Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 28, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments relative to the Company’s pension and postretirement medical benefit plans and foreign currency translation adjustments required for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States.

A summary of AOCI(L) for the second quarter of 2020 and the second quarter of 2019 is as follows:

(in thousands)	March 29, 2020		Pre-tax Activity		Tax Effect		June 28, 2020
Net pension activity:
Actuarial loss	$	(92,278)	$	1,190	$	(293)	$	(91,381)
Prior service costs	(3)		4		(1)		—
Net postretirement benefits activity:
Actuarial loss	(1,125)		87		(21)		(1,059)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(1,285)		3		(1)		(1,283)
Foreign currency translation adjustment	(17)		4		(1)		(14)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(115,052)	$	1,288	$	(317)	$	(114,081)

(in thousands)	March 31, 2019		Pre-tax Activity		Tax Effect		June 30, 2019
Net pension activity:
Actuarial loss	$	(72,011)	$	900	$	(221)	$	(71,332)
Prior service costs	(20)		7		(2)		(15)
Net postretirement benefits activity:
Actuarial loss	(4,754)		195		(48)		(4,607)
Prior service costs	107		(322)		79		(136)
Foreign currency translation adjustment	(9)		7		(2)		(4)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(96,407)	$	787	$	(194)	$	(95,814)

A summary of AOCI(L) for the first half of 2020 and the first half of 2019 is as follows:

(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		June 28, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	2,379	$	(586)	$	(91,381)
Prior service costs	(7)		9		(2)		—
Net postretirement benefits activity:
Actuarial loss	(1,191)		175		(43)		(1,059)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(270)		(1,344)		331		(1,283)
Foreign currency translation adjustment	(16)		3		(1)		(14)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	1,222	$	(301)	$	(114,081)

(in thousands)	December 30, 2018		Pre-tax Activity		Tax Effect		June 30, 2019
Net pension activity:
Actuarial loss	$	(72,690)	$	1,801	$	(443)	$	(71,332)
Prior service costs	(24)		12		(3)		(15)
Net postretirement benefits activity:
Actuarial loss	(4,902)		391		(96)		(4,607)
Prior service costs	351		(646)		159		(136)
Foreign currency translation adjustment	—		(3)		(1)		(4)
Reclassification of stranded tax effects	—		—		(19,720)		(19,720)
Total AOCI(L)	$	(77,265)	$	1,555	$	(20,104)	$	(95,814)

A summary of the impact of AOCI(L) on certain statements of operations line items is as follows:

	Second Quarter 2020
(in thousands)	Net Pension Activity		Net  Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	360	$	57	$	—	$	—	$	417
Selling, delivery and administrative expenses	834		30		3		4		871
Subtotal pre-tax	1,194		87		3		4		1,288
Income tax expense	294		21		1		1		317
Total after tax effect	$	900	$	66	$	2	$	3	$	971

	Second Quarter 2019
(in thousands)	Net Pension Activity		Net  Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	266	$	(66)	$	—	$	—	$	200
Selling, delivery and administrative expenses	641		(61)		—		7		587
Subtotal pre-tax	907		(127)		—		7		787
Income tax expense (benefit)	223		(31)		—		2		194
Total after tax effect	$	684	$	(96)	$	—	$	5	$	593

	First Half 2020
(in thousands)	Net Pension Activity		Net  Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	694	$	105	$	—	$	—	$	799
Selling, delivery and administrative expenses	1,694		70		(1,344)		3		423
Subtotal pre-tax	2,388		175		(1,344)		3		1,222
Income tax expense (benefit)	588		43		(331)		1		301
Total after tax effect	$	1,800	$	132	$	(1,013)	$	2	$	921

	First Half 2019
(in thousands)	Net Pension Activity		Net  Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	529	$	(133)	$	—	$	—	$	396
Selling, delivery and administrative expenses	1,284		(122)		—		(3)		1,159
Subtotal pre-tax	1,813		(255)		—		(3)		1,555
Income tax expense (benefit)	446		(63)		—		1		384
Total after tax effect	$	1,367	$	(192)	$	—	$	(4)	$	1,171