Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jul. 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 second quarter of 2022 and the second quarter of 2021:

(in thousands)	April 1, 2022		Pre-tax Activity		Tax Effect		July 1, 2022
Net pension activity:
Actuarial loss	$	(78,136)	$	988	$	(243)	$	(77,391)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,170)		91		(22)		(1,101)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(99,648)	$	1,079	$	(265)	$	(98,834)

(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 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 AOCI(L) for the first half of 2022 and the first half of 2021:

(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		July 1, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	1,977	$	(486)	$	(77,391)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		183		(45)		(1,101)
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)	$	2,160	$	(531)	$	(98,834)

(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)

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

	Second Quarter 2022
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	266	$	37	$	303
Selling, delivery and administrative expenses	722		54		776
Subtotal pre-tax	988		91		1,079
Income tax expense	243		22		265
Total after tax effect	$	745	$	69	$	814

	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

	First Half 2022
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	544	$	78	$	622
Selling, delivery and administrative expenses	1,433		105		1,538
Subtotal pre-tax	1,977		183		2,160
Income tax expense	486		45		531
Total after tax effect	$	1,491	$	138	$	1,629

	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