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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

13. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and nine months ended September 30, 2023 and October 1, 2022 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

September 30, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

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

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

Other comprehensive income
   (loss) before reclassifications

 

 

(4,779

)

 

 

(18,655

)

 

 

-

 

 

 

(23,434

)

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

 

 

3,579

 

 

 

-

 

 

 

-

 

 

 

3,579

 

Net current-period other
   comprehensive income (loss)

 

 

(1,200

)

 

 

(18,655

)

 

 

-

 

 

 

(19,855

)

Accumulated other comprehensive
   income (loss) at September 30, 2023

 

$

2,300

 

 

$

(167,726

)

 

$

16,599

 

 

$

(148,827

)

 

 

Nine-Month (39-Week) Period Ended

 

 

 

September 30, 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

 

 

(33,782

)

 

 

12,490

 

 

 

-

 

 

 

(21,292

)

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

 

 

9,982

 

 

 

-

 

 

 

-

 

 

 

9,982

 

Net current-period other
   comprehensive income (loss)

 

 

(23,800

)

 

 

12,490

 

 

 

-

 

 

 

(11,310

)

Accumulated other comprehensive
   income (loss) at September 30, 2023

 

$

2,300

 

 

$

(167,726

)

 

$

16,599

 

 

$

(148,827

)

 

(1)
Includes $3,579 and $9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023, respectively. The tax impact of those reclassifications was $1,100 and $3,100 in the third quarter and first nine months of 2023, respectively.

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

October 1, 2022

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at July 2, 2022

 

$

50,200

 

 

$

(129,484

)

 

$

8,474

 

 

$

(70,810

)

Other comprehensive income (loss)
   before reclassifications

 

 

27,411

 

 

 

(43,843

)

 

 

-

 

 

 

(16,432

)

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

 

 

(16,311

)

 

 

-

 

 

 

-

 

 

 

(16,311

)

Net current-period other
   comprehensive income (loss)

 

 

11,100

 

 

 

(43,843

)

 

 

-

 

 

 

(32,743

)

Accumulated other comprehensive
   income (loss) at October 1, 2022

 

$

61,300

 

 

$

(173,327

)

 

$

8,474

 

 

$

(103,553

)

 

 

 

Nine-Month (39-Week) Period Ended

 

 

 

October 1, 2022

 

 

 

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, 2021

 

$

1,112

 

 

$

(124,868

)

 

$

8,474

 

 

$

(115,282

)

Other comprehensive income (loss)
   before reclassifications

 

 

97,025

 

 

 

(48,459

)

 

 

-

 

 

 

48,566

 

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

 

 

(36,837

)

 

 

-

 

 

 

-

 

 

 

(36,837

)

Net current-period other
   comprehensive income (loss)

 

 

60,188

 

 

 

(48,459

)

 

 

-

 

 

 

11,729

 

Accumulated other comprehensive
   income (loss) at October 1, 2022

 

$

61,300

 

 

$

(173,327

)

 

$

8,474

 

 

$

(103,553

)

 

(2)
Includes $(16,311) and $(36,837) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022, respectively. The tax impact of those reclassifications was $(5,200) and $(11,700) in the third quarter and first nine months of 2022, respectively.