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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Oct. 01, 2021

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

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)

Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Statement of Operations

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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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

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