OTHER COMPREHENSIVE INCOME

3 Months Ended

Sep. 27, 2025

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 certain hedging arrangements, amounts related to pension and other postretirement plans and changes in marketable securities. Comprehensive income was $445 million and $663 million for the first quarter of fiscal 2026 and fiscal 2025, 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 Sep. 27, 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	$	(65)	$	—	$	(65)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses	13		3		10
Change in net investment hedges	N/A	18		5		13
Total other comprehensive income before reclassification adjustments		31		8		23
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	1		—		1
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain (loss) and other adjustments arising in the current year	Other expense, net	5		1		4
Total other comprehensive income before reclassification adjustments		5		1		4
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)		$	(20)	$	11	$	(31)

		13-Week Period Ended Sep. 28, 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	$	168	$	—	$	168
Hedging instruments:
Other comprehensive income before reclassification adjustments:
Change in cash flow hedges	Operating expenses	(20)		(6)		(14)
Change in net investment hedges	N/A	(18)		(5)		(13)
Total other comprehensive (loss) before reclassification adjustments		(38)		(11)		(27)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2		1		1
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain and other adjustments arising in the current year	Other expense, net	31		8		23
Total other comprehensive income before reclassification adjustments		31		8		23
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	4		1		3
Total other comprehensive income (loss)		$	174	$	1	$	173

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

	13-Week Period Ended Sep. 27, 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. 28, 2025	$	(120)	$	(59)	$	(918)	$	(1)	$	(1,098)
Equity adjustment from foreign currency translation	(65)		—		—		—		(65)
Amortization of cash flow hedges	—		1		—		—		1
Change in net investment hedges	—		13		—		—		13
Change in cash flow hedges	—		10		—		—		10
Amortization of unrecognized net actuarial losses	—		—		5		—		5
Net actuarial gain and other adjustments arising in the current year	—		—		4		—		4
Change in marketable securities	—		—		—		1		1
Balance as of Sep. 27, 2025	$	(185)	$	(35)	$	(909)	$	—	$	(1,129)

	13-Week Period Ended Sep. 28, 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 Jun. 29, 2024	$	(407)	$	(10)	$	(917)	$	(5)	$	(1,339)
Equity adjustment from foreign currency translation	168		—		—		—		168
Amortization of cash flow hedges	—		1		—		—		1
Change in net investment hedges	—		(13)		—		—		(13)
Change in cash flow hedges	—		(14)		—		—		(14)
Amortization of unrecognized net actuarial losses	—		—		5		—		5
Net actuarial gain and other adjustments arising in the current year	—		—		23		—		23
Change in marketable securities	—		—		—		3		3
Balance as of Sep. 28, 2024	$	(239)	$	(36)	$	(889)	$	(2)	$	(1,166)