Other Comprehensive Income (Tables)

6 Months Ended

Dec. 28, 2019

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. 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	9,630			2,405			7,225
Total reclassification adjustments		11,535			2,882			8,653
Foreign currency translation:
Foreign currency translation adjustment	N/A	154,955			—			154,955
Marketable securities:
Change in marketable securities ⁽¹⁾	N/A	(489		)	(103		)	(386		)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽²⁾	(19,313		)	(4,516		)	(14,797		)
Change in net investment hedges	N/A	(46,289		)	(4,810		)	(41,479		)
Total other comprehensive income (loss) before reclassification adjustments		(65,602		)	(9,326		)	(56,276		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874			719			2,155
Total other comprehensive (loss) income		$	103,273		$	(5,828	)	$	109,101


⁽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 second quarter of fiscal 2020.


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



		13-Week Period Ended Dec. 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:
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	(101,533		)	—			(101,533		)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽¹⁾	(11,380		)	(2,596		)	(8,784		)
Change in net investment hedges	N/A	35,293			8,824			26,469
Total other comprehensive income (loss) before reclassification adjustments		23,913			6,228			17,685
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,873			718			2,155
Total other comprehensive (loss) income		$	(63,908	)	$	9,656		$	(73,564	)


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



		26-Week Period Ended Dec. 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	$	3,810		$	954		$	2,856
Amortization of actuarial loss, net	Other expense, net	18,572			4,664			13,908
Total reclassification adjustments		22,382			5,618			16,764
Foreign currency translation:
Other comprehensive income (loss) before reclassification adjustments:
Foreign currency translation adjustment	N/A	28,796			—			28,796
Marketable securities:
Change in marketable securities ⁽¹⁾	N/A	692			145			547
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽²⁾	(6,662		)	(1,124		)	(5,538		)
Change in net investment hedges	N/A	(3,987		)	7,492			(11,479		)
Total other comprehensive income (loss) before reclassification adjustments		(10,649		)	6,368			(17,017		)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5,748			1,438			4,310
Total other comprehensive (loss) income		$	46,969		$	13,569		$	33,400


⁽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 26 weeks of fiscal 2020.


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



		26-Week Period Ended Dec. 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, net arising in the current year		$	(36,891	)	$	(4,380	)	$	(32,511	)
Reclassification adjustments:
Amortization of prior service cost	Other expense, net	4,266			1,066			3,200
Amortization of actuarial loss (gain), net	Other expense, net	17,412			4,354			13,058
Total reclassification adjustments		21,678			5,420			16,258
Foreign currency translation:
Foreign currency translation adjustment	N/A	(126,460		)	—			(126,460		)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses ⁽¹⁾	(15,157		)	(3,365		)	(11,792		)
Change in net investment hedges	N/A	46,471			11,414			35,057
Total other comprehensive income (loss) before reclassification adjustments		31,314			8,049			23,265
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	5,746			1,436			4,310
Total other comprehensive (loss) income		$	(104,613	)	$	10,525		$	(115,138	)


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

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



	26-Week Period Ended Dec. 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	—			28,796			—			—		28,796
Amortization of cash flow hedges	—			—			4,310			—		4,310
Change in net investment hedges	—			—			(11,479		)	—		(11,479		)
Change in cash flow hedge	—			—			(5,538		)	—		(5,538		)
Amortization of unrecognized prior service cost	2,856			—			—			—		2,856
Amortization of unrecognized net actuarial losses	13,908			—			—			—		13,908
Change in marketable securities	—			—			—			547		547
Balance as of Dec. 28, 2019	$	(1,200,853	)	$	(261,373	)	$	(107,477	)	$	3,374	$	(1,566,329	)



	26-Week Period Ended Dec. 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	—			(126,460		)	—			(126,460		)
Amortization of cash flow hedges	—			—			4,310			4,310
Change in net investment hedges	—			—			35,057			35,057
Change in cash flow hedges	—			—			(11,792		)	(11,792		)
Net actuarial loss	(32,511		)	—			—			(32,511		)
Amortization of unrecognized prior service cost	3,200			—			—			3,200
Amortization of unrecognized net actuarial losses	13,058			—			—			13,058
Balance as of Dec. 29, 2018	$	(1,111,312	)	$	(297,503	)	$	(115,592	)	$	(1,524,407	)