Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 28, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is composed 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 first quarter of 2025 and the first quarter of 2024:

(in thousands)	December 31, 2024		Pre-tax Activity		Tax Effect		March 28, 2025
Net pension activity:
Actuarial gain	$	4,418	$	(9)	$	3	$	4,412
Prior service costs	(85)		4		(1)		(82)
Net postretirement benefits activity:
Actuarial gain	2,960		—		—		2,960
Prior service costs	(624)		—		—		(624)
Unrealized gain on short-term investments	25		(14)		3		14
Reclassification of stranded tax effects	(4,809)		—		—		(4,809)
Total AOCI(L)	$	1,885	$	(19)	$	5	$	1,871

(in thousands)	December 31, 2023		Pre-tax Activity		Tax Effect		March 29, 2024
Net pension activity:
Actuarial gain	$	533	$	—	$	—	$	533
Prior service costs	(97)		4		(1)		(94)
Net postretirement benefits activity:
Actuarial gain	721		26		(6)		741
Prior service costs	(624)		—		—		(624)
Unrealized loss on short-term investments	—		(232)		56		(176)
Reclassification of stranded tax effects	(4,809)		—		—		(4,809)
Total AOCI(L)	$	(4,276)	$	(202)	$	49	$	(4,429)