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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Jan. 03, 2015
Accumulated Other Comprehensive Income (Loss)
Note 17. Accumulated Other Comprehensive Income (Loss)

The company’s total comprehensive income presently consists of net income, adjustments for our derivative financial instruments accounted for as cash flow hedges, and various pension and other postretirement benefit related items.

 

During fiscal 2014, reclassifications out of accumulated other comprehensive loss were as follows (amounts in thousands):

 

Details about Accumulated
Other Comprehensive Income Components (Note 2)

    Amount Reclassified from Accumulated
Other Comprehensive Loss		     Affected Line Item in the Statement
Where Net Income is Presented
   Fiscal 2014     Fiscal 2013     Fiscal 2012    

Gains and losses on cash flow hedges:

         

Interest rate contracts

    $ —      $ (816 )    $ (2,816 )    Interest income (expense)

Commodity contracts

      (5,218 )      (27,055 )      (17,272 )    Cost of sales, Note 3, below
  

 

 

    

 

 

    

 

 

    

Total before tax

    $ (5,218 )    $ (27,871 )    $ (20,088 )    Total before tax

Tax (expense) or benefit

      2,009        10,730        7,734      Tax (expense) or benefit
  

 

 

    

 

 

    

 

 

    

Total net of tax

    $ (3,209 )    $ (17,141 )    $ (12,354 )    Net of tax
  

 

 

    

 

 

    

 

 

    

Pension and postretirement benefit items:

         

Prior-service credits

    $ 469      $ 257      $ 257      Note 1, below

Settlement loss

      (15,387 )      —        —      Note 1, below

Actuarial losses

      (1,348 )      (5,378 )      (4,786 )    Note 1, below
  

 

 

    

 

 

    

 

 

    

Total before tax

    $ (16,266 )    $ (5,121 )    $ (4,529 )    Total before tax

Tax (expense) or benefit

      6,263        1,972        1,743      Tax (expense) or benefit
  

 

 

    

 

 

    

 

 

    

Total net of tax

    $ (10,003 )    $ (3,149 )    $ (2,786 )    Net of tax benefit
  

 

 

    

 

 

    

 

 

    

Total reclassifications

    $ (13,212 )    $ (20,290 )    $ (15,140 )    Net of tax benefit
  

 

 

    

 

 

    

 

 

    

 

Note 1:    These items are included in the computation of net periodic pension cost. See Note 19, Postretirement Plans, for additional information.
Note 2:    Amounts in parentheses indicate debits to determine net income.
Note 3:    Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows.

During fiscal 2013, changes to accumulated other comprehensive loss, net of income tax, by component were as follows (amounts in thousands):

 

    Gains/Losses on
Cash Flow Hedges		     Defined Benefit
Pension Plan
Items		     Total  

Accumulated other comprehensive loss,
December 29, 2012

   $ (4,100 )    $ (110,567 )    $ (114,667 ) 

Other comprehensive income before reclassifications

     (24,457 )      56,319        31,862   

Reclassified to earnings from accumulated other comprehensive income

     17,141        3,149        20,290   
 

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive loss,
December 28, 2013

   $ (11,416 )    $ (51,099 )    $ (62,515 ) 
 

 

 

    

 

 

    

 

 

  

 

During fiscal 2014, changes to accumulated other comprehensive loss, net of income tax, by component were as follows (amounts in thousands):

 

    Gains/Losses on
Cash Flow Hedges		     Defined Benefit
Pension Plan
Items		     Total  

Accumulated other comprehensive loss, December 28, 2013

   $ (11,416 )    $ (51,099 )    $ (62,515 ) 

Other comprehensive income before reclassifications

     (3,201 )      (45,516 )      (48,717 ) 

Reclassified to earnings from accumulated other comprehensive loss

     3,209        10,003        13,212   
 

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive loss, January 3, 2015

   $ (11,408 )    $ (86,612 )    $ (98,020 ) 
 

 

 

    

 

 

    

 

 

  

Amounts reclassified out of accumulated other comprehensive loss to net income that relate to commodity contracts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. The following table presents the net of tax amount of the gain or loss reclassified from accumulated other comprehensive income (“AOCI”) for our commodity contracts (amounts in thousands):

 

     Fiscal
2014		      Fiscal
2013		      Fiscal
2012		  
     (Amounts in thousands)  

Gross (gain) loss reclassified from AOCI into income

    $ 5,218       $ 27,055       $ 17,272   

Tax (benefit) expense

      (2,009 )       (10,416 )       (6,650 ) 
  

 

 

     

 

 

     

 

 

  

Net of tax

    $ 3,209       $ 16,639       $ 10,622