The Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in benchmark interest rates. Accordingly, based on its assessment thereof, the Company may use derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes.


	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	June 28, 2025		March 29, 2025		June 28, 2025			March 29, 2025			June 28, 2025			March 29, 2025
					Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	361.1	$	367.9	PP	$	0.2	PP	$	3.9	AE	$	22.5	AE	$	6.2

Net investment hedges(c)	800.0		700.0			—		PP	26.6		ONCL	41.7		ONCL	2.4
Total Designated Hedges	1,161.1		1,067.9			0.2			30.5			64.2			8.6
Undesignated Hedges:
FC — Undesignated hedges(d)	281.8		247.5		PP	0.1		PP	0.4		AE	2.1		AE	1.5
Total Hedges	$	1,442.9	$	1,315.4		$	0.3		$	30.9		$	66.3		$	10.1

The Company presents the fair values of its derivative assets and liabilities recorded on its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across seven separate counterparties, the amounts presented in the consolidated balance sheets as of June 28, 2025 and March 29, 2025 would be adjusted from the current gross presentation as detailed in the following table:


	June 28, 2025						March 29, 2025
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount
	(millions)
Derivative assets	$	0.3	$	(0.3)	$	—	$	30.9	$	(5.4)	$	25.5
Derivative liabilities	66.3		(0.3)		66.0		10.1		(5.4)		4.7

The Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements.

The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month periods ended June 28, 2025 and June 29, 2024:


		Gains (Losses) Recognized in OCI
	Three Months Ended
		June 28, 2025		June 29, 2024
		(millions)
Designated Hedges:
FC — Cash flow hedges		$	(24.4)	$	6.2
Net investment hedges — effective portion		(57.8)		4.9
Net investment hedges — portion excluded from assessment of hedge effectiveness		(2.1)		2.0
Total Designated Hedges		$	(84.3)	$	13.1

Location and Amount of
Gains (Losses) from
Cash Flow Hedges Reclassified from AOCI to Earnings

Three Months Ended

June 28,
2025

June 29,
2024

Cost of
goods sold

(millions)

Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded

(476.8)

(446.4)

Effects of cash flow hedging:

FC — Cash flow hedges

4.7

2.2


		Gains (Losses) from Net Investment Hedges Recognized in Earnings				Location of Gains (Losses) Recognized in Earnings
	Three Months Ended
		June 28, 2025		June 29, 2024
		(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)		$	2.7	$	3.1	Interest expense
Total Net Investment Hedges		$	2.7	$	3.1

(a)Amounts recognized in other comprehensive income (loss) ("OCI") relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

As of June 28, 2025, it is estimated that $25.8 million of pretax net losses on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.

The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month periods ended June 28, 2025 and June 29, 2024:


		Gains (Losses) Recognized in Earnings				Location of Gains (Losses) Recognized in Earnings
	Three Months Ended
		June 28, 2025		June 29, 2024
		(millions)
Undesignated Hedges:
FC — Undesignated hedges		$	(11.0)	$	3.1	Other income (expense), net
Total Undesignated Hedges		$	(11.0)	$	3.1

The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of its overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, and the Chinese Renminbi, the Company generally hedges a portion of its related exposures anticipated over the next twelve months using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure.

The Company periodically designates pay-fixed rate, receive fixed-rate cross-currency swap contracts as hedges of its net investment in certain of its European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of the Company's senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of its fixed-rate U.S. Dollar-denominated senior note obligations to fixed-rate Euro-denominated obligations.