Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 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 2023, 2022 and 2021:

			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	3,036	$	(744)	$	1,946	$	(476)	$	(67,378)
Prior service costs	(105)		(5)		1		16		(4)		(97)
Pension plan settlement(1)	—		—		—		112,796		(44,885)		67,911
Net postretirement benefits activity:
Actuarial gain	6,752		(7,986)		1,955		—		—		721
Prior service costs	(624)		—		—		—		—		(624)
Reclassification of stranded tax effects(1)	(19,720)		—		—		—		14,911		(4,809)
Total AOCI(L)	$	(84,837)	$	(4,955)	$	1,212	$	114,758	$	(30,454)	$	(4,276)

			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 (loss) gain	(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(2)	(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)The stranded tax effect activity for 2023 is associated with the full settlement of the Primary Plan benefit liabilities.

(2)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.