Derivative Financial Instruments (Tables)

9 Months Ended

Apr. 01, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of outstanding swap agreements

Details of outstanding swap agreements as of April 1, 2017 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 April 1, 2017, July 2, 2016 and March 26, 2016 are as follows:

		Derivative Fair Value
	Balance Sheet location	Apr. 1, 2017		Jul. 2, 2016		Mar. 26, 2016
		(In thousands)
Fair Value Hedges:
Interest rate swaps	Other current assets	$	659	$	—	$	—
Interest rate swaps	Other assets			36,805		11,801
Interest rate swaps	Other long-term liabilities	28,062		—		—
Cash Flow Hedges:
Fuel swaps	Other assets	$	831	$	—	$	—
Cross currency swaps	Other assets	4,211		—		—
Foreign currency forwards	Other long-term liabilities	431		—		—
Net Investment Hedges:
Foreign currency swaps	Other assets	$	26,691	$	—	$	—
Foreign currency swaps	Other long-term liabilities	22,693		—		—

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 April 1, 2017 and March 26, 2016, presented on a pretax basis, are as follows:

	Location of (Gain) or Loss Recognized	Amount of (Gain) or Loss Recognized
		13-Week Period Ended
		Apr. 1, 2017			Mar. 26, 2016
		(In thousands)
Fair Value Hedge Relationship:
Interest rate swaps	Interest expense	$	(1,661	)	$	—
Cash Flow Hedge Relationships:
Forward starting interest rate swaps (1)	Interest expense	$	2,873		$	2,872
Fuel swaps	Other comprehensive income	2,893			—
Foreign currency forwards	Other comprehensive income	(607		)	—
Cross currency swaps	Other comprehensive income	8,323			—
Net Investment Hedge Relationships:
Foreign currency swaps	Other comprehensive income	$	8,482		$	—

⁽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 39-week periods ended April 1, 2017 and March 26, 2016 presented on a pretax basis are as follows:

	Location of (Gain) or Loss Recognized	Amount of (Gain) or Loss Recognized
		39-Week Period Ended
		Apr. 1, 2017			Mar. 26, 2016
		(In thousands)
Fair Value Hedge Relationships:
Interest rate swaps	Interest expense	$	(7,510	)	$	—
Cash Flow Hedge Relationships:
Forward starting interest rate swaps (1)	Interest expense	8,619			8,463
Fuel swaps	Other comprehensive income	831			—
Foreign currency forwards	Other comprehensive income	1,788			—
Cross currency swaps	Other comprehensive income	4,211			—
Net Investment Hedge Relationships:
Foreign currency swaps	Other comprehensive income	$	(3,998	)	$	—

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