Accumulated Other Comprehensive Income (Loss) ("AOCI")

9 Months Ended

Oct. 07, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (“AOCI”)

The company’s total comprehensive income 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 the twelve and forty weeks ended October 7, 2023 and October 8, 2022, reclassifications out of AOCI were as follows (amounts in thousands):

	Amount Reclassified from AOCI
	For the Twelve Weeks Ended						Affected Line Item in the Statement
Details about AOCI Components (Note 2)	October 7, 2023			October 8, 2022			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	115		$	115		Interest expense
Commodity contracts		(511	)		2,428		Cost of sales, Note 3
Total before tax		(396	)		2,543		Total before tax
Tax benefit (expense)		99			(635	)	Income tax expense
Total net of tax		(297	)		1,908		Net of tax
Pension and postretirement plans:
Prior-service credits		40			41		Note 1
Actuarial gain (losses)		17			(66	)	Note 1
Total before tax		57			(25	)	Total before tax
Tax (expense) benefit		(13	)		7		Income tax expense
Total net of tax		44			(18	)	Net of tax
Total reclassifications	$	(253	)	$	1,890		Net of tax

	Amount Reclassified from AOCI
	For the Forty Weeks Ended						Affected Line Item in the Statement
Details about AOCI Components (Note 2)	October 7, 2023			October 8, 2022			Where Net Income is Presented
Derivative instruments:
Interest rate contracts	$	383		$	383		Interest expense
Commodity contracts		(2,426	)		5,625		Cost of sales, Note 3
Total before tax		(2,043	)		6,008		Total before tax
Tax benefit (expense)		511			(1,501	)	Income tax expense
Total net of tax		(1,532	)		4,507		Net of tax
Pension and postretirement plans:
Prior-service credits		135			137		Note 1
Actuarial gain (losses)		57			(220	)	Note 1
Total before tax		192			(83	)	Total before tax
Tax (expense) benefit		(47	)		22		Income tax expense
Total net of tax		145			(61	)	Net of tax
Total reclassifications	$	(1,387	)	$	4,446		Net of tax

Note 1: These items are included in the computation of net periodic pension cost and are reported in the other components of net periodic pension and postretirement benefits credit line item on the Condensed Consolidated Statements of Income (Loss). See Note 18, 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 Condensed Consolidated Statements of Cash Flows.

During the forty weeks ended October 7, 2023, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at December 31, 2022	$	2,099		$	(625	)	$	1,474
Other comprehensive loss before reclassifications		(1,531	)		—			(1,531	)
Reclassified to earnings from AOCI		1,532			(145	)		1,387
AOCI at October 7, 2023	$	2,100		$	(770	)	$	1,330

During the forty weeks ended October 8, 2022, changes to AOCI, net of income tax, by component were as follows (amounts in thousands and parentheses denote a debit balance):

	Cash Flow Hedge Items			Defined Benefit Pension Plan Items			Total
AOCI at January 1, 2022	$	6,043		$	(3,456	)	$	2,587
Other comprehensive income before reclassifications		2,654			—			2,654
Reclassified to earnings from AOCI		(4,507	)		61			(4,446	)
AOCI at October 8, 2022	$	4,190		$	(3,395	)	$	795

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 Condensed Consolidated Statements of Cash Flows. The following table presents the net of tax amount reclassified from AOCI for our commodity contracts (amounts in thousands and positive value indicates credits to determine net income):

	For the Forty Weeks Ended
	October 7, 2023			October 8, 2022
Gross (loss) gain reclassified from AOCI into net    income	$	(2,426	)	$	5,625
Tax benefit (expense)		607			(1,406	)
Net of tax	$	(1,819	)	$	4,219