Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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 first quarter of 2023 and the first quarter of 2022:

(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		March 31, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	973	$	(238)	$	(70,405)
Prior service costs	(105)		4		(1)		(102)
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)	$	977	$	(239)	$	(84,099)

(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		April 1, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	989	$	(243)	$	(78,136)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		92		(23)		(1,170)
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)	$	1,081	$	(266)	$	(99,648)

Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:

	First Quarter 2023
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	419	$	—	$	419
Selling, delivery and administrative expenses	558		—		558
Subtotal pre-tax	977		—		977
Income tax expense	239		—		239
Total after-tax effect	$	738	$	—	$	738

	First Quarter 2022
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Total
Cost of sales	$	278	$	41	$	319
Selling, delivery and administrative expenses	711		51		762
Subtotal pre-tax	989		92		1,081
Income tax expense	243		23		266
Total after-tax effect	$	746	$	69	$	815