Comprehensive Income

6 Months Ended

Dec. 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 $72.5  million and $176.2 million for the second quarter of fiscal 2015 and fiscal 2014, respectively. Comprehensive income was $250.8 million and $496.9 for the first 26 weeks 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 Dec. 27, 2014
	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	$	2,819	$	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		(91,853)		-		(91,853)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		2,660		1,021		1,639
Total other comprehensive (loss) income		$	(81,515)	$	3,969	$	(85,484)

		13-Week Period Ended Dec. 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	$	1,085	$	1,743
Amortization of actuarial loss (gain), net	Operating expenses		4,046		1,554		2,492
Total reclassification adjustments			6,874		2,639		4,235
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(38,947)		-		(38,947)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		156		60		96
Total other comprehensive (loss) income		$	(31,917)	$	2,699	$	(34,616)

		26-Week Period Ended Dec. 27, 2014
	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	$	5,638	$	2,164	$	3,474
Amortization of actuarial loss (gain), net	Operating expenses		9,718		3,732		5,986
Total reclassification adjustments			15,356		5,896		9,460
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(163,107)		-		(163,107)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		2,865		1,100		1,765
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		$	(200,260)	$	(14,267)	$	(185,993)

		26-Week Period Ended Dec. 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	$	5,656	$	2,171	$	3,485
Amortization of actuarial loss (gain), net	Operating expenses		8,092		3,109		4,983
Total reclassification adjustments			13,748		5,280		8,468
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(8,140)		-		(8,140)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		312		120		192
Total other comprehensive income (loss)		$	5,920	$	5,400	$	520

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

	26-Week Period Ended Dec. 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		-		(163,107)		-		(163,107)
Amortization of cash flow hedges		-		-		1,765		1,765
Change in fair value of cash flow hedges		-		-		(34,111)		(34,111)
Amortization of unrecognized prior service cost		3,474		-		-		3,474
Amortization of unrecognized net actuarial losses		5,986		-		-		5,986
Balance as of Dec. 27, 2014	$	(676,497)	$	(28,655)	$	(123,504)	$	(828,656)

	26-Week Period Ended Dec. 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		-		-		-		-
Amounts reclassified from accumulated     other comprehensive loss		8,468		(8,140)		192		520
Balance as of Dec. 28, 2013	$	(566,699)	$	129,418	$	(9,136)	$	(446,417)