Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 29, 2023

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

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

(in thousands)	June 30, 2023		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(72,626)	$	1,567	$	(384)	$	(71,443)
Prior service costs	(99)		4		(1)		(96)
Pension plan settlement(1)	30,041		77,319		(36,202)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects(1)	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(56,276)	$	78,890	$	(21,676)	$	938

(1)The stranded tax effect activity for the third quarter of 2023 is associated with the full settlement of the Primary Plan benefit liabilities.

(in thousands)	July 1, 2022		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(77,391)	$	989	$	(243)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,101)		92		(23)		(1,032)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(98,834)	$	1,081	$	(266)	$	(98,019)

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

(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	(401)	$	98	$	(71,443)
Prior service costs	(105)		12		(3)		(96)
Pension plan settlement	—		117,096		(45,938)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(84,837)	$	116,707	$	(30,932)	$	938

(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	2,966	$	(729)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		275		(68)		(1,032)
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)	$	3,241	$	(797)	$	(98,019)