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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Dec. 30, 2023
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 December 30, 2023 and July 1, 2023:
| Level 1 |  | Level 2 |  |
| December 30, 2023 |  | July 1, 2023 |  | December 30, 2023 |  | July 1, 2023 |  |  |  |
| (millions)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) | $ | 887.1 |  |  | $ | 155.7 |  |  | $ | 33.7 |  |  | $ | 11.9 |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Time deposits(2) | — |  |  | — |  |  | 0.6 |  |  | 0.6 |  |  |  |  |
Commercial paper(2) | — |  |  | — |  |  | 459.8 |  |  | — |  |  |  |  |
Government securities - U.S.(2) | 56.2 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Corporate debt securities - U.S.(2) | — |  |  | — |  |  | 94.7 |  |  | — |  |  |  |  |
Corporate debt securities - non U.S.(2) | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Other | — |  |  | — |  |  | 17.9 |  |  | 14.8 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |
Other | — |  |  | — |  |  | 1.3 |  |  | 1.3 |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |
Inventory-related instruments(3) | — |  |  | — |  |  | 28.1 |  |  | 38.6 |  |  |  |  |
Net investment hedges(3) | — |  |  | — |  |  | 71.8 |  |  | 13.1 |  |  |  |  |
Intercompany loans and payables(3) | — |  |  | — |  |  | 0.6 |  |  | 0.4 |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |
Inventory-related instruments(3) | — |  |  | — |  |  | 3.8 |  |  | 0.1 |  |  |  |  |
Net investment hedges(3) | — |  |  | — |  |  | 154.6 |  |  | 90.5 |  |  |  |  |
Intercompany loans and payables(3) | — |  |  | — |  |  | — |  |  | 0.2 |  |  |  |  |
(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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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