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Recent Accounting Pronouncements
 3 Months Ended
Sep. 26, 2019
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 1
4
 – Recent Accounting Pronouncements
 
The following recent accounting pronouncements have been adopted in the current fiscal year:
In February 2016, the FASB issued ASU
No. 2016-02
“
Leases (Topic 842)
”. The primary goal of this Update is to require the lessee to recognize all lease commitments, both operating and finance, by initially recording a lease asset and liability on the balance sheet at the lease commencement date. Additionally, enhanced qualitative and quantitative disclosures will be required. ASU
No. 2016-02
is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. This new guidance
is 
effective for the Company beginning in fiscal year 2020. Under ASU
No. 2016-02
the guidance was to be adopted using a modified retrospective approach, with elective reliefs, with application of the new guidance for all periods presented. In July 2018, the FASB issued ASU
No. 2018-11
“
Leases (Topic 842): Targeted Improvements
” which provides for another transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate
non-lease
components from the associated lease component, similar to the expedient provided for lessees. In July 2018, the FASB also issued ASU
No. 2018-10
“
Codification Improvements to Topic 842, Leases
” which affects narrow aspects of the guidance issued in ASU
No. 2016-02.
In December 2018, the FASB issued ASU
No. 2018-20
“
Leases (Topic 842) – Narrow Scope Improvements for Lessors
” which provides specific guidance for lessors on the issues of sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and
non-lease
components. In March 2019, the FASB issued ASU
No. 2019-01
“
Leases (Topic 842) – Codification Improvements
” which clarifies transition disclosure requirements for annual and interim periods after the date of adoption of ASU
No. 2016-02.
 
We have implemented processes and information technology tools to assist in our ongoing lease data analysis. We have also updated our accounting policies and internal controls that are impacted by the new guidance. We adopted ASU
No. 2016-02
utilizing the modified retrospective transition method and did not recast comparative periods in transition to the new standard. In addition, the new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the
use-of-hindsight
or the practical expedient pertaining to land easements; the latter not being applicable to us. The adoption of this standard resulted in the recognition of operating lease
right-of-use
assets and liabilities on our Consolidated Balance Sheet of $5,361 and $5,320 respectively. The new standard also provides practical expedients for an entity’s initial and ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. We also elected the practical expedient to not separate lease and
non-lease
components for all of our leases. Refer to Note 3 – Leases for additional information regarding the Company’s leases.
 
In February 2018, the FASB issued ASU
No. 2018-02
“Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”
. The amendments in this Update allow a reclassification from accumulated other comprehensive income (loss)
(“AOCL”)
to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The amendments in this Update also require certain disclosures about stranded tax effects. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company adopted ASU
2018-02
in the first quarter of
fiscal
2020 and
reclassified $976
from AOCL to retained earnings. Refer to Note 10 – Accumulated Other Comprehensive Loss for additional detail.
 ASU 2018-02 was not applied retrospectively.
 
No other income tax effects related to the application of the Tax Cuts and Jobs Act were reclassified from AOCL to retained earnings.
 
There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements.