Income Taxes (Tables)

12 Months Ended

Jun. 27, 2014

Income Taxes (Tables) [Abstract]

Provisions for income taxes

The provisions for current and deferredincome taxes are summarized as follows:

		2014		2013		2012
		(In millions)
Current:
	United States	$	213.0	$	189.4	$	240.2
	International		10.8		12.0		6.2
	State and local		12.6		20.8		27.5
			236.4		222.2		273.9
Deferred:
	United States		4.6		(17.0)		15.9
	International		0.4		(2.8)		(2.8)
	State and local		14.8		0.3		(1.0)
			19.8		(19.5)		12.1
		$	256.2	$	202.7	$	286.0

Total Income tax provision summary

The total income tax provision is summarized as follows:

	2014		2013		2012
	(In millions)
Continuing operations	$	256.2	$	202.7	$	286.0
Discontinued operations		(9.9)		(21.4)		(99.1)
Total income tax provision	$	246.3	$	181.3	$	186.9

Components of deferred income tax assets (liabilities)

The components of deferred income tax assets (liabilities) were as follows:

		2014					2013
		Current		Non-Current			Current		Non-Current
	(In millions)
Inventory valuations		$	14.7		$	—	$	14.6		$	—
Accruals			89.5			106.3		99.4			101.0
Depreciation			—			(12.5)		—			(9.1)
Domestic tax loss and credit carryforwards			—			18.6		—			24.4
International tax loss and credit carryforwards			—			40.4		—			42.2
International research and development expense deferrals			—			20.9		—			34.4
Acquired intangibles			—			(71.2)		—			(72.5)
Share-based compensation			—			25.1		—			32.0
Unfunded pension liability			—			9.5		—			15.7
Unrecognized tax benefits			—			12.8		—			13.6
All other — net			13.9			(2.4)		11.9			10.7
			118.1			147.5		125.9			192.4
Valuation allowance			(8.0)			(60.2)		(6.5)			(67.6)
		$	110.1		$	87.3	$	119.4		$	124.8

Reconciliation of the United States statutory income tax rate to our effective income tax rate

A reconciliation of the United States statutory income tax rate to our effective income tax rate follows:

	2014		2013		2012
U.S. statutory income tax rate	35.0	%	35.0	%	35.0	%
State taxes	2.0		1.5		1.4
International income	(1.1)		―		0.8
Research and development tax credit	(0.9)		(1.3)		(0.5)
U.S. production activity benefit	(2.7)		(3.1)		(3.0)
Settlement of tax audits	(0.6)		(1.2)		―
Other items	0.5		(0.4)		0.3
Effective income tax rate	32.2	%	30.5	%	34.0	%

Reconciliation of the beginning and ending amounts of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2014		2013		2012
	(In millions)
Balance at beginning of fiscal year	$	73.5	$	48.3	$	48.4
Additions based on tax positions taken during current fiscal year		7.0		16.9		2.7
Additions based on tax positions taken during prior fiscal years		18.5		20.3		10.4
Decreases based on tax positions taken during prior fiscal years		(11.8)		(9.7)		(11.7)
Decreases from settlements		(14.9)		(2.1)		(1.4)
Decreases from lapse of statutes of limitations		(0.4)		(0.2)		(0.1)
Balance at end of fiscal year	$	71.9	$	73.5	$	48.3