Shareholders' Equity

12 Months Ended

Jun. 30, 2012

Equity [Abstract]

Shareholders' equity

Shareholders' equity

Comprehensive income (loss)

The following table illustrates the accumulated balances of comprehensive income (loss) items at June 30, 2012, July 2, 2011, and July 3, 2010:

	June 30, 2012			July 2, 2011			July 3, 2010
	(Thousands)
Accumulated translation adjustments, net	$	90,798		$	461,213		$	131,329
Accumulated pension liability adjustments, net of income taxes	(136,630		)	(84,002		)	(103,967		)
Total	$	(45,832	)	$	377,211		$	27,362

Share repurchase program

In August 2011, the Board of Directors approved the repurchase of up to an aggregate of $500 million of shares of the Company’s common stock through a share repurchase program. The Company plans to repurchase stock from time to time at the discretion of management, subject to strategic considerations, market conditions and other factors. The Company may terminate or limit the stock repurchase program at any time without prior notice. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and prevailing market conditions. Since inception of the program in August 2011 through the end of fiscal 2012, the Company repurchased 11.3 million shares at average market price of $28.90 per share for total cost of $325.9 million. This amount differs from the cash used for repurchases of common stock on the consolidated statement of cash flows to the extent repurchases were not settled at the end of the fiscal year. Shares repurchased were retired.

In August 2012, the Board of Director's approved adding $250 million to the share repurchase program. With this increase, the Company may repurchase up to a total of $750 million of the Company's common stock under the share repurchase program.