DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jan. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Swap Agreements

Details of outstanding hedging instruments as of January 1, 2022 are presented below:

Maturity Date of the Hedging Instrument	Currency / Unit of Measure	Notional Value
		(In millions)
Hedging of interest rate risk
June 2023	Euro	500
Hedging of foreign currency risk
Various (January 2022 to April 2022)	Swedish Krona	245
Various (January 2022 to June 2022)	British Pound Sterling	20
June 2023	Euro	500
Hedging of fuel risk
Various (January 2022 to June 2022)	Gallons	22

	26-Week Period Ended Jan. 1, 2022
	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	$	(8,073)	Operating expense	$	17,580
Foreign currency contracts	(434)		Cost of sales / Other income	—
Total	$	(8,507)		$	17,580
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	24,702	N/A	$	—
Total	$	24,702		$	—
	26-Week Period Ended Dec. 26, 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	$	19,830	Operating expense	$	(16,265)
Foreign currency contracts	(20,319)		Cost of sales / Other income	(2,692)
Total	$	(489)		$	(18,957)
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(47,953)	N/A	$	—
Total	$	(47,953)		$	—

Schedule of Derivatives Balance Sheet Location Table

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of January 1, 2022 and July 3, 2021 are as follows:

		Derivative Fair Value
	Balance Sheet location	Jan. 1, 2022		Jul. 3, 2021
		(In thousands)
Fair Value Hedges:
Interest rate swaps	Other assets	$	3,970	$	43,217
Cash Flow Hedges:
Fuel swaps	Other current assets	$	8,766	$	16,732
Foreign currency forwards	Other current assets	183		42
Fuel swaps	Other current liabilities	102		—
Foreign currency forwards	Other current liabilities	473		46

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of January 1, 2022 are as follows:

	Jan. 1, 2022
	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	$	(568,272)	$	(3,970)

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of July 3, 2021 are as follows:

	Jul. 3, 2021
	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	$	(1,065,364)	$	(43,217)

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				26-Week Period Ended
	Jan. 1, 2022		Dec. 26, 2020		Jan. 1, 2022		Dec. 26, 2020
	(In thousands)
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	$	242,899	$	146,498	$	371,113	$	293,215
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	29,787	$	(3,793)	$	27,355	$	(13,791)
Derivatives designated as hedging instruments	(39,473)		(296)		(47,862)		3,161

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

	13-Week Period Ended				26-Week Period Ended
	Jan. 1, 2022		Dec. 26, 2020		Jan. 1, 2022		Dec. 26, 2020
	(In thousands)
Interest expense	$	(5,367)	$	(9,735)	$	(11,892)	$	(24,568)
Decrease in fair value of debt	(35,154)		(5,942)		(39,247)		(10,777)
Hedged items	$	29,787	$	(3,793)	$	27,355	$	(13,791)

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 January 1, 2022 and December 26, 2020, presented on a pretax basis, are as follows:

	13-Week Period Ended Jan. 1, 2022
	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	$	(7,588)	Operating expense	$	9,608
Foreign currency contracts	(356)		Cost of sales / Other income	—
Total	$	(7,944)		$	9,608
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	11,149	N/A	$	—
Total	$	11,149		$	—
	13-Week Period Ended Dec. 26, 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	$	16,939	Operating expense	$	(7,613)
Foreign currency contracts	(587)		Cost of sales / Other income	—
Total	$	16,352		$	(7,613)
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(27,554)	N/A	$	—
Total	$	(27,554)		$	—