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Financial Instruments (Tables)
3 Months Ended
Oct. 01, 2011
Financial Instruments [Abstract] 
Summary Of The Notional Volume Of Derivative Instruments
Notional Values         

(In Millions)

    Oct. 1,
2011		      July 2,
2011		      Hedge
Coverage
(Number of
months)		  

Swap Contracts:

         

Rec. Fixed / Pay Float - Interest Rate Swap Notional

    $ 150       $ 584         20.5 – 20.5   

Rec. Fixed / Pay Fixed -Cross Currency Swaps Notional(1)

     312         813         20.5 – 20.5   

Foreign Currency Forward Contracts(1):

         

Commitments to Purchase Foreign Currencies

    $ 2,495       $ 2,757         0.2– 8.6   

Commitments to Sell Foreign Currencies

      2,494         2,754         0.2– 8.6   

Commodity Contracts:

         

Commodity Future Contracts(3)

   $ 115       $ 193         0.1– 9.0   

Commodity Options Contracts(2)

     117         77         0.6– 6.4   

Net Investment Hedges:

    $ 3,819       $ 4,052         —     

 

1 

The notional value is calculated using the exchange rates as of reporting date.

2 

Option contract notional values are determined by the ratio of the change in option value to the change in the underlying hedged item.

3 

Commodity futures contracts are determined by the initial cost of the contract.

Fair Value Of The Long Term Debt Including The Current Portion
     October 1, 2011      July 2, 2011  
(In Millions)    Fair Value      Carrying
Amount		      Fair
Value		      Carrying
Amount		  

Long-term debt, including current portion

    $ 2,453       $ 2,378       $ 2,411       $ 2,408   
Schedule Of Fair Value Of All Derivative Contracts
Assets      Liabilities  
     Other Current
Assets		      Other Non-
current  Assets		      Accrued
Liabilities-Other		      Other  
(In millions)    Oct. 1,
2011		      July 2,
2011		      Oct. 1,
2011		      July 2,
2011		      Oct. 1,
2011		      July 2,
2011		      Oct. 1,
2011		      July 2,
2011		  

Derivatives designated as hedging instruments:

                        

Interest rate contracts (b)

    $ —         $ —         $ 12       $ 12       $ —         $ 2       $ —         $ —     

Foreign exchange contracts (b)

      —           —           —           —           —           191         46         66   

Commodity contracts (a)

      —           —           —           —           —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives designated as hedging instruments

      —           —           12         12         —           193         46         66   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated as hedging instruments:

                        

Foreign exchange contracts (b)

      21         20         —           —           27         13         —           —     

Commodity contracts (a)

      1         2         —           —           7         —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives not designated as Hedging instruments

      22         22         —           —           34         13         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives

    $ 22       $ 22       $ 12       $ 12       $ 34       $ 206       $ 46       $ 66   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

(a) Categorized as level 1: Fair value of level 1 assets and liabilities as of Oct. 1, 2011 are $1 million and $7 million and at July 2, 2011 are $2 million and nil, respectively.
(b) Categorized as level 2: Fair value of level 2 assets and liabilities as of Oct. 1, 2011 are $33 million and $73 million and at July 2, 2011 are $32 million and $272 million, respectively.
Information Relating To Cash Flow Hedges, Net Investment Hedges, Fair Value Hedges And Other Derivatives Not Designated As Hedging Instruments

 

     Interest Rate
Contracts		     Foreign Exchange
Contracts		     Commodity
Contracts		      Total  
     Quarter ended     Quarter ended     Quarter ended      Quarter ended  
(In millions)    Oct. 1,
2011		      Oct. 2,
2010		     Oct. 1,
2011		     Oct. 2,
2010		     Oct. 1,
2011		     Oct. 2,
2010		      Oct. 1,
2011		     Oct. 2,
2010		  

Cash Flow Derivatives:

                   

Amount of gain (loss) recognized in other comprehensive income (OCI) (a)

    $ —         $ (3 )    $ 196      $ (48 )    $ (1 )    $ 6       $ 195      $ (45 ) 

Amount of gain (loss) reclassified from AOCI into
earnings (a) (b)

      —           (2 )      193        (47 )      3        —           196        (49 ) 

Amount of ineffectiveness recognized in earnings (c) (d)

      —           —          (2 )      (2 )      1        1         (1 )      (1 ) 

Amount of gain (loss) expected to be reclassified into earnings during the next twelve months

      —           —          1       2        (4 )      6         (3 )      8   

Net Investment Derivatives:

                   

Amount of gain (loss) recognized in OCI (a)

      —           —          175        (405 )      —          —           175        (405 ) 

Amount of gain (loss) recognized from OCI into earnings (f)

      —           —          (9 )      (9 )      —          —           (9 )      (9 ) 

Fair Value Derivatives:

                   

Amount of derivative gain (loss) recognized in earnings (e)

      3         4        —          —          —          —           3        4   

Amount of Hedged Item gain (loss) recognized in
earnings (e)

      —           —          —          —          —          —           —          —     

Derivatives Not Designated as Hedging Instruments:

                   

Amount of gain (loss) recognized in Cost of Sales

      —           —          (5 )      (17 )      12        2         7        (15 ) 

Amount of gain(loss) recognized in SG&A

      —           —          (34 )      64        (5 )      2         (39 )      66   

 

(a) Effective portion.
(b) Gain (loss) reclassified from AOCI into earnings is reported in interest, for interest rate swaps, in selling, general, and administrative (SG&A) expenses for foreign exchange contracts and in cost of sales for commodity contracts.
(c) Gain (loss) recognized in earnings is related to the ineffective portion and amounts excluded from the assessment of hedge effectiveness.
(d) Gain (loss) recognized in earnings is reported in interest expense for foreign exchange contract and SG&A expenses for commodity contracts.
(e) The amount of gain (loss) recognized in earnings on the derivative contracts and the related hedged item is reported in interest for the interest rate contracts and SG&A for the foreign exchange contracts.
(f) The gain (loss) recognized from OCI into earnings is reported in gain on sale of discontinued operations.