Months Ended

Jun. 28, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized below:

	June 28, 2019			June 29, 2018
	(In millions)
Variable-rate debt:
Floating rate notes, due February 27, 2019	$	—		$	300
Floating rate notes, due April 30, 2020	250			250
Total variable-rate debt	250			550
Fixed-rate debt:
2.7% notes, due April 27, 2020	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
4.400% notes, due June 15, 2028	850			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	17			14
Total fixed-rate debt	3,193			3,190
Total debt	3,443			3,740
Less: unamortized discounts and issuance costs	(24		)	(28		)
Total debt, net	3,419			3,712
Less: current portion of long-term debt, net	(656		)	(304		)
Total long-term debt, net	$	2,763		$	3,408

Schedule of Carrying Values 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 28, 2019				June 29, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Long-term debt (including current portion)(1)	$	3,419	$	3,802	$	3,712	$	3,848

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(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.