OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Jun. 27, 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:


		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:
Other comprehensive income before reclassification adjustments:
Net actuarial gain (loss), arising in the current year		$	(125,214)			$	(32,471)			$	(92,743)

Reclassification adjustments:
Amortization of prior service cost	Other expense, net	7,620				1,908				5,712
Amortization of actuarial loss, net	Other expense, net	49,284				10,350				38,934
Total reclassification adjustments				56,904				12,258				44,646
Foreign currency translation:
Foreign currency translation adjustment	N/A	(112,215)				—				(112,215)
Marketable securities:
Change in marketable securities⁽¹⁾	N/A	5,403				1,135				4,268
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽²⁾	(9,831)				(2,574)				(7,257)
Change in net investment hedges ⁽³⁾	N/A	58,756				15,227				43,529
Total other comprehensive income before reclassification adjustments		48,925				12,653				36,272
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11,496				2,876				8,620
Total other comprehensive loss				$	(114,701)			$	(3,549)			$	(111,152)

⁽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 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 11, “Derivative Financial Instruments.”


		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 gain (loss), arising in the current year		$	(200,144)			$	(45,070)			$	(155,074)

Reclassification adjustments:
Amortization of prior service cost	Other expense, net	8,532				2,132				6,400
Amortization of actuarial loss, net	Other expense, net	34,824				8,708				26,116
Total reclassification adjustments				43,356				10,840				32,516
Foreign currency translation:

Foreign currency translation adjustment	N/A	(119,126)				—				(119,126)
Marketable Securities:
Change in marketable securities	N/A	3,579				752				2,827
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽¹⁾	(5,394)				(1,332)				(4,062)
Change in net investment hedges	N/A	58,138				14,299				43,839
Total other comprehensive income (loss) before reclassification adjustments		52,744				12,967				39,777
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11,492				2,872				8,620
Total other comprehensive loss				$	(208,099)			$	(17,639)			$	(190,460)

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


		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:
Other comprehensive income before reclassification adjustments:

Net actuarial gain (loss), arising in the current year		$	69,476			$	16,965			$	52,511

Reclassification adjustments:
Amortization of prior service cost	Other expense, net	9,636				2,731				6,905
Amortization of actuarial loss, net	Other expense, net	35,044				9,934				25,110
Total reclassification adjustments				44,680				12,665				32,015




Foreign currency translation:

Foreign currency translation adjustment	N/A	(22,987)				—				(22,987)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses⁽¹⁾	23,872				9,529				14,343
Change in net investment hedges	N/A	(2,443)				(8,234)				5,791
Total other comprehensive income before reclassification adjustments		21,429				1,295				20,134
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11,499				3,259				8,240
Total other comprehensive income				$	124,097			$	34,184			$	89,913

⁽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 (AOCI) for the periods presented:


	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Hedging, net of tax		Marketable Securities		Total
	(In thousands)
Balance as of Jul. 1, 2017	$	(974,232)	$	(148,056)	$	(140,449)	$	—	$	(1,262,737)
Other comprehensive income before reclassification adjustments	52,511		(22,987)		20,134		—		49,658
Amounts reclassified from accumulated other comprehensive loss	32,015		—		8,240		—		40,255
Amounts reclassified to retained earnings ⁽¹⁾	(205,353)		—		(31,092)		—		(236,445)
Balance as of Jun. 30, 2018	(1,095,059)		(171,043)		(143,167)		—		(1,409,269)
Other comprehensive income before reclassification adjustments	(155,074)		(119,126)		39,777		—		(234,423)
Amounts reclassified from accumulated other comprehensive loss	32,516		—		8,620		—		41,136
Amounts reclassified to retained earnings ⁽¹⁾	—		—		—		2,827		2,827
Balance as of Jun. 29, 2019	(1,217,617)		(290,169)		(94,770)		2,827		(1,599,729)
Other comprehensive income before reclassification adjustments	(92,743)		(112,215)		36,272		—		(168,686)
Amounts reclassified from accumulated other comprehensive loss	44,646		—		8,620		—		53,266

Change in marketable securities	—		—		—		4,268		4,268
Balance as of Jun. 27, 2020	$	(1,265,714)	$	(402,384)	$	(49,878)	$	7,095	$	(1,710,881)

⁽¹⁾Deferred taxes stranded in AOCI as a result of the Tax Act were reclassified to retained earnings as a result of early adopting Accounting Standards Update 2018-02.