v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of March 28, 2026 and June 28, 2025:
Notional ValueDerivative AssetsDerivative Liabilities
Fair ValueFair Value
March 28, 2026June 28, 2025March 28, 2026June 28, 2025March 28, 2026June 28, 2025
(millions)
Designated as cash flow hedges
Foreign exchange risk(1)
$878.7 $735.0 $27.1 $6.5 $6.8 $7.9 
Designated as net investment hedges
Foreign exchange risk(3)
1,819.6 1,690.0 49.2 15.6218.8 263.0
Designated as fair value hedges
Foreign exchange risk(2)
103.8 — — — 3.2 — 
Interest rate risk(2)
250.0 — — — 2.9 — 
Undesignated hedges
Foreign exchange risk(1)
77.2 157.0 0.1 0.3 0.2 0.1 
Total$3,129.3 $2,582.0 $76.4 $22.4 $231.9 $271.0 
(1)In Other Current Assets and Accrued Liabilities.
(2)In Other Assets and Other Liabilities.
(3)As of March 28, 2026, the Company recorded $7.8 million within Other Current Assets, $41.4 million within Other Assets, $1.7 million within Accrued Liabilities and $217.1 million within Other Liabilities. As of June 28, 2025, the Company recorded $15.6 million within Other Current Assets, $0.0 million within Other Assets, $6.9 million within Accrued Liabilities and $256.1 million within Other Liabilities.
Schedule of Pretax Impact of Gains and Losses
The following tables provide the pre-tax impact of gains and losses from the Company's designated derivative instruments on its Condensed Consolidated Financial Statements as of March 28, 2026 and March 29, 2025:
Amount of Gain (Loss) Recognized in OCI on Derivatives
Nine Months Ended
March 28, 2026March 29, 2025
(millions)
Designated as cash flow hedges
Foreign exchange risk
$36.7 $(7.9)
Designated as net investment hedges
Foreign exchange risk74.0 (16.1)
Designated as fair value hedges
Foreign exchange risk(1.5)— 
Total$109.2 $(24.0)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Statement of Operations ClassificationNine Months Ended
March 28, 2026March 29, 2025
(millions)
Designated as cash flow hedges
Foreign exchange risk
Cost of Sales$17.5 $35.3 
Interest rate riskOther income (expense)— (0.9)
Designated as net investment hedges
Foreign exchange riskInterest income (expense)11.2 13.5 
Total hedges$28.7 $47.9 
Amount of Net Gain (Loss) Recognized in Income
Nine Months Ended
Statement of Operations ClassificationMarch 28, 2026March 29, 2025
(millions)
Designated as fair value hedges
Foreign exchange risk
Derivative designated as hedging instrumentOther income (expense)$(1.7)$— 
Amount excluded from hedge effectivenessOther income (expense)— — 
Interest rate risk
Hedged ItemInterest income (expense)(2.9)— 
Derivative designated as hedging instrumentInterest income (expense)2.9 — 
Amount excluded from hedge effectivenessInterest income (expense)0.1 — 
Designated as net investment hedges
Foreign exchange risk
Amount excluded from hedge effectiveness(1)
Interest income (expense)22.5 23.1 
Total hedges$20.9 $23.1 
(1)Includes $11.2 million attributable to excluded components recorded in AOCI and reclassified into income.