OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Apr. 01, 2023

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 Apr. 1, 2023
	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	7,472		1,867		5,605
Total reclassification adjustments		7,571		1,892		5,679
Foreign currency translation:
Other comprehensive income before reclassification adjustments:
Foreign currency translation adjustment	N/A	62,771		—		62,771
Marketable securities:
Change in marketable securities (1)	N/A	1,441		302		1,139
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedge	Operating expenses (2)	(27,909)		(5,454)		(22,455)
Change in net investment hedge	N/A	(7,201)		(1,800)		(5,401)

Total other comprehensive income (loss) before reclassification adjustments		(35,110)		(7,254)		(27,856)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,893		723		2,170

Total other comprehensive income (loss)		$	39,566	$	(4,337)	$	43,903


(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 third quarter of fiscal 2023.
(2)			Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.


		13-Week Period Ended Apr. 2, 2022
	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	8,668		2,154		6,514

Total reclassification adjustments		8,767		2,179		6,588
Foreign currency translation:
Foreign currency translation adjustment	N/A	(96,582)		—		(96,582)
Marketable securities:
Change in marketable securities (1)	N/A	(6,738)		(1,415)		(5,323)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (2)	24,039		5,664		18,375
Change in net investment hedges	N/A	16,055		4,014		12,041

Total other comprehensive income before reclassification adjustments		40,094		9,678		30,416
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874		719		2,155
Total other comprehensive income (loss)		$	(51,585)	$	11,161	$	(62,746)


(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 third quarter of fiscal 2022.
(2)			Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.


		39-Week Period Ended Apr. 1, 2023
	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, arising in the current year	Other expense, net	$	(89,851)	$	(22,463)	$	(67,388)
Settlements	Other expense, net	315,455		78,864		236,591
Total other comprehensive income before reclassification adjustments		225,604		56,401		169,203
Reclassification adjustments:
Amortization of prior service cost	Other expense, net	297		75		222
Amortization of actuarial loss, net	Other expense, net	24,158		6,034		18,124
Total reclassification adjustments		24,455		6,109		18,346




Foreign currency translation:

Foreign currency translation adjustment	N/A	72,403		—		72,403
Marketable securities:
Change in marketable securities (1)	N/A	(1,260)		(265)		(995)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (2)	(62,729)		(14,087)		(48,642)
Change in net investment hedges	N/A	(20,854)		(5,213)		(15,641)
Total other comprehensive income (loss) before reclassification adjustments		(83,583)		(19,300)		(64,283)

Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,660		2,165		6,495
Total other comprehensive income		$	246,279	$	45,110	$	201,169


(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 39 weeks of fiscal 2023.
(2)			Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.


		39-Week Period Ended Apr. 2, 2022
	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	$	297	$	75	$	222
Amortization of actuarial loss, net	Other expense, net	24,555		6,186		18,369
Total reclassification adjustments		24,852		6,261		18,591




Foreign currency translation:

Foreign currency translation adjustment	N/A	(210,646)		—		(210,646)
Marketable securities:
Change in marketable securities (1)	N/A	(8,939)		(1,876)		(7,063)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (2)	15,532		3,687		11,845
Change in net investment hedges	N/A	40,757		10,189		30,568
Total other comprehensive income before reclassification adjustments		56,289		13,876		42,413

Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	8,622		2,157		6,465
Total other comprehensive income (loss)		$	(129,822)	$	20,418	$	(150,240)


(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 39 weeks of fiscal 2022.
(2)			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:


	39-Week Period Ended Apr. 1, 2023
	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. 2, 2022	$	(1,011,335)	$	(501,517)	$	35,770	$	(4,972)	$	(1,482,054)

Net actuarial loss arising in the current year	(67,388)		—		—		—		(67,388)
Settlements	236,591		—		—		—		236,591
Equity adjustment from foreign currency translation	—		72,403		—		—		72,403
Amortization of cash flow hedges	—		—		6,495		—		6,495

Change in net investment hedges	—		—		(15,641)		—		(15,641)
Change in cash flow hedge	—		—		(48,642)		—		(48,642)


Amortization of unrecognized prior service cost	222		—		—		—		222
Amortization of unrecognized net actuarial losses	18,124		—		—		—		18,124
Change in marketable securities	—		—		—		(995)		(995)
Balance as of Apr. 1, 2023	$	(823,786)	$	(429,114)	$	(22,018)	$	(5,967)	$	(1,280,885)


	39-Week Period Ended Apr. 2, 2022
	Pension and Other Postretirement Benefit Plans, net of tax		Foreign Currency Translation		Hedging, net of tax		Marketable Securities		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	—		(210,646)		—		—		(210,646)
Amortization of cash flow hedges	—		—		6,465		—		6,465
Change in net investment hedges	—		—		30,568		—		30,568

Change in cash flow hedge	—		—		11,845		—		11,845

Amortization of unrecognized prior service cost	222		—		—		—		222
Amortization of unrecognized net actuarial losses	18,369		—		—		—		18,369
Change in marketable securities	—		—		—		(7,063)		(7,063)
Balance as of Apr. 2, 2022	$	(1,043,400)	$	(250,738)	$	(2,218)	$	(2,648)	$	(1,299,004)