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 $370.6 million and $315.4 million for the third quarter of fiscal 2018 and fiscal 2017, respectively. Comprehensive income was $1.2 billion and $690.0 million for the first 39 weeks of fiscal 2018 and fiscal 2017, 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. 31, 2018
	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	$	2,409		$	602		$	1,807
Amortization of actuarial loss (gain), net	Operating expenses	8,761			2,190			6,571
Total reclassification adjustments		11,170			2,792			8,378
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	72,010			—			72,010
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	N/A	(14,070		)	(3,597		)	(10,473		)
Change in net investment hedges	N/A	(40,820		)	(9,294		)	(31,526		)
Total other comprehensive income (loss) before reclassification adjustments		(54,890		)	(12,891		)	(41,999		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			718			2,155
Total other comprehensive income (loss)		$	31,163		$	(9,381	)	$	40,544



		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 (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	89,799			—			89,799
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Interest expense	(7,647		)	(2,936		)	(4,711		)
Change in net investment hedges	N/A	(12,775		)	3,689			(16,464		)
Total other comprehensive income (loss) before reclassification adjustments		(20,422		)	753			(21,175		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			1,103			1,770
Total other comprehensive income		$	84,038		$	6,879		$	77,159



		39-Week Period Ended Mar. 31, 2018
	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	$	7,227		$	2,129		$	5,098
Amortization of actuarial loss (gain), net	Operating expenses	26,283			7,744			18,539
Total reclassification adjustments		33,510			9,873			23,637
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	212,594			—			212,594
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	N/A	(7,720		)	(365		)	(7,355		)
Change in net investment hedge	N/A	(70,739		)	(23,036		)	(47,703		)
Total other comprehensive income (loss) before reclassification adjustments		(78,459		)	(23,401		)	(55,058		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,619			2,539			6,080
Total other comprehensive income (loss)		$	176,264		$	(10,989	)	$	187,253



		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		40,684			15,069		25,615
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	(189,884		)	—		(189,884		)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Interest expense	4,092			1,249		2,843
Change in net investment hedge	N/A	30,604			21,807		8,797
Total other comprehensive income (loss) before reclassification adjustments		34,696			23,056		11,640
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,619			3,309		5,310
Total other comprehensive (loss) income		$	(105,885	)	$	41,434	$	(147,319	)

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



	39-Week Period Ended Mar. 31, 2018
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, net of tax			Total
	(In thousands)
Balance as of Jul. 1, 2017	$	(974,232	)	$	(148,056	)	$	(140,449	)	$	(1,262,737	)
Equity adjustment from foreign currency translation	—			212,594			—			212,594
Amortization of cash flow hedges	—			—			6,080			6,080
Change in net investment hedges	—			—			(47,703		)	(47,703		)
Change in cash flow hedge	—			—			(7,355		)	(7,355		)
Amortization of unrecognized prior service cost	5,098			—			—			5,098
Amortization of unrecognized net actuarial losses	18,539			—			—			18,539
Balance as of Mar. 31, 2018	$	(950,595	)	$	64,538		$	(189,427	)	$	(1,075,484	)



	39-Week Period Ended Apr. 1, 2017
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, 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		)
Amortization of cash flow hedges	—			—			5,310			5,310
Change in cash flow hedges	—			—			2,843			2,843
Change in net investment hedges	—			—			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	)