Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jul. 01, 2022

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

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)

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 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