The following table shows the fair value measurements of the Company’s financial assets and liabilities at March 28, 2026 and June 28, 2025:


	Level 1				Level 2
	March 28, 2026		June 28, 2025		March 28, 2026		June 28, 2025
	(millions)
Assets:
Cash equivalents(1)	$	210.7	$	225.9	$	—	$	—
Short-term investments:






Other	—		—		22.1		19.6
Long-term investments:
Other	—		—		—		1.4


Derivative assets:
Inventory-related instruments(2)	—		—		27.1		6.5
Net investment hedges(2)	—		—		49.2		15.6
Intercompany loans and payables(2)	—		—		0.1		0.3


Liabilities:

Derivative liabilities:
Inventory-related instruments(2)	—		—		6.8		7.9
Net investment hedges(2)	—		—		218.8		263.0
Intercompany loans and payables(2)	—		—		3.4		0.1
Interest rate hedge instruments(2)	—		—		2.9		—

(1)Cash equivalents generally consist of money market funds and time deposits with maturities of three months or less at the date of purchase. Due to their short-term maturity, management believes that their carrying value approximates fair value.

(2)The fair value of these derivative instruments is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk.