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Other Comprehensive Income (Tables)
6 Months Ended
Dec. 31, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of components of other comprehensive (loss) income and related tax effects
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. 31, 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
 
$
2,844

 
$
1,092

 
$
1,752

Amortization of actuarial loss (gain), net
Operating expenses
 
9,749

 
3,931

 
5,818

Total reclassification adjustments
 
 
12,593

 
5,023

 
7,570

Foreign currency translation:
 
 
 
 
 
 
 
Other comprehensive income before reclassification adjustments:
 
 
 
 
 
 
 
Foreign currency translation adjustment
N/A
 
(202,195
)
 

 
(202,195
)
Interest rate swaps:
 
 
 
 
 
 
 
Reclassification adjustments:
 
 
 
 
 
 
 
Changes in cash flow hedges
Interest expense
 
14,931

 
5,288

 
9,643

Change in net investment hedge
N/A
 
55,445

 
18,119

 
37,326

Total other comprehensive (loss) income
 
 
$
(119,226
)
 
$
28,430

 
$
(147,656
)
 
 
 
 
13-Week Period Ended Dec. 26, 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
 
$
2,784

 
$
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
 
(44,453
)
 

 
(44,453
)
Interest rate swaps:
 
 
 
 
 
 
 
Reclassification adjustments:
 
 
 
 
 
 
 
Gains and losses on cash flow hedges
Interest expense
 
2,962

 
1,137

 
1,825

Change in fair value of cash flow hedges
N/A
 

 

 

Total other comprehensive (loss) income
 
 
$
(33,390
)
 
$
4,248

 
$
(37,638
)
 
 
 
26-Week Period Ended Dec. 31, 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
 
$
5,688

 
$
2,184

 
$
3,504

Amortization of actuarial loss (gain), net
Operating expenses
 
23,209

 
7,862

 
15,347

Total reclassification adjustments
 
 
28,897

 
10,046

 
18,851

Foreign currency translation:
 
 
 
 
 
 
 
Other comprehensive income before reclassification adjustments:
 
 
 
 
 
 
 
Foreign currency translation adjustment
N/A
 
(279,683
)
 

 
(279,683
)
Interest rate swaps:
 
 
 
 
 
 
 
Reclassification adjustments:
 
 
 
 
 
 
 
Changes in cash flow hedges
Interest expense
 
17,485

 
6,391

 
11,094

Change in net investment hedge
N/A
 
43,379

 
18,119

 
25,260

Total other comprehensive (loss) income
 
 
$
(189,922
)
 
$
34,556

 
$
(224,478
)
 
 
 
26-Week Period Ended Dec. 26, 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
 
$
5,568

 
$
2,138

 
$
3,430

Amortization of actuarial loss (gain), net
Operating expenses
 
10,634

 
4,084

 
6,550

Total reclassification adjustments
 
 
16,202

 
6,222

 
9,980

Foreign currency translation:
 
 
 
 
 
 
 
Other comprehensive income before reclassification adjustments:
 
 
 
 
 
 
 
Foreign currency translation adjustment
N/A
 
(131,682
)
 

 
(131,682
)
Interest rate swaps:
 
 
 
 
 
 
 
Reclassification adjustments:
 
 
 
 
 
 
 
Gains and losses on cash flow hedges
Interest expense
 
5,682

 
2,181

 
3,501

Change in fair value of cash flow hedges
N/A
 
(6,134
)
 
(2,355
)
 
(3,779
)
Total other comprehensive (loss) income
 
 
$
(115,932
)
 
$
6,048

 
$
(121,980
)
Rollforward of accumulated other comprehensive (loss) income
The following tables provide a summary of the changes in accumulated other comprehensive income (loss) for the periods presented:
 
26-Week Period Ended Dec. 31, 2016
 
Pension and Other Postretirement Benefit Plans,
net of tax
 
Foreign Currency Translation
 
Hedging Arrangements,
net of tax
 
Total
 
(In thousands)
Balance as of Jul. 2, 2016
$
(1,104,484
)
 
$
(136,813
)
 
$
(116,821
)
 
$
(1,358,118
)
Equity adjustment from foreign currency translation

 
(279,683
)
 

 
(279,683
)
Other comprehensive income before reclassification adjustments

 

 

 

Changes in cash flow hedges

 

 
11,094

 
11,094

Change in net investment hedge

 

 
25,261

 
25,261

Amortization of unrecognized prior service cost
3,504

 

 

 
3,504

Amortization of unrecognized net actuarial losses
15,346

 

 

 
15,346

Balance as of Dec. 31, 2016
$
(1,085,634
)
 
$
(416,496
)
 
$
(80,466
)
 
$
(1,582,596
)
 
26-Week Period Ended Dec. 26, 2015
 
Pension and Other Postretirement Benefit Plans,
net of tax
 
Foreign Currency Translation
 
Hedging Arrangements,
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

 
(131,682
)
 

 
(131,682
)
Gains and losses on cash flow hedges

 

 
3,501

 
3,501

Change in fair value of cash flow hedges

 

 
(3,779
)
 
(3,779
)
Amortization of unrecognized prior service cost
3,430

 

 

 
3,430

Amortization of unrecognized net actuarial losses
6,550

 

 

 
6,550

Balance as of Dec. 26, 2015
$
(695,331
)
 
$
(229,415
)
 
$
(120,431
)
 
$
(1,045,177
)