EFFECT OF NEW ACCOUNTING STANDARDS

9 Months Ended

Mar. 24, 2021

Effect of New Accounting Standards [Abstract]

Effect of New Accounting Standards

New Accounting Standards Implemented in Fiscal 2021

In the first quarter of fiscal 2021, we implemented the following new accounting standards:

•Measurement of Credit Losses on Financial Instruments, ASU No. 2016-13

•Fair Value Measurement (Topic 820): Disclosure Framework, ASU No. 2018-13

•Simplifying the Accounting for Income Taxes, ASU No. 2019-12

The adoption of these new accounting standards did not have a material impact on our Consolidated Financial Statements. There were no new accounting standards implemented in the third quarter of fiscal 2021.

New Accounting Standards That Will Be Implemented In Future Periods

We reviewed all recently issued accounting pronouncements and determined that they were either not applicable or are not expected to have a material impact on the Consolidated Financial Statements.