DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of outstanding swap agreements

Maturity Date of the Hedging Instrument	Currency / Unit of Measure	Notional Value
		(In millions)
Hedging of interest rate risk
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 (June 29, 2020 to August 2020)	Swedish Krona	133
Various (July 2020 to February 2021)	British Pound Sterling	14
July 2021	British Pound Sterling	234
June 2023	Euro	500
Hedging of fuel risk
Various (June 30, 2020 to December 2021)	Gallons	54

Derivatives balance sheet location table

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of June 27, 2020 and June 29, 2019 are as follows:

		Derivative Fair Value
	Balance Sheet location	Jun. 27, 2020		Jun. 29, 2019
		(In thousands)
Fair Value Hedges:
Interest rate swaps	Other current assets	$	1,388	$	—
Interest rate swaps	Other assets	69,782		37,396
Interest rate swaps	Other long-term liabilities	—		9,285
Cash Flow Hedges:
Fuel swaps	Other current assets	$	233	$	154
Foreign currency forwards	Other current assets	1,063		624
Fuel swaps	Other assets	1,173		136
Cross currency swaps	Other assets	19,614		8,592
Fuel swaps	Other current liabilities	28,242		6,537
Foreign currency forwards	Other current liabilities	222		162
Fuel swaps	Other long-term liabilities	—		239
Net Investment Hedges:
Foreign currency swaps	Other assets	$	—	$	18,614
Foreign currency swaps	Other long-term liabilities	—		9,973

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of June 27, 2020 are as follows:

	Jun. 27, 2020
	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	$	(749,924)	$	(1,388)
Long-term debt	(1,563,636)		(70,239)

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of June 29, 2019 are as follows:

	Jun. 29, 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:
Long-term debt	$	(2,311,636)	$	(28,616)

Derivatives financial statement performance table

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:

	Jun. 27, 2020		Jun. 29, 2019
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value hedges are recorded	$	408,220	$	360,423
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(101,255)	$	(143,711)
Derivatives designated as hedging instruments	44,489		68,689

The losses on the fair value hedging relationships associated with the hedged items as disclosed in the table above are comprised of the following components for each of the periods presented:

	Jun. 27, 2020		Jun. 29, 2019
Interest expense	$	(58,244)	$	(62,443)
Increase in fair value of debt	43,011		81,268
Hedged items	$	(101,255)	$	(143,711)

The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the fiscal years ended June 27, 2020 and June 29, 2019, presented on a pretax basis, are as follows:

	2020
	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	$	(16,586)	Operating expense	$	(22,058)
Foreign currency contracts	6,755		Cost of sales / Other income	3,626
Total	$	(9,831)		$	(18,432)
Derivatives in net investment hedging relationships:
Foreign currency contracts	$	51,354	N/A	$	—
Foreign denominated debt	7,402		N/A	—
Total	$	58,756		$	—

	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	$	(22,100)	Operating expense	$	8,180
Foreign currency contracts	16,706		Cost of goods sold / Other income	509
Total	$	(5,394)		$	8,689
Derivatives in net investment hedging relationships:
Foreign currency contracts	$	42,488	N/A	$	—
Foreign denominated debt	15,650		N/A	—
Total	$	58,138		$	—