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Other Comprehensive Income | 3 Months Ended
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Sep. 26, 2020
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 $315.4 million and $378.1 million for the first quarter of fiscal 2021 an d fiscal 2020, 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. 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 hedge | 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 marketa ble 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, as described in Note 6, “Derivative Financial Instruments.”
|  |  | 13-Week Period Ended Sep. 28, 2019
| 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 |  | $ | 1,905 |  |  | $ | 477 |  |  | $ | 1,428 |
Amortization of actuarial loss, net | Other expense, net |  | 8,942 |  |  | 2,259 |  |  | 6,683 |
Total reclassification adjustments |  |  | 10,847 |  |  | 2,736 |  |  | 8,111 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (126,159) |  |  | — |  |  | (126,159) |
Marketable Securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | 1,181 |  |  | 248 |  |  | 933 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | 12,651 |  |  | 3,392 |  |  | 9,259 |
Change in net investment hedges | N/A |  | 42,302 |  |  | 12,302 |  |  | 30,000 |
Total other comprehensive income (loss) before reclassification adjustments |  |  | 54,953 |  |  | 15,694 |  |  | 39,259 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2,874 |  |  | 719 |  |  | 2,155 |
Total other comprehensive loss |  |  | $ | (56,304) |  |  | $ | 19,397 |  |  | $ | (75,701) |
(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 2020. (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:
| 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 June 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) |
| 13-Week Period Ended Sep. 28, 2019
| 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. 29, 2019 | $ | (1,217,617) |  |  | $ | (290,169) |  |  | $ | (94,770) |  |  | 2,827 |  |  | $ | (1,599,729) |
Equity adjustment from foreign currency translation | — |  |  | (126,159) |  |  | — |  |  | — |  |  | (126,159) |
Amortization of cash flow hedges | — |  |  | — |  |  | 2,155 |  |  | — |  |  | 2,155 |
Change in net investment hedges | — |  |  | — |  |  | 30,000 |  |  | — |  |  | 30,000 |
Change in cash flow hedge | — |  |  | — |  |  | 9,259 |  |  | — |  |  | 9,259 |
Amortization of unrecognized prior service cost | 1,428 |  |  | — |  |  | — |  |  | — |  |  | 1,428 |
Amortization of unrecognized net actuarial losses | 6,683 |  |  | — |  |  | — |  |  | — |  |  | 6,683 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | 933 |  |  | 933 |
Balance as of Sep. 28, 2019 | $ | (1,209,506) |  |  | $ | (416,328) |  |  | $ | (53,356) |  |  | $ | 3,760 |  |  | $ | (1,675,430) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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