Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 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 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.

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