DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Swap Agreements

Details of outstanding hedging instruments as of July 1, 2023 are presented below:

Maturity Date of the Hedging Instrument	Currency / Unit of Measure	Notional Value
		(In millions)
Hedging of foreign currency risk
Various (July 2023 to August 2023)	Swedish Krona	140
Various (July 2023 to October 2023)	British Pound Sterling	15
May 2024	Mexican Peso	439
Hedging of fuel risk
Various (July 2023 to September 2025)	Gallons	71

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 July 1, 2023 and July 2, 2022 are as follows:

		Derivative Fair Value
	Balance Sheet location	Jul. 1, 2023		Jul. 2, 2022
		(In thousands)
Fair Value Hedges:
Cross currency swap	Other current liabilities	$	1,262	$	—
Interest rate swaps	Other current liabilities	—		2,820
Cash Flow Hedges:
Fuel swaps	Other current assets	$	102	$	47,170
Foreign currency forwards	Other current assets	624		633
Fuel swaps	Other assets	40		—
Fuel swaps	Other current liabilities	17,932		—
Foreign currency forwards	Other current liabilities	404		—
Fuel swaps	Other long-term liabilities	5,637		209

The carrying amount of hedged liabilities in the consolidated balance sheet as of July 1, 2023 is zero.

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of July 2, 2022 are as follows:

	Jul. 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:
Current maturities of long-term debt	$	(568,601)	$	2,820

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:

	Jul. 1, 2023		Jul. 2, 2022
	(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	$	753,194	$	623,643
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(10,410)	$	30,268
Derivatives designated as hedging instruments	(4,489)		(56,543)
Cross currency swap:
Hedged items	$	1,063	$	—
Derivatives designated as hedging instruments	(1,063)		—

The (gains) 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:

	Jul. 1, 2023		Jul. 2, 2022
	(In thousands)
Interest expense	$	(7,590)	$	(15,769)
Increase (decrease) in fair value of debt	1,757		(46,037)
Hedged items	$	(9,347)	$	30,268

The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the fiscal years ended July 1, 2023 and July 2, 2022, presented on a pretax basis, are as follows:

	2023
	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	$	(70,842)	Operating expense	$	29,028
Foreign currency contracts	(428)		Cost of sales / Other income	—
Total	$	(71,270)		$	29,028
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(27,902)	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	(199)	Other expense (income)	$	—

	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	$	30,514	Operating expense	$	51,941
Foreign currency contracts	621		Cost of sales / Other income	—
Total	$	31,135		$	51,941
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	71,906	N/A	$	—