Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2011

Jan. 01, 2011

Financial Instruments [Abstract]

Summary Of The Notional Values Of Derivative Instruments

Notional Values
(In millions)	Dec. 31, 2011		July 2, 2011		Hedge Coverage (Number of months)
Swap Contracts:
Rec. Fixed / Pay Float - Interest Rate Swap Notional	$	150	$	584	17.5 – 17.5
Rec. Fixed / Pay Fixed -Cross Currency Swaps Notional(1)		295		813	17.5– 17.5
Foreign Currency Forward Contracts(1):
Commitments to Purchase Foreign Currencies	$	2,632	$	2,757	0.2– 17.6
Commitments to Sell Foreign Currencies		2,629		2,754	0.2– 17.6
Commodity Contracts:
Commodity Future Contracts(3)	$	148	$	193	1.0– 10.0
Commodity Options Contracts(2)		53		77	2.0– 2.0
Net Investment Hedges:	$	4,256	$	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

	December 31, 2011				July 2, 2011
(In Millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Long-term debt, including current portion	$	2,375	$	2,325	$	2,411	$	2,408

Location And Amounts Of Derivative Fair Values In Condensed Consolidated Balance Sheet

	Assets								Liabilities
	Other Current Assets				Other Non- current Assets				Accrued Liabilities-Other				Other
(In millions)	Dec. 31, 2011		July 2, 2011		Dec. 31, 2011		July 2, 2011		Dec. 31, 2011		July 2, 2011		Dec. 31, 2011		July 2, 2011
Derivatives designated as hedging instruments:
Interest rate contracts (b)	$	—	$	—	$	10	$	12	$	—	$	2	$	—	$	—
Foreign exchange contracts (b)		130		—		—		—		—		191		39		66
Commodity contracts (a)		—		—		—		—		—		—		—		—
Total derivatives designated as hedging instruments		130		—		10		12		—		193		39		66
Derivatives not designated as hedging instruments:
Foreign exchange contracts (b)		29		20		—		—		24		13		—		—
Commodity contracts (a)		—		2		—		—		3		—		—		—
Total derivatives not designated as Hedging instruments		29		22		—		—		27		13		—		—
Total derivatives	$	159	$	22	$	10	$	12	$	27	$	206	$	39	$	66

(a) Categorized as level 1: Fair value of level 1 assets and liabilities as of Dec. 31, 2011 are nil and $3 million and at July 2, 2011 are $2million and nil, respectively.

(b) Categorized as level 2: Fair value of level 2 assets and liabilities as of Dec. 31, 2011 are $169 million and $63 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)	Dec. 31, 2011		Jan. 1, 2011		Dec. 31, 2011			Jan. 1, 2011			Dec. 31, 2011		Jan. 1, 2011			Dec. 31, 2011			Jan. 1, 2011
Cash Flow Derivatives:
Amount of gain (loss) recognized in other comprehensive income (OCI) (a)	$	—	$	4	$	1		$	17		$	3	$	11		$	4		$	32
Amount of gain (loss) reclassified from AOCI into earnings (a) (b)		—		—		11			13			1		3			12			16
Amount of ineffectiveness recognized in earnings (c) (d)		—		—		—			(2	)		—		—			—			(2	)
Amount of gain (loss) expected to be reclassified into earnings during the next twelve months		—		—		(4	)		(3	)		1		8			(3	)		5
Net Investment Derivatives:
Amount of gain (loss) recognized in OCI (a)		—		—		252			178			—		—			252			178
Amount of gain (loss) recognized from OCI into earnings (f)		—		—		(198	)		60			—		—			(198	)		60
Fair Value Derivatives:
Amount of derivative gain (loss) recognized in earnings (e)		—		—		—			—			—		—			—			—
Amount of Hedged Item gain (loss) recognized in earnings (e)		2		3		—			—			—		—			2			3
Derivatives Not Designated as Hedging Instruments:
Amount of gain (loss) recognized in Cost of Sales		—		—		20			(2	)		7		(2	)		27			(4	)
Amount of gain(loss) recognized in SG&A		—		—		(41	)		(33	)		5		1			(36	)		(32	)

(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.

	Interest Rate Contracts					Foreign Exchange Contracts						Commodity Contracts					Total
	Six Months ended					Six Months ended						Six Months ended					Six Months ended
(In millions)	Dec. 31, 2011		Jan. 1, 2011			Dec. 31, 2011			Jan. 1, 2011			Dec. 31, 2011			Jan. 1, 2011		Dec. 31, 2011			Jan. 1, 2011
Cash Flow Derivatives:
Amount of gain (loss) recognized in other comprehensive income (OCI) (a)	$	—	$	1		$	197		$	(31	)	$	2		$	17	$	199		$	(13	)
Amount of gain (loss) reclassified from AOCI into earnings (a) (b)		—		(2	)		204			(34	)		4			3		208			(33	)
Amount of ineffectiveness recognized in earnings (c) (d)		—		—			(2	)		(4	)		1			1		(1	)		(3	)
Amount of gain (loss) expected to be reclassified into earnings during the next twelve months		—		—			(3	)		(1	)		(3	)		14		(6	)		13
Net Investment Derivatives:
Amount of gain (loss) recognized in OCI (a)		—		—			427			(227	)		—			—		427			(227	)
Amount of gain (loss) recognized from OCI into earnings (f)		—		—			(207	)		51			—			—		(207	)		51
Fair Value Derivatives:
Amount of derivative gain (loss) recognized in earnings (e)		2		4			—			—			—			—		2			4
Amount of Hedged Item gain (loss) recognized in earnings (e)		2		3			—			—			—			—		2			3
Derivatives Not Designated as Hedging Instruments:
Amount of gain (loss) recognized in Cost of Sales		—		—			15			(19	)		19			—		34			(19	)
Amount of gain(loss) recognized in SG&A		—		—			(75	)		31			—			3		(75	)		34

(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.