OTHER COMPREHENSIVE INCOME

3 Months Ended

Oct. 02, 2021

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

OTHER COMPREHENSIVE INCOME

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, changes in marketable securities, amounts related to certain hedging arrangements and amounts related to pension and other postretirement plans. Comprehensive income was $308.8 million and $315.4 million for the first quarter of fiscal 2022 and fiscal 2021, 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 Oct. 2, 2021
	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	$	99	$	25	$	74
Amortization of actuarial loss, net	Other expense, net	8,486		2,119		6,367
Total reclassification adjustments		8,585		2,144		6,441
Foreign currency translation:
Foreign currency translation adjustment	N/A	(87,194)		—		(87,194)
Marketable securities:
Change in marketable securities (1)	N/A	(393)		(82)		(311)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedge	Operating expenses (2)	(563)		(134)		(429)
Change in net investment hedge	N/A	13,553		3,388		10,165
Total other comprehensive income before reclassification adjustments		12,990		3,254		9,736
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874		719		2,155
Total other comprehensive loss		$	(63,138)	$	6,035	$	(69,173)

(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 fiscal 2022.

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

		13-Week Period Ended Sep. 26, 2020
	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	$	183	$	46	$	137
Amortization of actuarial loss, net	Other expense, net	10,353		2,588		7,765
Total reclassification adjustments		10,536		2,634		7,902
Foreign currency translation:
Foreign currency translation adjustment	N/A	113,140		—		113,140
Marketable Securities:
Change in marketable securities (1)	N/A	(600)		(126)		(474)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedge (3)	Operating expenses (2)	(16,841)		(3,874)		(12,967)
Change in net investment hedges	N/A	(20,399)		(9,138)		(11,261)
Total other comprehensive income before reclassification adjustments		(37,240)		(13,012)		(24,228)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874		719		2,155
Total other comprehensive income		$	88,710	$	(9,785)	$	98,495

(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 fiscal 2021.

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

(3) Change in cash flow hedges includes the termination of some cash flow hedges.

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

	13-Week Period Ended Oct. 2, 2021
	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 Jul. 3, 2021	$	(1,061,991)	$	(40,092)	$	(51,096)	$	4,415	$	(1,148,764)
Equity adjustment from foreign currency translation	—		(87,194)		—		—		(87,194)
Amortization of cash flow hedges	—		—		2,155		—		2,155
Change in net investment hedges	—		—		10,165		—		10,165
Change in cash flow hedge	—		—		(429)		—		(429)
Amortization of unrecognized prior service cost	74		—		—		—		74
Amortization of unrecognized net actuarial losses	6,367		—		—		—		6,367
Change in marketable securities	—		—		—		(311)		(311)
Balance as of Oct. 2, 2021	$	(1,055,550)	$	(127,286)	$	(39,205)	$	4,104	$	(1,217,937)

	13-Week Period Ended Sep. 26, 2020
	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. 27, 2020	$	(1,265,714)	$	(402,384)	$	(49,878)	$	7,095	$	(1,710,881)
Equity adjustment from foreign currency translation	—		113,140		—		—		113,140
Amortization of cash flow hedges	—		—		2,155		—		2,155
Change in net investment hedges	—		—		(11,261)		—		(11,261)
Change in cash flow hedge	—		—		(12,967)		—		(12,967)
Amortization of unrecognized prior service cost	137		—		—		—		137
Amortization of unrecognized net actuarial losses	7,765		—		—		—		7,765
Change in marketable securities	—		—		—		(474)		(474)
Balance as of Sep. 26, 2020	$	(1,257,812)	$	(289,244)	$	(71,951)	$	6,621	$	(1,612,386)