Comprehensive Income | 9 Months Ended |
Mar. 29, 2014 |
Comprehensive Income [Abstract] | ' |
Comprehensive Income | ' |
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9. COMPREHENSIVE INCOME |
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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 $110.4 million and $186.4 million for the third quarter of fiscal 2014 and fiscal 2013, respectively. Comprehensive income was $607.4 million and $751.5 million for the first 39 weeks of fiscal 2014 and fiscal 2013 respectively. |
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A summary of the components of other comprehensive income (loss) and the related tax effects for each of the periods presented is as follows: |
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| | 13-Week Period Ended Mar. 29, 2014 | | | |
| Location of Expense | Before Tax | | Tax | | Net of Tax | | | |
(Income) Recognized | Amount | Amount | | | |
in Net Earnings | | | | | |
| | (In thousands) | | | |
Pension and other postretirement benefit plans: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of prior service cost | Operating expenses | $ | 2,828 | | $ | 1,086 | | $ | 1,742 | | | |
Amortization of actuarial loss (gain), net | Operating expenses | | 4,046 | | | 1,554 | | | 2,492 | | | |
Total reclassification adjustments | | | 6,874 | | | 2,640 | | | 4,234 | | | |
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Foreign currency translation: | | | | | | | | | | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Foreign currency translation adjustment | N/A | | -35,397 | | | - | | | -35,397 | | | |
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Interest rate swaps: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of cash flow hedges | Interest expense | | 157 | | | 60 | | | 97 | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Change in fair value of cash flow hedges | N/A | | -64,025 | | | -24,586 | | | -39,439 | | | |
Total other comprehensive (loss) income | | $ | -92,391 | | $ | -21,886 | | $ | -70,505 | | | |
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| | 13-Week Period Ended Mar. 30, 2013 | | | |
| Location of Expense | Before Tax | | Tax | | Net of Tax | | | |
(Income) Recognized | Amount | Amount | | | |
in Net Earnings | | | | | |
| | (In thousands) | | | |
Pension and other postretirement benefit plans: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of prior service cost | Operating expenses | $ | 3,125 | | $ | 1,200 | | $ | 1,925 | | | |
Amortization of actuarial loss (gain), net | Operating expenses | | 17,586 | | | 6,754 | | | 10,832 | | | |
Amortization of transition obligation | Operating expenses | | 35 | | | 13 | | | 22 | | | |
Total reclassification adjustments | | | 20,746 | | | 7,967 | | | 12,779 | | | |
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Foreign currency translation: | | | | | | | | | | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Foreign currency translation adjustment | N/A | | -27,886 | | | - | | | -27,886 | | | |
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Interest rate swaps: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of cash flow hedges | Interest expense | | 156 | | | 60 | | | 96 | | | |
Total other comprehensive income (loss) | | $ | -6,984 | | $ | 8,027 | | $ | -15,011 | | | |
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| | 39-Week Period Ended Mar. 29, 2014 | | | |
| Location of Expense | Before Tax | | Tax | | Net of Tax | | | |
(Income) Recognized | Amount | Amount | | | |
in Net Earnings | | | | | |
| | (In thousands) | | | |
Pension and other postretirement benefit plans: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of prior service cost | Operating expenses | $ | 8,484 | | $ | 3,257 | | $ | 5,227 | | | |
Amortization of actuarial loss (gain), net | Operating expenses | | 12,138 | | | 4,663 | | | 7,475 | | | |
Total reclassification adjustments | | | 20,622 | | | 7,920 | | | 12,702 | | | |
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Foreign currency translation: | | | | | | | | | | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Foreign currency translation adjustment | N/A | | -43,537 | | | - | | | -43,537 | | | |
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Interest rate swaps: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of cash flow hedges | Interest expense | | 469 | | | 180 | | | 289 | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Change in fair value of cash flow hedges | N/A | | -64,025 | | | -24,586 | | | -39,439 | | | |
Total other comprehensive (loss) income | | $ | -86,471 | | $ | -16,486 | | $ | -69,985 | | | |
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| | 39-Week Period Ended Mar. 30, 2013 | | | |
| Location of Expense | Before Tax | | Tax | | Net of Tax | | | |
(Income) Recognized | Amount | Amount | | | |
in Net Earnings | | | | | |
| | (In thousands) | | | |
Pension and other postretirement benefit plans: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of prior service cost | Operating expenses | $ | 15,236 | | $ | 5,850 | | $ | 9,386 | | | |
Amortization of actuarial loss (gain), net | Operating expenses | | 54,834 | | | 21,058 | | | 33,776 | | | |
Amortization of transition obligation | Operating expenses | | 106 | | | 40 | | | 66 | | | |
Total reclassification adjustments | | | 70,176 | | | 26,948 | | | 43,228 | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Prior service cost arising in current year | | | -40,306 | | | -15,478 | | | -24,828 | | | |
Net actuarial gain arising in current year | | | 38,887 | | | 14,933 | | | 23,954 | | | |
Total other comprehensive income before | | | -1,419 | | | -545 | | | -874 | | | |
reclassification adjustments | | | |
Foreign currency translation: | | | | | | | | | | | | |
Other comprehensive income before | | | | | | | | | | | | |
reclassification adjustments: | | | |
Foreign currency translation adjustment | N/A | | -497 | | | - | | | -497 | | | |
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Interest rate swaps: | | | | | | | | | | | | |
Reclassification adjustments: | | | | | | | | | | | | |
Amortization of cash flow hedges | Interest expense | | 469 | | | 180 | | | 289 | | | |
Total other comprehensive income (loss) | | $ | 68,729 | | $ | 26,583 | | $ | 42,146 | | | |
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The following tables provide a summary of the changes in accumulated other comprehensive (loss) income for the periods presented: |
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| | 39-Week Period Ended Mar. 29, 2014 |
| | Pension and Other Postretirement Benefit Plans, | | Foreign Currency Translation | | Interest Rate Swaps, | | Total |
net of tax | net of tax |
| | (In thousands) |
Balance as of Jun. 29, 2013 | | $ | -575,167 | | $ | 137,558 | | $ | -9,328 | | $ | -446,937 |
Other comprehensive income before | | | - | | | -43,537 | | | -39,439 | | | -82,976 |
reclassification adjustments |
Amounts reclassified from accumulated | | | 12,702 | | | - | | | 289 | | | 12,991 |
other comprehensive loss |
Balance as of Mar. 29, 2014 | | $ | -562,465 | | $ | 94,021 | | $ | -48,478 | | $ | -516,922 |
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| | 39-Week Period Ended Mar. 30, 2013 |
| | Pension and Other Postretirement Benefit Plans, | | Foreign Currency Translation | | Interest Rate Swaps, | | Total |
net of tax | net of tax |
| | (In thousands) |
Balance as of Jun. 30, 2012 | | $ | -823,901 | | $ | 170,749 | | $ | -9,714 | | $ | -662,866 |
Other comprehensive income before | | | -874 | | | -497 | | | - | | | -1,371 |
reclassification adjustments |
Amounts reclassified from accumulated | | | 43,228 | | | - | | | 289 | | | 43,517 |
other comprehensive loss |
Balance as of Mar. 30, 2013 | | $ | -781,547 | | $ | 170,252 | | $ | -9,425 | | $ | -620,720 |
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