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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of outstanding swap agreements
Details of outstanding swap agreements as of July 1, 2017 are set forth below:
Maturity Date of Swap
 
Notional Value
(in millions)
 
Fixed Coupon Rate on Hedged Debt
 
Floating Interest Rate on Swap
 
Floating Rate Reset Terms
February 12, 2018
 
$
500

 
5.25
%
 
Six-month LIBOR
 
Every six months in arrears
April 1, 2019
 
$
500

 
1.90
%
 
Three-month LIBOR
 
Every three months in advance
October 1, 2020
 
$
750

 
2.60
%
 
Three-month LIBOR
 
Every three months in advance
July 15, 2021
 
$
500

 
2.50
%
 
Three-month LIBOR
 
Every three months in advance
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, 2017, July 2, 2016 and June 27, 2015 are as follows:
 
 
 
Derivative Fair Value
 
Balance Sheet Location
 
Jul. 1, 2017
 
Jul. 2, 2016
 
Jun. 27, 2015
 
 
 
(In thousands)
 Fair Value Hedges:
 
 
 
 
 
 
 
Interest rate swaps
Other current assets
 
$
707

 
$
—

 
$
—

Interest rate swaps
Other assets
 
 
 
36,805

 
12,597

Interest rate swaps
Other long-term liabilities
 
(21,390
)
 
—

 
—

 
 
 
 
 
 
 
 
Cash Flow Hedges:
 
 
 
 
 
 
 
Fuel swaps
Other current assets
 
$
717

 
$
—

 
$
—

Fuel swaps
Other current liabilities
 
(6,160
)
 
 
 
 
Foreign currency forwards
Other current liabilities
 
(154
)
 
—

 
—

Fuel swaps
Other long-term liabilities
 
(160
)
 
 
 
 
Cross currency swaps
Other long-term liabilities
 
(5,816
)
 
—

 
—

 
 
 
 
 
 
 
 
Net Investment Hedges:
 
 
 
 
 
 
 
Foreign currency swaps
Other long-term liabilities
 
$
(12,308
)
 
$
—

 
$
—
Derivatives financial statement performance table
The location and effect of derivative instruments and related hedged items on the consolidated results of operations for the fiscal periods ended July 1, 2017, July 2, 2016 and June 27, 2015 presented on a pretax basis are as follows:
 
Location of (Gain)
or Loss Recognized
 
Amount of (Gain) or Loss
Recognized
 
 
 
2017
 
2016
 
2015
 
 
 
(In thousands)
Fair Value Hedge Relationships:
 
 
 
 
 
 
 
Interest rate swaps
Interest expense
 
$
(9,022
)
 
$
(12,033
)
 
$
(21,960
)
Cash Flow Hedge Relationships:
 
 
 

 
 

 
 
Forward starting interest rate swaps (1)
Interest expense
 
$
11,495

 
$
11,543

 
$
8,305

Forward starting interest rate swaps
Other comprehensive income
 
—

 
(6,134
)
 
(55,374
)
Fuel swaps
Other comprehensive income
 
(5,335
)
 
—

 
—

Foreign currency forwards
Other comprehensive income
 
(4,389
)
 
—

 
—

Cross currency swaps
Other comprehensive income
 
(1,148
)
 
—

 
—

Net Investment Hedge Relationships:
 
 
 
 
 
 
 
Foreign currency swaps
Other comprehensive income
 
$
(34,152
)
 
$
—

 
$
—


(1) 
Represents amortization of losses on forward starting interest rate swap agreements that were previously settled.