Accumulated Other Comprehensive Income or Loss

12 Months Ended

Dec. 30, 2023

Accumulated Other Comprehensive Income or Loss ("AOCI")

Note 12 – Accumulated Other Comprehensive Income or Loss ("AOCI")

AOCI represents the cumulative balance of other comprehensive income (loss), net of tax, as of the end of the reporting period. For the Company, the activity relates to postretirement benefit plans and an interest rate swap, including those described in Notes 11 and 8, respectively.

Changes in AOCI are as follows:


(In thousands)	2023			2022			2021
Postretirement benefit plans:
Balance at beginning of the year, net of tax	$	2,979		$	(1,455	)	$	(2,276	)
Other comprehensive income before reclassifications		203			6,576			837
Income tax expense		(51	)		(1,614	)		(203	)
Other comprehensive income, net of tax, before reclassifications		152			4,962			634
Reclassification into net earnings (a)		(2,677	)		(701	)		250
Income tax benefit (expense) (b)		658			173			(63	)
Amounts reclassified out of AOCI, net of tax		(2,019	)		(528	)		187
Other comprehensive (loss) income, net of tax		(1,867	)		4,434			821
Balance at end of the year, net of tax	$	1,112		$	2,979		$	(1,455	)
Interest rate swap:
Balance at beginning of the year, net of tax	$	—		$	—		$	—
Other comprehensive income before reclassifications		1,419			—			—
Income tax expense		(332	)		—			—
Other comprehensive income, net of tax, before reclassifications		1,087			—			—
Reclassification into net earnings (c)		(1,832	)		—			—
Income tax benefit (b)		429			—			—
Amounts reclassified out of AOCI, net of tax		(1,403	)		—			—
Other comprehensive loss, net of tax		(316	)		—			—
Balance at end of the year, net of tax	$	(316	)	$	—		$	—

Total accumulated other comprehensive income (loss)	$	796		$	2,979		$	(1,455	)

(a)

Reclassified from AOCI into Other, net, or Selling, general and administrative expense. Amounts include amortization of net actuarial loss, amortization of prior service credit, and settlement expense totaling $0.4 million and $0.7 million in 2023 and 2022, respectively. There was no settlement expense in 2021.

(b)

Reclassified from AOCI into Income tax expense (benefit).

(c)

Reclassified from AOCI into Interest expense.