Accumulated Other Comprehensive Income or Loss

12 Months Ended

Dec. 28, 2024

Accumulated Other Comprehensive Income or Loss ("AOCI")

Note 13 – Accumulated Other Comprehensive Income or Loss ("AOCI")

AOCI represents the cumulative balance of other comprehensive income, 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 12 and 9, respectively.

Changes in AOCI are as follows:


(In thousands)	2024			2023			2022
Postretirement benefit plans:
Balance at beginning of the year, net of tax	$	1,112		$	2,979		$	(1,455	)
Other comprehensive income before reclassifications		—			203			6,576
Income tax expense		—			(51	)		(1,614	)
Other comprehensive income, net of tax, before reclassifications		—			152			4,962
Reclassification into net earnings (a)		(1,462	)		(2,677	)		(701	)
Income tax benefit (b)		350			658			173
Amounts reclassified out of AOCI, net of tax		(1,112	)		(2,019	)		(528	)
Other comprehensive (loss) income, net of tax		(1,112	)		(1,867	)		4,434
Balance at end of the year, net of tax	$	—		$	1,112		$	2,979
Interest rate swap:
Balance at beginning of the year, net of tax	$	(316	)	$	—		$	—
Other comprehensive income before reclassifications		4,471			1,419			—
Income tax expense		(1,051	)		(332	)		—
Other comprehensive income, net of tax, before reclassifications		3,420			1,087			—
Reclassification into net earnings (c)		(2,311	)		(1,832	)		—
Income tax benefit (b)		544			429			—
Amounts reclassified out of AOCI, net of tax		(1,767	)		(1,403	)		—
Other comprehensive income (loss), net of tax		1,653			(316	)		—
Balance at end of the year, net of tax	$	1,337		$	(316	)	$	—

Total accumulated other comprehensive income	$	1,337		$	796		$	2,979

(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 $0.1 million, $0.4 million and $0.7 million in 2024, 2023 and 2022, respectively.

(b)

Reclassified from AOCI into Income tax expense (benefit).

(c)

Reclassified from AOCI into Interest expense.