Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jul. 02, 2022

Components of Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July 2, 2022 and July 3, 2021 (in thousands):

	Three-Month (13-Week) Period Ended
	July 2, 2022
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 2, 2022	$	49,198		$	(102,176	)	$	8,474	$	(44,504	)
Other comprehensive income (loss) before reclassifications		16,138			(27,308	)		-		(11,170	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽¹⁾		(15,136	)		-			-		(15,136	)
Net current-period other comprehensive income (loss)		1,002			(27,308	)		-		(26,306	)
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)

	Six-Month (26-Week) Period Ended
	July 2, 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		69,614			(4,616	)		-		64,998
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽¹⁾		(20,526	)		-			-		(20,526	)
Net current-period other comprehensive income (loss)		49,088			(4,616	)		-		44,472
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)

(1)

Includes $(15,136) and $(20,526) net of tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2022, respectively. The tax impact of those reclassifications was $(4,800) and $(6,500) in the second quarter and first six months of 2022, respectively.

	Three-Month (13-Week) Period Ended
	July 3, 2021
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 3, 2021	$	(3,200	)	$	(107,026	)	$	6,666	$	(103,560	)
Other comprehensive income (loss) before reclassifications		8,204			21,431			-		29,635
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽²⁾		196			-			-		196
Net current-period other comprehensive income (loss)		8,400			21,431			-		29,831
Accumulated other comprehensive income (loss) at July 3, 2021	$	5,200		$	(85,595	)	$	6,666	$	(73,729	)

	Six-Month (26-Week) Period Ended
	July 3, 2021
	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, 2020	$	(4,700	)	$	(120,827	)	$	6,666	$	(118,861	)
Other comprehensive income (loss) before reclassifications		9,203			35,232			-		44,435
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽²⁾		697			-			-		697
Net current-period other comprehensive income (loss)		9,900			35,232			-		45,132
Accumulated other comprehensive income (loss) at July 3, 2021	$	5,200		$	(85,595	)	$	6,666	$	(73,729	)

(2) Includes $196 and $697 net of tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2021, respectively. The tax impact of those reclassifications was $0 and $100 in the second quarter and first six months of 2021, respectively.