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Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended
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Jul. 11, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] |
Accumulated Other Comprehensive Income ("AOCI") | 5. 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 11, 2020 and July 13, 2019, 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 11, 2020 |  |  | July 13, 2019 |  |  | Where Net Income is Presented
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (33 | ) |  | $ | (33 | ) |  | Interest expense
Commodity contracts |  |  | (852 | ) |  |  | 1,298 |  |  | Cost of sales, Note 3
Total before tax |  |  | (885 | ) |  |  | 1,265 |  |  | Total before tax
Tax benefit (expense) |  |  | 221 |  |  |  | (320 | ) |  | Income tax expense
Total net of tax |  |  | (664 | ) |  |  | 945 |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Prior-service costs |  |  | (12 | ) |  |  | (80 | ) |  | Note 1
Actuarial losses |  |  | (57 | ) |  |  | (1,575 | ) |  | Note 1
Total before tax |  |  | (69 | ) |  |  | (1,655 | ) |  | Total before tax
Tax benefit |  |  | 17 |  |  |  | 418 |  |  | Income tax expense
Total net of tax |  |  | (52 | ) |  |  | (1,237 | ) |  | Net of tax
Total reclassifications |  | $ | (716 | ) |  | $ | (292 | ) |  | 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 11, 2020 |  |  | July 13, 2019 |  |  | Where Net Income is Presented
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (77 | ) |  | $ | (77 | ) |  | Interest expense
Commodity contracts |  |  | (1,355 | ) |  |  | 4,255 |  |  | Cost of sales, Note 3
Total before tax |  |  | (1,432 | ) |  |  | 4,178 |  |  | Total before tax
Tax benefit (expense) |  |  | 357 |  |  |  | (1,055 | ) |  | Income tax expense
Total net of tax |  |  | (1,075 | ) |  |  | 3,123 |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Prior-service credits |  |  | (86 | ) |  |  | (186 | ) |  | Note 1
Settlement loss |  |  | (116,207 | ) |  |  | — |  |  | Note 1
Actuarial losses |  |  | (1,332 | ) |  |  | (3,673 | ) |  | Note 1
Total before tax |  |  | (117,625 | ) |  |  | (3,859 | ) |  | Total before tax
Tax benefit |  |  | 29,700 |  |  |  | 974 |  |  | Income tax expense
Total net of tax |  |  | (87,925 | ) |  |  | (2,885 | ) |  | Net of tax
Total reclassifications |  | $ | (89,000 | ) |  | $ | 238 |  |  | 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 expense line item on the Condensed Consolidated Statements of Income. See Note 17, 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.
Note 3: | Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
During the twenty-eight weeks ended July 11, 2020, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):
|  | Cash Flow Hedge Items |  |  | Defined Benefit Pension Plan Items |  |  | Total |
AOCI at December 28, 2019 |  | $ | 1,658 |  |  | $ | (107,678 | ) |  | $ | (106,020 | )
Other comprehensive (loss) income before reclassifications |  |  | (7,207 | ) |  |  | 15,693 |  |  |  | 8,486 |
Reclassified to earnings from AOCI |  |  | 1,075 |  |  |  | 87,925 |  |  |  | 89,000 |
AOCI at July 11, 2020 |  | $ | (4,474 | ) |  | $ | (4,060 | ) |  | $ | (8,534 | )
During the twenty-eight weeks ended July 13, 2019, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):
|  | Cash Flow Hedge Items |  |  | Defined Benefit Pension Plan Items |  |  | Total |
AOCI at December 29, 2018 |  | $ | (4,135 | ) |  | $ | (105,036 | ) |  | $ | (109,171 | )
Other comprehensive income before reclassifications |  |  | 2,547 |  |  |  | — |  |  |  | 2,547 |
Reclassified to earnings from AOCI |  |  | (3,123 | ) |  |  | 2,885 |  |  |  | (238 | )
AOCI at July 13, 2019 |  | $ | (4,711 | ) |  | $ | (102,151 | ) |  | $ | (106,862 | )
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 reclassified from AOCI for our commodity contracts (amounts in thousands and positive value indicates credits to determine net income):
|  | For the Twenty-Eight Weeks Ended |
|  | July 11, 2020 |  |  | July 13, 2019 |
Gross (loss) gain reclassified from AOCI into net income |  | $ | (1,355 | ) |  | $ | 4,255 |
Tax expense |  |  | 339 |  |  |  | (1,074 | )
Net of tax |  | $ | (1,016 | ) |  | $ | 3,181 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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