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FAIR VALUE MEASUREMENTS
 6 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company categorizes its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The three levels of the hierarchy are defined as follows:
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1. Level 2 inputs include quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for substantially the full term of the asset or liability.
Level 3 — Unobservable inputs reflecting management’s own assumptions about the input used in pricing the asset or liability. The Company does not have any Level 3 investments.
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 1Level 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.
Refer to Note 11, "Debt," for the fair value of the Company's outstanding debt instruments.
Non-Financial Assets and Liabilities
The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions. There were no impairment charges recorded during the three and six months ended December 30, 2023 and December 31, 2022.