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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Oct. 01, 2021

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 provides consulting services outside the United States.

Following is a summary of AOCI(L) for the third quarter of 2021 and the third quarter of 2020:

(in thousands)						July 2, 2021						Pre-tax Activity						Tax Effect						October 1, 2021
Net pension activity:
Actuarial loss						$	(92,018)					$	1,219					$	(303)					$	(91,102)
Prior service credits						9						1						—						10
Net postretirement benefits activity:
Actuarial loss						(4,049)						186						(46)						(3,909)
Prior service costs						(624)						—						—						(624)
Foreign currency translation adjustment						5						(8)						2						(1)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(116,397)					$	1,398					$	(347)					$	(115,346)

(in thousands)						June 28, 2020						Pre-tax Activity						Tax Effect						September 27, 2020
Net pension activity:
Actuarial loss						$	(91,381)					$	1,189					$	(293)					$	(90,485)
Prior service credits						—						5						(1)						4
Net postretirement benefits activity:
Actuarial loss						(1,059)						88						(22)						(993)
Prior service costs						(624)						—						—						(624)
Interest rate swap(1)						(1,283)						402						(99)						(980)
Foreign currency translation adjustment						(14)						15						(4)						(3)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(114,081)					$	1,699					$	(419)					$	(112,801)

(1)In 2019, the Company entered into a $100 million fixed rate swap to hedge a portion of the interest rate risk on the 2016 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 condensed consolidated balance sheets.

Following is a summary of AOCI(L) for the first nine months of 2021 and the first nine months of 2020:

(in thousands)						December 31, 2020						Pre-tax Activity						Tax Effect						October 1, 2021
Net pension activity:
Actuarial loss						$	(93,847)					$	3,654					$	(909)					$	(91,102)
Prior service credits						8						2						—						10
Net postretirement benefits activity:
Actuarial loss						(4,328)						557						(138)						(3,909)
Prior service costs						(624)						—						—						(624)
Interest rate swap						(556)						739						(183)						—
Foreign currency translation adjustment						14						(21)						6						(1)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(119,053)					$	4,931					$	(1,224)					$	(115,346)

(in thousands)						December 29, 2019						Pre-tax Activity						Tax Effect						September 27, 2020
Net pension activity:
Actuarial loss						$	(93,174)					$	3,568					$	(879)					$	(90,485)
Prior service credits (costs)						(7)						14						(3)						4
Net postretirement benefits activity:
Actuarial loss						(1,191)						263						(65)						(993)
Prior service costs						(624)						—						—						(624)
Interest rate swap						(270)						(942)						232						(980)
Foreign currency translation adjustment						(16)						18						(5)						(3)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(115,002)					$	2,921					$	(720)					$	(112,801)

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

						Third Quarter 2021
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Foreign Currency Translation Adjustment						Total
Cost of sales						$	364					$	97					$	—					$	461
Selling, delivery and administrative expenses						856						89						(8)						937
Subtotal pre-tax						1,220						186						(8)						1,398
Income tax expense						303						46						(2)						347
Total after tax effect						$	917					$	140					$	(6)					$	1,051

						Third Quarter 2020
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	363					$	55					$	—					$	—					$	418
Selling, delivery and administrative expenses						831						33						402						15						1,281
Subtotal pre-tax						1,194						88						402						15						1,699
Income tax expense						294						22						99						4						419
Total after tax effect						$	900					$	66					$	303					$	11					$	1,280

						First Nine Months 2021
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	1,068					$	304					$	—					$	—					$	1,372
Selling, delivery and administrative expenses						2,588						253						739						(21)						3,559
Subtotal pre-tax						3,656						557						739						(21)						4,931
Income tax expense						909						138						183						(6)						1,224
Total after tax effect						$	2,747					$	419					$	556					$	(15)					$	3,707

						First Nine Months 2020
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	1,057					$	160					$	—					$	—					$	1,217
Selling, delivery and administrative expenses						2,525						103						(942)						18						1,704
Subtotal pre-tax						3,582						263						(942)						18						2,921
Income tax expense						882						65						(232)						5						720
Total after tax effect						$	2,700					$	198					$	(710)					$	13					$	2,201

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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