Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of outstanding swap agreements

Details of outstanding swap agreements as of December 31, 2016 are below:

Maturity Date of Swap	Notional Value (in millions)		Fixed Coupon Rate on Hedged Debt		Floating Interest Rate on Swap	Floating Rate Reset Terms
February 12, 2018	$	500	5.25	%	Six-month LIBOR	Every six months in arrears
April 1, 2019	$	500	1.90	%	Three-month LIBOR	Every three months in advance
October 1, 2020	$	750	2.60	%	Three-month LIBOR	Every three months in advance
July 15, 2021	$	500	2.50	%	Three-month LIBOR	Every three months in advance

Derivatives balance sheet location table

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of December 31, 2016, July 2, 2016 and December 26, 2015 are as follows:

		Derivative Fair Value
	Balance Sheet location	Dec. 31, 2016		Jul. 2, 2016		Dec. 26, 2015
		(In thousands)
Fair Value Hedges:
Interest rate swap agreements	Other assets	$	1,149	$	36,805	$	3,936
Interest rate swap agreements	Other long-term liabilities	25,391		—		6,575
Cash Flow Hedges:
Foreign currency forward swap contracts	Other long-term liabilities	$	1,048	$	—	$	—
Fuel swaps	Other assets	3,950		—		—
Cross currency swaps	Other assets	9,027		—		—
Net Investment Hedges:
Foreign currency swaps	Other assets	$	28,395	$	—	$	—
Foreign currency swaps	Other long-term liabilities	15,915		—		—

Schedule of location and effect of derivative instruments and related hedged items

The location and effect of derivative instruments and related hedged items on the consolidated results of operations for the 13-week periods ended December 31, 2016 and December 26, 2015, presented on a pretax basis, are as follows:

	Location of (Gain) or Loss Recognized	Amount of (Gain) or Loss Recognized
		13-Week Period Ended
		Dec. 31, 2016			Dec. 26, 2015
		(In thousands)
Fair Value Hedge Relationship:
Interest rate swap agreements	Interest expense	$	(2,449	)	$	—
Cash Flow Hedge Relationships:
Forward starting interest rate swap agreements (1)	Interest expense	$	2,873		$	2,962
Fuel swaps	Other comprehensive income	(3,564		)	—
Foreign currency forward swap contracts	Other comprehensive income	1,887			—
Cross currency swaps	Other comprehensive income	(12,211		)	—
Net Investment Hedge Relationships:
Foreign currency swaps	Other comprehensive income	$	(19,195	)	$	—

⁽¹⁾ Represents amortization of losses on forward starting interest rate swap agreements that were previously settled.

The location and effect of derivative instruments and related hedged items on the consolidated results of operations for the 26-week periods ended December 31, 2016 and December 26, 2015 presented on a pretax basis are as follows:

	Location of (Gain) or Loss Recognized	Amount of (Gain) or Loss Recognized
		26-Week Period Ended
		Dec. 31, 2016			Dec. 26, 2015
		(In thousands)
Fair Value Hedge Relationships:
Interest rate swap agreements	Interest expense	$	(5,849	)	$	—
Cash Flow Hedge Relationships:
Forward starting interest rate swap agreements (1)	Other comprehensive income	$	—		$	6,134
Forward starting interest rate swap agreements (1)	Interest expense	5,746			5,682
Fuel swaps	Other comprehensive income	(3,950		)	—
Foreign currency forward swap contracts	Other comprehensive income	2,416			—
Cross currency swaps	Other comprehensive income	(9,027		)	—
Net Investment Hedge Relationships:
Foreign currency swaps	Other comprehensive income	$	(12,480	)	$	—

⁽¹⁾ Represents amortization of losses on forward starting interest rate swap agreements that were previously settled.