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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jul. 01, 2022
Equity [Abstract] |
Summary of Accumulated Other Comprehensive (Loss) | 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) |
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:
|  | 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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