Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 29, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

22.Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments relative to the Company’s pension and postretirement medical benefit plans and foreign currency translation adjustments required for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States.

A summary of AOCI(L) for the third quarter of 2019 and the third quarter of 2018 is as follows:

(in thousands)	June 30, 2019			Pre-tax Activity			Tax Effect			September 29, 2019
Net pension activity:
Actuarial loss	$	(71,332	)	$	901		$	(222	)	$	(70,653	)
Prior service costs		(15	)		5			(1	)		(11	)
Net postretirement benefits activity:
Actuarial loss		(4,607	)		196			(48	)		(4,459	)
Prior service costs		(136	)		(324	)		80			(380	)
Interest rate swap		-			(496	)		122			(374	)
Foreign currency translation adjustment		(4	)		(23	)		6			(21	)
Reclassification of stranded tax effects		(19,720	)		-			-			(19,720	)
Total	$	(95,814	)	$	259		$	(63	)	$	(95,618	)

(in thousands)	July 1, 2018			Pre-tax Activity			Tax Effect			September 30, 2018
Net pension activity:
Actuarial loss	$	(77,212	)	$	934		$	(231	)	$	(76,509	)
Prior service costs		(34	)		6			(2	)		(30	)
Net postretirement benefits activity:
Actuarial loss		(16,547	)		499			(123	)		(16,171	)
Prior service costs		1,048			(462	)		114			700
Foreign currency translation adjustment		8			(2	)		1			7
Total	$	(92,737	)	$	975		$	(241	)	$	(92,003	)

A summary of AOCI(L) for the first nine months of 2019 and the first nine months of 2018 is as follows:

(in thousands)	December 30, 2018			Pre-tax Activity			Tax Effect			September 29, 2019
Net pension activity:
Actuarial loss	$	(72,690	)	$	2,702		$	(665	)	$	(70,653	)
Prior service costs		(24	)		17			(4	)		(11	)
Net postretirement benefits activity:
Actuarial loss		(4,902	)		587			(144	)		(4,459	)
Prior service costs		351			(970	)		239			(380	)
Interest rate swap		-			(496	)		122			(374	)
Foreign currency translation adjustment		-			(26	)		5			(21	)
Reclassification of stranded tax effects		-			-			(19,720	)		(19,720	)
Total	$	(77,265	)	$	1,814		$	(20,167	)	$	(95,618	)

(in thousands)	December 31, 2017			Pre-tax Activity			Tax Effect			September 30, 2018
Net pension activity:
Actuarial loss	$	(78,618	)	$	2,800		$	(691	)	$	(76,509	)
Prior service costs		(43	)		18			(5	)		(30	)
Net postretirement benefits activity:
Actuarial loss		(17,299	)		1,497			(369	)		(16,171	)
Prior service costs		1,744			(1,386	)		342			700
Foreign currency translation adjustment		14			(10	)		3			7
Total	$	(94,202	)	$	2,919		$	(720	)	$	(92,003	)

A summary of the impact of AOCI(L) on certain statements of operations line items is as follows:

	Third Quarter 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity			Interest Rate Swap			Foreign Currency Translation Adjustment			Total
Cost of sales	$	265	$	(67	)	$	-		$	-		$	198
Selling, delivery and administrative expenses		641		(61	)		(496	)		(23	)		61
Subtotal pre-tax		906		(128	)		(496	)		(23	)		259
Income tax expense		223		(32	)		(122	)		(6	)		63
Total after tax effect	$	683	$	(96	)	$	(374	)	$	(17	)	$	196

	Third Quarter 2018
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Foreign Currency Translation Adjustment			Total
Cost of sales	$	217	$	6	$	-		$	223
Selling, delivery and administrative expenses		723		31		(2	)		752
Subtotal pre-tax		940		37		(2	)		975
Income tax expense		233		9		(1	)		241
Total after tax effect	$	707	$	28	$	(1	)	$	734

	First Nine Months 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity			Interest Rate Swap			Foreign Currency Translation Adjustment			Total
Cost of sales	$	794	$	(200	)	$	-		$	-		$	594
Selling, delivery and administrative expenses		1,925		(183	)		(496	)		(26	)		1,220
Subtotal pre-tax		2,719		(383	)		(496	)		(26	)		1,814
Income tax expense		669		(95	)		(122	)		(5	)		447
Total after tax effect	$	2,050	$	(288	)	$	(374	)	$	(21	)	$	1,367

	First Nine Months 2018
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Foreign Currency Translation Adjustment			Total
Cost of sales	$	648	$	19	$	-		$	667
Selling, delivery and administrative expenses		2,170		92		(10	)		2,252
Subtotal pre-tax		2,818		111		(10	)		2,919
Income tax expense		696		27		(3	)		720
Total after tax effect	$	2,122	$	84	$	(7	)	$	2,199