Reclassification out of Accumulated Other Comprehensive Income "AOCI"

12 Months Ended

Jun. 30, 2021

Reclassification out of Accumulated Other Comprehensive Income [Abstract]

Reclassification out of Accumulated Other Comprehensive Income "AOCI"

RECLASSIFICATION OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME ("AOCI")

Comprehensive income is a measure of income that includes both net earnings and other comprehensive income (loss). Other comprehensive income (loss) results from items deferred on the Consolidated Balance Sheets in stockholders' equity. Other comprehensive income (loss) was $25.4 million, $242.5 million, and $422.5 million in fiscal 2021, 2020, and 2019, respectively. Changes in Accumulated Other Comprehensive Income (“AOCI”) by component are as follows:

	Currency Translation Adjustment		Net Gains on Available-for-sale Securities			Cash Flow Hedging Activities			Pension Liability			Accumulated Other Comprehensive (Loss) /Income
Balance at June 30, 2018	$	(227.0)	$	(274.0)		$	—		$	(178.8)		$	(679.8)
Other comprehensive income/(loss) before reclassification adjustments	(42.2)		642.4			—			(84.7)			515.5
Tax effect	—		(144.4)			—			20.0			(124.4)
Reclassification adjustments to net earnings	—		0.9		(A)	—			40.3		(B)	41.2
Tax effect	—		(0.3)			—			(9.5)			(9.8)
Balance at June 30, 2019	$	(269.2)	$	224.6		$	—		$	(212.7)		$	(257.3)
Other comprehensive income/(loss) before reclassification adjustments	(53.0)		602.2			(40.3)			(160.8)			348.1
Tax effect	—		(136.4)			10.0			39.5			(86.9)
Reclassification adjustments to net earnings	—		(12.9)		(A)	—			(11.8)		(B)	(24.7)
Tax effect	—		2.9			—			3.1			6.0
Balance at June 30, 2020	$	(322.2)	$	680.4		$	(30.3)		$	(342.7)		$	(14.8)
Other comprehensive income/(loss) before reclassification adjustments	95.4		(363.3)			(3.3)			281.5			10.3
Tax effect	—		82.6			0.8			(69.0)			14.4
Reclassification adjustments to net earnings	—		(11.3)		(A)	3.8		(C)	9.3		(B)	1.8
Tax effect	—		2.5			(0.9)			(2.7)			(1.1)
Balance at June 30, 2021	$	(226.8)	$	390.9		$	(29.9)		$	(123.6)		$	10.6

(A) Reclassification adjustments out of AOCI are included within Other (income)/expense, net, on the Statements of Consolidated Earnings.

(B) Reclassification adjustments out of AOCI are included in net pension (income)/expense (see Note 10). In fiscal 2020, reclassification includes $17.0 million of prior service credits which were recognized as a component of net pension (income)/expense as a result of the U.S. pension plan freeze.

(C) Reclassification adjustments out of AOCI are included in Interest expense on the Statements of Consolidated Earnings (see Note 9).