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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Swap Agreements Details of outstanding hedging instruments as of December 28, 2024 are presented below:
Maturity Date of the Hedging InstrumentCurrency / Unit of MeasureNotional Value
(In millions)
Hedging of interest rate risk
January 2034U.S. Dollar500
Hedging of foreign currency risk
Various (December 2024 to April 2025)Swedish Krona378
Various (December 2024 to May 2025)British Pound Sterling20
April 2025Canadian Dollar180
June 2025Canadian Dollar137
January 2029Euro470
Hedging of fuel risk
Various (December 2024 to September 2026)Gallons77
Schedule of Derivatives Balance Sheet Location
The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheets as of December 28, 2024 and June 29, 2024 are as follows:
 Derivative Fair Value
 Balance Sheet locationDec. 28, 2024Jun. 29, 2024
(In millions)
Fair Value Hedges:
Interest rate swapsOther assets$— $6 
Interest rate swapsOther current liabilities— 1 
Interest rate swapsOther long-term liabilities2 — 
Cross currency swapsOther current assets— 2 
Cross currency swapsOther current liabilities10 3 
Foreign currency forwardsOther current assets2 — 
Cash Flow Hedges:
Fuel swapsOther current assets$— $1 
Foreign currency forwardsOther current liabilities1 — 
Fuel swapsOther current liabilities11 2 
Fuel swapsOther assets— 1 
Fuel swapsOther long-term liabilities2 — 
Net Investment Hedges:
Cross currency swapsOther current assets$4 $4 
Cross currency swapsOther long-term liabilities5 10 
The location and carrying amount of hedged liabilities in the consolidated balance sheet as of December 28, 2024 are as follows:
Dec. 28, 2024
Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
(In millions)
Balance sheet location:
Long-term debt$(489)$3 
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 Ended26-Week Period Ended
Dec. 28, 2024Dec. 30, 2023Dec. 28, 2024Dec. 30, 2023
(In millions)
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$179 $155 $344 $296 
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items$26 $(30)$(6)$(30)
Derivatives designated as hedging instruments(32)22 (8)22 
Cross currency swaps and foreign currency forwards:
Hedged items$5 $(3)$2 $— 
Derivatives designated as hedging instruments(6)3 (2)— 

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 Ended26-Week Period Ended
Dec. 28, 2024Dec. 30, 2023Dec. 28, 2024Dec. 30, 2023
(In millions)
Interest expense$(8)$(3)$(15)$(3)
Increase (decrease) in fair value of debt(34)27 (9)27 
Foreign currency gain (loss)5 (3)2 — 
Hedged items$31 $(33)$(4)$(30)

The location and effect of cash flow, net investment, and excluded components of fair value hedges on the consolidated statements of comprehensive income for the 13-week periods ended December 28, 2024 and December 30, 2023, presented on a pretax basis, are as follows:
13-Week Period Ended Dec. 28, 2024
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 millions)(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps$7 Operating expense$3 
Derivatives in net investment hedging relationships:
Cross currency contracts$22 N/A$— 
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge$(2)Other expense (income)$— 
13-Week Period Ended Dec. 30, 2023
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 millions)(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps$(24)Operating expense$1 
Foreign currency contracts(1)Cost of sales / Other income— 
Total$(25)$1 
Derivatives in net investment hedging relationships:
Cross currency contracts$(22)N/A$— 
The location and effect of cash flow, net investment, and excluded components of fair value hedges on the consolidated statements of comprehensive income for the 26-week periods ended December 28, 2024 and December 30, 2023, presented on a pretax basis, are as follows:

26-Week Period Ended Dec. 28, 2024
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 millions)(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps$(11)Operating expense$5 
Foreign currency contracts(1)Cost of sales / Other income— 
Total$(12)$5 
Derivatives in net investment hedging relationships:
Cross currency contracts$4 N/A$— 
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge$(2)Other expense (income)$— 
26-Week Period Ended Dec. 30, 2023
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 millions)(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps$10 Operating expense$3 
Foreign currency contracts(1)Cost of sales / Other income— 
Total$9 $3 
Derivatives in net investment hedging relationships:
Cross currency contracts$(22)N/A$—