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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 28, 2024
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 unrealized gains/losses on the Company’s short-term investments. Following is a summary of AOCI(L) for the second quarter of 2024 and the second quarter of 2023:
(in thousands) |  | March 29, 2024 |  | Pre-tax Activity |  | Tax Effect |  | June 28, 2024
Net pension activity: |  |  |  |  |  |  |  |
Actuarial gain |  | $ | 533 |  |  | $ | — |  |  | $ | — |  |  | $ | 533 |
Prior service costs |  | (94) |  |  | 4 |  |  | (1) |  |  | (91) |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial gain |  | 741 |  |  | 26 |  |  | (6) |  |  | 761 |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Unrealized loss on short-term investments |  | (176) |  |  | 4 |  |  | (1) |  |  | (173) |
Reclassification of stranded tax effects |  | (4,809) |  |  | — |  |  | — |  |  | (4,809) |
Total AOCI(L) |  | $ | (4,429) |  |  | $ | 34 |  |  | $ | (8) |  |  | $ | (4,403) |
As of June 28, 2024, there were no gross actuarial losses or prior service costs included in accumulated other comprehensive loss associated with the Primary Plan, as the Primary Plan settlement was completed during 2023. All pension activity during 2024 was related to the Bargaining Plan.
(in thousands) |  | March 31, 2023 |  | Pre-tax Activity |  | Tax Effect |  | June 30, 2023
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (70,405) |  |  | $ | (2,941) |  |  | $ | 720 |  |  | $ | (72,626) |
Prior service costs |  | (102) |  |  | 4 |  |  | (1) |  |  | (99) |
Pension plan settlement |  | — |  |  | 39,777 |  |  | (9,736) |  |  | 30,041 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial gain |  | 6,752 |  |  | — |  |  | — |  |  | 6,752 |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (84,099) |  |  | $ | 36,840 |  |  | $ | (9,017) |  |  | $ | (56,276) |
Following is a summary of AOCI(L) for the first half of 2024 and the first half of 2023:
(in thousands) |  | December 31, 2023 |  | Pre-tax Activity |  | Tax Effect |  | June 28, 2024
Net pension activity: |  |  |  |  |  |  |  |
Actuarial gain |  | $ | 533 |  |  | $ | — |  |  | $ | — |  |  | $ | 533 |
Prior service costs |  | (97) |  |  | 8 |  |  | (2) |  |  | (91) |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial gain |  | 721 |  |  | 52 |  |  | (12) |  |  | 761 |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Unrealized loss on short-term investments |  | — |  |  | (228) |  |  | 55 |  |  | (173) |
Reclassification of stranded tax effects |  | (4,809) |  |  | — |  |  | — |  |  | (4,809) |
Total AOCI(L) |  | $ | (4,276) |  |  | $ | (168) |  |  | $ | 41 |  |  | $ | (4,403) |
(in thousands) |  | December 31, 2022 |  | Pre-tax Activity |  | Tax Effect |  | June 30, 2023
Net pension activity: |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (71,140) |  |  | $ | (1,968) |  |  | $ | 482 |  |  | $ | (72,626) |
Prior service costs |  | (105) |  |  | 8 |  |  | (2) |  |  | (99) |
Pension plan settlement |  | — |  |  | 39,777 |  |  | (9,736) |  |  | 30,041 |
Net postretirement benefits activity: |  |  |  |  |  |  |  |
Actuarial gain |  | 6,752 |  |  | — |  |  | — |  |  | 6,752 |
Prior service costs |  | (624) |  |  | — |  |  | — |  |  | (624) |
Reclassification of stranded tax effects |  | (19,720) |  |  | — |  |  | — |  |  | (19,720) |
Total AOCI(L) |  | $ | (84,837) |  |  | $ | 37,817 |  |  | $ | (9,256) |  |  | $ | (56,276) |

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