Fair Value Measurements (Tables)

12 Months Ended

Jul. 01, 2011

Fair Value Measurements (Tables) [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table represents the fair value hierarchy of our assets and liabilities measured at fair value on a recurring basis (at least annually) as of July 1, 2011:

	Level 1		Level 2		Level 3		Total
	(In millions)
Assets
Marketable equity securities (1)	$	5.4	$	—	$	—	$	5.4
Deferred compensation plan investments: (2)
Money market fund		27.9		—		—		27.9
Stock fund		40.7		—		—		40.7
Equity security		17.0		—		—		17.0
Foreign currency forward contracts (3)		—		0.7		—		0.7
Liabilities
Deferred compensation plans (4)		85.8		—		—		85.8
Foreign currency forward contracts (5)		—		0.9		—		0.9

(1)	Represents investments classified as securities available-for-sale, which we include in the “Other current assets” line item in our Consolidated Balance Sheet.
(2)	Represents investments 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 Consolidated Balance Sheet.
(3)	Includes derivatives designated as hedging instruments, which we include in the “Other current assets” line item in our Consolidated Balance Sheet. The fair value of these contracts was measured using a market approach based on quoted foreign currency forward exchange rates for contracts with similar maturities.
(4)	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 Consolidated Balance Sheet. Under these plans, participants designate investment options (including money market, stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
(5)	Includes derivatives designated as hedging instruments, which we include in the “Other accrued items” line item in our Consolidated Balance Sheet. The fair value of these contracts was measured using a market approach based on quoted foreign currency forward exchange rates for contracts with similar maturities.

Carrying amounts and estimated fair values of financial instruments not measured at fair value

The following table represents the carrying amounts and estimated fair values of our significant financial instruments that are 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):

	July 1, 2011				July 2, 2010
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(In millions)
Financial Liabilities
Long-term debt (including current portion) (1)	$	1,892.1	$	2,068.4	$	1,177.3	$	1,301.8

(1) The estimated fair value was measured using a market approach based on quoted market prices for our debt traded in the secondary market.