Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jul. 02, 2021

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

Following is a summary of AOCI(L) for the second quarter of 2021 and the second quarter of 2020:

(in thousands)	April 2, 2021		Pre-tax Activity		Tax Effect		July 2, 2021
Net pension activity:
Actuarial loss	$	(92,931)	$	1,216	$	(303)	$	(92,018)
Prior service credits	9		—		—		9
Net postretirement benefits activity:
Actuarial loss	(4,188)		185		(46)		(4,049)
Prior service costs	(624)		—		—		(624)
Interest rate swap(1)	(244)		324		(80)		—
Foreign currency translation adjustment	(23)		36		(8)		5
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(117,721)	$	1,761	$	(437)	$	(116,397)

(1)In 2019, the Company entered into a $100 million fixed rate swap to hedge a portion of the interest rate risk on the 2016 Term Loan Facility, both of which matured on June 7, 2021. This interest rate swap was designated as a cash flow hedging instrument and changes in its fair value were not material to the condensed consolidated balance sheets.

(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)

Following is a summary of AOCI(L) for the first half of 2021 and the first half of 2020:

(in thousands)	December 31, 2020		Pre-tax Activity		Tax Effect		July 2, 2021
Net pension activity:
Actuarial loss	$	(93,847)	$	2,435	$	(606)	$	(92,018)
Prior service credits	8		1		—		9
Net postretirement benefits activity:
Actuarial loss	(4,328)		371		(92)		(4,049)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(556)		739		(183)		—
Foreign currency translation adjustment	14		(13)		4		5
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(119,053)	$	3,533	$	(877)	$	(116,397)

(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)

Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Statement of Operations

Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:

	Second Quarter 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	356	$	104	$	—	$	—	$	460
Selling, delivery and administrative expenses	860		81		324		36		1,301
Subtotal pre-tax	1,216		185		324		36		1,761
Income tax expense	303		46		80		8		437
Total after tax effect	$	913	$	139	$	244	$	28	$	1,324

	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

	First Half 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	704	$	207	$	—	$	—	$	911
Selling, delivery and administrative expenses	1,732		164		739		(13)		2,622
Subtotal pre-tax	2,436		371		739		(13)		3,533
Income tax expense	606		92		183		(4)		877
Total after tax effect	$	1,830	$	279	$	556	$	(9)	$	2,656

	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	588		43		(331)		1		301
Total after tax effect	$	1,800	$	132	$	(1,013)	$	2	$	921