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Other Expense, Net
3 Months Ended
Sep. 27, 2020
Other Income And Expenses [Abstract]  
Other Expense, Net

Other Expense, net

Net other expense included in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income primarily included foreign currency transaction gains and losses, realized and unrealized losses on our Mexican peso currency forward contracts, net periodic pension and postretirement benefit costs, other than the service cost component, related to our supplemental executive retirement plan (“SEPR”) and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets held by our Mexican subsidiaries. We entered into the Mexican Peso currency forward contracts described above to minimize earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of September 27, 2020 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our amended and restated supplemental executive retirement plan. The investments held in this Trust are considered trading securities.

The impact of these items for each of the periods presented was as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

 

September 27,

2020

 

 

September 29,

2019

 

 

Foreign Currency Transaction Loss

 

$

(399

)

 

$

(85

)

 

Unrealized Gain on Peso Forward

   Contracts

 

 

335

 

 

 

 

 

Realized Loss on Peso Forward Contracts

 

 

(59

)

 

 

 

 

Pension and Postretirement Plans Cost

 

 

(105

)

 

 

(117

)

 

Rabbi Trust Loss

 

 

(57

)

 

 

(2

)

 

Other

 

 

25

 

 

 

107

 

 

 

 

$

(260

)

 

$

(97

)