Note G – Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss includes certain adjustments to pension liabilities, foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale securities. Changes in Accumulated other comprehensive loss, net of tax, consisted of the following:
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(in thousands) |
Pension Liability |
Foreign Currency (1) |
Unrealized Gain on Securities |
Derivatives | Total | |||||||||||||||
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Balance at August 27, 2011 |
$ | (76,705 | ) | $ | (36,401 | ) | $ | 479 | $ | (7,064 | ) | $ | (119,691 | ) | ||||||
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Fiscal 2012 activity |
(17,262 | ) | (13,866 | ) | (128 | ) | (1,066 | ) | (32,322 | ) | ||||||||||
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Balance at August 25, 2012 |
(93,967 | ) | (50,267 | ) | 351 | (8,130 | ) | (152,013 | ) | |||||||||||
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Fiscal 2013 activity |
43,106 | (12,216 | ) | (376 | ) | 711 | 31,225 | |||||||||||||
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Balance at August 31, 2013 |
$ | (50,861 | ) | $ | (62,483 | ) | $ | (25 | ) | $ | (7,419 | ) | $ | (120,788 | ) | |||||
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| (1) | Foreign currency is not shown net of tax as earnings of non-U.S. subsidiaries are intended to be permanently reinvested. |
The fiscal 2013 pension adjustment of $43.1 million reflects actuarial gains not yet reflected in periodic pension cost primarily driven by a higher discount rate at August 31, 2013.