DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 26, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Swap Agreements

Details of outstanding hedging instruments as of September 26, 2026 are presented below:

Maturity Date of the Hedging Instrument	Currency / Unit of Measure	Notional Value
		(In millions)
Hedging of interest rate risk
June 2031	U.S. Dollar	600
January 2034	U.S. Dollar	500
March 2035	U.S. Dollar	550
March 2036	U.S. Dollar	650
Hedging of foreign currency risk
January 2029	Euro	470
September 2030	Canadian Dollar	998
October 2030	Canadian Dollar	750
June 2031	Canadian Dollar	814
October 2034	Canadian Dollar	750
Hedging of fuel risk
Various (September 2026 to September 2028)	Gallons	87

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 September 26, 2026 and June 27, 2026 are as follows:

		Derivative Fair Value
	Balance Sheet location	Sep. 26, 2026		Jun. 27, 2026
		(In millions)
Fair Value Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	1
Interest rate swaps	Other assets	—		11
Interest rate swaps	Accrued expenses	8		2
Interest rate swaps	Other long-term liabilities	117		20
Cross currency swaps	Prepaid expenses and other current assets	—		18
Cash Flow Hedges:
Fuel swaps	Prepaid expenses and other current assets	$	84	$	32
Fuel swaps	Other assets	18		10
Fuel swaps	Accrued expenses	—		1
Fuel swaps	Other long-term liabilities	1		1
Interest rate swaps	Other long-term liabilities	—		7
Net Investment Hedges:
Cross currency swaps	Prepaid expenses and other current assets	$	24	$	17
Cross currency swaps	Other assets	58		74
Cross currency swaps	Accrued expenses	3		2
Cross currency swaps	Other long-term liabilities	99		97
Derivatives not designated as hedges:
Deal-contingent interest rate locks	Other assets	$	181	$	2
Deal-contingent interest rate locks	Other long-term liabilities	—		56

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of September 26, 2026 are as follows:

	Sep. 26, 2026
	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	$	(2,153)	$	125

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
	Sep. 26, 2026		Sep. 27, 2025
	(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	$	30	$	200
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	85	$	(19)
Derivatives designated as hedging instruments	(113)		3
Cross currency swaps and foreign currency forwards:
Hedged items	$	2	$	—
Derivatives designated as hedging instruments	(2)		—
Gain or (loss) on non-designated derivatives:
Deal-contingent interest rate locks	$	234	$	—

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
	Sep. 26, 2026		Sep. 27, 2025
	(In millions)
Interest expense	$	(29)	$	(15)
(Increase) decrease in fair value of debt	114		(4)
Foreign currency gain (loss)	2		—
Hedged items	$	87	$	(19)

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 September 26, 2026 and September 27, 2025, presented on a pretax basis, are as follows:

	13-Week Period Ended Sep. 26, 2026
	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 millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	61	Operating expense	$	(24)
Pre-Issuance Interest Rate Swaps	77		Interest expense	—
Total	$	138		$	(24)
Derivatives in net investment hedging relationships:
Cross currency contracts	$	(11)	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	(2)	Other expense (income)	$	—
	13-Week Period Ended Sep. 27, 2025
	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 millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	13	Operating expense	$	1
Derivatives in net investment hedging relationships:
Cross currency contracts	$	18	N/A	$	—