Other Comprehensive Income

9 Months Ended

Mar. 26, 2016

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income

OTHER 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 $274.3 million and $85.5 million for the third quarter of fiscal 2016 and fiscal 2015, respectively. Comprehensive income was $669.1 million and $336.3 million for the first 39 weeks of fiscal 2016 and 2015, 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 Mar. 26, 2016
	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	$	2,784	$	1,069	$	1,715
Amortization of actuarial loss (gain), net	Operating expenses	5,317		2,042		3,275
Total reclassification adjustments		8,101		3,111		4,990
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A	50,373		—		50,373
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,872		1,103		1,769
Total other comprehensive (loss) income		$	61,346	$	4,214	$	57,132

		13-Week Period Ended Mar. 28, 2015
	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	(97,890		)	—		(97,890		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,720			1,044		1,676
Total other comprehensive (loss) income		$	(87,492	)	$	3,992	$	(91,484	)

		39-Week Period Ended Mar. 26, 2016
	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	$	8,352		$	3,207		$	5,145
Amortization of actuarial loss (gain), net	Operating expenses	15,951			6,126			9,825
Total reclassification adjustments		24,303			9,333			14,970
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A	(81,309		)	—			(81,309		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,463			3,249			5,214
Change in fair value of cash flow hedge	N/A	(6,134		)	(2,355		)	(3,779		)
Total other comprehensive (loss) income		$	(54,677	)	$	10,227		$	(64,904	)

		39-Week Period Ended Mar. 28, 2015
	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	$	8,458		$	3,247		$	5,211
Amortization of actuarial loss (gain), net	Operating expenses	14,577			5,598			8,979
Total reclassification adjustments		23,035			8,845			14,190
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A	(260,997		)	—			(260,997		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5,585			2,144			3,441
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		$	(287,751	)	$	(10,274	)	$	(277,477	)

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

	39-Week Period Ended Mar. 26, 2016
	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. 27, 2015	$	(705,311	)	$	(97,733	)	$	(120,153	)	$	(923,197	)
Other comprehensive income before     reclassification adjustments	—			(81,309		)	—			(81,309		)
Amortization of cash flow hedges	—			—			5,214			5,214
Change in fair value of cash flow hedges	—			—			(3,779		)	(3,779		)
Amortization of unrecognized prior service cost	5,145			—			—			5,145
Amortization of unrecognized net actuarial losses	9,825			—			—			9,825
Balance as of Mar. 26, 2016	$	(690,341	)	$	(179,042	)	$	(118,718	)	$	(988,101	)

	39-Week Period Ended Mar. 28, 2015
	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	—			(260,997		)	—			(260,997		)
Amortization of cash flow hedges	—			—			3,441			3,441
Change in fair value of cash flow hedges	—			—			(34,111		)	(34,111		)
Amortization of unrecognized prior service cost	5,211			—			—			5,211
Amortization of unrecognized net actuarial losses	8,979			—			—			8,979
Balance as of Mar. 28, 2015	$	(671,767	)	$	(126,545	)	$	(121,828	)	$	(920,140	)