DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 27, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Swap Agreements

Details of outstanding derivative instruments as of June 27, 2026 are presented below:

Maturity Date of Derivative Instrument

Currency / Unit of Measure

Notional Value

(In millions)

Hedging of interest rate risk

January 2034

U.S. Dollar

500

March 2035

U.S. Dollar

550

June 2031

U.S. Dollar

600

March 2036

U.S. Dollar

650

September 2031

U.S. Dollar

1,000

September 2036

U.S. Dollar

1,000

Hedging of foreign currency risk

July 2026

Euro

450

January 2029

Euro

470

September 2030

Canadian Dollar

998

June 2031

Canadian Dollar

814

Hedging of fuel risk

Various (June 2026 to June 2028)

Gallons

Derivatives not designated as hedges

Deal-contingent interest rate locks

U.S. Dollar

6,300

Schedule of Derivatives Balance Sheet Location Table

The location and the fair value of derivative instruments in the consolidated balance sheet as of June 27, 2026 and June 28, 2025 are as follows:


		Derivative Fair Value
	Balance Sheet location	Jun. 27, 2026		Jun. 28, 2025
		(In millions)
Fair Value Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	1	$	—
Interest rate swaps	Other assets	11		31
Interest rate swaps	Accrued expenses	2		1
Interest rate swaps	Other long-term liabilities	20		—
Cross currency swaps	Prepaid expenses and other current assets	18		—

Cash Flow Hedges:
Fuel swaps	Prepaid expenses and other current assets	$	32	$	—




Fuel swaps	Other assets	10		—
Fuel swaps	Accrued expenses	1		7


Fuel swaps	Other long-term liabilities	1		2

Interest rate swaps	Other long-term liabilities	7		—

Net Investment Hedges:
Cross currency swaps	Prepaid expenses and other current assets	$	17	$	11
Cross currency swaps	Other assets	74		55
Cross currency swaps	Accrued expenses	2		2
Cross currency swaps	Other long-term liabilities	97		134

Derivatives not designated as hedges:
Deal-contingent interest rate locks	Other assets	$	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 June 27, 2026 are as follows:


	Jun. 27, 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	$	(2,267)	$	11

The location and carrying amount of hedged liabilities in the consolidated balance sheet as of June 28, 2025 are as follows:


	Jun. 28, 2025
	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	$	(1,069)	$	(31)

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 and non-designated derivatives for each of the periods, presented on a pretax basis, are as follows:


	Jun. 27, 2026		Jun. 28, 2025
	(In millions)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of derivatives are recorded	$	819	$	673
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(39)	$	(65)
Derivatives designated as hedging instruments	(41)		24
Cross currency swaps:
Hedged items	$	(18)	$	2
Derivatives designated as hedging instruments	18		(2)
Gain or (loss) on non-designated derivatives:
Deal-contingent interest rate locks	$	(54)	$	—

The gains and losses on the fair value hedging relationships associated with the hedged items as disclosed in the table above are comprised of the following components for each of the periods presented:


	Jun. 27, 2026		Jun. 28, 2025
	(In millions)
Interest expense	$	(81)	$	(40)
(Increase) decrease in fair value of debt	42		(25)
Foreign currency gain (loss)	(18)		2
Hedged items	$	(57)	$	(63)

The location and effect of cash flow and net investment hedge accounting on the consolidated statements of comprehensive income for the fiscal years ended June 27, 2026 and June 28, 2025, presented on a pretax basis, are as follows:


	2026
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss), Net into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss), Net into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	47	Operating expense	$	(24)
Pre-issuance interest rate swaps	(7)		Interest expense	—
Total	$	40		$	(24)

Derivatives in net investment hedging relationships:

Cross currency contracts	$	65	N/A	$	—

Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	2	Other expense (income)	$	—


	2025
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss), Net into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss), Net into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	(7)	Operating expense	$	11



Derivatives in net investment hedging relationships:
Cross currency contracts	$	(65)	N/A	$	—



Derivatives in fair value hedging relationships:
Change in excluded component of fair value hedge	$	(2)	Other expense (income)	$	—