Fair Value Measurements (Tables)

12 Months Ended

Jun. 29, 2012

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 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.

Assets and liabilities measured at fair value on a nonrecurring basis

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)

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 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