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OTHER COMPREHENSIVE INCOME | 3 Months Ended
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Sep. 27, 2025
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 certain hedging arrangements, amounts related to pension and other postretirement plans and changes in marketable securities. Comprehensive income was $445 million and $663 million for the first quarter of fiscal 2026 and fiscal 2025, 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. 27, 2025
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In millions)
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | $ | (65) |  |  | $ | — |  |  | $ | (65) |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses |  | 13 |  |  | 3 |  |  | 10 |
Change in net investment hedges | N/A |  | 18 |  |  | 5 |  |  | 13 |
Total other comprehensive income before reclassification adjustments |  |  | 31 |  |  | 8 |  |  | 23 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 1 |  |  | — |  |  | 1 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial gain (loss) and other adjustments arising in the current year | Other expense, net |  | 5 |  |  | 1 |  |  | 4 |
Total other comprehensive income before reclassification adjustments |  |  | 5 |  |  | 1 |  |  | 4 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of actuarial loss, net | Other expense (income), net |  | 7 |  |  | 2 |  |  | 5 |
Total reclassification adjustments |  |  | 7 |  |  | 2 |  |  | 5 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities | Other expense (income), net |  | 1 |  |  | — |  |  | 1 |
Total other comprehensive income (loss) |  |  | $ | (20) |  |  | $ | 11 |  |  | $ | (31) |
|  |  | 13-Week Period Ended Sep. 28, 2024
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In millions)
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | $ | 168 |  |  | $ | — |  |  | $ | 168 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses |  | (20) |  |  | (6) |  |  | (14) |
Change in net investment hedges | N/A |  | (18) |  |  | (5) |  |  | (13) |
Total other comprehensive (loss) before reclassification adjustments |  |  | (38) |  |  | (11) |  |  | (27) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2 |  |  | 1 |  |  | 1 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial gain and other adjustments arising in the current year | Other expense, net |  | 31 |  |  | 8 |  |  | 23 |
Total other comprehensive income before reclassification adjustments |  |  | 31 |  |  | 8 |  |  | 23 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of actuarial loss, net | Other expense (income), net |  | 7 |  |  | 2 |  |  | 5 |
Total reclassification adjustments |  |  | 7 |  |  | 2 |  |  | 5 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities | Other expense (income), net |  | 4 |  |  | 1 |  |  | 3 |
Total other comprehensive income (loss) |  |  | $ | 174 |  |  | $ | 1 |  |  | $ | 173 |
The following tables provide a summary of the changes in accumulated other comprehensive (loss) income f or the periods presented:
| 13-Week Period Ended Sep. 27, 2025
| Foreign Currency Translation |  | Hedging, net of tax |  | Pension and Other Postretirement Benefit Plans, net of tax |  | Marketable Securities, net of tax |  | Total
| (In millions)
Balance as of Jun. 28, 2025 | $ | (120) |  |  | $ | (59) |  |  | $ | (918) |  |  | $ | (1) |  |  | $ | (1,098) |
Equity adjustment from foreign currency translation | (65) |  |  | — |  |  | — |  |  | — |  |  | (65) |
Amortization of cash flow hedges | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Change in net investment hedges | — |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Change in cash flow hedges | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Amortization of unrecognized net actuarial losses | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Net actuarial gain and other adjustments arising in the current year | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Balance as of Sep. 27, 2025 | $ | (185) |  |  | $ | (35) |  |  | $ | (909) |  |  | $ | — |  |  | $ | (1,129) |
| 13-Week Period Ended Sep. 28, 2024
| Foreign Currency Translation |  | Hedging, net of tax |  | Pension and Other Postretirement Benefit Plans, net of tax |  | Marketable Securities, net of tax |  | Total
| (In millions)
Balance as of Jun. 29, 2024 | $ | (407) |  |  | $ | (10) |  |  | $ | (917) |  |  | $ | (5) |  |  | $ | (1,339) |
Equity adjustment from foreign currency translation | 168 |  |  | — |  |  | — |  |  | — |  |  | 168 |
Amortization of cash flow hedges | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Change in net investment hedges | — |  |  | (13) |  |  | — |  |  | — |  |  | (13) |
Change in cash flow hedges | — |  |  | (14) |  |  | — |  |  | — |  |  | (14) |
Amortization of unrecognized net actuarial losses | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Net actuarial gain and other adjustments arising in the current year | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Balance as of Sep. 28, 2024 | $ | (239) |  |  | $ | (36) |  |  | $ | (889) |  |  | $ | (2) |  |  | $ | (1,166) |

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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/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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