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Other Comprehensive Earnings (Loss)
 12 Months Ended
Dec. 29, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Other Comprehensive Earnings (Loss)
Other Comprehensive Earnings (Loss)
Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for each of the three fiscal years ended December 29, 2019.
 
2019
 
2018
 
2017
Other comprehensive earnings (loss), tax effect:
 
 
 
 
 
Tax (expense) benefit on unrealized holding (losses) gains
$
(150
)
 
$
581

 
221

Tax benefit (expense) on cash flow hedging activities
223

 
(930
)
 
4,850

Tax (expense) benefit on changes in unrecognized pension amounts
(3,518
)
 
6,085

 
(2,363
)
Reclassifications to earnings, tax effect:
 
 
 
 
 
Tax expense (benefit) on cash flow hedging activities
2,269

 
817

 
(4,881
)
Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations
(2,005
)
 
(2,729
)
 
(3,482
)
Tax benefit on settlement of U.S. defined benefit plan
(24,966
)
 
—

 
—

Total tax effect on other comprehensive earnings (loss)
$
(28,147
)
 
3,824

 
(5,655
)

Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows:
 
Pension and
Postretirement
Amounts
 
Gains
(Losses) on
Derivative
Instruments
 
Unrealized
Holding
Gains on
Available
for-Sale
Securities
 
Foreign
Currency
Translation
Adjustments
 
Total
Accumulated
Other
Comprehensive
Earnings (Loss)
2019
 
 
 
 
 
 
 
 
 
Balance at December 30, 2018
$
(143,134
)
 
1,549

 
(744
)
 
(152,185
)
 
(294,514
)
Current period other comprehensive earnings (loss)
14,850

 
11,678

 
514

 
9,556

 
36,598

Reclassifications from AOCE to earnings
92,155

 
(18,459
)
 
—

 
—

 
73,696

Balance at December 29, 2019
$
(36,129
)
 
(5,232
)
 
(230
)
 
(142,629
)
 
(184,220
)
2018
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
$
(110,971
)
 
(32,827
)
 
1,034

 
(96,661
)
 
(239,425
)
Adoption of ASU 2018-02
(18,065
)
 
(3,660
)
 
222

 
—

 
(21,503
)
Current period other comprehensive earnings (loss)
(23,763
)
 
36,107

 
(2,000
)
 
(55,524
)
 
(45,180
)
Reclassifications from AOCE to earnings
9,665

 
1,929

 
—

 
—

 
11,594

Balance at December 30, 2018
$
(143,134
)
 
1,549

 
(744
)
 
(152,185
)
 
(294,514
)
2017
 
 
 
 
 
 
 
 
 
Balance at December 25, 2016
$
(118,401
)
 
51,085

 
1,424

 
(128,678
)
 
(194,570
)
Current period other comprehensive earnings (loss)
1,555

 
(90,302
)
 
(390
)
 
32,017

 
(57,120
)
Reclassifications from AOCE to earnings
5,875

 
6,390

 
—

 
—

 
12,265

Balance at December 31, 2017
$
(110,971
)
 
(32,827
)
 
1,034

 
(96,661
)
 
(239,425
)

Gains (Losses) on Derivative Instruments
At December 29, 2019, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $12,686 in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2019 or forecasted to be purchased from 2020 through 2022, intercompany expenses expected to be paid or received during 2020, television and movie production costs paid in 2019 or expected to be paid in 2020,
and cash receipts for sales forecasted to be made in 2020 through 2022. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses.
In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due 2021 and 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At December 29, 2019, deferred losses, net of tax, of $17,918 related to these instruments remained in AOCE. For the year ended December 29, 2019, losses, net of tax of $1,394 related to these hedging instruments were reclassified from AOCE to net earnings. For each of the years ended December 30, 2018 and December 31, 2017, losses, net of tax of $1,394 and $1,170 related to these hedging instruments were reclassified from AOCE to net earnings.
Of the net deferred gains included in AOCE at December 29, 2019, the Company expects approximately $7,041 to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.
See notes 15 and 17 for additional discussion on reclassifications from AOCE to earnings.