Other Comprehensive Income (Tables)

3 Months Ended

Sep. 28, 2019

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

Summary of components of other comprehensive (loss) income and related tax effects

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. 28, 2019
	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	Other expense, net	$	1,905		$	477	$	1,428
Amortization of actuarial loss, net	Other expense, net	8,942			2,259		6,683
Total reclassification adjustments		10,847			2,736		8,111
Foreign currency translation:
Foreign currency translation adjustment	N/A	(126,159		)	—		(126,159		)
Marketable securities:
Change in marketable securities (1)	N/A	1,181			248		933
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (2)	12,651			3,392		9,259
Change in net investment hedges	N/A	42,302			12,302		30,000
Total other comprehensive income (loss) before reclassification adjustments		54,953			15,694		39,259
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874			719		2,155
Total other comprehensive (loss) income		$	(56,304	)	$	19,397	$	(75,701	)

⁽¹⁾  Realized gains or losses on marketable securities are presented within Other (income) expense, net in the Consolidated Results of Operations; however, there were no significant gains or losses realized in the first quarter of 2020.

⁽²⁾  Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

		13-Week Period Ended Sep. 29, 2018
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount			Tax			Net of Tax Amount
		(In thousands)
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial (loss) gain, arising in the current year		$	(36,891	)	$	(4,380	)	$	(32,511	)
Reclassification adjustments:
Amortization of prior service cost	Other expense, net	2,133			533			1,600
Amortization of actuarial loss (gain), net	Other expense, net	8,706			2,177			6,529
Total reclassification adjustments		10,839			2,710			8,129
Foreign currency translation:
Other comprehensive income (loss) before    reclassification adjustments:
Foreign currency translation adjustment	N/A	(24,927		)	—			(24,927		)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (1)	(3,777		)	(769		)	(3,008		)
Change in net investment hedges	N/A	11,178			2,590			8,588
Total other comprehensive income (loss) before reclassification adjustments		7,401			1,821			5,580
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			718			2,155
Total other comprehensive income (loss)		$	(40,705	)	$	869		$	(41,574	)

⁽¹⁾  Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

Rollforward of accumulated other comprehensive (loss) income

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

	13-Week Period Ended Sep. 28, 2019
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, net of tax			Marketable Securities, net of tax		Total
	(In thousands)
Balance as of Jun. 29, 2019	$	(1,217,617	)	$	(290,169	)	$	(94,770	)	$	2,827	$	(1,599,729	)
Equity adjustment from foreign currency translation	—			(126,159		)	—			—		(126,159		)
Amortization of cash flow hedges	—			—			2,155			—		2,155
Change in net investment hedges	—			—			30,000			—		30,000
Change in cash flow hedge	—			—			9,259			—		9,259
Amortization of unrecognized prior service cost	1,428			—			—			—		1,428
Amortization of unrecognized net actuarial losses	6,683			—			—			—		6,683
Change in marketable securities	—			—			—			933		933
Balance as of Sep. 28, 2019	$	(1,209,506	)	$	(416,328	)	$	(53,356	)	$	3,760	$	(1,675,430	)

	13-Week Period Ended Sep. 29, 2018
	Pension and Other Postretirement Benefit Plans, net of tax			Foreign Currency Translation			Hedging, net of tax			Total
	(In thousands)
Balance as of Jun. 30, 2018	$	(1,095,059	)	$	(171,043	)	$	(143,167	)	$	(1,409,269	)
Equity adjustment from foreign currency translation	—			(24,927		)	—			(24,927		)
Amortization of cash flow hedges	—			—			2,155			2,155
Change in net investment hedges	—			—			8,588			8,588
Change in cash flow hedges	—			—			(3,008		)	(3,008		)
Net actuarial loss	(32,511		)	—			—			(32,511		)
Amortization of unrecognized prior service cost	1,600			—			—			1,600
Amortization of unrecognized net actuarial losses	6,529			—			—			6,529
Balance as of Sep. 29, 2018	$	(1,119,441	)	$	(195,970	)	$	(135,432	)	$	(1,450,843	)