Stock Options And Other Share Based Compensation (Tables)

12 Months Ended

Jun. 29, 2012

Stock Options And Other Share Based Compensation (Tables) [Abstract]

Share Based Compensation Expense

The following table summarizes the amounts and classification of share-based compensation expense:

		2012		2011		2010
		(In millions)
Total expense		$	34.7	$	46.1	$	35.3
Included in:
	Cost of product sales and services	$	3.2	$	4.2	$	3.9
	Engineering, selling and administrative expenses		31.5		41.9		31.4
	Income from continuing operations		34.7		46.1		35.3
Tax effect on share-based compensation expense			(11.8)		(15.4)		(11.7)
Total share-based compensation expense after-tax		$	22.9	$	30.7	$	23.6

Assumptions used in calculating fair value of stock option grants

A summary of the significant assumptions used in calculating the fair value of stock option grants under our SIPs is as follows:

	2012		2011		2010
Expected dividends	2.2	%	2.0	%	2.1	%
Expected volatility	34.6	%	35.6	%	38.2	%
Risk-free interest rates	0.9	%	1.5	%	2.4	%
Expected term (years)	5.10		4.94		4.71

Summary of stock option activity

A summary of stock option activity under our SIPs as of June 29, 2012 and changes during fiscal 2012 is as follows:

		Weighted		Weighted
		Average		Average
		Exercise		Remaining
		Price		Contractual	Aggregate
	Shares	Per Share		Term	Intrinsic Value
				(In years)	(In millions)
Stock options outstanding at July 1, 2011	7,224,089	$	39.69
Stock options forfeited or expired	(319,744)	$	39.26
Stock options granted	1,835,302	$	37.50
Stock options exercised	(1,005,196)	$	24.72
Stock options outstanding at June 29, 2012	7,734,451	$	41.13	5.58	$	27.51
Stock options exercisable at June 29, 2012	4,620,934	$	42.86	3.61	$	16.17

Nonvested stock options

A summary of the status of our nonvested stock options at June 29, 2012 and changes during fiscal 2012 is as follows:

		Weighted-
		Average
		Grant-Date
		Fair Value
	Shares	Per Share
Nonvested stock options at July 1, 2011	2,817,315		$	11.46
Stock options granted	1,835,302		$	9.44
Stock options vested	(1,539,100)		$	11.57
Nonvested stock options at June 29, 2012	3,113,517		$	10.21

Summary of restricted stock and restricted stock units

A summary of the status of our restricted stock and restricted stock units at June 29, 2012 and changes during fiscal 2012 is as follows:

		Weighted-
		Average
		Grant
		Price
	Shares	Per Share
Restricted stock and restricted stock units outstanding at July 1, 2011	813,847		$	42.23
Restricted stock and restricted stock units granted	385,050		$	37.67
Restricted stock and restricted stock units vested	(125,257)		$	47.67
Restricted stock and restricted stock units forfeited	(80,491)		$	41.11
Restricted stock and restricted stock units outstanding at June 29, 2012	993,149		$	39.87

Summary of performance shares and performance share units

A summary of the status of our performance shares and performance share units at June 29, 2012 and changes during fiscal 2012 is as follows:

		Weighted-
		Average
		Grant
		Price
	Shares	Per Share
Performance shares and performance share units outstanding at July 1, 2011	898,297		$	40.90
Performance shares and performance share units granted	348,416		$	37.56
Performance shares and performance share units vested	(334,271)		$	51.47
Performance shares and performance share units forfeited	(35,662)		$	35.44
Performance shares and performance share units outstanding at June 29, 2012	876,780		$	35.76