Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)

4 Months Ended

Apr. 22, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Reclassifications Out of AOCI

During the sixteen weeks ended April 22, 2023 and April 23, 2022, reclassifications out of AOCI were as follows (amounts in thousands):

	Amount Reclassified from AOCI
	For the Sixteen Weeks Ended						Affected Line Item in the Statement
Details about AOCI Components (Note 2)	April 22, 2023			April 23, 2022			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	153		$	153		Interest expense
Commodity contracts		(1,407	)		1,138		Cost of sales, Note 3
Total before tax		(1,254	)		1,291		Total before tax
Tax benefit (expense)		314			(322	)	Income tax expense
Total net of tax		(940	)		969		Net of tax
Pension and postretirement plans:
Prior-service credits		55			55		Note 1
Actuarial gain (losses)		23			(88	)	Note 1
Total before tax		78			(33	)	Total before tax
Tax (expense) benefit		(19	)		8		Income tax expense
Total net of tax		59			(25	)	Net of tax
Total reclassifications	$	(881	)	$	944		Net of tax

Note 1: These items are included in the computation of net periodic pension cost and are reported in the other components of net periodic pension and postretirement benefits credit line item on the Condensed Consolidated Statements of Income. See Note 18, 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 Condensed Consolidated Statements of Cash Flows.

Changes to AOCI, Net of Income Tax

During the sixteen weeks ended April 22, 2023, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at December 31, 2022	$	2,099		$	(625	)	$	1,474
Other comprehensive loss before reclassifications		(3,044	)		—			(3,044	)
Reclassified to earnings from AOCI		940			(59	)		881
AOCI at April 22, 2023	$	(5	)	$	(684	)	$	(689	)

During the sixteen weeks ended April 23, 2022, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at January 1, 2022	$	6,043		$	(3,456	)	$	2,587
Other comprehensive income before reclassifications		11,220			—			11,220
Reclassified to earnings from AOCI		(969	)		25			(944	)
AOCI at April 23, 2022	$	16,294		$	(3,431	)	$	12,863

Gain (Loss) Reclassified From AOCI for Commodity Contracts

The following table presents the net of tax amount reclassified from AOCI for our commodity contracts (amounts in thousands and positive value indicates credits to determine net income):

	For the Sixteen Weeks Ended
	April 22, 2023			April 23, 2022
Gross (loss) gain reclassified from AOCI into net    income	$	(1,407	)	$	1,138
Tax benefit (expense)		352			(284	)
Net of tax	$	(1,055	)	$	854