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Recently Issued Accounting Pronouncements
SeeNote1intheNotestoConsolidatedFinancialStatementscontainedinItem15ofthisAnnualReportonForm10-K
forthediscussionofrecentlyissuedaccountingpronouncements.
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
currencyexchangeratesbyenteringintofinancialarrangements,fromtimetotime,whichareintendedtoprovideaneconomic
hedgeagainstalloraportionoftherisksassociatedwithsuchvolatility.TheCompanycontinuestohaveexposuretosuchrisks
totheextenttheyarenoteconomicallyhedged.
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:
Fixedratedebt $ 301.1 $ 1.1 $ 0.4 $ 300.1 $ — $ 900.0 $ 1,502.7
Floatingratedebt $ 851.5 $ — $ — $150.0 $ — $ — $ 1,001.5
(1) Excludesdiscountsandissuancecosts.
ThefollowingtablesetsforththecarryingvalueandfairvalueoftheCompany’sdebtandtheaverageinterestratesatJuly
2,2016andJune27,2015(dollarsinmillions):
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:
Fixedratedebt $ 1,502.7 $ 1,596.9 $ 1,203.9 $ 1,267.4
Averageinterestrate 5.3 % 5.8 %
Floatingratedebt $ 1,001.5 $ 1,001.5 $ 779.0 $ 779.0
Averageinterestrate 1.5 % 1.2 %
(1) Excludes discounts and issuance costs. Fair value was estimated primarily based upon quoted market prices for the
Company’spubliclong-termnotes.
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