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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Apr. 01, 2023

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 April 1, 2023 and July 2, 2022

						Notional Value												Derivative Assets																		Derivative Liabilities
Designated Derivative Hedging Instruments																								Fair Value																		Fair Value
						April 1, 2023						July 2, 2022						Balance Sheet Classification						April 1, 2023						July 2, 2022						Balance Sheet Classification						April 1, 2023						July 2, 2022
						(millions)
FC - Inventory purchases(1)						$	774.8					$	41.5					Other Current Assets						4.9						$	—					Accrued Liabilities						$	17.5					$	2.7
FC - Intercompany liabilities and loans(2)						243.7						274.1						Other Current Assets						0.2						0.4						Accrued Liabilities						—						0.5
CCS - Net investment hedges(3)						1,200.0						1,200.0						Other Assets						5.4						47.8						Other Liabilities						102.4						44.0
Total Hedges						$	2,218.5					$	1,515.6											$	10.5					$	48.2											$	119.9					$	47.2

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in fair value hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships

Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax

The following tables provides the pretax impact of gains and losses from the Company's designated derivative instruments on its Condensed Consolidated Financial Statements as of April 1, 2023 and April 2, 2022:

						Amount of Gain (Loss) Recognized in OCI on Derivatives
						Nine Months Ended
						April 1, 2023						April 2, 2022
						(millions)
Cash flow hedges:
Inventory purchases(1)						$	(14.2)					$	(3.3)
Cash flow hedges, total						$	(14.2)					$	(3.3)
Other:
Net investment hedges						(74.9)						—
Other, total						$	(74.9)					$	—
Total hedges						$	(89.1)					$	(3.3)

						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
						Statement of Operations Classification						Nine Months Ended
												April 1, 2023						April 2, 2022
												(millions)
Cash flow hedges:
Inventory purchases(1)						Cost of Sales						$	(5.2)					$	(2.4)
Total hedges												$	(5.2)					$	(2.4)

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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