Fair Value Measurements (Tables)

3 Months Ended

Sep. 27, 2013

Fair Value Measurements (Tables) [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents the fair value hierarchy of our assets and liabilities measured at fair value on a recurring basis (at least annually) as of September 27, 2013:

			Level 1		Level 2		Level 3		Total
			(In millions)
Assets
	Deferred compensation plan investments: (1)
		Money market fund	$	31.8	$	―	$	―	$	31.8
		Stock fund		48.2		―		―		48.2
		Equity security		27.3		―		―		27.3
	Pension plan investments: (2)
		Stock funds		43.7		―		―		43.7
		Government securities		39.6		―		―		39.6
	Foreign currency forward contracts (3)			―		2.5		―		2.5
Liabilities
	Deferred compensation plans (4)			108.7		―		―		108.7
	Foreign currency forward contracts (5)			―		0.3		―		0.3
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(1)       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 the accompanying Condensed Consolidated Balance Sheet (Unaudited).

(2)       Represents investments related to our defined benefit plan in the United Kingdom, which we include in the “Other non-current assets” line item in the accompanying Condensed Consolidated Balance Sheet (Unaudited).

(3)       Includes derivatives designated as hedging instruments, which we include in the “Other current assets” line item in the accompanying Condensed Consolidated Balance Sheet (Unaudited). 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 the accompanying Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate investment options (including money market, stock and fixed-incomefunds), 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 the accompanying Condensed Consolidated Balance Sheet (Unaudited). 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 presents 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):

		September 27, 2013				June 28, 2013
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
		(In millions)
Financial Liabilities
	Long-term debt (including current portion) (1)	$	1,582.0	$	1,763.0	$	1,590.5	$	1,763.1
____________

(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 sheetweremeasured at fair value, it would be categorized in Level 2 of the fair value hierarchy.