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 $1.8 billion, $2.1 billion and $1.9 billion for fiscal 2026, 2025 and 2024, respectively.


		2026
	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	$	(124)	$	—	$	(124)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	2		—		2
Change in cash flow hedges	Operating expenses	40		10		30
Change in net investment hedges	N/A	65		17		48
Total other comprehensive income (loss) before reclassification adjustments		107		27		80
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	4		—		4
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 (income), net	134		33		101



Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	31		9		22
Total reclassification adjustments		31		9		22
Marketable securities:
Change in marketable securities	Other expense (income), net	1		—		1
Total other comprehensive income (loss)		$	153	$	69	$	84


		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	$	287	$	—	$	287
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	(2)		—		(2)
Change in cash flow hedges	Operating expenses	(7)		(4)		(3)
Change in net investment hedges	N/A	(65)		(16)		(49)
Total other comprehensive income (loss) before reclassification adjustments		(74)		(20)		(54)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	6		1		5
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:

Net actuarial loss, arising in the current year	Other expense (income), net	(28)		(7)		(21)


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	28		8		20
Total reclassification adjustments		28		8		20

Marketable securities:
Change in marketable securities	Other expense (income), net	4		—		4
Total other comprehensive income (loss)		$	223	$	(18)	$	241


		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	$	(33)	$	—	$	(33)
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:
Change in excluded component of fair value hedge	Other expense (income), net	2		—		2
Change in cash flow hedges	Operating expenses	21		5		16
Change in net investment hedges	N/A	(5)		(2)		(3)
Total other comprehensive income before reclassification adjustments		18		3		15
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	11		4		7
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:

Net actuarial loss, arising in the current year	Other expense (income), net	(130)		(33)		(97)


Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	28		8		20
Total reclassification adjustments		28		8		20





Marketable securities:
Change in marketable securities	Other expense (income), net	3		1		2
Total other comprehensive income (loss)		$	(103)	$	(17)	$	(86)


	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities		Total
	(In millions)
Balance as of Jul. 1, 2023	$	(374)	$	(32)	$	(840)	$	(7)	$	(1,253)
Other comprehensive income (loss), net before reclassification adjustments	(33)		15		(97)		—		(115)
Amounts reclassified from accumulated other comprehensive income (loss), net	—		7		20		—		27
Change in marketable securities	—		—		—		2		2
Balance as of Jun. 29, 2024	(407)		(10)		(917)		(5)		(1,339)
Other comprehensive income (loss), net before reclassification adjustments	287		(54)		(21)		—		212
Amounts reclassified from accumulated other comprehensive income (loss), net	—		5		20		—		25
Change in marketable securities	—		—		—		4		4
Balance as of Jun. 28, 2025	(120)		(59)		(918)		(1)		(1,098)
Other comprehensive income (loss), net before reclassification adjustments	(124)		80		101		—		57
Amounts reclassified from accumulated other comprehensive income (loss), net	—		4		22		—		26

Change in marketable securities	—		—		—		1		1
Balance as of Jun. 27, 2026	$	(244)	$	25	$	(795)	$	—	$	(1,014)