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Postretirement Plans (Tables)

9 Months Ended

Oct. 08, 2022

Summary of Company's Condensed Consolidated Balance Sheets Related Pension and Other Postretirement Benefit Plan

The following summarizes the company’s Condensed Consolidated Balance Sheets related pension and other postretirement benefit plan accounts at October 8, 2022 compared to accounts at January 1, 2022 (amounts in thousands):

		October 8, 2022				January 1, 2022
Noncurrent benefit asset		$	2,163			$	1,281
Current benefit liability		$	804			$	804
Noncurrent benefit liability		$	6,797			$	7,249
AOCI, net of tax		$	(3,395	)		$	(3,456	)

Summary of Total Cost and Employer Contributions

The Flowers Foods, Inc. 401(k) Retirement Savings Plan covers substantially all the company’s employees who have completed certain service requirements. The total cost and employer contributions were as follows (amounts in thousands):

		For the Twelve Weeks Ended								For the Forty Weeks Ended
		October 8, 2022				October 9, 2021				October 8, 2022				October 9, 2021
Total cost and employer contributions		$	6,511			$	6,300			$	22,664			$	21,655

Pension plans

Components of Net Periodic Benefit / Cost

The net periodic pension cost for the company’s plans include the following components (amounts in thousands):

		For the Twelve Weeks Ended								For the Forty Weeks Ended
		October 8, 2022				October 9, 2021				October 8, 2022				October 9, 2021
Service cost		$	274			$	224			$	914			$	747
Interest cost			204				176				680				584
Expected return on plan assets			(432	)			(431	)			(1,441	)			(1,437	)
Amortization of prior service cost			13				13				43				44
Amortization of net loss			107				171				356				571
Total net periodic pension cost		$	166			$	153			$	552			$	509

Postretirement Benefit Plan

Components of Net Periodic Benefit / Cost

The net periodic postretirement expense for the company includes the following components (amounts in thousands):

		For the Twelve Weeks Ended								For the Forty Weeks Ended
		October 8, 2022				October 9, 2021				October 8, 2022				October 9, 2021
Service cost		$	50			$	78			$	165			$	259
Interest cost			25				27				85				91
Amortization of prior service credit			(54	)			(1	)			(180	)			(3	)
Amortization of net gain			(41	)			(49	)			(137	)			(162	)
Total net periodic postretirement (credit) cost		$	(20	)		$	55			$	(67	)		$	185

X

- Definition

Tabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

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- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
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- Definition

Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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