Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jan. 02, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 6.

Accumulated Other Comprehensive Income (Loss)

The company’s total comprehensive 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 Fiscal 2020, 2019, and 2018, reclassifications out of AOCI were as follows (amounts in thousands):

	Amount Reclassified from AOCI									Affected Line Item in the Statement
Details about AOCI Components (Note 2)	Fiscal 2020			Fiscal 2019			Fiscal 2018			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	(145	)	$	(142	)	$	(142	)	Interest expense
Commodity contracts		(2,675	)		3,707			(1,301	)	Cost of sales, Note 3, below
Total before tax	$	(2,820	)	$	3,565		$	(1,443	)	Total before tax
Tax benefit (expense)		704			(901	)		364		Tax benefit
Total net of tax	$	(2,116	)	$	2,664		$	(1,079	)	Net of tax
Pension and postretirement plans:
Prior-service credits	$	(111	)	$	(346	)	$	(175	)	Note 1, below
Settlement loss		(108,757	)		—			(7,781	)	Note 1, below
Actuarial losses		(1,447	)		(6,822	)		(5,380	)	Note 1, below
Total before tax	$	(110,315	)	$	(7,168	)	$	(13,336	)	Total before tax
Tax benefit		27,873			1,810			3,368		Tax benefit
Total net of tax	$	(82,442	)	$	(5,358	)	$	(9,968	)	Net of tax benefit
Total reclassifications from AOCI	$	(84,558	)	$	(2,694	)	$	(11,047	)	Net of tax benefit

Note 1:

These items are included in the computation of net periodic pension cost. See Note 21, 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 2020, 2019, and 2018, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands):

	Amount of Gain (Loss) Recognized in AOCI
AOCI component	Fiscal 2020			Fiscal 2019			Fiscal 2018
Derivative instruments:
Commodity contracts	$	12,395		$	11,313		$	3,984
Total before tax	$	12,395		$	11,313		$	3,984
Tax (expense)		(3,097	)		(2,856	)		(1,006	)
Total net of tax	$	9,298		$	8,457		$	2,978
Pension and postretirement plans:
Current year actuarial loss	$	24,872		$	(10,702	)	$	(26,528	)
Total before tax	$	24,872		$	(10,702	)	$	(26,528	)
Tax benefit (expense)		(6,284	)		2,702			6,697
Total net of tax	$	18,588		$	(8,000	)	$	(19,831	)
Total recognized in AOCI	$	27,886		$	457		$	(16,853	)

During Fiscal 2020, changes to AOCI, net of income tax, by component were as follows (amounts in thousands):

	Cash Flow Hedge Items		Defined Benefit Pension Plan Items			Total
AOCI at December 28, 2019	$	1,658	$	(107,678	)	$	(106,020	)
Other comprehensive gain before reclassifications		9,298		18,588			27,886
Reclassified to earnings from AOCI		2,116		82,442			84,558
AOCI at January 2, 2021	$	13,072	$	(6,648	)	$	6,424

During Fiscal 2019, changes to AOCI, net of income tax, by component were as follows (amounts in thousands):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at December 29, 2018	$	(4,135	)	$	(105,036	)	$	(109,171	)
Other comprehensive loss (gain) before reclassifications		8,457			(8,000	)		457
Reclassified to earnings from AOCI		(2,664	)		5,358			2,694
AOCI at December 28, 2019	$	1,658		$	(107,678	)	$	(106,020	)

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 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):

	Fiscal 2020			Fiscal 2019			Fiscal 2018
Gross (loss) gain reclassified from AOCI into income	$	(2,675	)	$	3,707		$	(1,301	)
Tax benefit (expense)		668			(936	)		329
Net of tax	$	(2,007	)	$	2,771		$	(972	)