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 cash flow hedging arrangements and certain amounts related to pension and other postretirement plans. Comprehensive income was $310.7 million and $127.5 million for the second quarter of fiscal 2018 and fiscal 2017, respectively. Comprehensive income was $798.5 million and $374.6 million for the first 26 weeks of fiscal 2018 and fiscal 2017, 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 Dec. 30, 2017
	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	$	2,409		$	602		$	1,807
Amortization of actuarial loss (gain), net	Operating expenses	8,761			2,190			6,571
Total reclassification adjustments		11,170			2,792			8,378
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	19,254			—			19,254
Hedging instruments:
Other comprehensive income before reclassification adjustments:
Change in cash flow hedges	N/A	2,944			2,027			917
Change in net investment hedges	N/A	(6,543		)	(2,390		)	(4,153		)
Total other comprehensive income before reclassification adjustments		(3,599		)	(363		)	(3,236		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			718			2,155
Total other comprehensive income		$	29,698		$	3,147		$	26,551



		13-Week Period Ended Dec. 31, 2016
	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	$	2,844		$	1,092	$	1,752
Amortization of actuarial loss (gain), net	Operating expenses	9,749			3,931		5,818
Total reclassification adjustments		12,593			5,023		7,570
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	(202,195		)	—		(202,195		)
Hedging instruments:
Other comprehensive income before reclassification adjustments:
Change in cash flow hedges	Interest expense	12,058			4,185		7,873
Change in net investment hedges	N/A	55,445			18,119		37,326
Total other comprehensive income before reclassification adjustments		67,503			22,304		45,199
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			1,103		1,770
Total other comprehensive income		$	(119,226	)	$	28,430	$	(147,656	)



		26-Week Period Ended Dec. 30, 2017
	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	$	4,818		$	1,527		$	3,291
Amortization of actuarial loss (gain), net	Operating expenses	17,522			5,554			11,968
Total reclassification adjustments		22,340			7,081			15,259
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	140,584			—			140,584
Hedging instruments:
Other comprehensive income before reclassification adjustments:
Change in cash flow hedges	N/A	6,350			3,232			3,118
Change in net investment hedge	N/A	(29,919		)	(13,741		)	(16,177		)
Change in fuel hedge	N/A	—						—
Total other comprehensive income before reclassification adjustments		(23,569		)	(10,509		)	(13,059		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5,746			1,821			3,925
Total other comprehensive income		$	145,101		$	(1,607	)	$	146,709



		26-Week Period Ended Dec. 31, 2016
	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	$	5,688		$	2,184	$	3,504
Amortization of actuarial loss (gain), net	Operating expenses	23,208			7,862		15,346
Total reclassification adjustments		28,896			10,046		18,850
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	(279,683		)	—		(279,683		)
Hedging instruments:
Other comprehensive income before reclassification adjustments:
Change in cash flow hedges	Interest expense	11,739			4,185		7,554
Change in net investment hedge	N/A	43,380			18,119		25,261
Total other comprehensive income before reclassification adjustments		55,119			22,304		32,815
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5,746			2,206		3,540
Total other comprehensive income		$	(189,922	)	$	34,556	$	(224,478	)

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



	26-Week Period Ended Dec. 30, 2017
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, net of tax			Total
	(In thousands)
Balance as of Jul. 1, 2017	$	(974,232	)	$	(148,056	)	$	(140,449	)	$	(1,262,737	)
Equity adjustment from foreign currency translation	—			140,584						140,584
Amortization of cash flow hedges	—			—			3,925			3,925
Change in net investment hedges	—			—			(16,177		)	(16,177		)
Change in cash flow hedge	—			—			3,118			3,118
Amortization of unrecognized prior service cost	3,291			—			—			3,291
Amortization of unrecognized net actuarial losses	11,968			—			—			11,968
Balance as of Dec. 30, 2017	$	(958,973	)	$	(7,472	)	$	(149,583	)	$	(1,116,028	)



	26-Week Period Ended Dec. 31, 2016
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, net of tax			Total
	(In thousands)
Balance as of Jul. 2, 2016	$	(1,104,484	)	$	(136,813	)	$	(116,821	)	$	(1,358,118	)
Equity adjustment from foreign currency translation	—			(279,683		)				(279,683		)
Amortization of cash flow hedges	—			—			3,540			3,540
Change in cash flow hedges	—			—			7,554			7,554
Change in net investment hedges	—			—			25,261			25,261
Amortization of unrecognized prior service cost	3,504			—			—			3,504
Amortization of unrecognized net actuarial losses	15,346			—			—			15,346
Balance as of Dec. 31, 2016	$	(1,085,634	)	$	(416,496	)	$	(80,466	)	$	(1,582,596	)