Stock Options And Other Share Based Compensation (Tables)

12 Months Ended

Jun. 27, 2014

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:

		2014		2013		2012
		(In millions)
Total expense		$	35.4	$	32.9	$	34.7
Included in:
	Cost of product sales and services	$	4.7	$	2.4	$	3.2
	Engineering, selling and administrative expenses		30.7		30.5		31.5
	Income from continuing operations		35.4		32.9		34.7
Tax effect on share-based compensation expense			(11.4)		(10.0)		(11.8)
Total share-based compensation expense after-tax		$	24.0	$	22.9	$	22.9

Assumptions used in calculating fair value of stock option grants

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

	2014		2013		2012
Expected dividends	2.8	%	3.0	%	2.2	%
Expected volatility	30.7	%	33.5	%	34.6	%
Risk-free interest rates	1.7	%	0.7	%	0.9	%
Expected term (years)	5.10		5.23		5.10

Summary of stock option activity

A summary of stock option activity under our SIPs as of June 27, 2014 and changes during fiscal 2014 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 June 28, 2013	5,787,394	$	44.00
Stock options forfeited or expired	(380,202)	$	49.04
Stock options granted	1,398,050	$	57.07
Stock options exercised	(2,931,598)	$	45.45
Stock options outstanding at June 27, 2014	3,873,644	$	47.13	7.66	$	111.76
Stock options exercisable at June 27, 2014	1,455,342	$	41.42	6.19	$	50.30

Nonvested stock options

A summary of the status of our nonvested stock options at June 27, 2014 and changes during fiscal 2014 is as follows:

		Weighted-
		Average
		Grant-Date
		Fair Value
	Shares	Per Share
Nonvested stock options at June 28, 2013	2,552,788		$	10.19
Stock options granted	1,398,050		$	12.40
Stock options vested	(1,532,536)		$	10.52
Nonvested stock options at June 27, 2014	2,418,302		$	11.25

Summary of restricted stock and restricted stock units

A summary of the status of our restricted stock and restricted stock units at June 27, 2014 and changes during fiscal 2014 is as follows:

		Weighted-
		Average
		Grant
		Price
	Shares	Per Share
Restricted stock and restricted stock units outstanding at June 28, 2013	723,514		$	42.29
Restricted stock and restricted stock units granted	291,250		$	61.39
Restricted stock and restricted stock units vested	(275,195)		$	44.67
Restricted stock and restricted stock units forfeited	(50,713)		$	48.62
Restricted stock and restricted stock units outstanding at June 27, 2014	688,856		$	48.95

Summary of performance shares and performance share units

A summary of the status of our performance shares and performance share units at June 27, 2014 and changes during fiscal 2014 is as follows:

		Weighted-
		Average
		Grant
		Price
	Shares	Per Share
Performance shares and performance share units outstanding at June 28, 2013	721,972		$	43.03
Performance share units granted	312,550		$	59.17
Performance shares and performance share units vested	(86,047)		$	40.52
Performance shares and performance share units forfeited	(137,152)		$	48.68
Performance share units outstanding at June 27, 2014	811,323		$	48.56