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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jul. 01, 2022
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 second quarter of 2022 and the second quarter of 2021:
(in thousands) |  | April 1, 2022 |  | Pre-tax Activity |  | Tax Effect |  | July 1, 2022
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (78,136) |  |  | $ | 988 |  |  | $ | (243) |  |  | $ | (77,391) |
Prior service credits |  | 11 |  |  | — |  |  | — |  |  | 11 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (1,170) |  |  | 91 |  |  | (22) |  |  | (1,101) |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Foreign currency translation adjustment |  | (9) |  |  | — |  |  | — |  |  | (9) |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (99,648) |  |  | $ | 1,079 |  |  | $ | (265) |  |  | $ | (98,834) |
(in thousands) |  | April 2, 2021 |  | Pre-tax Activity |  | Tax Effect |  | July 2, 2021
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (92,931) |  |  | $ | 1,216 |  |  | $ | (303) |  |  | $ | (92,018) |
Prior service credits |  | 9 |  |  | — |  |  | — |  |  | 9 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (4,188) |  |  | 185 |  |  | (46) |  |  | (4,049) |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Interest rate swap(1) |  | (244) |  |  | 324 |  |  | (80) |  |  | — |
Foreign currency translation adjustment |  | (23) |  |  | 36 |  |  | (8) |  |  | 5 |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (117,721) |  |  | $ | 1,761 |  |  | $ | (437) |  |  | $ | (116,397) |
(1)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 condensed consolidated balance sheets. Following is a summary of AOCI(L) for the first half of 2022 and the first half of 2021:
(in thousands) |  | December 31, 2021 |  | Pre-tax Activity |  | Tax Effect |  | July 1, 2022
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (78,882) |  |  | $ | 1,977 |  |  | $ | (486) |  |  | $ | (77,391) |
Prior service credits |  | 11 |  |  | — |  |  | — |  |  | 11 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (1,239) |  |  | 183 |  |  | (45) |  |  | (1,101) |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Foreign currency translation adjustment |  | (9) |  |  | — |  |  | — |  |  | (9) |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (100,463) |  |  | $ | 2,160 |  |  | $ | (531) |  |  | $ | (98,834) |
(in thousands) |  | December 31, 2020 |  | Pre-tax Activity |  | Tax Effect |  | July 2, 2021
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (93,847) |  |  | $ | 2,435 |  |  | $ | (606) |  |  | $ | (92,018) |
Prior service credits |  | 8 |  |  | 1 |  |  | — |  |  | 9 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (4,328) |  |  | 371 |  |  | (92) |  |  | (4,049) |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Interest rate swap |  | (556) |  |  | 739 |  |  | (183) |  |  | — |
Foreign currency translation adjustment |  | 14 |  |  | (13) |  |  | 4 |  |  | 5 |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (119,053) |  |  | $ | 3,533 |  |  | $ | (877) |  |  | $ | (116,397) |
Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:
|  | Second Quarter 2022
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  |  |  | Total
Cost of sales |  | $ | 266 |  |  | $ | 37 |  |  |  |  | $ | 303 |
Selling, delivery and administrative expenses |  | 722 |  |  | 54 |  |  |  |  | 776 |
Subtotal pre-tax |  | 988 |  |  | 91 |  |  |  |  | 1,079 |
Income tax expense |  | 243 |  |  | 22 |  |  |  |  | 265 |
Total after tax effect |  | $ | 745 |  |  | $ | 69 |  |  |  |  | $ | 814 |
|  | Second Quarter 2021
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  | Interest Rate Swap |  | Foreign Currency Translation Adjustment |  | Total
Cost of sales |  | $ | 356 |  |  | $ | 104 |  |  | $ | — |  |  | $ | — |  |  | $ | 460 |
Selling, delivery and administrative expenses |  | 860 |  |  | 81 |  |  | 324 |  |  | 36 |  |  | 1,301 |
Subtotal pre-tax |  | 1,216 |  |  | 185 |  |  | 324 |  |  | 36 |  |  | 1,761 |
Income tax expense |  | 303 |  |  | 46 |  |  | 80 |  |  | 8 |  |  | 437 |
Total after tax effect |  | $ | 913 |  |  | $ | 139 |  |  | $ | 244 |  |  | $ | 28 |  |  | $ | 1,324 |
|  | First Half 2022
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  |  |  | Total
Cost of sales |  | $ | 544 |  |  | $ | 78 |  |  |  |  | $ | 622 |
Selling, delivery and administrative expenses |  | 1,433 |  |  | 105 |  |  |  |  | 1,538 |
Subtotal pre-tax |  | 1,977 |  |  | 183 |  |  |  |  | 2,160 |
Income tax expense |  | 486 |  |  | 45 |  |  |  |  | 531 |
Total after tax effect |  | $ | 1,491 |  |  | $ | 138 |  |  |  |  | $ | 1,629 |
|  | First Half 2021
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  | Interest Rate Swap |  | Foreign Currency Translation Adjustment |  | Total
Cost of sales |  | $ | 704 |  |  | $ | 207 |  |  | $ | — |  |  | $ | — |  |  | $ | 911 |
Selling, delivery and administrative expenses |  | 1,732 |  |  | 164 |  |  | 739 |  |  | (13) |  |  | 2,622 |
Subtotal pre-tax |  | 2,436 |  |  | 371 |  |  | 739 |  |  | (13) |  |  | 3,533 |
Income tax expense |  | 606 |  |  | 92 |  |  | 183 |  |  | (4) |  |  | 877 |
Total after tax effect |  | $ | 1,830 |  |  | $ | 279 |  |  | $ | 556 |  |  | $ | (9) |  |  | $ | 2,656 |

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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 https://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 https://asc.fasb.org/extlink&oid=126953954&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 https://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 https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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