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Fair Value Measurements (Tables) | 9 Months Ended
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Mar. 27, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Assets and Liabilities | The following table shows the fair value measurements of the Company’s financial assets and liabilities at March 27, 2021 and June 27, 2020:
| Level 1 |  | Level 2 |  |
| March 27, 2021 |  | June 27, 2020 |  | March 27, 2021 |  | June 27, 2020 |  |  |  |
| (millions)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) | $ | 594.9 |  |  | $ | 569.4 |  |  | $ | 8.1 |  |  | $ | 0.3 |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Time deposits(2) | — |  |  | — |  |  | 0.7 |  |  | 0.7 |  |  |  |  |
Other | — |  |  | — |  |  | 6.8 |  |  | 7.4 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |
Other | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |
Inventory-related instruments(3) | — |  |  | — |  |  | 0.7 |  |  | 2.8 |  |  |  |  |
Intercompany loan and payable hedges(3) | — |  |  | — |  |  | 1.2 |  |  | 0.1 |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |
Inventory-related instruments(3) | — |  |  | — |  |  | 1.7 |  |  | 1.3 |  |  |  |  |
Intercompany loan and payable hedges(3) | — |  |  | — |  |  | 0.1 |  |  | 0.4 |  |  |  |  |
(1)Cash equivalents 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)Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets. (3)The fair value of these hedges 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.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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