Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 25, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and OPEB liabilities, and other comprehensive income attributable to unconsolidated affiliates.

The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI):

	For the Six Months Ended June 25, 2022
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total
Balance as of December 25, 2021	$	(42,303)	$	803	$	(11,500)	$	(347)	$	(53,347)
Other comprehensive (loss) income before reclassifications	(14,318)		(7,281)		(31)		4,409		(17,221)
Amounts reclassified from AOCI	—		(2,514)		152		—		(2,362)
Net current-period other comprehensive (loss) income	(14,318)		(9,795)		121		4,409		(19,583)
Balance as of June 25, 2022	$	(56,621)	$	(8,992)	$	(11,379)	$	4,062	$	(72,930)

	For the Six Months Ended June 26, 2021
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total
Balance as of December 26, 2020	$	(37,339)	$	984	$	(17,203)	$	(1,325)	$	(54,883)
Other comprehensive income (loss) before reclassifications	8,248		4		(400)		1,234		9,086
Amounts reclassified from AOCI	—		(2,848)		383		—		(2,465)
Net current-period other comprehensive income (loss)	8,248		(2,844)		(17)		1,234		6,621
Balance as of June 26, 2021	$	(29,091)	$	(1,860)	$	(17,220)	$	(91)	$	(48,262)

Reclassification adjustments out of AOCI were as follows:

	Amount reclassified from AOCI
	For the Quarter Ended				For the Six Months Ended
(In thousands)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021		Affected line item
Unrealized gains on derivative commodity contracts	$	(1,021)	$	(2,390)	$	(3,245)	$	(3,689)	Cost of goods sold
	229		537		731		841		Income tax expense
	$	(792)	$	(1,853)	$	(2,514)	$	(2,848)	Net of tax and noncontrolling interests
Amortization of net loss and prior service cost on employee benefit plans	$	104	$	229	$	172	$	458	Other income, net
	(15)		(38)		(20)		(75)		Income tax benefit
	$	89	$	191	$	152	$	383	Net of tax and noncontrolling interests