Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Apr. 01, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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

Following is a summary of AOCI(L) for the first quarter of 2022 and the first quarter of 2021:

(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		April 1, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	989	$	(243)	$	(78,136)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		92		(23)		(1,170)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(100,463)	$	1,081	$	(266)	$	(99,648)

(in thousands)	December 31, 2020		Pre-tax Activity		Tax Effect		April 2, 2021
Net pension activity:
Actuarial loss	$	(93,847)	$	1,219	$	(303)	$	(92,931)
Prior service credits	8		1		—		9
Net postretirement benefits activity:
Actuarial loss	(4,328)		186		(46)		(4,188)
Prior service costs	(624)		—		—		(624)
Interest rate swap(1)	(556)		415		(103)		(244)
Foreign currency translation adjustment	14		(49)		12		(23)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(119,053)	$	1,772	$	(440)	$	(117,721)

(1)In 2019, the Company entered into a $100 million fixed rate swap to hedge a portion of the interest rate risk on its previous 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.

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

	First Quarter 2022
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	278	$	41	$	319
Selling, delivery and administrative expenses	711		51		762
Subtotal before taxes	989		92		1,081
Income tax expense	243		23		266
Total after tax effect	$	746	$	69	$	815

	First Quarter 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	348	$	103	$	—	$	—	$	451
Selling, delivery and administrative expenses	872		83		415		(49)		1,321
Subtotal before taxes	1,220		186		415		(49)		1,772
Income tax expense (benefit)	303		46		103		(12)		440
Total after tax effect	$	917	$	140	$	312	$	(37)	$	1,332