Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jan. 01, 2022

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 6. Accumulated Other Comprehensive Income (Loss)

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 2021, 2020, and 2019, 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 2021			Fiscal 2020			Fiscal 2019			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	126		$	(145	)	$	(142	)	Interest expense
Commodity contracts		2,115			(2,675	)		3,707		Cost of sales, Note 3, below
Total before tax	$	2,241		$	(2,820	)	$	3,565		Total before tax
Tax (expense) benefit		(560	)		704			(901	)	Tax expense
Total net of tax	$	1,681		$	(2,116	)	$	2,664		Net of tax
Pension and postretirement plans:
Prior-service credits	$	(55	)	$	(111	)	$	(346	)	Note 1, below
Settlement loss		(403	)		(108,757	)		—		Note 1, below
Actuarial losses		(532	)		(1,447	)		(6,822	)	Note 1, below
Total before tax	$	(990	)	$	(110,315	)	$	(7,168	)	Total before tax
Tax benefit		247			27,873			1,810		Tax benefit
Total net of tax	$	(743	)	$	(82,442	)	$	(5,358	)	Net of tax benefit
Total reclassifications from AOCI	$	938		$	(84,558	)	$	(2,694	)	Net of tax benefit

Note 1: These items are included in the computation of net periodic pension cost. See Note 20, 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 2021, 2020, and 2019, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands):

	Amount of Gain (Loss) Recognized in AOCI
AOCI component	Fiscal 2021			Fiscal 2020			Fiscal 2019
Derivative instruments:
Interest rate contracts	$	3,902			—			—
Commodity contracts		(11,030	)	$	12,395		$	11,313
Total before tax	$	(7,128	)	$	12,395		$	11,313
Tax benefit (expense)		1,780			(3,097	)		(2,856	)
Total net of tax	$	(5,348	)	$	9,298		$	8,457
Pension and postretirement plans:
Current year actuarial loss (gain)	$	1,050		$	24,872		$	(10,702	)
Current year prior service credit		2,214			—			—
Total before tax	$	3,264		$	24,872		$	(10,702	)
Tax (expense) benefit		(815	)		(6,284	)		2,702
Total net of tax	$	2,449		$	18,588		$	(8,000	)
Total recognized in AOCI	$	(2,899	)	$	27,886		$	457

During Fiscal 2021, 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 January 2, 2021	$	13,072		$	(6,648	)	$	6,424
Other comprehensive gain before reclassifications		(5,348	)		2,449			(2,899	)
Reclassified to earnings from AOCI		(1,681	)		743			(938	)
AOCI at January 1, 2022	$	6,043		$	(3,456	)	$	2,587

During Fiscal 2020, 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 28, 2019	$	1,658	$	(107,678	)	$	(106,020	)
Other comprehensive loss (gain) before reclassifications		9,298		18,588			27,886
Reclassified to earnings from AOCI		2,116		82,442			84,558
AOCI at January 2, 2021	$	13,072	$	(6,648	)	$	6,424

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 2021			Fiscal 2020			Fiscal 2019
Gross gain (loss) reclassified from AOCI into income	$	2,115		$	(2,675	)	$	3,707
Tax (expense) benefit		(529	)		668			(936	)
Net of tax	$	1,586		$	(2,007	)	$	2,771