Defined Benefit Pension Plans (Tables)

12 Months Ended

Jun. 28, 2014

The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of continuing operations were as follows:



	2014		2013		2012
Net periodic benefit cost
Discount rate	4.8	%	4.2	%	5.5	%
Long-term rate of return on plan assets	6.5	%	6.2	%	6.5	%
Plan obligations
Discount rate	4.3	%	4.8	%	4.2	%

Components Of Net Periodic Benefit Cost

The components of the net periodic benefit cost for continuing operations were as follows:



In millions	2014			2013			2012
Components of defined benefit net periodic (benefit) cost
Service cost	$	9		$	11		$	9
Interest cost	74			70			73
Expected return on assets	(91		)	(92		)	(86		)
Amortization of :
Prior service cost	1			1			1
Net actuarial loss	4			4			3
Settlement loss	1			6			1
Net periodic (benefit) cost	$	(2	)	$	—		$	1

Funded Status Of Defined Benefit Pension Plans

The funded status of defined benefit pension plans at the respective year-ends was as follows:



In millions	2014			2013
Projected benefit obligation
Beginning of year	$	1,562		$	1,680
Service cost	9			11
Interest cost	74			70
Plan amendments/other	—			1
Benefits paid	(76		)	(81		)
Actuarial loss (gain)	116			(123		)
Settlements	—			4
End of year	$	1,685		$	1,562
Fair value of plan assets
Beginning of year	$	1,439		$	1,515
Actual return on plan assets	194			(3		)
Employer contributions	8			8
Benefits paid	(76		)	(81		)
End of year	1,565			1,439
Funded status	$	(120	)	$	(123	)
Amounts recognized on the consolidated balance sheets
Other noncurrent assets	$	—		$	1
Accrued liabilities	(4		)	(5		)
Pension obligation	(116		)	(119		)
Net liability recognized	$	(120	)	$	(123	)
Amounts recognized in accumulated other comprehensive income
Unamortized prior service cost	$	6		$	7
Unamortized actuarial loss, net	237			228
Total	$	243		$	235

Accumulated Benefit Obligation And Fair Value Of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were:



In millions	2014		2013
Projected benefit obligation	$	1,677	$	1,555
Accumulated benefit obligation	1,677		1,555
Fair value of plan assets	1,557		1,431

Fair Value Of Pension Plan Assets

The fair value of pension plan assets as of June 28, 2014 was determined as follows:



			Fair Value Measurement at Reporting Date, Using:
	Total Fair Value			Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
In millions	2014			(Level 1)		(Level 2)		(Level 3)
Equity securities
U.S. securities - pooled funds	$	84		$	84	$	—	$	—
Non-U.S. securities - pooled funds	100			100		—		—
Total equity securities	184			184		—		—
Fixed income securities
Government bonds	134			134		—		—
Corporate bonds	643			—		643		—
U.S. pooled funds	134			—		134		—
Non-U.S. pooled funds	5			—		5		—
Bond fund	413			—		413		—
Total fixed income securities	1,329			134		1,195		—
Real estate	32			—		32		—
Cash and equivalents	5			5		—		—
Other	15			—		15		—
Total fair value of assets	$	1,565		$	323	$	1,242	$	—

The fair value of pension plan assets as of June 29, 2013 was determined as follows:



			Fair Value Measurement at Reporting Date, Using:
				Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
In millions	2013			(Level 1)		(Level 2)		(Level 3)
Equity securities
U.S. securities - pooled funds	$	85		$	85	$	—	$	—
Non-U.S. securities - pooled funds	102			102		—		—
Total equity securities	187			187		—		—
Fixed income securities
Government bonds	256			256		—		—
Corporate bonds	503			—		503		—
U.S. pooled funds	122			—		122		—
Non-U.S. pooled funds	5			—		5		—
Bond fund	324			—		324		—
Total fixed income securities	1,210			256		954		—
Real estate	23			—		23		—
Cash and equivalents	6			6		—		—
Other	13			—		13		—
Total fair value of assets	$	1,439		$	449	$	990	$	—

Percentage Allocation Of Pension Plan Assets

The percentage allocation of pension plan assets based on a fair value basis as of the respective year-end measurement dates is as follows:



	2014		2013
Asset category
Equity securities	12	%	13	%
Debt securities	85		84
Real estate	2		2
Cash and other	1		1
Total	100	%	100	%

Company Participation in Multiemployer Plan

In addition to regular contributions, the company could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if a MEPP has unfunded vested benefits.



		PPA Zone Status		FIP/RP Status	Contributions (in millions)						2014 Surcharge Imposed		Expiration Date of Collective Bargaining Agreement
	EIN/Pension Plan Number	2014	2013	Pending/ Implemented	2014		2013		2012		2014 Surcharge Imposed		Expiration Date of Collective Bargaining Agreement
Pension Fund Plan Name
Bakery and Confectionary Union & Industry International Pension Fund	52-6118572/001	Red	Red	Nov 2012	$	1	$	1	$	2	10	%	Oct 2014