Other Comprehensive Earnings

12 Months Ended

Dec. 30, 2018

Other comprehensive earnings (loss) [Abstract]

Other Comprehensive Earnings (Loss)

(3)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 30, 2018.

		2018		2017		2016
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains		$	581		221		(94)
Tax (expense) benefit on cash flow hedging activities			(930)		4,850		1,340
Tax benefit (expense) on unrecognized pension and postretirement
amounts			6,085		(2,363)		12,945
Reclassifications to earnings, tax effect:
	Tax expense (benefit) on cash flow hedging activities		817		(4,881)		4,098
	Tax benefit on amortization of unrecognized
pension and postretirement amounts reclassified to the
consolidated statements of operations			(2,729)		(3,482)		(3,038)
Total tax effect on other comprehensive earnings (loss)		$	3,824		(5,655)		15,251

	Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows:
						Unrealized
				Gains		Holding Gains		Foreign		Total Accumulated
		Pension and		(Losses) on		on Available		Currency		Other
		Postretirement		Derivative		for-Sale		Translation		Comprehensive
		Amounts		Instruments		Securities		Adjustments		Earnings(Loss)
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			(23,763)		36,107		(2,000)		(55,524)		(45,180)
	earnings (loss)
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			1,555		(90,302)		(390)		32,017		(57,120)
	earnings (loss)
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)
2016
Balance at December 27, 2015		$	(102,931)		79,317		1,258		(123,645)		(146,001)
Current period other comprehensive			(20,829)		25,748		166		(5,033)		52
	earnings (loss)
Reclassifications from AOCE to earnings			5,359		(53,980)		—		—		(48,621)
Balance at December 25, 2016		$	(118,401)		51,085		1,424		(128,678)		(194,570)

Gains (Losses) on Derivative Instruments

At December 30, 2018, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $20,861 in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2018 or forecasted to be purchased from 2019 through 2022, intercompany expenses expected to be paid or received during 2019, television and movie production costs paid in 2018 or expected to be paid in 2019, and cash receipts for sales forecasted to be made in 2019 through 2021. 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 30, 2018, deferred losses, net of tax, of $19,313 related to these instruments remained in AOCE. For the year ended December 30, 2018, 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 31, 2017 and December 25, 2016, losses, net of tax of $1,170 and $1,148 related to these hedging instruments were reclassified from AOCE to net earnings. 

In 2018, 2017 and 2016, net gains on cash flow hedging activities reclassified to earnings, net of tax, included (losses) gains of $(5,807), $(5,497) and $1,428, respectively, as a result of hedge ineffectiveness.

Of the net deferred gains included in AOCE at December 30, 2018, the Company expects approximately $15,218 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.