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Derivative Financial Instruments (Tables)
 9 Months Ended
Mar. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of outstanding swap agreements Details of outstanding hedging instruments as of March 30, 2019 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 (April 2019 to August 2019)
 
Swedish Krona
 
321
Various (April 2019 to December 2019)
 
British Pound Sterling
 
21
Various (April 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 (March 31, 2019 to May 2020)
 
Gallons
 
57
Derivatives balance sheet location table The location and carrying amount of hedged liabilities in the consolidated balance sheet as of March 30, 2019 are as follows:
 
Mar. 30, 2019
 
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
$
(499,997
)
 
$
58

Long-term debt
(2,311,161
)
 
3,264



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 March 31, 2018 are as follows:
 
Mar. 31, 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:
 
 
 
Long-term debt
$
(2,242,904
)
 
$
45,030

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of March 30, 2019, June 30, 2018 and March 31, 2018 are as follows:
 
 
 
Derivative Fair Value
 
Balance Sheet location
 
Mar. 30, 2019
 
Jun. 30, 2018
 
Mar. 31, 2018
 
 
 
(In thousands)
Fair Value Hedges:
 
 
 
 
 
 
 
Interest rate swaps
Other assets
 
$
18,627

 
$
—

 
$
1,800

Interest rate swaps
Other current liabilities
 
50

 
6,820

 
—

Interest rate swaps
Other long-term liabilities
 
22,461

 
49,734

 
49,256

 
 
 
 
 
 
 
 
Cash Flow Hedges:
 
 
 
 
 
 
 
Fuel Swaps
Other current assets
 
$
1,025

 
$
15,316

 
$
12,381

Foreign currency forwards
Other current assets
 
192

 
693

 
533

Fuel swaps
Other assets
 
397

 
—

 
—

Cross currency swaps
Other current assets
 
—

 
4,284

 
—

Cross currency swaps
Other assets
 
5,464

 
3,454

 
—

Fuel Swaps
Other current liabilities
 
5,352

 
—

 
—

Foreign currency forwards
Other current liabilities
 
945

 
71

 
88

Fuel swaps
Other long-term liabilities
 
85

 
—

 
—

Cross currency swaps
Other long-term liabilities
 
5,465

 
14,201

 
34,690

 
 
 
 
 
 
 
 
Net Investment Hedges:
 
 
 
 
 
 
 
Foreign currency swaps
Other assets
 
$
—

 
$
10,709

 
$
7,946

Foreign currency swaps
Other long-term liabilities
 
13,592

 
39,690

 
71,784
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 Mar. 30, 2019
 
 
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
 
$
11,903,776

 
$
2,224,713

 
$
94,514

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

 
$
—

 
$
(41,657
)
Derivatives designated as hedging instruments
 
—

 
—

 
18,865


(1) 
The hedged total includes interest expense of $17.1 million and change in fair value of debt of $24.6 million.

 
 
13-Week Period Ended Mar. 31, 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
 
$
11,673,876

 
$
2,193,425

 
$
136,145

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

 
$
—

 
$
419

Derivatives designated as hedging instruments
 
—

 
—

 
(15,740
)

(1) 
The hedged total includes interest expense of $13.6 million and change in fair value of debt of $14.1 million.

 
 
39-Week Period Ended Mar. 30, 2019
 
 
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
 
$
36,209,265

 
$
6,820,175

 
$
270,643

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

 
$
—

 
$
(97,164
)
Derivatives designated as hedging instruments
 
—

 
—

 
39,556


(1) 
The hedged total includes interest expense of $47.8 million and change in fair value of debt of $49.3 million.

 
 
39-Week Period Ended Mar. 31, 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
 
$
35,242,736

 
$
6,538,562

 
$
303,015

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

 
$
—

 
$
(22,325
)
Derivatives designated as hedging instruments
 
—

 
—

 
(26,729
)

(1) 
The hedged total includes interest expense of $47.8 million and change in fair value of debt of $25.5 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 March 30, 2019 and March 31, 2018, presented on a pretax basis, are as follows:
 
13-Week Period Ended Mar. 30, 2019
 
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
$
16,276

 
Operating expense
 
$
(961
)
Foreign currency contracts
(14,244
)
 
Cost of goods sold
 
14

Total
$
2,032

 
 
 
$
(947
)
 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
(15,387
)
 
N/A
 
$
—

Foreign denominated debt
10,550

 
N/A
 
—

Total
$
(4,837
)
 
 
 
$
—

 
 
 
 
 
 
 
13-Week Period Ended Mar. 31, 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
$
(1,195
)
 
Operating expense
 
$
4,438

Foreign currency contracts
(12,875
)
 
Cost of goods sold
 
348

Total
$
(14,070
)
 
 
 
$
4,786

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
(24,420
)
 
N/A
 
$
—

Foreign denominated debt
(16,400
)
 
N/A
 
—

Total
$
(40,820
)
 
 
 
$
—


The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the 39-week periods ended March 30, 2019 and March 31, 2018, presented on a pretax basis, are as follows:
 
39-Week Period Ended Mar. 30, 2019
 
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
$
(19,541
)
 
Operating expense
 
$
8,432

Foreign currency contracts
6,416

 
Cost of goods sold
 
505

Total
$
(13,125
)
 
 
 
$
8,937

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
18,984

 
N/A
 
$
—

Foreign denominated debt
22,650

 
N/A
 
—

Total
$
41,634

 
 
 
$
—

 
 
 
 
 
 
 
39-Week Period Ended Mar. 31, 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
$
18,855

 
Operating expense
 
$
5,679

Foreign currency contracts
(27,450
)
 
Cost of goods sold
 
1,178

Total
$
(8,595
)
 
 
 
$
6,857

 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Foreign currency contracts
$
(56,580
)
 
N/A
 
$
—

Foreign denominated debt
(45,000
)
 
N/A
 
—

Total
$
(101,580
)
 
 
 
$
—