Other Comprehensive Income

12 Months Ended

Jul. 02, 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 $514.7 million, $406.2 million and $735.8 million for fiscal 2016, 2015 and 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:

		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	$	11,351		$	4,359		$	6,992
Amortization of actuarial loss (gain), net	Operating expenses	21,677			8,325			13,352
Total reclassification adjustments		33,028			12,684			20,344
Other comprehensive income before     reclassification adjustments
Net actuarial (loss) gain, net arising in current year		(681,034		)	(261,517		)	(419,517		)
Total comprehensive income before     reclassification adjustments		(681,034		)	(261,517		)	(419,517		)
Foreign currency translation:
Foreign currency translation adjustment	N/A	(39,080		)	—			(39,080		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11,543			4,432			7,111
Other comprehensive income before     reclassification adjustments:
Change in fair value of cash flow hedge		(6,134		)	(2,355		)	(3,779		)
Total other comprehensive loss		$	(681,677	)	$	(246,756	)	$	(434,921	)

		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	$	11,279		$	4,331		$	6,948
Amortization of actuarial loss (gain), net	Operating expenses	19,437			7,464			11,973
Total reclassification adjustments		30,716			11,795			18,921
Other comprehensive income before reclassification adjustment
Prior service cost arising in the current year	N/A	(914		)	(351		)	(563		)
Net actuarial (loss) gain, net arising in the current year	N/A	(61,221		)	(23,509		)	(37,712		)
Total other comprehensive income before reclassification adjustments		(62,135		)	(23,860		)	(38,275		)
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A	(232,185		)	—			(232,185		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,305			3,189			5,116
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		$	(310,673	)	$	(30,139	)	$	(280,534	)

		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	$	11,313		$	4,343		$	6,970
Amortization of actuarial loss (gain), net	Operating expenses	16,184			6,216			9,968
Total reclassification adjustments		27,497			10,559			16,938
Other comprehensive income before reclassification adjustments
Prior service cost arising in the current year		347			133			214
Net actuarial loss (gain) arising in the current year		(207,698		)	(79,756		)	(127,942		)
Total other comprehensive income before reclassification adjustments		(207,351		)	(79,623		)	(127,728		)
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A	(3,106		)	—			(3,106		)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	625			240			385
Other comprehensive income before reclassification adjustments
Change in fair value of cash flow hedge	N/A	(133,466		)	(51,251		)	(82,215		)
Total other comprehensive loss		$	(315,801	)	$	(120,075	)	$	(195,726	)

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

	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Interest Rate Swap, net of tax			Total
	(In thousands)
Balance as of June 29, 2013	$	(575,167	)	$	137,558		$	(9,328	)	$	(446,937	)
Other comprehensive income before     reclassification adjustments	(127,728		)	(3,106		)	(82,215		)	(213,049		)
Amounts reclassified from accumulated     other comprehensive loss	16,938			—			385			17,323
Balance as of June 28, 2014	(685,957		)	134,452			(91,158		)	(642,663		)
Other comprehensive income before     reclassification adjustments	(38,275		)	(232,185		)	(34,111		)	(304,571		)
Amounts reclassified from accumulated     other comprehensive loss	18,921			—			5,116			24,037
Balance as of June 27, 2015	(705,311		)	(97,733		)	(120,153		)	(923,197		)
Other comprehensive income before     reclassification adjustments	(419,517		)	(39,080		)	(3,779		)	(462,376		)
Amounts reclassified from accumulated     other comprehensive loss	20,344			—			7,111			27,455
Balance as of July 2, 2016	$	(1,104,484	)	$	(136,813	)	$	(116,821	)	$	(1,358,118	)