| Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (“AOCI(L)”) is composed of adjustments to the Company’s pension and postretirement medical benefit plans, unrealized gains/losses on the Company’s interest rate swap agreements and unrealized gains/losses on the Company’s available-for-sale short-term investments.
Following is a summary of AOCI(L) for the first quarter of 2026 and the first quarter of 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (Losses) During the Period | | Reclassification to Income | | | | (in thousands) | | December 31, 2025 | | Pre-tax Activity | | Tax Effect | | Pre-tax Activity | | Tax Effect | | April 3, 2026 | | Net pension activity: | | | | | | | | | | | | | | Actuarial gain | | $ | 4,439 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,439 | | | Prior service costs | | (167) | | | — | | | — | | | 9 | | | (3) | | | (161) | | | Net postretirement benefits activity: | | | | | | | | | | | | | | Actuarial loss | | (4,844) | | | — | | | — | | | 243 | | | (59) | | | (4,660) | | | Prior service costs | | (624) | | | — | | | — | | | — | | | — | | | (624) | | | Interest rate swaps | | — | | | 1,521 | | | (373) | | | — | | | — | | | 1,148 | | | | | | | | | | | | | | | | Reclassification of stranded tax effects | | (4,809) | | | — | | | — | | | — | | | — | | | (4,809) | | | Total AOCI(L) | | $ | (6,005) | | | $ | 1,521 | | | $ | (373) | | | $ | 252 | | | $ | (62) | | | $ | (4,667) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (Losses) During the Period | | Reclassification to Income | | | | (in thousands) | | December 31, 2024 | | Pre-tax Activity | | Tax Effect | | Pre-tax Activity | | Tax Effect | | March 28, 2025 | | Net pension activity: | | | | | | | | | | | | | | Actuarial gain | | $ | 4,418 | | | $ | — | | | $ | — | | | $ | (9) | | | $ | 3 | | | $ | 4,412 | | | Prior service costs | | (85) | | | — | | | — | | | 4 | | | (1) | | | (82) | | | Net postretirement benefits activity: | | | | | | | | | | | | | | Actuarial gain | | 2,960 | | | — | | | — | | | — | | | — | | | 2,960 | | | Prior service costs | | (624) | | | — | | | — | | | — | | | — | | | (624) | | | Unrealized gain on short-term investments | | 25 | | | (14) | | | 3 | | | — | | | — | | | 14 | | | Reclassification of stranded tax effects | | (4,809) | | | — | | | — | | | — | | | — | | | (4,809) | | | Total AOCI(L) | | $ | 1,885 | | | $ | (14) | | | $ | 3 | | | $ | (5) | | | $ | 2 | | | $ | 1,871 | |
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