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

12 Months Ended

Dec. 29, 2018

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

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

Note 20. Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The company’s total comprehensive loss 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 fiscal years 2018, 2017, and 2016, reclassifications out of AOCI were as follows (amounts in thousands):

	Amount Reclassified from AOCI									Affected Line Item in the Statement
Details about AOCI Components (Note 2)	Fiscal 2018			Fiscal 2017			Fiscal 2016			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	(142	)	$	(142	)	$	(221	)	Interest expense
Commodity contracts		(1,301	)		(2,080	)		(5,307	)	Cost of sales, Note 3, below
Total before tax	$	(1,443	)	$	(2,222	)	$	(5,528	)	Total before tax
Tax benefit		364			855			2,129		Tax benefit
Total net of tax	$	(1,079	)	$	(1,367	)	$	(3,399	)	Net of tax
Pension and postretirement plans:
Prior-service credits	$	(175	)	$	(175	)	$	(175	)	Note 1, below
Settlement loss		(7,781	)		(4,649	)		(6,646	)	Note 1, below
Actuarial losses		(5,380	)		(5,858	)		(6,840	)	Note 1, below
Total before tax	$	(13,336	)	$	(10,682	)	$	(13,661	)	Total before tax
Tax benefit		3,368			3,899			5,260		Tax benefit
Total net of tax	$	(9,968	)	$	(6,783	)	$	(8,401	)	Net of tax benefit
Total reclassifications from AOCI	$	(11,047	)	$	(8,150	)	$	(11,800	)	Net of tax benefit

Note 1: These items are included in the computation of net periodic pension cost. See Note 22, 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 Consolidated Statements of Cash Flows.

During fiscal years 2018, 2017, and 2016, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands):

	Amount of Gain (Loss) Recognized in AOCI
AOCI component	Fiscal 2018			Fiscal 2017			Fiscal 2016
Derivative instruments:
Interest rate contracts	$	—		$	—		$	1,083
Commodity contracts		3,984			(9,734	)		8,233
Total before tax	$	3,984		$	(9,734	)	$	9,316
Tax benefit		(1,006	)		2,945			(3,586	)
Total net of tax	$	2,978		$	(6,789	)	$	5,730
Pension and postretirement plans:
Current year actuarial loss	$	(26,528	)	$	(4,307	)	$	(6,525	)
Total before tax	$	(26,528	)	$	(4,307	)	$	(6,525	)
Tax benefit		6,697			1,670			2,512
Total net of tax	$	(19,831	)	$	(2,637	)	$	(4,013	)
Total recognized in AOCI	$	(16,853	)	$	(9,426	)	$	1,717

During fiscal 2018, changes to AOCI, net of income tax, by component were as follows (amounts in thousands):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at December 30, 2017	$	(6,483	)	$	(78,076	)	$	(84,559	)
Other comprehensive gain (loss) before reclassifications		2,978			(19,831	)		(16,853	)
Reclassified to earnings from AOCI		1,079			9,968			11,047
Reclassified to retained earnings from AOCI		(1,709	)		(17,097	)		(18,806	)
AOCI at December 29, 2018	$	(4,135	)	$	(105,036	)	$	(109,171	)

During fiscal 2017, changes to AOCI, net of income tax, by component were as follows (amounts in thousands):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at December 31, 2016	$	(1,061	)	$	(82,222	)	$	(83,283	)
Other comprehensive loss before reclassifications		(6,789	)		(2,637	)		(9,426	)
Reclassified to earnings from AOCI		1,367			6,783			8,150
AOCI at December 30, 2017	$	(6,483	)	$	(78,076	)	$	(84,559	)

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 Consolidated Statements of Cash Flows. The following table presents the net of tax amount of the loss reclassified from AOCI for our commodity contracts (amounts in thousands):

	Fiscal 2018			Fiscal 2017			Fiscal 2016
Gross loss reclassified from AOCI into income	$	1,301		$	2,080		$	5,307
Tax benefit		(329	)		(801	)		(2,043	)
Net of tax	$	972		$	1,279		$	3,264