OTHER COMPREHENSIVE INCOME

3 Months Ended

Sep. 30, 2023

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 $429.2 million and $236.3 million for the first quarter of fiscal 2024 and fiscal 2023, 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 Sep. 30, 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 gain, arising in the current year	Other expense, net	$	672	$	169	$	503
Total other comprehensive income before reclassification adjustments		672		169		503
Reclassification adjustments:
Amortization of prior service cost	Other expense, net	195		49		146
Amortization of actuarial loss, net	Other expense, net	6,641		1,659		4,982
Total reclassification adjustments		6,836		1,708		5,128
Foreign currency translation:
Foreign currency translation adjustment	N/A	(108,194)		—		(108,194)
Marketable securities:
Change in marketable securities (1)	N/A	(1,196)		(251)		(945)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value   hedge	Other expense, net	(26)		(6)		(20)
Change in cash flow hedges	Operating expenses (2)	34,215		7,067		27,148
Total other comprehensive income (loss) before reclassification adjustments		34,189		7,061		27,128
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,893		723		2,170
Total other comprehensive income (loss)		$	(64,800)	$	9,410	$	(74,210)

(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 2024.
(2)	Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.

		13-Week Period Ended Oct. 1, 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	9,186		2,295		6,891
Total reclassification adjustments		9,285		2,320		6,965
Foreign currency translation:
Foreign currency translation adjustment	N/A	(232,182)		—		(232,182)
Marketable securities:
Change in marketable securities (1)	N/A	(4,212)		(884)		(3,328)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in cash flow hedges	Operating expenses (2)	(36,009)		(9,619)		(26,390)
Change in net investment hedges	N/A	31,346		7,837		23,509
Total other comprehensive income before reclassification adjustments		(4,663)		(1,782)		(2,881)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2,874		719		2,155
Total other comprehensive income (loss)		$	(228,898)	$	373	$	(229,271)

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