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OTHER COMPREHENSIVE INCOME | 12 Months Ended
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Jul. 01, 2017
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, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement plans. Comprehensive income was $1.2 billion, $514.7 million and $406.2 million for fiscal 2017, 2016 and 2015, 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:
|  |  | 2017
| 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 | Operating expenses |  | $ | 11,370 |  |  | $ | 4,366 |  |  | $ | 7,004 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 41,689 |  |  | 15,724 |  |  | 25,965 |
Total reclassification adjustments |  | 53,059 |  |  | 20,090 |  |  | 32,969 |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial (loss) gain, net arising in the current year |  | 168,498 |  |  | 71,215 |  |  | 97,283 |
Total other comprehensive income before reclassification adjustments |  | 168,498 |  |  | 71,215 |  |  | 97,283 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (11,243 | ) |  | — |  |  | (11,243 | )
Hedging instruments: |  |  |  |  |  |  |
Reclassification adjustments: |  |  |  |  |  |  |
Gains on cash flow hedges | Interest expense |  | 11,495 |  |  | 4,413 |  |  | 7,082 |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedge |  |  | (10,871 | ) |  | (4,173 | ) |  | (6,698 | )
Change in net investment hedge | N/A |  | (34,152 | ) |  | (10,140 | ) |  | (24,012 | )
Total other comprehensive income |  | $ | 176,786 |  |  | $ | 81,405 |  |  | $ | 95,381 |
|  |  | 2016
| 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 | Operating expenses |  | $ | 11,351 |  |  | $ | 4,359 |  |  | $ | 6,992 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 21,677 |  |  | 8,325 |  |  | 13,352 |
Total reclassification adjustments |  | 33,028 |  |  | 12,684 |  |  | 20,344 |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial (loss) gain, net arising in the current year |  | (681,034 | ) |  | (261,517 | ) |  | (419,517 | )
Total other comprehensive income before reclassification adjustments |  | (681,034 | ) |  | (261,517 | ) |  | (419,517 | )
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (39,080 | ) |  | — |  |  | (39,080 | )
Interest rate swaps: |  |  |  |  |  |  |
Reclassification adjustments: |  |  |  |  |  |  |
Gains on cash flow hedges | Interest expense |  | 11,543 |  |  | 4,432 |  |  | 7,111 |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in fair value of cash flow hedges |  | (6,134 | ) |  | (2,355 | ) |  | (3,779 | )
Total other comprehensive loss |  | $ | (681,677 | ) |  | $ | (246,756 | ) |  | $ | (434,921 | )
|  |  | 2015
| 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 | Operating expenses |  | $ | 11,279 |  |  | $ | 4,331 |  |  | $ | 6,949 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 19,437 |  |  | 7,464 |  |  | 11,972 |
Total reclassification adjustments |  | 30,716 |  |  | 11,795 |  |  | 18,921 |
Other comprehensive income before reclassification adjustments |  |  |  |  |  |  |
Prior service cost arising in the current year | N/A |  | (914 | ) |  | (351 | ) |  | (563 | )
Net actuarial loss (gain) arising in the current year | N/A |  | (61,221 | ) |  | (23,509 | ) |  | (37,712 | )
Total other comprehensive income before reclassification adjustments |  | (62,135 | ) |  | (23,860 | ) |  | (38,275 | )
Foreign currency translation: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (232,185 | ) |  | — |  |  | (232,185 | )
Interest rate swaps: |  |  |  |  |  |  |
Reclassification adjustments: |  |  |  |  |  |  |
Gains on cash flow hedges | Interest expense |  | 8,305 |  |  | 3,189 |  |  | 5,116 |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in fair value of cash flow hedge | N/A |  | (55,374 | ) |  | (21,263 | ) |  | (34,111 | )
Total other comprehensive loss |  | $ | (310,673 | ) |  | $ | (30,139 | ) |  | $ | (280,534 | )
The following tables provide a summary of the changes in accumulated other comprehensive (loss) income for the periods presented:
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Interest Rate Swap, net of tax |  | Total
| (In thousands)
Balance as of June 28, 2014 | $ | (685,957 | ) |  | $ | 134,452 |  |  | $ | (91,158 | ) |  | $ | (642,663 | )
Other comprehensive income before reclassification adjustments | (38,275 | ) |  | (232,185 | ) |  | (34,111 | ) |  | (304,571 | )
Amounts reclassified from accumulated other comprehensive loss | 18,921 |  |  | — |  |  | 5,116 |  |  | 24,037 |
Balance as of June 27, 2015 | (705,311 | ) |  | (97,733 | ) |  | (120,153 | ) |  | (923,197 | )
Other comprehensive income before reclassification adjustments | (419,517 | ) |  | (39,080 | ) |  | (3,779 | ) |  | (462,376 | )
Amounts reclassified from accumulated other comprehensive loss | 20,344 |  |  | — |  |  | 7,111 |  |  | 27,455 |
Balance as of July 2, 2016 | (1,104,484 | ) |  | (136,813 | ) |  | (116,821 | ) |  | (1,358,118 | )
Other comprehensive income before reclassification adjustments | 97,283 |  |  | (11,243 | ) |  | (30,710 | ) |  | 55,330 |
Amounts reclassified from accumulated other comprehensive loss | 32,969 |  |  | — |  |  | 7,082 |  |  | 40,051 |
Balance as of July 1, 2017 | $ | (974,232 | ) |  | $ | (148,056 | ) |  | $ | (140,449 | ) |  | $ | (1,262,737 | )

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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- References No definition available. + Details
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