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

19.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents changes in accumulated other comprehensive loss, by component, for the last three fiscal years, (in thousands):

 

 

 

2017

 

 

2016

 

 

2015

 

Accumulated other comprehensive loss components

 

 

 

 

 

 

 

 

 

 

 

 

   Retirement benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

      Balance at beginning of period (1)

 

$

(119,363

)

 

$

(74,378

)

 

$

(158,041

)

         Other comprehensive income (loss) before reclassifications

 

 

704

 

 

 

(64,470

)

 

 

(2,136

)

         Current year prior service cost

 

 

 

 

 

 

 

 

(1,291

)

         Amortization of prior service cost(2) (3)

 

 

144

 

 

 

163

 

 

 

133

 

         Amortization of net loss(2) (3)

 

 

3,700

 

 

 

8,184

 

 

 

10,408

 

         Settlements(2) (3)

 

 

17,785

 

 

 

4,487

 

 

 

3,358

 

         Curtailment(4)

 

 

138

 

 

 

 

 

 

73,191

 

         Prior year correction(4)

 

 

 

 

 

(21,917

)

 

 

 

      Total before income tax

 

 

22,471

 

 

 

(73,553

)

 

 

83,663

 

      Income tax provision (benefit)(5)

 

 

6,300

 

 

 

(28,568

)

 

 

 

   Current period comprehensive income (loss), net of tax

 

 

16,171

 

 

 

(44,985

)

 

 

83,663

 

      Balance at end of period (1)

 

$

(103,192

)

 

$

(119,363

)

 

$

(74,378

)

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest rate swaps:

 

 

 

 

 

 

 

 

 

 

 

 

      Balance at beginning of period (1)

 

$

 

 

$

 

 

$

 

         Change in fair value of interest rate swaps

 

 

10,236

 

 

 

 

 

 

 

         Amounts reclassified to interest expense

 

 

1,939

 

 

 

 

 

 

 

      Total before income tax

 

 

12,175

 

 

 

 

 

 

 

      Income tax provision

 

 

4,738

 

 

 

 

 

 

 

   Current period comprehensive income, net of tax

 

 

7,437

 

 

 

 

 

 

 

      Balance at end of period (1)

 

$

7,437

 

 

$

 

 

$

 

Accumulated other comprehensive loss at end of period(1)

 

$

(95,755

)

 

$

(119,363

)

 

$

(74,378

)

 

 

(1)

Amounts are presented net of tax.

 

(2)

Included in the computation of net periodic benefit costs. See Note 17, Retirement Plans for additional information.

 

(3)

Included in distribution, selling and administrative expenses in the Consolidated Statements of Comprehensive Income.

 

(4)

The fiscal year 2015 curtailment is due to freeze of non-union participants’ benefits of a USF sponsored defined benefit pension plan. In fiscal year 2016, the curtailment was corrected for a computational error. See Note 17, Retirement Plans.

 

(5)

No impact in fiscal year 2015 due to the Company’s full valuation allowance on its net deferred income tax assets. See Note 20, Income Taxes.