Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

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 formerly provided consulting services outside the United States.

Following is a summary of AOCI(L) for the second quarter of 2023 and the second quarter of 2022:

(in thousands)	March 31, 2023		Pre-tax Activity		Tax Effect		June 30, 2023
Net pension activity:
Actuarial loss	$	(70,405)	$	(2,941)	$	720	$	(72,626)
Prior service costs	(102)		4		(1)		(99)
Pension plan settlement	—		39,777		(9,736)		30,041
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(84,099)	$	36,840	$	(9,017)	$	(56,276)

(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)

Following is a summary of AOCI(L) for the first half of 2023 and the first half of 2022:

(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		June 30, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	(1,968)	$	482	$	(72,626)
Prior service costs	(105)		8		(2)		(99)
Pension plan settlement	—		39,777		(9,736)		30,041
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(84,837)	$	37,817	$	(9,256)	$	(56,276)

(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)

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

	Second Quarter 2023
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	416	$	—	$	416
Selling, delivery and administrative expenses	561		—		561
Subtotal pre-tax	977		—		977
Income tax expense	239		—		239
Total after-tax effect	$	738	$	—	$	738

	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

	First Half 2023
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	835	$	—	$	835
Selling, delivery and administrative expenses	1,119		—		1,119
Subtotal pre-tax	1,954		—		1,954
Income tax expense	478		—		478
Total after-tax effect	$	1,476	$	—	$	1,476

	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