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v3.22.2.2

Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Summary of Accumulated Other Comprehensive (Loss) | Following is a summary of AOCI(L) for the third quarter of 2022 and the third quarter of 2021:
(in thousands) |  | July 1, 2022 |  | Pre-tax Activity |  | Tax Effect |  | September 30, 2022
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (77,391) |  |  | $ | 989 |  |  | $ | (243) |  |  | $ | (76,645) |
Prior service credits |  | 11 |  |  | — |  |  | — |  |  | 11 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (1,101) |  |  | 92 |  |  | (23) |  |  | (1,032) |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Foreign currency translation adjustment |  | (9) |  |  | — |  |  | — |  |  | (9) |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (98,834) |  |  | $ | 1,081 |  |  | $ | (266) |  |  | $ | (98,019) |
(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) |
Following is a summary of AOCI(L) for the first nine months of 2022 and the first nine months of 2021:
(in thousands) |  | December 31, 2021 |  | Pre-tax Activity |  | Tax Effect |  | September 30, 2022
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (78,882) |  |  | $ | 2,966 |  |  | $ | (729) |  |  | $ | (76,645) |
Prior service credits |  | 11 |  |  | — |  |  | — |  |  | 11 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial loss |  | (1,239) |  |  | 275 |  |  | (68) |  |  | (1,032) |
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) |  |  | $ | 3,241 |  |  | $ | (797) |  |  | $ | (98,019) |
(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(1) |  | (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) |
(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.
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 2022
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  | Total
Cost of sales |  | $ | 265 |  |  | $ | 38 |  |  | $ | 303 |
Selling, delivery and administrative expenses |  | 724 |  |  | 54 |  |  | 778 |
Subtotal pre-tax |  | 989 |  |  | 92 |  |  | 1,081 |
Income tax expense |  | 243 |  |  | 23 |  |  | 266 |
Total after tax effect |  | $ | 746 |  |  | $ | 69 |  |  | $ | 815 |
|  | 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 |
|  | First Nine Months 2022
(in thousands) |  | Net Pension Activity |  | Net Postretirement Benefits Activity |  | Total
Cost of sales |  | $ | 809 |  |  | $ | 116 |  |  | $ | 925 |
Selling, delivery and administrative expenses |  | 2,157 |  |  | 159 |  |  | 2,316 |
Subtotal pre-tax |  | 2,966 |  |  | 275 |  |  | 3,241 |
Income tax expense |  | 729 |  |  | 68 |  |  | 797 |
Total after tax effect |  | $ | 2,237 |  |  | $ | 207 |  |  | $ | 2,444 |
|  | 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 |

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