DEBT (Tables)

6 Months Ended

Jan. 03, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized below:

	January 3, 2020			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			250
Total variable-rate debt	250			250			550
Fixed-rate debt:
2.7% notes, due April 27, 2020	—			400			400
4.95% notes, due February 15, 2021	650			—			—
3.85% notes, due June 15, 2023	800			—			—
3.95% notes, due May 28, 2024	350			—			—
3.832% notes, due April 27, 2025	600			600			600
7.0% debentures, due January 15, 2026	100			100			100
3.85% notes, due December 15, 2026	550			—			—
6.35% debentures, due February 1, 2028	26			26			26
4.40% notes, due June 15, 2028	1,850			850			850
2.900% notes, due December 15, 2029	400			—			—
4.854% notes, due April 27, 2035	400			400			400
6.15% notes, due December 15, 2040	300			300			300
5.054% notes, due April 27, 2045	500			500			500
Other	49			17			14
Total fixed-rate debt	6,575			3,193			3,190
Total debt	6,825			3,443			3,740
Plus: unamortized bond premium	154			—			—
Less: unamortized discounts and issuance costs	(28		)	(24		)	(28		)
Total debt, net	6,951			3,419			3,712
Less: current portion of long-term debt, net	(257		)	(656		)	(304		)
Total long-term debt, net	$	6,694		$	2,763		$	3,408

Schedule of Debt Exchange

	Aggregate Principal Amount of L3 Notes (prior to debt exchange)		Aggregate Principal Amount of New L3Harris Notes Issued		Aggregate Principal Amount of Remaining L3 Notes
	(In millions)
4.95% notes due February 15, 2021 (“4.95% 2021 Notes”)	$	650	$	501	$	149
3.85% notes due June 15, 2023 (“3.85% 2023 Notes”)	800		741		59
3.95% notes due May 28, 2024 (“3.95% 2024 Notes”)	350		326		24
3.85% notes due December 15, 2026 (“3.85% 2026 Notes”)	550		535		15
4.40% notes due June 15, 2028 (“4.40% 2028 Notes”)	1,000		918		82
Total	$	3,350	$	3,021	$	329

Schedule of Estimated Fair Values of Long-term Debt

The following table presents the carrying amounts and estimated fair values of our long-term debt:

	January 3, 2020				June 28, 2019				June 29, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Long-term debt (including current portion)(1)	$	6,951	$	7,536	$	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.