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Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended
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Jul. 14, 2018
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] |
Accumulated Other Comprehensive Income ("AOCI") | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”) The company’s total comprehensive income (loss) 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 the twelve and twenty-eight weeks ended July 14, 2018 and July 15, 2017, reclassifications out of AOCI were as follows (amounts in thousands):
|  | Amount Reclassified from AOCI |  |  |
|  | For the Twelve Weeks Ended |  |  | Affected Line Item in the Statement
Details about AOCI Components (Note 2) |  | July 14, 2018 |  |  | July 15, 2017 |  |  | Where Net Income is Presented
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (33 | ) |  | $ | (33 | ) |  | Interest expense
Commodity contracts |  |  | (135 | ) |  |  | (487 | ) |  | Cost of sales, Note 3
Total before tax |  |  | (168 | ) |  |  | (520 | ) |  | Total before tax
Tax benefit |  |  | 42 |  |  |  | 200 |  |  | Tax benefit
Total net of tax |  |  | (126 | ) |  |  | (320 | ) |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Prior-service costs |  |  | (46 | ) |  |  | (40 | ) |  | Note 1
Settlement loss |  |  | (1,035 | ) |  |  | — |  |  | Note 1
Actuarial losses |  |  | (1,157 | ) |  |  | (1,355 | ) |  | Note 1
Total before tax |  |  | (2,238 | ) |  |  | (1,395 | ) |  | Total before tax
Tax benefit |  |  | 565 |  |  |  | 537 |  |  | Tax benefit
Total net of tax |  |  | (1,673 | ) |  |  | (858 | ) |  | Net of tax
Total reclassifications |  | $ | (1,799 | ) |  | $ | (1,178 | ) |  | Net of tax
|  | Amount Reclassified from AOCI |  |  |
|  | For the Twenty-Eight Weeks Ended |  |  | Affected Line Item in the Statement
Details about AOCI Components (Note 2) |  | July 14, 2018 |  |  | July 15, 2017 |  |  | Where Net Income (Loss) is Presented
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (77 | ) |  | $ | (77 | ) |  | Interest expense
Commodity contracts |  |  | (488 | ) |  |  | (1,214 | ) |  | Cost of sales, Note 3
Total before tax |  |  | (565 | ) |  |  | (1,291 | ) |  | Total before tax
Tax benefit |  |  | 142 |  |  |  | 497 |  |  | Tax benefit
Total net of tax |  |  | (423 | ) |  |  | (794 | ) |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Prior-service (cost) credits |  |  | (81 | ) |  |  | (94 | ) |  | Note 1
Settlement loss |  |  | (5,703 | ) |  |  | — |  |  | Note 1
Actuarial losses |  |  | (2,597 | ) |  |  | (3,159 | ) |  | Note 1
Total before tax |  |  | (8,381 | ) |  |  | (3,253 | ) |  | Total before tax
Tax benefit |  |  | 2,116 |  |  |  | 1,252 |  |  | Tax benefit
Total net of tax |  |  | (6,265 | ) |  |  | (2,001 | ) |  | Net of tax
Total reclassifications |  | $ | (6,688 | ) |  | $ | (2,795 | ) |  | Net of tax
Note 1: | These items are included in the computation of net periodic pension cost and are reported in the other components of net periodic pension and postretirement benefits credit line item on the Condensed Consolidated Statements of Operations. See Note 18, Postretirement Plans, of Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information.
Note 2: | Amounts in parentheses indicate debits to determine net income (loss).
Note 3: | Amounts are presented as an adjustment to reconcile net income (loss) to net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
During the twenty-eight weeks ended July 14, 2018, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):
|  | Gains/Losses on Cash Flow Hedges |  |  | Defined Benefit Pension Plan Items |  |  | Total |
AOCI at December 30, 2017 |  | $ | (6,483 | ) |  | $ | (78,076 | ) |  | $ | (84,559 | )
Other comprehensive income before reclassifications |  |  | 1,661 |  |  |  | 12,756 |  |  |  | 14,417 |
Reclassified to earnings from AOCI |  |  | 423 |  |  |  | 6,265 |  |  |  | 6,688 |
Reclassified to retained earnings from AOCI |  |  | (1,709 | ) |  |  | (17,097 | ) |  |  | (18,806 | )
AOCI at July 14, 2018 |  | $ | (6,108 | ) |  | $ | (76,152 | ) |  | $ | (82,260 | )
During the twenty-eight weeks ended July 15, 2017, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):
|  | Gains/Losses on Cash Flow Hedges |  |  | Defined Benefit Pension Plan Items |  |  | Total |
AOCI at December 31, 2016 |  | $ | (1,061 | ) |  | $ | (82,222 | ) |  | $ | (83,283 | )
Other comprehensive income before reclassifications |  |  | 3,720 |  |  |  | — |  |  |  | 3,720 |
Reclassified to earnings from AOCI |  |  | 794 |  |  |  | 2,001 |  |  |  | 2,795 |
AOCI at July 15, 2017 |  | $ | 3,453 |  |  | $ | (80,221 | ) |  | $ | (76,768 | )
Amounts reclassified out of AOCI 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 loss reclassified from AOCI for our commodity contracts (amounts in thousands and positive value indicates debits to determine net income):
|  | For the Twenty-Eight Weeks Ended |
|  | July 14, 2018 |  |  | July 15, 2017 |
Gross loss reclassified from AOCI into income |  | $ | 488 |  |  | $ | 1,214 |
Tax benefit |  |  | (123 | ) |  |  | (467 | )
Net of tax |  | $ | 365 |  |  | $ | 747 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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