Market Risk The market risk inherent in our financial instruments represents the potential loss in fair value, earnings or cash flows, arising from adverse changes in foreign currency exchange rates or interest rates. The Company manages these exposures through operating and financing activities and, when appropriate, through the use of derivative financial instruments. The use of derivative financial instruments is in accordance with the Company's risk management policies, and we do not enter into derivative transactions for speculative or trading purposes. The quantitative disclosures in the following discussion are based on quoted market prices obtained through independent pricing sources for the same or similar types of financial instruments, taking into consideration the underlying terms and maturities and theoretical pricing models. These quantitative disclosures do not represent the maximum possible loss or any expected loss that may occur, since actual results may differ from those estimates. Foreign Currency Exchange Rate Risk Foreign currency exposures arise from transactions, including firm commitments and anticipated contracts, denominated in a currency other than the entity’s functional currency, and from foreign-denominated revenues and expenses translated into U.S. dollars. The majority of the Company's purchases and sales involving international parties, excluding international consumer sales, are denominated in U.S. dollars and, therefore, our foreign currency exchange risk is limited. The Company is exposed to risk from foreign currency exchange rate fluctuations resulting from its operating subsidiaries’ transactions denominated in foreign currencies. To mitigate such risk, certain subsidiaries enter into forward foreign currency exchange contracts. As of June 27, 2026 and June 28, 2025, the total notional values of outstanding forward foreign currency exchange contracts designated as cash flow hedges were $868.8 million and $735.0 million, respectively. As a result of the use of derivative instruments, we are exposed to the risk that counterparties to the derivative instruments will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into derivative contracts with carefully selected financial institutions. The Company also reviews the creditworthiness of our counterparties on a regular basis. As a result of the above considerations, we do not believe that we are exposed to any undue concentration of counterparty credit risk associated with our derivative contracts as of June 27, 2026. The Company is also exposed to transaction risk from foreign currency exchange rate fluctuations with respect to various cross-currency intercompany loans, payables and receivables. This primarily includes exposure to exchange rate fluctuations in the British Pound, the Singapore Dollar and the Chinese Renminbi. To manage the exchange rate risk related to these balances, the Company enters into cross-currency swaps and forward foreign currency exchange contracts. As of June 27, 2026 and June 28, 2025, the total notional values of outstanding cross-currency swaps and forward foreign currency exchange contracts related to these loans, payables and receivables were $222.1 million and $157.0 million, respectively. The fair value of outstanding cross-currency swaps and forward foreign currency exchange contracts included in current assets and long-term assets at June 27, 2026 and June 28, 2025 was $31.2 million and $6.8 million, respectively. The fair value of outstanding cross-currency swaps and forward foreign currency exchange contracts included in current liabilities and long-term liabilities at June 27, 2026 and June 28, 2025 was $11.3 million and $8.0 million, respectively. The fair value of these contracts is sensitive to changes in foreign currency exchange rates. The Company is also exposed to foreign currency exchange rate fluctuations with respect to net investment hedges. As of June 27, 2026 and June 28, 2025, we have multiple fixed-to-fixed cross-currency swap foreign exchange and forward foreign exchange agreements with aggregate notional amounts of $1.82 billion and $1.69 billion, respectively, predominantly to hedge our net investment in Euro-denominated subsidiaries, Japanese Yen-denominated subsidiaries and Chinese Renminbi-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies. The fair values of outstanding derivative contracts related to net investment hedges included in current assets and long-term assets at June 27, 2026 and June 28, 2025 were $71.1 million and $15.6 million, respectively. The fair values of outstanding derivative contracts related to net investment hedges included in current liabilities and long-term liabilities at June 27, 2026 and June 28, 2025 were $221.1 million and $263.0 million, respectively. Under the term of the cross currency swap contracts, we will exchange the semi-annual fixed rate payments on United States denominated debt for fixed rate payments of 5.5% to 7.9% in Euros, Japanese Yen and Chinese Renminbi for fixed rate payments of 5.5% to 7.9% in US Dollars and British Pounds. We perform a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our forward foreign currency exchange contracts and net investment hedges. We assess the risk of loss in the fair values of these contracts that would result from hypothetical changes in foreign currency exchange rates. This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the U.S. Dollar. As of June 27, 2026, a 10% appreciation or depreciation of the U.S. Dollar against the foreign currencies under contract would result in a net increase or decrease, respectively, in the fair value of our derivative portfolio of approximately $162 million. This hypothetical net change in fair 52 value should ultimately be largely offset by the net change in the related underlying hedged items. Refer to Note 10, "Derivative Investments and Hedging Activities," for additional information. Interest Rate Risk The Company is exposed to interest rate risk in relation to its indebtedness and investments. Our exposure to changes in interest rates is primarily attributable to debt outstanding under the Amended Revolving Credit Facility. Refer to Note 12, "Debt," for additional information. Our exposure to changes in interest rates is primarily attributable to debt outstanding under the $2.00 billion Amended Revolving Credit Facility. Borrowings under the Amended Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) for borrowings in U.S. Dollars, either (a) an alternate base rate or (b) a term secured overnight financing rate, (ii) for borrowings in Euros, the Euro Interbank Offered Rate, (iii) for borrowings in Pounds Sterling, the Sterling Overnight Index Average Reference Rate and (iv) for borrowings in Japanese Yen, the Tokyo Interbank Offer Rate, plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid (the “Pricing Grid”) based on the ratio of (a) consolidated debt (subject to reduction for certain debt incurred in connection with a pending acquisition or for debt being discharged, satisfied or defeased), to (b) consolidated EBITDAR. Borrowings under the Amended Revolving Credit Facility are subject to interest rate risk due to changes in SOFR. A hypothetical 10% change in the Amended Revolving Credit Facility interest rates would have resulted in an immaterial change in interest expense in fiscal 2026. The Company is exposed to changes in interest rates related to the fair value of the senior unsecured notes and enters into interest rate contracts to reduce exposure to changes in the fair value of certain fixed‑rate debt resulting from fluctuations in benchmark interest rates. As of June 27, 2026, we have interest rate contracts with an aggregate notional amount of $375.0 million, to hedge the changes to the fair value of our fixed-rate debt. Refer to Note 10, "Derivative Investments and Hedging Activities," for additional information. The following table shows the estimated fair values of the senior unsecured notes at June 27, 2026 and June 28, 2025 based on external pricing data, including available quoted market prices of the instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and are classified as Level 2 measurements within the fair value hierarchy: June 27, 2026 June 28, 2025 (millions) 4.125% Senior Notes due 2027 $ 394.9 $ 393.0 5.100% Senior Notes due 2030 757.4 756.8 3.050% Senior Notes due 2032 454.2 443.2 5.500% Senior Notes due 2035 757.7 748.2 The interest rate payable on the 4.125% Senior Notes due 2027 will be subject to adjustments from time to time if either Moody’s or S&P or a substitute rating agency downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the respective senior notes of such series. Refer to Note 12, "Debt" for further information on these instruments. The Company’s investment portfolio is maintained in accordance with the Company’s investment policy, which defines our investment principles including credit quality standards and limits the credit exposure of any single issuer. The primary objective of our investment activities is the preservation of principal while maximizing interest income and minimizing risk. We do not hold any investments for trading purposes.