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Accumulated Other Comprehensive Income (Loss) | 12 Months Ended
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Jan. 01, 2022
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 2021, 2020, and 2019, 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 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |  |  | Where Net Income is Presented
Derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 126 |  |  | $ | (145 | ) |  | $ | (142 | ) |  | Interest expense
Commodity contracts |  |  | 2,115 |  |  |  | (2,675 | ) |  |  | 3,707 |  |  | Cost of sales, Note 3, below
Total before tax |  | $ | 2,241 |  |  | $ | (2,820 | ) |  | $ | 3,565 |  |  | Total before tax
Tax (expense) benefit |  |  | (560 | ) |  |  | 704 |  |  |  | (901 | ) |  | Tax expense
Total net of tax |  | $ | 1,681 |  |  | $ | (2,116 | ) |  | $ | 2,664 |  |  | Net of tax
Pension and postretirement plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior-service credits |  | $ | (55 | ) |  | $ | (111 | ) |  | $ | (346 | ) |  | Note 1, below
Settlement loss |  |  | (403 | ) |  |  | (108,757 | ) |  |  | — |  |  | Note 1, below
Actuarial losses |  |  | (532 | ) |  |  | (1,447 | ) |  |  | (6,822 | ) |  | Note 1, below
Total before tax |  | $ | (990 | ) |  | $ | (110,315 | ) |  | $ | (7,168 | ) |  | Total before tax
Tax benefit |  |  | 247 |  |  |  | 27,873 |  |  |  | 1,810 |  |  | Tax benefit
Total net of tax |  | $ | (743 | ) |  | $ | (82,442 | ) |  | $ | (5,358 | ) |  | Net of tax benefit
Total reclassifications from AOCI |  | $ | 938 |  |  | $ | (84,558 | ) |  | $ | (2,694 | ) |  | Net of tax benefit
| Note 1: | These items are included in the computation of net periodic pension cost. See Note 20, 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 2021, 2020, and 2019, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands):
|  | Amount of Gain (Loss) Recognized in AOCI |
AOCI component |  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 3,902 |  |  |  | — |  |  |  | — |
Commodity contracts |  |  | (11,030 | ) |  | $ | 12,395 |  |  | $ | 11,313 |
Total before tax |  | $ | (7,128 | ) |  | $ | 12,395 |  |  | $ | 11,313 |
Tax benefit (expense) |  |  | 1,780 |  |  |  | (3,097 | ) |  |  | (2,856 | )
Total net of tax |  | $ | (5,348 | ) |  | $ | 9,298 |  |  | $ | 8,457 |
Pension and postretirement plans: |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial loss (gain) |  | $ | 1,050 |  |  | $ | 24,872 |  |  | $ | (10,702 | )
Current year prior service credit |  |  | 2,214 |  |  |  | — |  |  |  | — |
Total before tax |  | $ | 3,264 |  |  | $ | 24,872 |  |  | $ | (10,702 | )
Tax (expense) benefit |  |  | (815 | ) |  |  | (6,284 | ) |  |  | 2,702 |
Total net of tax |  | $ | 2,449 |  |  | $ | 18,588 |  |  | $ | (8,000 | )
Total recognized in AOCI |  | $ | (2,899 | ) |  | $ | 27,886 |  |  | $ | 457 |
During Fiscal 2021, 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 January 2, 2021 |  | $ | 13,072 |  |  | $ | (6,648 | ) |  | $ | 6,424 |
Other comprehensive gain before reclassifications |  |  | (5,348 | ) |  |  | 2,449 |  |  |  | (2,899 | )
Reclassified to earnings from AOCI |  |  | (1,681 | ) |  |  | 743 |  |  |  | (938 | )
AOCI at January 1, 2022 |  | $ | 6,043 |  |  | $ | (3,456 | ) |  | $ | 2,587 |
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 loss (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 |
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 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Gross gain (loss) reclassified from AOCI into income |  | $ | 2,115 |  |  | $ | (2,675 | ) |  | $ | 3,707 |
Tax (expense) benefit |  |  | (529 | ) |  |  | 668 |  |  |  | (936 | )
Net of tax |  | $ | 1,586 |  |  | $ | (2,007 | ) |  | $ | 2,771 |

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