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Changes in Accumulated Other Comprehensive Loss
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss

 

15.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 30,

2017

 

 

October 1,

2016

 

 

September 30,

2017

 

 

October 1,

2016

 

Accumulated Other Comprehensive Loss Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Defined benefit pension and other postretirement plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Balance at beginning of period (1)

 

$

(116,826

)

 

$

(90,621

)

 

$

(119,363

)

 

$

(74,378

)

      Reclassification adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Amortization of prior service cost(2) (3)

 

 

37

 

 

 

41

 

 

 

109

 

 

 

123

 

         Amortization of net loss(2) (3)

 

 

699

 

 

 

2,046

 

 

 

2,774

 

 

 

6,138

 

         Settlements(2) (3)

 

 

1,000

 

 

 

750

 

 

 

3,000

 

 

 

2,250

 

         Prior year correction(4)

 

 

 

 

 

 

 

 

 

 

 

(21,917

)

      Total before income tax

 

 

1,736

 

 

 

2,837

 

 

 

5,883

 

 

 

(13,406

)

      Income tax provision (benefit)

 

 

677

 

 

 

(5,199

)

 

 

2,287

 

 

 

(5,199

)

   Current period comprehensive income (loss), net of tax

 

 

1,059

 

 

 

8,036

 

 

 

3,596

 

 

 

(8,207

)

      Balance at end of period (1)

 

$

(115,767

)

 

$

(82,585

)

 

$

(115,767

)

 

$

(82,585

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest rate swap derivative cash flow hedge:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Balance at beginning of period (1)

 

$

 

 

$

 

 

$

 

 

$

 

         Change in fair value of interest rate swaps

 

 

3,091

 

 

 

 

 

 

3,091

 

 

 

 

         Amounts reclassified to interest expense−net

 

 

911

 

 

 

 

 

 

911

 

 

 

 

      Total before income tax

 

 

4,002

 

 

 

 

 

 

4,002

 

 

 

 

      Income tax provision

 

 

1,557

 

 

 

 

 

 

1,557

 

 

 

 

   Current period comprehensive income, net of tax

 

 

2,445

 

 

 

 

 

 

2,445

 

 

 

 

      Balance at end of period (1)

 

$

2,445

 

 

$

 

 

$

2,445

 

 

$

 

Accumulated Other Comprehensive Loss at end of period(1)

 

$

(113,322

)

 

$

(82,585

)

 

$

(113,322

)

 

$

(82,585

)

 

(1)

Amounts are presented net of tax.

 

(2)

Included in the computation of Net periodic benefit costs. See Note 13, Retirement Plans, for additional information.

 

(3)  

Included in Distribution, selling and administrative costs in the Consolidated Statements of Comprehensive Income.

 

(4)

Correction of a computational error related to a third quarter 2015 pension curtailment. See discussion below.

 

In the second quarter of 2016, the Company recorded a $22 million increase to its pension obligation, with a corresponding increase to Accumulated other comprehensive loss, to correct a computational error related to a September 30, 2015 pension plan freeze. The Company determined the error did not materially impact the financial statements for any of the periods reported.