Other Comprehensive Income (Tables)

9 Months Ended

Mar. 28, 2020

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 Mar. 28, 2020
	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	Other expense, net	$	1,905	$	477	$	1,428
Amortization of actuarial loss, net	Other expense, net	10,644		2,615		8,029
Total reclassification adjustments		12,549		3,092		9,457
Foreign currency translation:

Foreign currency translation adjustment	N/A	(151,143)		—		(151,143)
Marketable securities:
Change in marketable securities ⁽¹⁾	N/A	25		5		20
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽²⁾	(22,844)		(6,093)		(16,751)
Change in net investment hedge ⁽³⁾	N/A	65,491		8,422		57,069

Total other comprehensive income (loss) before reclassification adjustments		42,647		2,329		40,318
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874		719		2,155

Total other comprehensive (loss) income		$	(93,048)	$	6,145	$	(99,193)

⁽¹⁾Realized gains or losses on marketable securities are presented within Other (income) expense, net in the Consolidated Results of Operations; however, there were no significant gains or losses realized in the third quarter of fiscal 2020.

⁽²⁾Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

⁽³⁾Change in net investment hedges includes the termination of some net investment hedges, as described in Note 10, “Derivative Financial Instruments.”


		13-Week Period Ended Mar. 30, 2019
	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	Other expense, net	$	2,133	$	533	$	1,600
Amortization of actuarial loss (gain), net	Other expense, net	8,706		2,177		6,529

Total reclassification adjustments		10,839		2,710		8,129
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	37,471		—		37,471
Marketable Securities:
Change in marketable securities	N/A	1,396		293		1,103
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽¹⁾	2,032		486		1,546
Change in net investment hedges	N/A	(4,837)		4,629		(9,466)

Total other comprehensive income (loss) before reclassification adjustments		(2,805)		5,115		(7,920)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873		718		2,155
Total other comprehensive income		$	49,774	$	8,836	$	40,938

⁽¹⁾Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.


		39-Week Period Ended Mar. 28, 2020
	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	Other expense, net	$	5,715	$	1,431	$	4,284
Amortization of actuarial loss, net	Other expense, net	29,216		7,279		21,937
Total reclassification adjustments		34,931		8,710		26,221
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	(122,347)		—		(122,347)
Marketable securities:
Change in marketable securities ⁽¹⁾	N/A	717		150		567
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽²⁾	(29,506)		(7,217)		(22,289)
Change in net investment hedge ⁽³⁾	N/A	61,504		15,914		45,590

Total other comprehensive income (loss) before reclassification adjustments		31,998		8,697		23,301
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,622		2,157		6,465

Total other comprehensive (loss) income		$	(46,079)	$	19,714	$	(65,793)

⁽¹⁾ Realized gains or losses on marketable securities are presented within Other (income) expense, net in the Consolidated Results of Operations; however, there were no significant gains or losses realized in the first 39 weeks of fiscal 2020.

⁽²⁾Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

⁽³⁾Change in net investment hedges includes the termination of some net investment hedges, as described in Note 10, “Derivative Financial Instruments.”


		39-Week Period Ended Mar. 30, 2019
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In thousands)
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial (loss) gain, net arising in the current year		$	(36,891)	$	(4,380)	$	(32,511)
Reclassification adjustments:
Amortization of prior service cost	Other expense, net	6,399		1,599		4,800
Amortization of actuarial loss (gain), net	Other expense, net	26,118		6,531		19,587

Total reclassification adjustments		32,517		8,130		24,387
Foreign currency translation:

Foreign currency translation adjustment	N/A	(88,989)		—		(88,989)
Marketable Securities:
Change in marketable securities	N/A	1,396		293		1,103
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽¹⁾	(13,125)		(2,879)		(10,246)
Change in net investment hedges	N/A	41,634		16,043		25,591

Total other comprehensive income (loss) before reclassification adjustments		28,509		13,164		15,345
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,619		2,154		6,465
Total other comprehensive (loss) income		$	(54,839)	$	19,361	$	(74,200)

⁽¹⁾Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

Rollforward of accumulated other comprehensive (loss) income

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


	39-Week Period Ended Mar. 28, 2020
	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Hedging, net of tax		Marketable Securities, net of tax		Total
	(In thousands)
Balance as of Jun. 29, 2019	$	(1,217,617)	$	(290,169)	$	(94,770)	$	2,827	$	(1,599,729)
Equity adjustment from foreign currency translation	—		(122,347)		—		—		(122,347)

Amortization of cash flow hedges	—		—		6,465		—		6,465

Change in net investment hedges	—		—		45,590		—		45,590
Change in cash flow hedge	—		—		(22,289)		—		(22,289)


Amortization of unrecognized prior service cost	4,284		—		—		—		4,284
Amortization of unrecognized net actuarial losses	21,937		—		—		—		21,937
Change in marketable securities	—		—		—		567		567
Balance as of Mar. 28, 2020	$	(1,191,396)	$	(412,516)	$	(65,004)	$	3,394	$	(1,665,522)


	39-Week Period Ended Mar. 30, 2019
	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Hedging, net of tax		Marketable Securities, net of tax		Total
	(In thousands)
Balance as of Jun. 30, 2018	$	(1,095,059)	$	(171,043)	$	(143,167)	—		$	(1,409,269)

Equity adjustment from foreign currency translation	—		(88,989)		—		—		(88,989)
Amortization of cash flow hedges	—		—		6,465		—		6,465

Change in net investment hedges	—		—		25,591		—		25,591
Change in cash flow hedges	—		—		(10,246)		—		(10,246)
Net actuarial loss	(32,511)		—		—		—		(32,511)
Amortization of unrecognized prior service cost	4,800		—		—		—		4,800
Amortization of unrecognized net actuarial losses	19,587		—		—		—		19,587
Change in marketable securities	—		—		—		1,103		1,103
Balance as of Mar. 30, 2019	$	(1,103,183)	$	(260,032)	$	(121,357)	$	1,103	$	(1,483,469)