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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Dec. 30, 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 December 30, 2023 and July 1, 2023:
| Notional Value |  | Derivative Assets |  | Derivative Liabilities
|  |  |  |  |  |  | Fair Value |  |  |  | Fair Value
December 30, 2023 |  | July 1, 2023 |  | Consolidated Balance Sheet Classification |  | December 30, 2023 |  | July 1, 2023 |  | Consolidated Balance Sheet Classification |  | December 30, 2023 |  | July 1, 2023
| (millions)
Designated hedge instruments:
FC - Inventory purchases(1) | $ | 833.2 |  |  | $ | 842.3 |  |  | Other Current Assets |  | $ | 28.1 |  |  | $ | 38.6 |  |  | Accrued Liabilities |  | $ | 3.8 |  |  | $ | 0.1 |
CCS - Net investment hedges(2) | 1,200.0 |  |  | 1,200.0 |  |  | Other Assets |  | 71.8 |  |  | 13.1 |  |  | Other Liabilities |  | 154.6 |  |  | 90.5 |
Total designated hedge instruments | $ | 2,033.2 |  |  | $ | 2,042.3 |  |  |  |  | $ | 99.9 |  |  | $ | 51.7 |  |  |  |  | $ | 158.4 |  |  | $ | 90.6 |
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3) | 241.1 |  |  | 272.3 |  |  | Other Current Assets |  | 0.6 |  |  | 0.4 |  |  | Accrued Liabilities |  | — |  |  | 0.2 |
Total Hedges | $ | 2,274.3 |  |  | $ | 2,314.6 |  |  |  |  | $ | 100.5 |  |  | $ | 52.1 |  |  |  |  | $ | 158.4 |  |  | $ | 90.8 |
(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships. (2)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships. (3)Represents forward foreign currency exchange contracts ("FC") not designated as hedges.
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 December 30, 2023 and December 31, 2022:
|  | Amount of Gain (Loss) Recognized in OCI on Derivatives
|  | Six Months Ended
|  | December 30, 2023 |  | December 31, 2022 |  |
|  | (millions)
Cash flow hedges: |  |  |  |  |  |
Inventory purchases(1) |  | $ | 4.8 |  |  | $ | (17.0) |  |  |
Interest rates(2) |  | (10.4) |  |  | — |  |  |
Total cash flow hedges |  | $ | (5.6) |  |  | $ | (17.0) |  |  |
Other: |  |  |  |  |  |
Net investment hedges(3) |  | (5.9) |  |  | (69.9) |  |  |
Total other |  | $ | (5.9) |  |  | $ | (69.9) |  |  |
Total hedges |  | $ | (11.5) |  |  | $ | (86.9) |  |  |
|  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
|  | Statement of Operations Classification |  | Six Months Ended
|  | December 30, 2023 |  | December 31, 2022 |  |
|  |  |  | (millions)
Cash flow hedges: |  |  |  |  |  |  |  |
Inventory purchases(1) |  | Cost of Sales |  | $ | 12.6 |  |  | $ | (2.8) |  |  |
Interest rates(2) |  | Other income (expense) |  | (8.6) |  |  | — |  |  |
Total hedges |  | $ | 4.0 |  |  | $ | (2.8) |  |  |
(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships. (2)Represents forward interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships. (3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships, for which the difference between changes in fair value and periodic amortization of excluded components is recorded within AOCI.

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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