Fair Value Measurements (Tables)

3 Months Ended

Sep. 27, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at September 27, 2019 and June 28, 2019:

	September 27, 2019						June 28, 2019
	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In millions)
Assets
Deferred compensation plan assets:(1)
Equity and fixed income securities	$	—	$	—	$	—	$	38	$	38	$	—
Investments measured at NAV:
Equity and fixed income funds	26						61
Corporate-owned life insurance	28						28
Total investments measured at NAV	54						89
Total fair value of deferred compensation plan assets	$	54	$	—	$	—	$	127	$	38	$	—
Derivatives (foreign currency forward contracts)	4		—		4		—		—		—
Total assets measured at fair value	$	58	$	—	$	4	$	127	$	38	$	—
Liabilities
Deferred compensation plan liabilities:(2)
Equity securities and mutual funds	$	3	$	3	$	—	$	25	$	25	$	—
Investments measured at NAV:
Common/collective trusts and guaranteed investment contracts	56						132
Total fair value of deferred compensation plan liabilities	$	59	$	3	$	—	$	157	$	25	$	—
Derivatives (foreign currency forward contracts)	12		—		12		—		—		—
Derivatives (treasury lock contracts)	107		—		107		26		—		26
Total liabilities measured at fair value	$	178	$	3	$	119	$	183	$	25	$	26

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(1) Represents diversified assets held in a “rabbi trust” associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet (Unaudited) and which are measured at fair value.

(2)

Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of our significant financial instruments that were not measured at fair value (carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of those items):

	September 27, 2019				June 28, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Long-term debt (including current portion)(1)	$	6,963	$	7,536	$	3,419	$	3,802

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(1)

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.