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Other Comprehensive Income
 6 Months Ended
Jul. 04, 2015
Equity [Abstract]  
Comprehensive Income
Other Comprehensive Income

The Company follows Financial Accounting Standards Board ("FASB") authoritative guidance for reporting and presentation of comprehensive income or loss and its components.  Other comprehensive income (loss) is derived from adjustments that reflect pension adjustments, natural gas derivative adjustments, corn option adjustments and interest rate swap derivative adjustments. The components of other comprehensive income (loss) and the related tax impacts for the three and six months months ended July 4, 2015 and June 28, 2014 are as follows (in thousands):

 
Three Months Ended
 
Before-Tax
Tax (Expense)
Net-of-Tax
 
Amount
or Benefit
Amount
 
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
Defined benefit pension plans
 
 
 
 
 
 
Amortization of prior service cost
$
(20
)
$
4

$
10

$
(2
)
$
(10
)
$
2

Amortization of actuarial loss
1,284

520

(496
)
(201
)
788

319

Total defined benefit pension plans
1,264

524

(486
)
(203
)
778

321

Natural gas swap derivatives
 
 
 
 
 
 
Loss/(gain) reclassified to net income
—

—

—

—

—

—

Gain/(loss) activity recognized in other comprehensive income (loss)
—

(17
)
—

6

—

(11
)
Total natural gas swap derivatives
—

(17
)
—

6

—

(11
)
Corn option derivatives
 
 
 
 
 
 
Loss/(gain) reclassified to net income
(347
)
(32
)
134

12

(213
)
(20
)
Gain/(loss) activity recognized in other comprehensive income (loss)
(1,819
)
1,046

707

(405
)
(1,112
)
641

Total corn option derivatives
(2,166
)
1,014

841

(393
)
(1,325
)
621

 
 
 
 
 
 
 
Foreign currency translation
8,452

(6,931
)
—

—

8,452

(6,931
)
 
 
 
 
 
 
 
Other comprehensive income (loss)
$
7,550

$
(5,410
)
$
355

$
(590
)
$
7,905

$
(6,000
)
 
Six Months Ended
 
Before-Tax
Tax (Expense)
Net-of-Tax
 
Amount
or Benefit
Amount
 
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
Defined benefit pension plans
 
 
 
 
 
 
Amortization of prior service cost
$
(40
)
$
8

$
20

$
(4
)
$
(20
)
$
4

Amortization of actuarial loss
2,569

1,039

(1,002
)
(402
)
1,567

637

Total defined benefit pension plans
2,529

1,047

(982
)
(406
)
1,547

641

Natural gas swap derivatives
 
 
 
 
 
 
Loss/(gain) reclassified to net income
—

(357
)
—

139

—

(218
)
Gain/(loss) activity recognized in other comprehensive income (loss)
—

155

—

(61
)
—

94

Total natural gas swap derivatives
—

(202
)
—

78

—

(124
)
Corn option derivatives
 
 
 
 
 
 
Loss/(gain) reclassified to net income
(581
)
(1,324
)
225

513

(356
)
(811
)
Gain/(loss) activity recognized in other comprehensive income (loss)
(1,523
)
(273
)
592

107

(931
)
(166
)
Total corn option derivatives
(2,104
)
(1,597
)
817

620

(1,287
)
(977
)
 
 
 
 
 
 
 
Foreign currency translation
(90,190
)
13,684

—

—

(90,190
)
13,684

 
 
 
 
 
 
 
Other Comprehensive income (loss)
$
(89,765
)
$
12,932

$
(165
)
$
292

$
(89,930
)
$
13,224



The following table presents the amounts reclassified out of each component of other comprehensive income (loss), net of tax for the three and six months months ended July 4, 2015 and June 28, 2014 as follows (in thousands):

 
Three Months Ended
Six Months Ended
 
 
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
Statement of Operations Classification
Derivative instruments
 
 
 
 
 
Natural gas swap derivatives
$
—

$
—

$
—

$
357

Cost of sales and operating expenses
Corn option derivatives
347

32

581

1,324

Cost of sales and operating expenses
 
347

32

581

1,681

Total before tax
 
(134
)
(12
)
(225
)
(652
)
Income taxes
 
213

20

356

1,029

Net of tax
Defined benefit pension plans
 
 
 
 
 
Amortization of prior service cost
$
20

$
(4
)
$
40

$
(8
)
(a)
Amortization of actuarial loss
(1,284
)
(520
)
(2,569
)
(1,039
)
(a)
 
(1,264
)
(524
)
(2,529
)
(1,047
)
Total before tax
 
486

203

982

406

Income taxes
 
(778
)
(321
)
(1,547
)
(641
)
Net of tax
Total reclassifications
$
(565
)
$
(301
)
$
(1,191
)
$
388

Net of tax

(a)
These items are included in the computation of net periodic pension cost. See Note 9 Employee Benefit Plans for additional information.

The following table presents changes in each component of accumulated comprehensive income (loss) as of July 4, 2015 as follows (in thousands):

 
 
Six Months Ended July 4, 2015
 
 
Foreign Currency
Derivative
Defined Benefit
 
 
 
Translation
Instruments
Pension Plans
Total
Accumulated Other Comprehensive Income (loss) January 3, 2015, net of tax
 
$
(140,386
)
$
76

$
(36,750
)
$
(177,060
)
Other comprehensive gain before reclassifications
 
(90,190
)
(931
)
—

(91,121
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

(356
)
1,547

1,191

Net current-period other comprehensive income
 
(90,190
)
(1,287
)
1,547

(89,930
)
Accumulated Other Comprehensive Income (loss) July 4, 2015, net of tax
 
(230,576
)
$
(1,211
)
$
(35,203
)
$
(266,990
)