Comprehensive Income

12 Months Ended

Jun. 28, 2014

Comprehensive Income [Abstract]

Comprehensive Income

17. COMPREHENSIVE INCOME

Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation adjustments, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement plans.  Comprehensive income was $735.8 million, $1,208.4 million and $718.7 million in fiscal 2014, 2013 and 2012, respectively.

A summary of the components of other comprehensive income (loss) and the related tax effects for each of the years presented  is as follows:

		2014
	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	Operating expenses	$	11,313	$	4,343	$	6,970
Amortization of actuarial loss (gain), net	Operating expenses		16,184		6,216		9,968
Total reclassification adjustments			27,497		10,559		16,938
Other comprehensive income before     reclassification adjustments:
Prior service cost arising in current year	N/A		347		133		214
Net actuarial gain arising in current year	N/A		(207,698)		(79,756)		(127,942)
Total other comprehensive income before     reclassification adjustments			(207,351)		(79,623)		(127,728)
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(3,106)		-		(3,106)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		625		240		385
Other comprehensive income before     reclassification adjustments:
Change in fair value of cash flow hedges	N/A		(133,466)		(51,251)		(82,215)
Total other comprehensive income (loss)		$	(315,801)	$	(120,075)	$	(195,726)

		2013
	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	Operating expenses	$	18,360	$	7,050	$	11,310
Amortization of actuarial loss (gain), net	Operating expenses		72,421		27,811		44,610
Amortization of transition obligation	Operating expenses		141		53		88
Total reclassification adjustments			90,922		34,914		56,008
Other comprehensive income before     reclassification adjustments:
Prior service cost arising in current year	N/A		(53,902)		(20,699)		(33,203)
Net actuarial gain arising in current year	N/A		366,769		140,840		225,929
Total other comprehensive income before     reclassification adjustments			312,867		120,141		192,726
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(33,191)		-		(33,191)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		626		240		386
Total other comprehensive income (loss)		$	371,224	$	155,295	$	215,929

		2012
	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	Operating expenses	$	5,021	$	1,928	$	3,093
Amortization of actuarial loss (gain), net	Operating expenses		59,835		22,975		36,860
Amortization of transition obligation	Operating expenses		153		60		93
Total reclassification adjustments			65,009		24,963		40,046
Other comprehensive income before     reclassification adjustments:
Prior service cost arising in current year	N/A		(8,706)		(3,343)		(5,363)
Net actuarial gain arising in current year	N/A		(580,291)		(222,832)		(357,459)
Total other comprehensive income before     reclassification adjustments			(588,997)		(226,175)		(362,822)
Foreign currency translation:
Other comprehensive income before     reclassification adjustments:
Foreign currency translation adjustment	N/A		(81,003)		-		(81,003)
Interest rate swaps:
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense		692		266		426
Other comprehensive income before     reclassification adjustments:
Settlement of cash flow hedge	N/A		722		277		445
Total other comprehensive income (loss)		$	(603,577)	$	(200,669)	$	(402,908)

The following table provides a summary of the changes in accumulated other comprehensive (loss) income for the years presented:

	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Interest Rate Swap, net of tax		Total
	(In thousands)
Balance as of July 2, 2011	$	(501,125)	$	251,752	$	(10,585)	$	(259,958)
Other comprehensive income before     reclassification adjustments		(362,822)		(81,003)		445		(443,380)
Amounts reclassified from accumulated     other comprehensive loss		40,046		-		426		40,472
Balance as of June 30, 2012		(823,901)		170,749		(9,714)		(662,866)
Other comprehensive income before     reclassification adjustments		192,726		(33,191)		-		159,535
Amounts reclassified from accumulated     other comprehensive loss		56,008		-		386		56,394
Balance as of June 29, 2013		(575,167)		137,558		(9,328)		(446,937)
Other comprehensive income before     reclassification adjustments		(127,728)		(3,106)		(82,215)		(213,049)
Amounts reclassified from accumulated     other comprehensive loss		16,938		-		385		17,323
Balance as of June 28, 2014	$	(685,957)	$	134,452	$	(91,158)	$	(642,663)