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Derivative Financial Instruments (Tables)
 6 Months Ended
Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of outstanding swap agreements
Details of outstanding hedging instruments as of December 29, 2018 are below:
Maturity Date of the Hedging Instrument
 
Currency / Unit of Measure
 
Notional Value
 
 
 
 
(In millions)
Hedging of interest rate risk
 
 
 
 
April 2019
 
U.S. Dollar
 
500
October 2020
 
U.S. Dollar
 
750
July 2021
 
U.S. Dollar
 
500
June 2023
 
Euro
 
500
March 2025
 
U.S. Dollar
 
500
 
 
 
 
 
Hedging of foreign currency risk
 
 
 
 
Various (January 2019 to April 2019)
 
Swedish Krona
 
261
Various (January 2019 to October 2019)
 
British Pound Sterling
 
20
Various (January 2019 to December 2019)
 
U.S. Dollar
 
1
June 2021
 
Canadian Dollar
 
300
July 2021
 
British Pound Sterling
 
234
August 2021
 
British Pound Sterling
 
466
June 2023
 
Euro
 
500
 
 
 
 
 
Hedging of fuel risk
 
 
 
 
Various (December 31, 2018 to December 2019)
 
Gallons
 
52
Derivatives balance sheet location table
The location and carrying amount of hedged liabilities in the consolidated balance sheet as of December 29, 2018 are as follows:
 
Dec. 29, 2018
 
Carrying Amount of Hedged Assets (Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
 
(In thousands)
Balance sheet location:
 
 
 
Current maturities of long-term debt
$
(499,867
)
 
$
2,152

Long-term debt
(2,310,689
)
 
25,776



The location and carrying amount of hedged liabilities in the consolidated balance sheet as of June 30, 2018 are as follows:
 
Jun. 30, 2018
 
Carrying Amount of Hedged Assets (Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
 
(In thousands)
Balance sheet location:
 
 
 
Current maturities of long-term debt
$
(499,610
)
 
$
5,097

Long-term debt
(1,743,732
)
 
47,555


The location and carrying amount of hedged liabilities in the consolidated balance sheet as of December 30, 2017, are as follows:
 
Dec. 30, 2017
 
Carrying Amount of Hedged Assets (Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
 
(In thousands)
Balance sheet location:
 
 
 
Current maturities of long-term debt
$
(499,960
)
 
$
—

Long-term debt
(1,747,194
)
 
18,282

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of December 29, 2018, June 30, 2018 and December 30, 2017 are as follows:
 
 
 
Derivative Fair Value
 
Balance Sheet location
 
Dec. 29, 2018
 
Jun. 30, 2018
 
Dec. 30, 2017
 
 
 
(In thousands)
Fair Value Hedges:
 
 
 
 
 
 
 
Interest rate swaps
Other current assets
 
$
—

 
$
—

 
$
118

Interest rate swaps
Other assets
 
5,207

 
—

 
—

Interest rate swaps
Other current liabilities
 
2,180

 
6,820

 
—

Interest rate swaps
Other long-term liabilities
 
31,488

 
49,734

 
33,003

 
 
 
 
 
 
 
 
Cash Flow Hedges:
 
 
 
 
 
 
 
Fuel Swaps
Other current assets
 
$
—

 
$
15,316

 
$
13,678

Foreign currency forwards
Other current assets
 
246

 
693

 
555

Cross currency swaps
Other current assets
 
—

 
4,284

 
—

Cross currency swaps
Other assets
 
13,773

 
3,454

 
—

Fuel Swaps
Other current liabilities
 
19,548

 
—

 
—

Foreign currency forwards
Other current liabilities
 
226

 
71

 
351

Fuel swaps
Other long-term liabilities
 
742

 
—

 
—

Cross currency swaps
Other long-term liabilities
 
—

 
14,201

 
21,310

 
 
 
 
 
 
 
 
Net Investment Hedges:
 
 
 
 
 
 
 
Foreign currency swaps
Other assets
 
$
23,349

 
$
10,709

 
$
7,822

Foreign currency swaps
Other long-term liabilities
 
20,361

 
39,690

 
48,087
Schedule of location and effect of derivative instruments and related hedged items
The location and amount of gains or losses recognized in the consolidated results of operations for fair value hedging relationships for each of the periods, presented on a pretax basis, are as follows:
 
 
13-Week Period Ended Dec. 29, 2018
 
 
Cost of Goods Sold
 
Operating Expense
 
Interest Expense
 
 
(In thousands)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value or cash flow hedges are recorded
 
$
11,993,995

 
$
2,319,817

 
$
87,113

Gain or (loss) on fair value hedging relationships:
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Hedged items (1)
 
$
—

 
$
—

 
$
(46,919
)
Derivatives designated as hedging instruments
 
—

 
—

 
31,550


(1) 
The hedged total includes interest expense of $15.7 million and change in fair value of debt of $31.3 million.

 
 
13-Week Period Ended Dec. 30, 2017
 
 
Cost of Goods Sold
 
Operating Expense
 
Interest Expense
 
 
(In thousands)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value or cash flow hedges are recorded
 
$
11,712,104

 
$
2,170,834

 
$
85,986

Gain or (loss) on fair value hedging relationships:
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Hedged items (1)
 
$
—

 
$
—

 
$
(7,515
)
Derivatives designated as hedging instruments
 
—

 
—

 
(9,942
)

(1) 
The hedged total includes interest expense of $17.1 million and change in fair value of debt of $9.6 million.

 
 
26-Week Period Ended Dec. 29, 2018
 
 
Cost of Goods Sold
 
Operating Expense
 
Interest Expense
 
 
(In thousands)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value or cash flow hedges are recorded
 
$
24,305,489

 
$
4,595,462

 
$
176,129

Gain or (loss) on fair value hedging relationships:
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Hedged items (1)
 
$
—

 
$
—

 
$
(55,506
)
Derivatives designated as hedging instruments
 
—

 
—

 
20,691


(1) 
The hedged total includes interest expense of $30.8 million and change in fair value of debt of $24.7 million.

 
 
26-Week Period Ended Dec. 30, 2017
 
 
Cost of Goods Sold
 
Operating Expense
 
Interest Expense
 
 
(In thousands)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value or cash flow hedges are recorded
 
$
23,568,860

 
$
4,345,137

 
$
166,870

Gain or (loss) on fair value hedging relationships:
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
Hedged items (1)
 
$
—

 
$
—

 
$
(22,745
)
Derivatives designated as hedging instruments
 
—

 
—

 
(10,989
)

(1) 
The hedged total includes interest expense of $34.2 million and change in fair value of debt of $11.4 million.
The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the 13-week periods ended December 29, 2018 and December 30, 2017, presented on a pretax basis, are as follows:
 
13-Week Period Ended Dec. 29, 2018
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
(In thousands)
 
 
 
(In thousands)
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Fuel swaps
$
(36,843
)
 
Operating expense
 
$
5,040

Foreign currency contracts
25,463

 
Cost of goods sold
 
8

Total
$
(11,380
)
 
 
 
$
5,048

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
27,143

 
N/A
 
$
—

Foreign denominated debt
8,150

 
N/A
 
—

Total
$
35,293

 
 
 
$
—

 
 
 
 
 
 
 
13-Week Period Ended Dec. 30, 2017
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
(In thousands)
 
 
 
(In thousands)
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Fuel swaps
$
8,505

 
Operating expense
 
$
1,814

Foreign currency contracts
6,331

 
Cost of goods sold
 
525

Total
$
14,836

 
 
 
$
2,339

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
(12,063
)
 
N/A
 
$
—

Foreign denominated debt
(9,450
)
 
N/A
 
—

Total
$
(21,513
)
 
 
 
$
—


The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the 26-week periods ended December 29, 2018 and December 30, 2017, presented on a pretax basis, are as follows:
 
26-Week Period Ended Dec. 29, 2018
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
(In thousands)
 
 
 
(In thousands)
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Fuel swaps
$
(35,817
)
 
Operating expense
 
$
9,393

Foreign currency contracts
20,660

 
Cost of goods sold
 
491

Total
$
(15,157
)
 
 
 
$
9,884

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
34,371

 
N/A
 
$
—

Foreign denominated debt
12,100

 
N/A
 
—

Total
$
46,471

 
 
 
$
—

 
 
 
 
 
 
 
26-Week Period Ended Dec. 30, 2017
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
 
(In thousands)
 
 
 
(In thousands)
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Fuel swaps
$
19,706

 
Operating expense
 
$
1,658

Foreign currency contracts
(15,462
)
 
Cost of goods sold
 
834

Total
$
4,244

 
 
 
$
2,492

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
(27,957
)
 
N/A
 
$
—

Foreign denominated debt
(28,600
)
 
N/A
 
—

Total
$
(56,557
)
 
 
 
$
—