DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Swap Agreements

Details of outstanding hedging instruments as of December 30, 2023 are presented below:

Maturity Date of the Hedging Instrument	Currency / Unit of Measure	Notional Value
		(In millions)
Hedging of interest rate risk
January 2034	U.S. Dollar	500
Hedging of foreign currency risk
Various (January 2024)	Swedish Krona	101
Various (January 2024 to April 2024)	British Pound Sterling	17
May 2024	Mexican Peso	439
April 2025	Canadian Dollar	180
January 2029	Euro	470
Hedging of fuel risk
Various (January 2024 to March 2026)	Gallons	57

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 December 30, 2023 and July 1, 2023 are as follows:

		Derivative Fair Value
	Balance Sheet location	Dec. 30, 2023		Jul. 1, 2023
		(In thousands)
Fair Value Hedges:
Cross currency swaps	Other assets	$	1,198	$	—
Interest rate swaps	Other assets	24,557		—
Cross currency swaps	Other current liabilities	1,497		1,262
Cash Flow Hedges:
Fuel swaps	Other current assets	$	168	$	102
Foreign currency forwards	Other current assets	74		624
Fuel swaps	Other assets	136		40
Fuel swaps	Other current liabilities	10,372		17,932
Foreign currency forwards	Other current liabilities	642		404
Fuel swaps	Other long-term liabilities	2,794		5,637
Net Investment Hedges:
Cross currency swaps	Other current assets	$	3,377	$	—
Cross currency swaps	Other long-term liabilities	25,738		—

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				26-Week Period Ended
	Dec. 30, 2023		Dec. 31, 2022		Dec. 30, 2023		Dec. 31, 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	$	154,925	$	132,042	$	295,899	$	256,192
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(30,298)	$	(2,685)	$	(30,298)	$	(309)
Derivatives designated as hedging instruments	22,066		742		22,066		(5,501)
Cross currency swaps:
Hedged items	$	(2,711)	$	—	$	285	$	—
Derivatives designated as hedging instruments	2,711		—		(285)		—

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				26-Week Period Ended
	Dec. 30, 2023		Dec. 31, 2022		Dec. 30, 2023		Dec. 31, 2022
	(In thousands)
Interest expense	$	(3,250)	$	(1,940)	$	(3,250)	$	(3,879)
Decrease in fair value of debt	27,048		745		27,048		(3,570)
Foreign currency gain (loss)	(2,711)		—		285		—
Hedged items	$	(33,009)	$	(2,685)	$	(30,013)	$	(309)

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 30, 2023 and December 31, 2022, presented on a pretax basis, are as follows:

	13-Week Period Ended Dec. 30, 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	$	(24,524)	Operating expense	$	669
Foreign currency contracts	(507)		Cost of sales / Other income	—
Total	$	(25,031)		$	669
Derivatives in net investment hedging relationships:
Cross currency contracts	$	(22,361)	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	210	Other expense (income)	$	—
	13-Week Period Ended Dec. 31, 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	$	1,140	Operating expense	$	12,377
Foreign currency contracts	49		Cost of sales / Other income	—
Total	$	1,189		$	12,377
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(44,999)	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 30, 2023 and December 31, 2022, presented on a pretax basis, are as follows:

	26-Week Period Ended Dec. 30, 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	$	9,975	Operating expense	$	3,003
Foreign currency contracts	(791)		Cost of sales / Other income	—
Total	$	9,184		$	3,003
Derivatives in net investment hedging relationships:
Cross currency contracts	$	(22,361)	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	184	Other expense (income)	$	—
	26-Week Period Ended Dec. 31, 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	$	(35,155)	Operating expense	$	25,362
Foreign currency contracts	335		Cost of sales / Other income	—
Total	$	(34,820)		$	25,362
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(13,653)	N/A	$	—

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of December 30, 2023 are as follows:

	Dec. 30, 2023
	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	$	(518,622)	$	(27,048)