v2.4.0.6

Fair Value (Tables)

9 Months Ended

Mar. 30, 2012

Fair Value

Assets and liabilities that are measured at fair value on a recurring basis

		Fair Value Measurements at Reporting Date Using
(Dollars in millions)		Quoted Prices in Active Markets for Identical Instruments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Balance
Assets:
Commercial paper		$	—		$	363		$	—		$	363
Money market funds		1,115			—			—			1,115
U.S. treasuries and agency bonds		—			95			—			95
Corporate bonds		—			207			—			207
Other debt securities		—			107			—			107
Total cash equivalents and short-term investments		1,115			772			—			1,887
Restricted cash and investments:
Mutual funds		71			—			—			71
Other debt securities		25			2			—			27
Auction rate securities		—			—			15			15
Total assets		$	1,211		$	774		$	15		$	2,000
Liabilities:
Derivative liabilities		$	—		$	3		$	—		$	3
Total liabilities		$	—		$	3		$	—		$	3

		Fair Value Measurements at Reporting Date Using
(Dollars in millions)		Quoted Prices in Active Markets for Identical Instruments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Balance
Assets:
Cash and cash equivalents		$	1,115		$	364		$	—		$	1,479
Short-term investments		—			408			—			408
Restricted cash and investments		96			2			—			98
Other assets, net		—			—			15			15
Total assets		$	1,211		$	774		$	15		$	2,000
Liabilities:
Accrued expenses		$	—		$	3		$	—		$	3
Total liabilities		$	—		$	3		$	—		$	3

Assets and liabilities that are measured at fair value on a recurring basis, by balance sheet grouping

		Fair Value Measurements at Reporting Date Using
(Dollars in millions)		Quoted Prices in Active Markets for Identical Instruments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Balance
Assets:
Commercial paper		$	—		$	1,729		$	—		$	1,729
Money market funds		800			—			—			800
U.S. treasuries and agency bonds		—			190			—			190
Certificates of deposit		—			133			—			133
Corporate bonds		—			116			—			116
Other debt securities		—			96			—			96
Total cash equivalents and short-term investments		800			2,264			—			3,064
Restricted cash and investments:
Mutual funds		81			—			—			81
Other debt securities		19			2			—			21
Auction rate securities		—			—			16			16
Derivative assets		—			5			—			5
Total assets		$	900		$	2,271		$	16		$	3,187
Liabilities:
Derivative liabilities		$	—		$	(6	)	$	—		$	(6	)
Total liabilities		$	—		$	(6	)	$	—		$	(6	)

		Fair Value Measurements at Reporting Date Using
(Dollars in millions)		Quoted Prices in Active Markets for Identical Instruments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Balance
Assets:
Cash and cash equivalents		$	800		$	1,790		$	—		$	2,590
Short-term investments		—			474			—			474
Restricted cash and investments		100			2			—			102
Other current assets		—			5			—			5
Other assets, net		—			—			16			16
Total assets		$	900		$	2,271		$	16		$	3,187
Liabilities:
Accrued expenses		$	—		$	(6	)	$	—		$	(6	)
Total liabilities		$	—		$	(6	)	$	—		$	(6	)

Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

(Dollars in millions)		Auction Rate Securities
Balance at July 1, 2011		$	16
Total net gains (losses) (realized and unrealized):
Realized gains (losses)(1)		—
Unrealized gains (losses)(2)		—
Sales and Settlements		(1		)
Balance at March 30, 2012		$	15

(1) Realized gains (losses) on auction rate securities are recorded in Other, net in the Condensed Consolidated Statements of Operations.

(2) Unrealized gains (losses) on auction rate securities are recorded as a separate component of Other comprehensive income (loss) in Accumulated other comprehensive income (loss), which is a component of Shareholders’ equity.

Schedule of assets and liabilities measured at fair value on a non-recurring basis

		Fair Value Measurements Using
(Dollars in millions)		Quoted Prices in Active Markets for Identical Instruments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Balance
Assets:
Equity investment		$	—		$	—		$	5		$	5

Schedule of Company's debt at amortized cost and fair value

		March 30, 2012						July 1, 2011
(Dollars in millions)		Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Capital Lease		$	—		$	—		$	1		$	1
6.375% Senior Notes due October 2011		—			—			559			561
10.0% Senior Secured Second-Priority Notes due May 2014		313			363			403			481
6.8% Senior Notes due October 2016		599			660			599			647
7.75% Senior Notes due December 2018		750			825			750			780
6.875% Senior Notes due May 2020		600			639			600			591
7.00% Senior Notes due November 2021		600			651			600			598
		2,862			3,138			3,512			3,659
Less short-term borrowings and current portion of long-term debt		—			—			(560		)	(562		)
Long-term debt, less current portion		$	2,862		$	3,138		$	2,952		$	3,097

X

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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