Summary of Accumulated Other Comprehensive (Loss) |
A summary of AOCI(L) for the second quarter of 2020 and the second quarter of 2019 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | March 29, 2020 | | Pre-tax Activity | | Tax Effect | | June 28, 2020 | Net pension activity: | | | | | | | | | Actuarial loss | | $ | (92,278) | | | $ | 1,190 | | | $ | (293) | | | $ | (91,381) | | Prior service costs | | (3) | | | 4 | | | (1) | | | — | | Net postretirement benefits activity: | | | | | | | | | Actuarial loss | | (1,125) | | | 87 | | | (21) | | | (1,059) | | Prior service costs | | (624) | | | — | | | — | | | (624) | | Interest rate swap | | (1,285) | | | 3 | | | (1) | | | (1,283) | | Foreign currency translation adjustment | | (17) | | | 4 | | | (1) | | | (14) | | Reclassification of stranded tax effects | | (19,720) | | | — | | | — | | | (19,720) | | Total AOCI(L) | | $ | (115,052) | | | $ | 1,288 | | | $ | (317) | | | $ | (114,081) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | March 31, 2019 | | Pre-tax Activity | | Tax Effect | | June 30, 2019 | Net pension activity: | | | | | | | | | Actuarial loss | | $ | (72,011) | | | $ | 900 | | | $ | (221) | | | $ | (71,332) | | Prior service costs | | (20) | | | 7 | | | (2) | | | (15) | | Net postretirement benefits activity: | | | | | | | | | Actuarial loss | | (4,754) | | | 195 | | | (48) | | | (4,607) | | Prior service costs | | 107 | | | (322) | | | 79 | | | (136) | | Foreign currency translation adjustment | | (9) | | | 7 | | | (2) | | | (4) | | Reclassification of stranded tax effects | | (19,720) | | | — | | | — | | | (19,720) | | Total AOCI(L) | | $ | (96,407) | | | $ | 787 | | | $ | (194) | | | $ | (95,814) | |
A summary of AOCI(L) for the first half of 2020 and the first half of 2019 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | December 29, 2019 | | Pre-tax Activity | | Tax Effect | | June 28, 2020 | Net pension activity: | | | | | | | | | Actuarial loss | | $ | (93,174) | | | $ | 2,379 | | | $ | (586) | | | $ | (91,381) | | Prior service costs | | (7) | | | 9 | | | (2) | | | — | | Net postretirement benefits activity: | | | | | | | | | Actuarial loss | | (1,191) | | | 175 | | | (43) | | | (1,059) | | Prior service costs | | (624) | | | — | | | — | | | (624) | | Interest rate swap | | (270) | | | (1,344) | | | 331 | | | (1,283) | | Foreign currency translation adjustment | | (16) | | | 3 | | | (1) | | | (14) | | Reclassification of stranded tax effects | | (19,720) | | | — | | | — | | | (19,720) | | Total AOCI(L) | | $ | (115,002) | | | $ | 1,222 | | | $ | (301) | | | $ | (114,081) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | December 30, 2018 | | Pre-tax Activity | | Tax Effect | | June 30, 2019 | Net pension activity: | | | | | | | | | Actuarial loss | | $ | (72,690) | | | $ | 1,801 | | | $ | (443) | | | $ | (71,332) | | Prior service costs | | (24) | | | 12 | | | (3) | | | (15) | | Net postretirement benefits activity: | | | | | | | | | Actuarial loss | | (4,902) | | | 391 | | | (96) | | | (4,607) | | Prior service costs | | 351 | | | (646) | | | 159 | | | (136) | | Foreign currency translation adjustment | | — | | | (3) | | | (1) | | | (4) | | Reclassification of stranded tax effects | | — | | | — | | | (19,720) | | | (19,720) | | Total AOCI(L) | | $ | (77,265) | | | $ | 1,555 | | | $ | (20,104) | | | $ | (95,814) | |
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Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Statement of Operations |
A summary of the impact of AOCI(L) on certain statements of operations line items is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2020 | | | | | | | | | (in thousands) | | Net Pension Activity | | Net Postretirement Benefits Activity | | Interest Rate Swap | | Foreign Currency Translation Adjustment | | Total | Cost of sales | | $ | 360 | | | $ | 57 | | | $ | — | | | $ | — | | | $ | 417 | | Selling, delivery and administrative expenses | | 834 | | | 30 | | | 3 | | | 4 | | | 871 | | Subtotal pre-tax | | 1,194 | | | 87 | | | 3 | | | 4 | | | 1,288 | | Income tax expense | | 294 | | | 21 | | | 1 | | | 1 | | | 317 | | Total after tax effect | | $ | 900 | | | $ | 66 | | | $ | 2 | | | $ | 3 | | | $ | 971 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2019 | | | | | | | | | (in thousands) | | Net Pension Activity | | Net Postretirement Benefits Activity | | Interest Rate Swap | | Foreign Currency Translation Adjustment | | Total | Cost of sales | | $ | 266 | | | $ | (66) | | | $ | — | | | $ | — | | | $ | 200 | | Selling, delivery and administrative expenses | | 641 | | | (61) | | | — | | | 7 | | | 587 | | Subtotal pre-tax | | 907 | | | (127) | | | — | | | 7 | | | 787 | | Income tax expense (benefit) | | 223 | | | (31) | | | — | | | 2 | | | 194 | | Total after tax effect | | $ | 684 | | | $ | (96) | | | $ | — | | | $ | 5 | | | $ | 593 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Half 2020 | | | | | | | | | (in thousands) | | Net Pension Activity | | Net Postretirement Benefits Activity | | Interest Rate Swap | | Foreign Currency Translation Adjustment | | Total | Cost of sales | | $ | 694 | | | $ | 105 | | | $ | — | | | $ | — | | | $ | 799 | | Selling, delivery and administrative expenses | | 1,694 | | | 70 | | | (1,344) | | | 3 | | | 423 | | Subtotal pre-tax | | 2,388 | | | 175 | | | (1,344) | | | 3 | | | 1,222 | | Income tax expense (benefit) | | 588 | | | 43 | | | (331) | | | 1 | | | 301 | | Total after tax effect | | $ | 1,800 | | | $ | 132 | | | $ | (1,013) | | | $ | 2 | | | $ | 921 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Half 2019 | | | | | | | | | (in thousands) | | Net Pension Activity | | Net Postretirement Benefits Activity | | Interest Rate Swap | | Foreign Currency Translation Adjustment | | Total | Cost of sales | | $ | 529 | | | $ | (133) | | | $ | — | | | $ | — | | | $ | 396 | | Selling, delivery and administrative expenses | | 1,284 | | | (122) | | | — | | | (3) | | | 1,159 | | Subtotal pre-tax | | 1,813 | | | (255) | | | — | | | (3) | | | 1,555 | | Income tax expense (benefit) | | 446 | | | (63) | | | — | | | 1 | | | 384 | | Total after tax effect | | $ | 1,367 | | | $ | (192) | | | $ | — | | | $ | (4) | | | $ | 1,171 | |
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