Fair Value Measurements (Tables)

6 Months Ended

Dec. 28, 2019

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 28, 2019 and June 29, 2019:



	Level 1				Level 2
	December 28, 2019		June 29, 2019		December 28, 2019		June 29, 2019
	(millions)
Assets:
Cash equivalents⁽¹⁾	$	251.7	$	454.3	$	0.3	$	0.4
Short-term investments:
Time deposits⁽²⁾	—		—		0.6		0.6
Commercial paper⁽²⁾	—		—		—		17.9
Government securities - U.S.⁽²⁾	102.9		102.6		—		—
Corporate debt securities - U.S.⁽²⁾	—		—		109.8		95.8
Corporate debt securities - non U.S.⁽²⁾	—		—		43.7		37.3
Other	—		—		12.8		10.4
Long-term investments:
Other	—		—		0.1		0.1
Derivative assets:
Inventory-related instruments⁽³⁾	—		—		4.4		1.1
Intercompany loan and payable hedges⁽³⁾	—		—		0.3		—
Liabilities:
Derivative liabilities:
Inventory-related instruments⁽³⁾	—		—		3.4		4.9
Intercompany loan and payable hedges⁽³⁾	—		—		0.5		0.1


⁽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.