OTHER COMPREHENSIVE INCOME

9 Months Ended

Mar. 29, 2025

Other Comprehensive Income (Loss), Net of Tax [Abstract]

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 certain hedging arrangements, amounts related to pension and other postretirement plans and changes in marketable securities. Comprehensive income was $542 million and $384 million for the third quarter of fiscal 2025 and fiscal 2024, respectively. Comprehensive income was $1.4 billion and $1.4 billion for the first 39 weeks of fiscal 2025 and 2024, 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. 29, 2025
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:

Foreign currency translation adjustment	N/A	$	136	$	—	$	136

Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:

Change in cash flow hedges	Operating expenses	4		1		3
Change in net investment hedges	N/A	(8)		(2)		(6)

Total other comprehensive income before reclassification adjustments		(4)		(1)		(3)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	1		—		1
Pension and other postretirement benefit plans:




Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	7		2		5
Total reclassification adjustments		7		2		5
Marketable securities:
Change in marketable securities	Other expense (income), net	2		—		2
Total other comprehensive income (loss)		$	142	$	1	$	141


		13-Week Period Ended Mar. 30, 2024
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:
Foreign currency translation adjustment	N/A	$	(67)	$	—	$	(67)
Hedging instruments:
Other comprehensive income before reclassification adjustments:

Change in cash flow hedges	Operating expenses	15		2		13
Change in net investment hedges	N/A	9		2		7

Total other comprehensive (loss) before reclassification adjustments		24		4		20
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	3		1		2
Pension and other postretirement benefit plans:




Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	7		2		5

Total reclassification adjustments		7		2		5
Marketable securities:
Change in marketable securities	Other expense (income), net	(1)		—		(1)
Total other comprehensive income (loss)		$	(34)	$	7	$	(41)


		39-Week Period Ended Mar. 29, 2025
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:

Foreign currency translation adjustment	N/A	$	49	$	—	$	49

Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	(2)		—		(2)
Change in cash flow hedges	Operating expenses	(9)		(4)		(5)
Change in net investment hedges	N/A	(4)		(1)		(3)
Total other comprehensive (loss) before reclassification adjustments		(15)		(5)		(10)

Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5		1		4
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain arising in the current year		31		8		23


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	21		6		15
Total reclassification adjustments		21		6		15




Marketable securities:
Change in marketable securities	Other expense (income), net	3		—		3
Total other comprehensive income (loss)		$	94	$	10	$	84


		39-Week Period Ended Mar. 30, 2024
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:

Foreign currency translation adjustment	N/A	$	(12)	$	—	$	(12)
Hedging instruments:
Other comprehensive (loss) before reclassification adjustments:

Change in cash flow hedges	Operating expenses	24		5		19
Change in net investment hedges	N/A	(13)		(3)		(10)
Total other comprehensive (loss) before reclassification adjustments		11		2		9

Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	9		2		7
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain arising in the current year		1		—		1


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	20		5		15
Total reclassification adjustments		20		5		15




Marketable securities:
Change in marketable securities	Other expense (income), net	3		1		2
Total other comprehensive income		$	32	$	10	$	22

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


	13-Week Period Ended Mar. 29, 2025
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of Dec. 28, 2024	$	(494)	$	(14)	$	(884)	$	(4)	$	(1,396)
Equity adjustment from foreign currency translation	136		—		—		—		136

Amortization of cash flow hedges	—		1		—		—		1
Change in net investment hedges	—		(6)		—		—		(6)
Change in cash flow hedges	—		3		—		—		3


Amortization of unrecognized net actuarial losses	—		—		5		—		5





Change in marketable securities	—		—		—		2		2
Balance as of Mar. 29, 2025	$	(358)	$	(16)	$	(879)	$	(2)	$	(1,255)


	13-Week Period Ended Mar. 30, 2024
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of Dec. 30, 2023	$	(319)	$	(38)	$	(829)	$	(4)	$	(1,190)
Equity adjustment from foreign currency translation	(67)		—		—		—		(67)
Amortization of cash flow hedges	—		2		—		—		2
Change in net investment hedges	—		7		—		—		7
Change in cash flow hedges	—		13		—		—		13

Amortization of unrecognized net actuarial losses	—		—		5		—		5



Change in marketable securities	—		—		—		(1)		(1)
Balance as of Mar. 30, 2024	$	(386)	$	(16)	$	(824)	$	(5)	$	(1,231)



	39-Week Period Ended Mar. 29, 2025
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of Jun. 29, 2024	$	(407)	$	(10)	$	(917)	$	(5)	$	(1,339)
Equity adjustment from foreign currency translation	49		—		—		—		49

Amortization of cash flow hedges	—		4		—		—		4
Change in net investment hedges	—		(3)		—		—		(3)
Change in cash flow hedges	—		(5)		—		—		(5)
Change in excluded component of fair value hedge	—		(2)		—		—		(2)

Amortization of unrecognized net actuarial losses	—		—		15		—		15


Net actuarial loss arising in the current year	—		—		23		—		23


Change in marketable securities	—		—		—		3		3
Balance as of Mar. 29, 2025	$	(358)	$	(16)	$	(879)	$	(2)	$	(1,255)


	39-Week Period Ended Mar. 30, 2024
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of Jul. 1, 2023	$	(374)	$	(32)	$	(840)	$	(7)	$	(1,253)
Equity adjustment from foreign currency translation	(12)		—		—		—		(12)
Amortization of cash flow hedges	—		7		—		—		7
Change in net investment hedges	—		(10)		—		—		(10)
Change in cash flow hedges	—		19		—		—		19

Amortization of unrecognized net actuarial losses	—		—		15		—		15


Net actuarial gain arising in the current year	—		—		1		—		1
Change in marketable securities	—		—		—		2		2
Balance as of Mar. 30, 2024	$	(386)	$	(16)	$	(824)	$	(5)	$	(1,231)