Note 20 - Accumulated Other Comprehensive Income

9 Months Ended

Mar. 24, 2013

Accumulated Other Comprehensive Income [Text Block]

20. Accumulated Other Comprehensive Income

The components and the changes in Accumulated other comprehensive income, net of tax as applicable, consist of the following:

	Foreign Currency Translation Adjustments		Derivative Financial Instruments			Accumulated Other Comprehensive Income
Balance at June 24, 2012	$	2,017	$	(1,989	)	$	28
Other comprehensive income (loss) activity, net of tax:
Foreign currency translation adjustments		227		—			227
Unrealized loss on interest rate swaps		—		(180	)		(180	)
Reclassification adjustments included in net income for losses on interest rate swaps		—		119			119
Change in cash flow hedges for an unconsolidated affiliate		—		1,214			1,214
Other comprehensive income, net of tax		227		1,153			1,380
Balance at March 24, 2013	$	2,244	$	(836	)	$	1,408

The components of Accumulated other comprehensive income include amounts for foreign currency translation adjustments and derivative financial instruments related to the Company’s interest rate swaps and cotton futures for the Company’s unconsolidated affiliate, Parkdale America, LLC (“PAL”). The balance of Accumulated other comprehensive income at June 24, 2012 included income tax benefits totaling $239 related to the unrealized losses on the Company’s interest rate swaps that were designated for hedge accounting. No taxes have been provided on the amounts included in Accumulated other comprehensive income related to foreign currency translation adjustments or PAL’s cotton futures. The balance of Accumulated other comprehensive income at March 24, 2013 includes income tax benefits totaling $279 related to the Company’s interest rate swaps. Derivative financial instruments include $0 and $1,214 as of March 24, 2013 and June 24, 2012, respectively, for losses on cash flow hedges related to PAL’s cotton futures. During the second quarter of fiscal year 2013, the Company de-designated one of its interest rate swaps as a cash flow hedge. For the three months ended March 24, 2013, the Company reclassified unrealized losses of $106 related its de-designated interest rate swap from Accumulated other comprehensive income to Interest expense with an associated tax benefit of $42. For the nine months ended March 24, 2013, the Company reclassified unrealized losses of $198 related to its de-designated interest rate swap from Accumulated other comprehensive income to Interest expense with an associated tax benefit of $79. As of March 24, 2013, the net amount included in Accumulated other comprehensive income related to the Company’s de-designated interest rate swap was $640, including tax benefits totaling $417.