DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Swap Agreements

Details of outstanding hedging instruments as of March 30, 2024 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 (April 2024 to August 2024)	Swedish Krona	405
Various (April 2024 to October 2024)	British Pound Sterling	28
May 2024	Mexican Peso	439
April 2025	Canadian Dollar	180
January 2029	Euro	470
Hedging of fuel risk
Various (April 2024 to March 2026)	Gallons	53

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 March 30, 2024 and July 1, 2023 are as follows:

		Derivative Fair Value
	Balance Sheet location	Mar. 30, 2024		Jul. 1, 2023
		(In thousands)
Fair Value Hedges:
Interest rate swaps	Other assets	$	12,115	$	—
Interest rate swaps	Other current liabilities	543		—
Cross currency swaps	Other current liabilities	1,986		1,262
Cross currency swaps	Other long-term liabilities	2,134		—
Cash Flow Hedges:
Fuel swaps	Other current assets	$	1,914	$	102
Foreign currency forwards	Other current assets	953		624
Fuel swaps	Other assets	870		40
Fuel swaps	Other current liabilities	1,898		17,932
Foreign currency forwards	Other current liabilities	121		404
Fuel swaps	Other long-term liabilities	383		5,637
Net Investment Hedges:
Cross currency swaps	Other current assets	$	5,238	$	—
Cross currency swaps	Other long-term liabilities	18,557		—

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				39-Week Period Ended
	Mar. 30, 2024		Apr. 1, 2023		Mar. 30, 2024		Apr. 1, 2023
	(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	$	168,233	$	134,931	$	464,132	$	391,123
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	7,760	$	(4,888)	$	(22,538)	$	(5,197)
Derivatives designated as hedging instruments	(10,711)		(394)		11,355		(5,008)
Cross currency swaps:
Hedged items	$	3,070	$	—	$	3,355	$	—
Derivatives designated as hedging instruments	(3,070)		—		(3,355)		—

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				39-Week Period Ended
	Mar. 30, 2024		Apr. 1, 2023		Mar. 30, 2024		Apr. 1, 2023
	(In thousands)
Interest expense	$	(7,500)	$	(1,940)	$	(10,750)	$	(5,819)
Increase (decrease) in fair value of debt	(15,260)		2,948		11,788		(622)
Foreign currency gain	3,070		—		3,355		—
Hedged items	$	10,830	$	(4,888)	$	(19,183)	$	(5,197)

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 March 30, 2024 and April 1, 2023, presented on a pretax basis, are as follows:

	13-Week Period Ended Mar. 30, 2024
	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	$	13,980	Operating expense	$	(423)
Foreign currency contracts	1,192		Cost of sales / Other income	—
Total	$	15,172		$	(423)
Derivatives in net investment hedging relationships:
Cross currency contracts	$	9,042	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	313	Other expense (income)	$	—
	13-Week Period Ended Apr. 1, 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	$	(27,031)	Operating expense	$	(969)
Foreign currency contracts	(878)		Cost of sales / Other income	—
Total	$	(27,909)		$	(969)
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(7,201)	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 39-week periods ended March 30, 2024 and April 1, 2023, presented on a pretax basis, are as follows:

	39-Week Period Ended Mar. 30, 2024
	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	$	23,955	Operating expense	$	2,580
Foreign currency contracts	401		Cost of sales / Other income	—
Total	$	24,356		$	2,580
Derivatives in net investment hedging relationships:
Cross currency contracts	$	(13,319)	N/A	$	—
Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	497	Other expense (income)	$	—
	39-Week Period Ended Apr. 1, 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	$	(62,186)	Operating expense	$	24,393
Foreign currency contracts	(543)		Cost of sales / Other income	—
Total	$	(62,729)		$	24,393
Derivatives in net investment hedging relationships:
Foreign denominated debt	$	(20,854)	N/A	$	—

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of March 30, 2024 are as follows:

	Mar. 30, 2024
	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	$	(503,431)	$	(11,788)