Accumulated Other Comprehensive Loss

12 Months Ended

Jun. 25, 2020

NOTE 15 — ACCUMULATED OTHER COMPREHENSIVE

LOSS

The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the last two fiscal years. These changes are all related to our defined benefit pension plan.


Changes to AOCL (a)	Year Ended June 25, 2020			Year Ended June 27, 2019
Balance at beginning of period	$	(4,325	)	$	(3,181	)
Other comprehensive loss before reclassifications		(5,872	)		(2,597	)
Amounts reclassified from accumulated other comprehensive loss		1,374			1,052
Tax effect		1,169			401

Net current-period other comprehensive loss		(3,329	)		(1,144	)
Impact of adopting ASU 2018-02 (b)		(976	)		—

Balance at end of period	$	(8,630	)	$	(4,325	)

(

)

Amounts in parenthesis indicate debits/expense.

(

)

Refer to Recent Accounting Pronouncements in Note 1 — “Significant Accounting Policies” for additional information.

The reclassifications out of accumulated other comprehensive loss for the last two fiscal years were as follows:

Reclassifications from AOCL to earnings (c)	Year Ended June 25, 2020			Year Ended June 27, 2019			Affected line item in the Consolidated Statements of Comprehensive Income
Amortization of defined benefit pension items:
Unrecognized prior service cost	$	(957	)	$	(957	)	Other expense
Unrecognized net loss		(417	)		(95	)	Other expense

Total before tax		(1,374	)		(1,052	)
Tax effect		358			274		Income tax expense

Amortization of defined pension items, net of tax	$	(1,016	)	$	(778	)

(c)	Amounts in parenthesis indicate debits to expense. See Note 14 — “Retirement Plan” above for additional details.