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TableofContents
Recently Issued Accounting Pronouncements
SeeNote1intheNotestoConsolidatedFinancialStatementscontainedinItem15ofthisAnnualReportonForm10-K
forthediscussionofrecentlyissuedaccountingpronouncements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The Company seeks to reduce earnings and cash flow volatility associated with changes in interest rates and foreign
currencyexchangeratesbyenteringintofinancialarrangements,fromtimetotime,whichareintendedtoprovideaneconomic
hedgeagainstalloraportionoftherisksassociatedwithsuchvolatility.TheCompanycontinuestohaveexposuretosuchrisks
totheextenttheyarenoteconomicallyhedged.
The following table sets forth the scheduled maturities of the Company’s debt outstanding at July 2, 2016 (dollars in
millions):
             
Fiscal Year
2017  2018  2019  2020  2021  Thereafter  Total
Liabilities:              
Fixedratedebt $ 301.1  $ 1.1  $ 0.4  $ 300.1  $ —  $ 900.0  $ 1,502.7 
Floatingratedebt $ 851.5  $ —  $ —  $150.0  $ —  $ —  $ 1,001.5 
(1) Excludesdiscountsandissuancecosts.
ThefollowingtablesetsforththecarryingvalueandfairvalueoftheCompany’sdebtandtheaverageinterestratesatJuly
2,2016andJune27,2015(dollarsinmillions):
    
      Carrying Value  
Carrying Value Fair Value at at June 27, Fair Value at
at July 2, 2016 at July 2, 2016 2015 June 27, 2015
Liabilities:     
Fixedratedebt $ 1,502.7  $ 1,596.9  $ 1,203.9  $ 1,267.4 
Averageinterestrate 5.3 %  5.8 % 
Floatingratedebt $ 1,001.5  $ 1,001.5  $ 779.0  $ 779.0 
Averageinterestrate 1.5 %  1.2 % 
(1) Excludes discounts and issuance costs. Fair value was estimated primarily based upon quoted market prices for the
Company’spubliclong-termnotes.
37
(1)
(1)