Other Comprehensive Income

9 Months Ended

Apr. 01, 2017

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 $315.4 million and $274.3 million for the third quarter of fiscal 2017 and fiscal 2016, respectively. Comprehensive income was $690 million and $669.1 million for the first 39 weeks of fiscal 2017 and fiscal 2016, respectively.

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

		13-Week Period Ended Apr. 1, 2017
	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	8,944			3,931			5,013
Total reclassification adjustments		11,788			5,023			6,765
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	89,799			—			89,799
Interest rate swaps:
Reclassification adjustments:
Gains on cash flow hedges	Interest expense	(4,774		)	(1,833		)	(2,941		)
Change in net investment hedge	N/A	(12,775		)	3,689			(16,464		)
Total other comprehensive income		$	84,038		$	6,879		$	77,159

		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:
Losses on cash flow hedges	Interest expense	2,872		1,103		1,769
Change in fair value of cash flow hedges	N/A	—		—		—
Total other comprehensive income		$	61,346	$	4,214	$	57,132

		39-Week Period Ended Apr. 1, 2017
	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	$	8,532		$	3,276	$	5,256
Amortization of actuarial loss (gain), net	Operating expenses	32,152			11,793		20,359
Total reclassification adjustments		40,685			15,069		25,615
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	(189,884		)	—		(189,884		)
Interest rate swaps:
Reclassification adjustments:
Losses on cash flow hedges	Interest expense	12,711			4,558		8,153
Change in net investment hedge	N/A	30,604			21,807		8,797
Total other comprehensive (loss) income		$	(105,884	)	$	41,435	$	(147,319	)

		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:
Losses on cash flow hedges	Interest expense	8,463			3,249			5,214
Change in fair value of cash flow hedges	N/A	(6,134		)	(2,355		)	(3,779		)
Total other comprehensive (loss) income		$	(54,677	)	$	10,227		$	(64,904	)

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

	39-Week Period Ended Apr. 1, 2017
	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	—			(189,884		)	—			(189,884		)
Other comprehensive income before reclassification adjustments	—			—			—			—
Losses on cash flow hedges	—			—			8,153			8,153
Change in net investment hedge	—			—			8,797			8,797
Amortization of unrecognized prior service cost	5,256			—			—			5,256
Amortization of unrecognized net actuarial losses	20,359			—			—			20,359
Balance as of Apr. 1, 2017	$	(1,078,869	)	$	(326,697	)	$	(99,871	)	$	(1,505,437	)

	39-Week Period Ended Mar. 26, 2016
	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	—			(81,309		)	—			(81,309		)
Losses on 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	)