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

6 Months Ended

Jul. 13, 2024

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

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

6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (“AOCI”)

The company’s total comprehensive income 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 the twelve and twenty-eight weeks ended July 13, 2024 and July 15, 2023, reclassifications out of AOCI were as follows (amounts in thousands):

	Amount Reclassified from AOCI
	For the Twelve Weeks Ended						Affected Line Item in the Statement
Details about AOCI Components (Note 2)	July 13, 2024			July 15, 2023			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	115		$	115		Interest expense
Commodity contracts		(143	)		(509	)	Cost of sales, Note 3
Total before tax		(28	)		(394	)	Total before tax
Tax benefit		7			99		Income tax expense
Total net of tax		(21	)		(295	)	Net of tax
Pension and postretirement plans:
Prior-service credits		41			40		Note 1
Actuarial gain losses		31			17		Note 1
Total before tax		72			57		Total before tax
Tax expense		(18	)		(15	)	Income tax expense
Total net of tax		54			42		Net of tax
Total reclassifications	$	33		$	(253	)	Net of tax
	Amount Reclassified from AOCI
	For the Twenty-Eight Weeks Ended						Affected Line Item in the Statement
Details about AOCI Components (Note 2)	July 13, 2024			July 15, 2023			Where Net Income (Loss) is Presented
Gains and losses on cash flow hedges:
Interest rate contracts	$	268		$	268		Interest expense
Commodity contracts		(1,029	)		(1,915	)	Cost of sales, Note 3
Total before tax		(761	)		(1,647	)	Total before tax
Tax benefit		190			412		Tax benefit
Total net of tax		(571	)		(1,235	)	Net of tax
Amortization of defined benefit pension items:
Prior-service costs		95			95		Note 1
Actuarial losses		74			40		Note 1
Total before tax		169			135		Total before tax
Tax benefit		(42	)		(34	)	Tax benefit
Total net of tax		127			101		Net of tax
Total reclassifications	$	(444	)	$	(1,134	)	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.

During the twenty-eight weeks ended July 13, 2024, 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 30, 2023	$	963		$	(342	)	$	621
Other comprehensive loss before reclassifications		(122	)		—			(122	)
Reclassified to earnings from AOCI		571			(127	)		444
AOCI at July 13, 2024	$	1,412		$	(469	)	$	943

During the twenty-eight weeks ended July 15, 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 income before reclassifications		48		—			48
Reclassified to earnings from AOCI		1,235		(101	)		1,134
AOCI at July 15, 2023	$	3,382	$	(726	)	$	2,656

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 Condensed Consolidated Statements of Cash Flows. 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 Twenty-Eight Weeks Ended
	July 13, 2024			July 15, 2023
Gross loss reclassified from AOCI into net    income	$	(1,029	)	$	(1,915	)
Tax benefit		257			479
Net of tax	$	(772	)	$	(1,436	)