SYSCO CORP | 2013 | FY | 3

 

 

16. COMPREHENSIVE INCOME

 

Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation adjustments, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement plans.  Comprehensive income was $1,208.4 million, $718.7 million and $1,372.3 million in fiscal 2013, 2012 and 2011, respectively.    

 

A summary of the components of other comprehensive income (loss) and the related tax effects for each of the years presented  is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

   

 

Before Tax Amount

 

Tax

 

Net of Tax Amount

 

 

(In thousands)

Foreign currency translation adjustment

 

$
(33,191)

 

$

 -

 

$
(33,191)

Amortization of cash flow hedges

 

 
626 

 

 
240 

 

 
386 

Amortization of prior service cost

 

 
18,360 

 

 
7,050 

 

 
11,310 

Amortization of actuarial loss (gain), net

 

 
72,421 

 

 
27,811 

 

 
44,610 

Amortization of transition obligation

 

 
141 

 

 
53 

 

 
88 

Prior service cost arising in current year

 

 
(53,902)

 

 
(20,699)

 

 
(33,203)

Actuarial gain (loss), net arising in current year

 

 
366,769 

 

 
140,840 

 

 
225,929 

Total other comprehensive income (loss)

 

$
371,224 

 

$
155,295 

 

$
215,929 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

   

 

Before Tax Amount

 

Tax

 

Net of Tax Amount

 

 

(In thousands)

Foreign currency translation adjustment

 

$
(81,003)

 

$

 -

 

$
(81,003)

Amortization of cash flow hedges

 

 
692 

 

 
266 

 

 
426 

Settlement of cash flow hedge

 

 
722 

 

 
277 

 

 
445 

Amortization of prior service cost

 

 
5,021 

 

 
1,928 

 

 
3,093 

Amortization of actuarial loss (gain), net

 

 
59,835 

 

 
22,975 

 

 
36,860 

Amortization of transition obligation

 

 
153 

 

 
60 

 

 
93 

Prior service cost arising in current year

 

 
(8,706)

 

 
(3,343)

 

 
(5,363)

Actuarial gain (loss), net arising in current year

 

 
(580,291)

 

 
(222,832)

 

 
(357,459)

Total other comprehensive income (loss)

 

$
(603,577)

 

$
(200,669)

 

$
(402,908)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

   

 

Before Tax Amount

 

Tax

 

Net of Tax Amount

 

 

(In thousands)

Foreign currency translation adjustment

 

$
122,217 

 

$

 -

 

$
122,217 

Amortization of cash flow hedge

 

 
696 

 

 
268 

 

 
428 

Amortization of prior service cost

 

 
4,145 

 

 
1,592 

 

 
2,553 

Amortization of actuarial loss (gain), net

 

 
79,564 

 

 
30,551 

 

 
49,013 

Amortization of transition obligation

 

 
153 

 

 
60 

 

 
93 

Prior service cost arising in current year

 

 
(9,239)

 

 
(3,547)

 

 
(5,692)

Actuarial gain (loss), net arising in current year

 

 
83,898 

 

 
32,217 

 

 
51,681 

Total other comprehensive income (loss)

 

$
281,434 

 

$
61,141 

 

$
220,293 

 

The following table provides a summary of the changes in accumulated other comprehensive (loss) income for the years presented:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and Other Postretirement Benefit Plans,
net of tax

 

Foreign Currency Translation

 

Interest Rate Swap,
net of tax

 

Total

 

 

(In thousands)

Balance as of July 3, 2010

 

$
(598,773)

 

$
129,535 

 

$
(11,013)

 

$
(480,251)

Foreign currency translation adjustment

 

 

 -

 

 
122,217 

 

 

 -

 

 
122,217 

Amortization of cash flow hedge

 

 

 -

 

 

 -

 

 
428 

 

 
428 

Amortization of prior service cost

 

 
2,553 

 

 

 -

 

 

 -

 

 
2,553 

Amortization of actuarial loss (gain), net

 

 
49,013 

 

 

 -

 

 

 -

 

 
49,013 

Amortization of transition obligation

 

 
93 

 

 

 -

 

 

 -

 

 
93 

Prior service cost arising in current year

 

 
(5,692)

 

 

 -

 

 

 -

 

 
(5,692)

Actuarial gain (loss), net, arising in current year

 

 
51,681 

 

 

 -

 

 

 -

 

 
51,681 

Balance as of July 2, 2011

 

 
(501,125)

 

 
251,752 

 

 
(10,585)

 

 
(259,958)

Foreign currency translation adjustment

 

 

 -

 

 
(81,003)

 

 

 -

 

 
(81,003)

Amortization of cash flow hedges

 

 

 -

 

 

 -

 

 
426 

 

 
426 

Settlement of cash flow hedge

 

 

 -

 

 

 -

 

 
445 

 

 
445 

Amortization of prior service cost

 

 
3,093 

 

 

 -

 

 

 -

 

 
3,093 

Amortization of actuarial loss (gain), net

 

 
36,860 

 

 

 -

 

 

 -

 

 
36,860 

Amortization of transition obligation

 

 
93 

 

 

 -

 

 

 -

 

 
93 

Prior service cost arising in current year

 

 
(5,363)

 

 

 -

 

 

 -

 

 
(5,363)

Actuarial gain (loss), net, arising in current year

 

 
(357,459)

 

 

 -

 

 

 -

 

 
(357,459)

Balance as of June 30, 2012

 

 
(823,901)

 

 
170,749 

 

 
(9,714)

 

 
(662,866)

Foreign currency translation adjustment

 

 

 -

 

 
(33,191)

 

 

 -

 

 
(33,191)

Amortization of cash flow hedges

 

 

 -

 

 

 -

 

 
386 

 

 
386 

Amortization of prior service cost

 

 
11,310 

 

 

 -

 

 

 -

 

 
11,310 

Amortization of actuarial loss (gain), net

 

 
44,610 

 

 

 -

 

 

 -

 

 
44,610 

Amortization of transition obligation

 

 
88 

 

 

 -

 

 

 -

 

 
88 

Prior service cost arising in current year

 

 
(33,203)

 

 

 -

 

 

 -

 

 
(33,203)

Actuarial gain (loss), net, arising in current year

 

 
225,929 

 

 

 -

 

 

 -

 

 
225,929 

Balance as of June 29, 2013

 

$
(575,167)

 

$
137,558 

 

$
(9,328)

 

$
(446,937)

 

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