Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 28, 2024

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 unrealized gains/losses on the Company’s short-term investments.

Following is a summary of AOCI(L) for the second quarter of 2024 and the second quarter of 2023:


(in thousands)	March 29, 2024		Pre-tax Activity		Tax Effect		June 28, 2024
Net pension activity:
Actuarial gain	$	533	$	—	$	—	$	533
Prior service costs	(94)		4		(1)		(91)
Net postretirement benefits activity:
Actuarial gain	741		26		(6)		761
Prior service costs	(624)		—		—		(624)
Unrealized loss on short-term investments	(176)		4		(1)		(173)
Reclassification of stranded tax effects	(4,809)		—		—		(4,809)
Total AOCI(L)	$	(4,429)	$	34	$	(8)	$	(4,403)

As of June 28, 2024, there were no gross actuarial losses or prior service costs included in accumulated other comprehensive loss associated with the Primary Plan, as the Primary Plan settlement was completed during 2023. All pension activity during 2024 was related to the Bargaining Plan.


(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)

Following is a summary of AOCI(L) for the first half of 2024 and the first half of 2023:


(in thousands)	December 31, 2023		Pre-tax Activity		Tax Effect		June 28, 2024
Net pension activity:
Actuarial gain	$	533	$	—	$	—	$	533
Prior service costs	(97)		8		(2)		(91)
Net postretirement benefits activity:
Actuarial gain	721		52		(12)		761
Prior service costs	(624)		—		—		(624)
Unrealized loss on short-term investments	—		(228)		55		(173)
Reclassification of stranded tax effects	(4,809)		—		—		(4,809)
Total AOCI(L)	$	(4,276)	$	(168)	$	41	$	(4,403)


(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)