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OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended
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Jul. 02, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of components of other comprehensive (loss) income and related tax effects | A summary of the components of other comprehensive income (loss) and the related tax effects for each of the periods presented is as follows:
|  |  | 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: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial loss, arising in the current year |  |  | $ | (11,243) |  |  | $ | (2,485) |  |  | $ | (8,758) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 396 |  |  | 100 |  |  | 296 |
Amortization of actuarial loss, net | Other expense, net |  | 74,713 |  |  | 15,595 |  |  | 59,118 |
Total reclassification adjustments |  | 75,109 |  |  | 15,695 |  |  | 59,414 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (461,425) |  |  | — |  |  | (461,425) |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | (11,880) |  |  | (2,493) |  |  | (9,387) |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | 31,135 |  |  | 6,823 |  |  | 24,312 |
Change in net investment hedges | N/A |  | 71,906 |  |  | 17,976 |  |  | 53,930 |
Total other comprehensive income before reclassification adjustments |  |  | 103,041 |  |  | 24,799 |  |  | 78,242 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 11,501 |  |  | 2,877 |  |  | 8,624 |
Total other comprehensive income (loss) |  |  | $ | (294,897) |  |  | $ | 38,393 |  |  | $ | (333,290) |
(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 fiscal 2022.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
|  |  | 2021
| 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 |  |  | $ | 208,640 |  |  | $ | 52,160 |  |  | $ | 156,480 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 732 |  |  | 184 |  |  | 548 |
Amortization of actuarial loss, net | Other expense, net |  | 61,042 |  |  | 14,347 |  |  | 46,695 |
Total reclassification adjustments |  | 61,774 |  |  | 14,531 |  |  | 47,243 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 362,292 |  |  | — |  |  | 362,292 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | (3,392) |  |  | (712) |  |  | (2,680) |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | 19,066 |  |  | 4,941 |  |  | 14,125 |
Change in net investment hedges (3) | N/A |  | (32,206) |  |  | (8,051) |  |  | (24,155) |
Total other comprehensive income before reclassification adjustments |  |  | (13,140) |  |  | (3,110) |  |  | (10,030) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 11,751 |  |  | 2,939 |  |  | 8,812 |
Total other comprehensive income |  | $ | 627,925 |  |  | $ | 65,808 |  |  | $ | 562,117 |
(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 fiscal 2021.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
(3) | Change in net investment hedges includes the termination of some net investment hedges, as described in Note 10, “Derivative Financial Instruments.”
|  |  | 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: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial gain (loss), arising in the current year |  |  | $ | (125,214) |  |  | $ | (32,471) |  |  | $ | (92,743) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 7,620 |  |  | 1,908 |  |  | 5,712 |
Amortization of actuarial loss, net | Other expense, net |  | 49,284 |  |  | 10,350 |  |  | 38,934 |
Total reclassification adjustments |  | 56,904 |  |  | 12,258 |  |  | 44,646 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | (112,215) |  |  | — |  |  | (112,215) |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | 5,403 |  |  | 1,135 |  |  | 4,268 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | (9,831) |  |  | (2,574) |  |  | (7,257) |
Change in net investment hedges (3) | N/A |  | 58,756 |  |  | 15,227 |  |  | 43,529 |
Total other comprehensive income before reclassification adjustments |  |  | 48,925 |  |  | 12,653 |  |  | 36,272 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 11,496 |  |  | 2,876 |  |  | 8,620 |
Total other comprehensive loss |  | $ | (114,701) |  |  | $ | (3,549) |  |  | $ | (111,152) |
(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 fiscal 2020.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
(3) | Change in net investment hedges includes the termination of some net investment hedges, as described in Note 10, “Derivative Financial Instruments.”
Schedule of rollforward of accumulated other comprehensive (loss) income | The following tables provide a summary of the changes in accumulated other comprehensive (loss) income (AOCI) for the periods presented:
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Hedging, net of tax |  | Marketable Securities |  | Total
| (In thousands)
Balance as of Jun. 29, 2019 | $ | (1,217,617) |  |  | $ | (290,169) |  |  | $ | (94,770) |  |  | $ | 2,827 |  |  | $ | (1,599,729) |
Other comprehensive income before reclassification adjustments | (92,743) |  |  | (112,215) |  |  | 36,272 |  |  | — |  |  | (168,686) |
Amounts reclassified from accumulated other comprehensive loss | 44,646 |  |  | — |  |  | 8,620 |  |  | — |  |  | 53,266 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | 4,268 |  |  | 4,268 |
Balance as of Jun. 27, 2020 | (1,265,714) |  |  | (402,384) |  |  | (49,878) |  |  | 7,095 |  |  | (1,710,881) |
Other comprehensive income before reclassification adjustments | 156,480 |  |  | 362,292 |  |  | (10,030) |  |  | — |  |  | 508,742 |
Amounts reclassified from accumulated other comprehensive loss | 47,243 |  |  | — |  |  | 8,812 |  |  | — |  |  | 56,055 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | (2,680) |  |  | (2,680) |
Balance as of Jul. 3, 2021 | (1,061,991) |  |  | (40,092) |  |  | (51,096) |  |  | 4,415 |  |  | (1,148,764) |
Other comprehensive income before reclassification adjustments | (8,758) |  |  | (461,425) |  |  | 78,242 |  |  | — |  |  | (391,941) |
Amounts reclassified from accumulated other comprehensive loss | 59,414 |  |  | — |  |  | 8,624 |  |  | — |  |  | 68,038 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | (9,387) |  |  | (9,387) |
Balance as of Jul. 2, 2022 | $ | (1,011,335) |  |  | $ | (501,517) |  |  | $ | 35,770 |  |  | $ | (4,972) |  |  | $ | (1,482,054) |

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