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Other Comprehensive Income | 6 Months Ended
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Dec. 30, 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 $310.7 million and $127.5 million for the second quarter of fiscal 2018 and fiscal 2017, respectively. Comprehensive income was $798.5 million and $374.6 million for the first 26 weeks of fiscal 2018 and fiscal 2017, 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 Dec. 30, 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 |  | $ | 2,409 |  |  | $ | 602 |  |  | $ | 1,807 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 8,761 |  |  | 2,190 |  |  | 6,571 |
Total reclassification adjustments |  |  | 11,170 |  |  | 2,792 |  |  | 8,378 |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 19,254 |  |  | — |  |  | 19,254 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | N/A |  | 2,944 |  |  | 2,027 |  |  | 917 |
Change in net investment hedges | N/A |  | (6,543 | ) |  | (2,390 | ) |  | (4,153 | )
Total other comprehensive income before reclassification adjustments |  |  | (3,599 | ) |  | (363 | ) |  | (3,236 | )
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2,873 |  |  | 718 |  |  | 2,155 |
Total other comprehensive income |  |  | $ | 29,698 |  |  | $ | 3,147 |  |  | $ | 26,551 |
|  |  | 13-Week Period Ended Dec. 31, 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 |  | $ | 2,844 |  |  | $ | 1,092 |  |  | $ | 1,752 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 9,749 |  |  | 3,931 |  |  | 5,818 |
Total reclassification adjustments |  |  | 12,593 |  |  | 5,023 |  |  | 7,570 |
Foreign currency translation: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (202,195 | ) |  | — |  |  | (202,195 | )
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Interest expense |  | 12,058 |  |  | 4,185 |  |  | 7,873 |
Change in net investment hedges | N/A |  | 55,445 |  |  | 18,119 |  |  | 37,326 |
Total other comprehensive income before reclassification adjustments |  |  | 67,503 |  |  | 22,304 |  |  | 45,199 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2,873 |  |  | 1,103 |  |  | 1,770 |
Total other comprehensive income |  |  | $ | (119,226 | ) |  | $ | 28,430 |  |  | $ | (147,656 | )
|  |  | 26-Week Period Ended Dec. 30, 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 |  | $ | 4,818 |  |  | $ | 1,527 |  |  | $ | 3,291 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 17,522 |  |  | 5,554 |  |  | 11,968 |
Total reclassification adjustments |  |  | 22,340 |  |  | 7,081 |  |  | 15,259 |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 140,584 |  |  | — |  |  | 140,584 |
Hedging instruments: |  |  |  |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | N/A |  | 6,350 |  |  | 3,232 |  |  | 3,118 |
Change in net investment hedge | N/A |  | (29,919 | ) |  | (13,741 | ) |  | (16,177 | )
Change in fuel hedge | N/A |  | — |  |  |  |  | — |
Total other comprehensive income before reclassification adjustments |  |  | (23,569 | ) |  | (10,509 | ) |  | (13,059 | )
Reclassification adjustments: |  |  |  |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 5,746 |  |  | 1,821 |  |  | 3,925 |
Total other comprehensive income |  |  | $ | 145,101 |  |  | $ | (1,607 | ) |  | $ | 146,709 |
|  |  | 26-Week Period Ended Dec. 31, 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 |  | $ | 5,688 |  |  | $ | 2,184 |  |  | $ | 3,504 |
Amortization of actuarial loss (gain), net | Operating expenses |  | 23,208 |  |  | 7,862 |  |  | 15,346 |
Total reclassification adjustments |  |  | 28,896 |  |  | 10,046 |  |  | 18,850 |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (279,683 | ) |  | — |  |  | (279,683 | )
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Interest expense |  | 11,739 |  |  | 4,185 |  |  | 7,554 |
Change in net investment hedge | N/A |  | 43,380 |  |  | 18,119 |  |  | 25,261 |
Total other comprehensive income before reclassification adjustments |  |  | 55,119 |  |  | 22,304 |  |  | 32,815 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 5,746 |  |  | 2,206 |  |  | 3,540 |
Total other comprehensive income |  |  | $ | (189,922 | ) |  | $ | 34,556 |  |  | $ | (224,478 | )
The following tables provide a summary of the changes in accumulated other comprehensive (loss) income for the periods presented:
| 26-Week Period Ended Dec. 30, 2017
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Hedging, net of tax |  | Total
| (In thousands)
Balance as of Jul. 1, 2017 | $ | (974,232 | ) |  | $ | (148,056 | ) |  | $ | (140,449 | ) |  | $ | (1,262,737 | )
Equity adjustment from foreign currency translation | — |  |  | 140,584 |  |  |  |  |  | 140,584 |
Amortization of cash flow hedges | — |  |  | — |  |  | 3,925 |  |  | 3,925 |
Change in net investment hedges | — |  |  | — |  |  | (16,177 | ) |  | (16,177 | )
Change in cash flow hedge | — |  |  | — |  |  | 3,118 |  |  | 3,118 |
Amortization of unrecognized prior service cost | 3,291 |  |  | — |  |  | — |  |  | 3,291 |
Amortization of unrecognized net actuarial losses | 11,968 |  |  | — |  |  | — |  |  | 11,968 |
Balance as of Dec. 30, 2017 | $ | (958,973 | ) |  | $ | (7,472 | ) |  | $ | (149,583 | ) |  | $ | (1,116,028 | )
| 26-Week Period Ended Dec. 31, 2016
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Hedging, net of tax |  | Total
| (In thousands)
Balance as of Jul. 2, 2016 | $ | (1,104,484 | ) |  | $ | (136,813 | ) |  | $ | (116,821 | ) |  | $ | (1,358,118 | )
Equity adjustment from foreign currency translation | — |  |  | (279,683 | ) |  |  |  |  | (279,683 | )
Amortization of cash flow hedges | — |  |  | — |  |  | 3,540 |  |  | 3,540 |
Change in cash flow hedges | — |  |  | — |  |  | 7,554 |  |  | 7,554 |
Change in net investment hedges | — |  |  | — |  |  | 25,261 |  |  | 25,261 |
Amortization of unrecognized prior service cost | 3,504 |  |  | — |  |  | — |  |  | 3,504 |
Amortization of unrecognized net actuarial losses | 15,346 |  |  | — |  |  | — |  |  | 15,346 |
Balance as of Dec. 31, 2016 | $ | (1,085,634 | ) |  | $ | (416,496 | ) |  | $ | (80,466 | ) |  | $ | (1,582,596 | )

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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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