Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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 2022, 2021 and 2020:


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	6,263	$	(1,533)	$	3,990	$	(978)	$	(71,140)
Prior service credits (costs)	11		(154)		38		—		—		(105)
Net postretirement benefits activity:
Actuarial gain (loss)	(1,239)		10,138		(2,481)		444		(110)		6,752
Prior service costs	(624)		—		—		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		11		(2)		—
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(100,463)	$	16,247	$	(3,976)	$	4,445	$	(1,090)	$	(84,837)


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2020		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2021
Net pension activity:
Actuarial loss	$	(93,847)	$	14,897	$	(3,658)	$	4,954	$	(1,228)	$	(78,882)
Prior service credits	8		—		—		3		—		11
Net postretirement benefits activity:
Actuarial loss	(4,328)		3,414		(838)		682		(169)		(1,239)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap(1)	(556)		—		—		739		(183)		—
Foreign currency translation adjustment	14		—		—		(32)		9		(9)
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(119,053)	$	18,311	$	(4,496)	$	6,346	$	(1,571)	$	(100,463)

(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 consolidated balance sheets.


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	(5,521)	$	1,369	$	4,619	$	(1,140)	$	(93,847)
Prior service credits (costs)	(7)		—		—		19		(4)		8
Net postretirement benefits activity:
Actuarial loss	(1,191)		(4,555)		1,129		383		(94)		(4,328)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap	(270)		—		—		(378)		92		(556)
Foreign currency translation adjustment	(16)		—		—		41		(11)		14
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	(10,076)	$	2,498	$	4,684	$	(1,157)	$	(119,053)

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


	Fiscal Year 2022
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,364	$	276	$	—	$	1,640
Selling, delivery and administrative expenses	2,626		168		11		2,805
Subtotal pre-tax	3,990		444		11		4,445
Income tax expense	978		110		2		1,090
Total after tax effect	$	3,012	$	334	$	9	$	3,355


	Fiscal Year 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,341	$	496	$	—	$	—	$	1,837
Selling, delivery and administrative expenses	3,616		186		739		(32)		4,509
Subtotal pre-tax	4,957		682		739		(32)		6,346
Income tax expense	1,228		169		183		(9)		1,571
Total after tax effect	$	3,729	$	513	$	556	$	(23)	$	4,775


	Fiscal Year 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,393	$	146	$	—	$	—	$	1,539
Selling, delivery and administrative expenses	3,245		237		(378)		41		3,145
Subtotal pre-tax	4,638		383		(378)		41		4,684
Income tax expense	1,144		94		(92)		11		1,157
Total after tax effect	$	3,494	$	289	$	(286)	$	30	$	3,527