v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
Jun. 27, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following tables provide information related to the Company's derivative instruments recorded on the Company's Consolidated Balance Sheets as of June 27, 2026 and June 28, 2025:
Notional ValueDerivative AssetsDerivative Liabilities
Fair ValueFair Value
June 27, 2026June 28, 2025June 27, 2026June 28, 2025June 27, 2026June 28, 2025
(millions)
Designated as cash flow hedges
Foreign exchange risk(1)
$868.8 $735.0 $31.1 $6.5 $8.9 $7.9 
Designated as net investment hedges
Foreign exchange risk(3)
1,819.6 1,690.0 71.1 15.6221.1 263.0
Designated as fair value hedges
Foreign exchange risk(2)
103.8 — — — 2.4 — 
Interest rate risk(2)
375.0 — 1.4 — 3.1 — 
Undesignated hedges
Foreign exchange risk(1)
118.3 157.0 0.1 0.3 — 0.1 
Total$3,285.5 $2,582.0 $103.7 $22.4 $235.5 $271.0 
(1)In Other Current Assets and Accrued Liabilities.
(2)In Other Assets and Other Liabilities.
(3)As of June 27, 2026, the Company recorded $7.1 million within Other Current Assets, $64.0 million within Other Assets, $2.1 million within Accrued Liabilities and $219.0 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.
The following tables provide the pretax impact of gains and losses from the Company's designated derivative instruments on its Consolidated Financial Statements for the fiscal years ended June 27, 2026, June 28, 2025 and June 29, 2024:
Amount of Gain (Loss) Recognized in OCI on Derivatives
Fiscal Year Ended
June 27, 2026June 28, 2025June 29, 2024
(millions)
Designated as cash flow hedges
Foreign exchange risk
$41.6 $(19.1)$59.6 
Interest rate risk— — (10.4)
Designated as net investment hedges
Foreign exchange risk94.7 (141.3)74.3 
Designated as fair value hedges
Foreign exchange risk(0.1)— — 
Total$136.2 $(160.4)$123.5 
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Statement of Operations Classification
Fiscal Year Ended
June 27, 2026June 28, 2025June 29, 2024
(millions)
Designated as cash flow hedges
Foreign exchange risk
Cost of Sales$21.1 $42.4 $36.7 
Interest rate riskOther income (expense)— (0.9)(9.5)
Designated as net investment hedges
Foreign exchange riskInterest income (expense)18.5 17.7 2.8 
Total hedges$39.6 $59.2 $30.0 
Amount of Net Gain (Loss) Recognized in Income
Statement of Operations Classification
Fiscal Year Ended
June 27, 2026June 28, 2025June 29, 2024
(millions)
Designated as fair value hedges
Foreign exchange risk
Derivative designated as hedging instrumentOther income (expense)$(2.3)$— $— 
Amount excluded from hedge effectivenessOther income (expense)— — — 
Interest rate risk
Hedged ItemInterest income (expense)(1.7)— — 
Derivative designated as hedging instrumentInterest income (expense)1.7 — — 
Amount excluded from hedge effectivenessInterest income (expense)0.2 — — 
Designated as net investment hedges
Foreign exchange risk
Amount excluded from hedge effectiveness(1)
Interest income (expense)31.0 28.9 28.7 
Total hedges$28.9 $28.9 $28.7 
(1)Includes $18.5 million, $17.7 million and $2.8 million of interest income attributable to excluded components recorded in AOCI and reclassified into income during fiscal 2026, fiscal 2025 and fiscal 2024, respectively.
The Company expects that $16.3 million of net derivative gain related to inventory purchases included in AOCI at June 27, 2026 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates.