RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

3 Months Ended

Sep. 23, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact of adoption of ASC 606 on the Company's Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet was as follows:

	Three months ended
	September 23, 2018
	As Reported		Without adoption of ASC 606		Effect of Change Higher/(Lower)
	(In thousands)
Revenue	$	2,330,691	$	2,082,397	$	248,294
Cost of goods sold	$	1,272,493	$	1,166,858	$	105,635
	September 23, 2018
	As Reported		Without adoption of ASC 606		Effect of Change Higher/(Lower)
	(In thousands)
Deferred profit	$	542,321	$	824,737	$	(282,416	)
Retained earnings	$	8,767,786	$	8,485,370	$	282,416

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheet as of June 25, 2018 for the adoption of ASC 606 to all contracts with customers that were not completed as of June 24, 2018 was recorded as an adjustment to retained earnings as of the adoption date as follows:

	June 24, 2018					June 25, 2018
	As reported		Adjustments			As Adjusted
	(In thousands)
Total assets	$	12,479,478	$	12,955		$	12,492,433
Deferred profit	$	720,086	$	(160,695	)	$	559,391
Total liabilities	$	5,899,435	$	(126,400	)	$	5,773,035
Stockholders' equity	$	6,501,851	$	139,355		$	6,641,206