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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Swap Agreements Details of outstanding hedging instruments as of April 2, 2022 are presented below:
Maturity Date of the Hedging InstrumentCurrency / Unit of MeasureNotional Value
(In millions)
Hedging of interest rate risk
June 2023Euro500
Hedging of foreign currency risk
Various (April 2022 to August 2022)Swedish Krona272
Various (April 2022 to December 2022)British Pound Sterling24
June 2023Euro500
Hedging of fuel risk
Various (April 2022 to July 2023)Gallons58
39-Week Period Ended Apr. 2, 2022
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativesLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
(In thousands)(In thousands)
Derivatives in cash flow hedging relationships:
Fuel swaps$16,024 Operating expense$26,882 
Foreign currency contracts(492)Cost of sales / Other income— 
Total$15,532 $26,882 
Derivatives in net investment hedging relationships:
Foreign denominated debt$40,757 N/A$— 
Total$40,757 $— 
39-Week Period Ended Mar. 27, 2021
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativesLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
(In thousands)(In thousands)
Derivatives in cash flow hedging relationships:
Fuel swaps$(34,686)Operating expense$(8,688)
Foreign currency contracts5,180 Cost of sales / Other income3,626 
Total$(29,506)$(5,062)
Derivatives in net investment hedging relationships:
Foreign currency contracts$51,354 N/A$— 
Foreign denominated debt10,150 N/A— 
Total$61,504 $— 
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 April 2, 2022 and July 3, 2021 are as follows:
 Derivative Fair Value
 Balance Sheet locationApr. 2, 2022Jul. 3, 2021
(In thousands)
Fair Value Hedges:
Interest rate swapsOther assets$376 $43,217 
Cash Flow Hedges:
Fuel swapsOther current assets$29,682 $16,732 
Foreign currency forwardsOther current assets59 42 
Fuel swapsOther assets3,112 — 
Fuel swapsOther current liabilities116 — 
Foreign currency forwardsOther current liabilities372 46 
Fuel swapsOther long-term liabilities38 — 
The location and carrying amount of hedged liabilities in the consolidated balance sheet as of April 2, 2022 are as follows:
Apr. 2, 2022
Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
(In thousands)
Balance sheet location:
Long-term debt$(568,436)$(376)
The location and carrying amount of hedged liabilities in the consolidated balance sheet as of July 3, 2021 are as follows:
Jul. 3, 2021
Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
(In thousands)
Balance sheet location:
Long-term debt$(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 Ended39-Week Period Ended
Apr. 2, 2022Mar. 27, 2021Apr. 2, 2022Mar. 27, 2021
(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$124,018 $145,773 $495,131 $438,988 
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items$1,656 $2,097 $29,011 $(11,694)
Derivatives designated as hedging instruments(4,628)(6,239)(52,491)(3,078)


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 Ended39-Week Period Ended
Apr. 2, 2022Mar. 27, 2021Apr. 2, 2022Mar. 27, 2021
(In thousands)
Interest expense$(1,938)$(9,737)$(13,830)$(34,306)
Decrease in fair value of debt(3,594)(11,834)(42,841)(22,612)
Hedged items$1,656 $2,097 $29,011 $(11,694)

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 April 2, 2022 and March 27, 2021, presented on a pretax basis, are as follows:

13-Week Period Ended Apr. 2, 2022
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativesLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
(In thousands)(In thousands)
Derivatives in cash flow hedging relationships:
Fuel swaps$24,097 Operating expense$9,302 
Foreign currency contracts(58)Cost of sales / Other income— 
Total$24,039 $9,302 
Derivatives in net investment hedging relationships:
Foreign denominated debt$16,055 N/A$— 
Total$16,055 $— 
13-Week Period Ended Mar. 27, 2021
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativesLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
(In thousands)(In thousands)
Derivatives in cash flow hedging relationships:
Fuel swaps$12,143 Operating expense$(8,745)
Foreign currency contracts(100)Cost of sales / Other income— 
Total$12,043 $(8,745)
Derivatives in net investment hedging relationships:
Foreign denominated debt$17,901 N/A$— 
Total$17,901 $—