Fair Value Measurements

12 Months Ended

Jun. 29, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 23: FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows:

•       Level 1 — Quoted prices in active markets for identical assets or liabilities.

•       Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.

•       Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities, and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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 June 29, 2012:

				Level 1		Level 2		Level 3		Total
			(In millions)
Assets
	Marketable equity securities (1)			$	8.3	$	—	$	—	$	8.3
	Deferred compensation plan investments: (2)
		Money market fund			31.0		—		—		31.0
		Stock fund			38.6		—		—		38.6
		Equity security			18.1		—		—		18.1
	Pension plan investments: (3)
		Stock funds			37.8		—		—		37.8
		Government securities			36.4		—		—		36.4
	Foreign currency forward contracts (4)				—		2.1		—		2.1
Liabilities
	Deferred compensation plans (5)				87.6		—		—		87.6
	Foreign currency forward contracts (6)				—		0.1		—		0.1

(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)        Represents investments related to our defined benefit plan in the United Kingdom, which are presented net with the related benefit obligation.

(4)        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.

(5)        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.

(6)        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.

The following table represents certain nonfinancial assets measured and recorded at fair value on a nonrecurring basis as of June 29, 2012:

									Total
	Fair Value at		Fair Value Measurements Using						Gains/
	June 29, 2012		Level 1		Level 2		Level 3		(Losses)
	(In millions)
Assets of discontinued operations held for sale	$	541.0	$	―	$	―	$	541.0	$	(585.6)

Goodwill of Broadcast Communications (reported as discontinued operations) was tested for impairment, and based on a fair value of $490.0 million for Broadcast Communications, and in conjunction with testing of other long-lived assets of Broadcast Communications for impairment, a $447.6 million non-cash impairment charge was recordedin discontinued operations infiscal 2012. See Note 3: Discontinued Operationsfor additional information.

Assets of discontinued operations held for sale related to CIS with a carrying amount of $187.0 million were written down to their fair value of $51.0 million, less costs to sell of $2.0 million (or $49.0 million), resulting in a non-cash impairment charge of $138.0 million, which was included in discontinued operations infiscal 2012. See Note 3: Discontinued Operationsfor additional information.

Other assets and liabilities that were measured and recorded at fair value on a nonrecurring basiswere not material during fiscal 2012, 2011 and 2010.

The following table represents 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):

			June 29, 2012				July 1, 2011
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
		(In millions)
Financial Liabilities
	Long-term debt (including current portion) (1)		$	1,887.8	$	2,148.1	$	1,892.1	$	2,068.4

(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.