Accumulated Other Comprehensive Income ("AOCI")

4 Months Ended

Apr. 24, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income ("AOCI")

5. ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”)

The company’s total comprehensive income (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 the sixteen weeks ended April 24, 2021 and April 18, 2020, 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 24, 2021			April 18, 2020			Where Net Income is Presented
Gains and losses on cash flow hedges:
Interest rate contracts	$	(219	)	$	(44	)	Interest expense
Commodity contracts		(75	)		(503	)	Cost of sales, Note 3
Total before tax		(294	)		(547	)	Total before tax
Tax benefit		74			136		Income tax expense
Total net of tax		(220	)		(411	)	Net of tax
Amortization of defined benefit pension items:
Prior-service costs		(17	)		(74	)	Note 1
Settlement and curtailment loss		—			(116,207	)	Note 1
Actuarial losses		(164	)		(1,275	)	Note 1
Total before tax		(181	)		(117,556	)	Total before tax
Tax benefit		45			29,683		Income tax expense
Total net of tax		(136	)		(87,873	)	Net of tax
Total reclassifications	$	(356	)	$	(88,284	)	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) expense line item on the Condensed Consolidated Statements of Income.  See Note 17, Postretirement Plans, of Notes to Condensed Consolidated Financial Statements of this Form 10-Q 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 sixteen weeks ended April 24, 2021, 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 2, 2021	$	13,072	$	(6,648	)	$	6,424
Other comprehensive income before reclassifications		4,745		—			4,745
Reclassified to earnings from AOCI		220		136			356
AOCI at April 24, 2021	$	18,037	$	(6,512	)	$	11,525

During the sixteen weeks ended April 18, 2020, 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 29, 2019	$	1,658		$	(107,678	)	$	(106,020	)
Other comprehensive (loss) income before reclassifications		(3,849	)		15,693			11,844
Reclassified to earnings from AOCI		411			87,873			88,284
AOCI at April 18, 2020	$	(1,780	)	$	(4,112	)	$	(5,892	)

Amounts reclassified out of AOCI to net income that relate to commodity contracts are presented as an adjustment to reconcile net income (loss) 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 Sixteen Weeks Ended
	April 24, 2021			April 18, 2020
Gross loss reclassified from AOCI into net    income	$	(75	)	$	(503	)
Tax benefit		19			126
Net of tax	$	(56	)	$	(377	)