Comprehensive Income

3 Months Ended

Sep. 27, 2014

Comprehensive Income [Abstract]

Comprehensive Income

11.  COMPREHENSIVE INCOME

Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation adjustment, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement plans.  Comprehensive income was $178.3  million and $320.7 million for the first quarter of fiscal 2015 and fiscal 2014, respectively.

A summary of the components of other comprehensive income (loss) and the related tax effects for each of the periods presented is as follows:

		13-Week Period Ended Sep. 27, 2014
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
Pension and other postretirement benefit		(In thousands)
Reclassification adjustments:
Amortization of prior service cost	Operating expenses	$	2,819	$	1,082	$	1,737
Amortization of actuarial loss (gain), net	Operating expenses		4,859		1,866		2,993
Total reclassification adjustments			7,678		2,948		4,730
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(71,254)		-		(71,254)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		205		79		126
Other comprehensive income before     reclassification adjustments:
Change in fair value of cash flow hedges	N/A		(55,374)		(21,263)		(34,111)
Total other comprehensive (loss) income		$	(118,745)	$	(18,236)	$	(100,509)

		13-Week Period Ended Sep. 28, 2013
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In thousands)
Pension and other postretirement benefit plans:
Reclassification adjustments:
Amortization of prior service cost	Operating expenses	$	2,828	$	1,086	$	1,742
Amortization of actuarial loss (gain), net	Operating expenses		4,046		1,555		2,491
Total reclassification adjustments			6,874		2,641		4,233
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		30,807		-		30,807
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		156		60		96
Total other comprehensive income (loss)		$	37,837	$	2,701	$	35,136

The following tables provide a summary of the changes in accumulated other comprehensive (loss) income for the periods presented:

	13-Week Period Ended Sep. 27, 2014
	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Interest Rate Swaps, net of tax		Total
	(In thousands)
Balance as of Jun. 28, 2014	$	(685,957)	$	134,452	$	(91,158)	$	(642,663)
Other comprehensive income before     reclassification adjustments		-		(71,254)		(34,111)		(105,365)
Amounts reclassified from accumulated     other comprehensive loss		4,730		-		126		4,856
Balance as of Sep. 27, 2014	$	(681,227)	$	63,198	$	(125,143)	$	(743,172)

	13-Week Period Ended Sep. 28, 2013
	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Interest Rate Swaps, net of tax		Total
	(In thousands)
Balance as of Jun. 29, 2013	$	(575,167)	$	137,558	$	(9,328)	$	(446,937)
Other comprehensive income before     reclassification adjustments		-		30,807		-		30,807
Amounts reclassified from accumulated     other comprehensive loss		4,233		-		96		4,329
Balance as of Sep. 28, 2013	$	(570,934)	$	168,365	$	(9,232)	$	(411,801)