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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) 3. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
  income (loss) at March 30, 2024

 

$

(13,800

)

 

$

(174,643

)

 

$

11,003

 

 

$

(177,440

)

Other comprehensive income
   (loss) before
   reclassifications

 

 

125

 

 

 

(7,798

)

 

 

-

 

 

 

(7,673

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

7,475

 

 

 

-

 

 

 

-

 

 

 

7,475

 

Net current-period other
   comprehensive income (loss)

 

 

7,600

 

 

 

(7,798

)

 

 

-

 

 

 

(198

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

 

Six-Month (26-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2023

 

$

(13,900

)

 

$

(159,175

)

 

$

11,003

 

 

$

(162,072

)

Other comprehensive income
   (loss) before reclassifications

 

 

(5,116

)

 

 

(23,266

)

 

 

-

 

 

 

(28,382

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

12,816

 

 

 

-

 

 

 

-

 

 

 

12,816

 

Net current-period other
   comprehensive income (loss)

 

 

7,700

 

 

 

(23,266

)

 

 

-

 

 

 

(15,566

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

(1)
Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at April 1, 2023

 

$

1,700

 

 

$

(183,657

)

 

$

16,599

 

 

$

(165,358

)

Other comprehensive income (loss)
   before reclassifications

 

 

(4,428

)

 

 

34,586

 

 

 

-

 

 

 

30,158

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,228

 

 

-

 

 

 

-

 

 

 

6,228

 

Net current-period other
   comprehensive income (loss)

 

 

1,800

 

 

 

34,586

 

 

 

-

 

 

 

36,386

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

 

 

Six-Month (26-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2022

 

$

26,100

 

 

$

(180,216

)

 

$

16,599

 

 

$

(137,517

)

Other comprehensive income (loss)
   before reclassifications

 

 

(29,003

)

 

 

31,145

 

 

 

-

 

 

 

2,142

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,403

 

 

 

-

 

 

 

-

 

 

 

6,403

 

Net current-period other
   comprehensive income (loss)

 

 

(22,600

)

 

 

31,145

 

 

 

-

 

 

 

8,545

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.