Accumulated Other Comprehensive Loss |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Accumulated Other Comprehensive Loss | 4. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows (in thousands):
(1)The amounts reclassified from accumulated other comprehensive loss were included in other income (expense) in the consolidated statements of operations. In January 2026, the Company entered into an approximately $26.7 million buy-in contract covering the benefit obligations of its frozen U.K. defined benefit pension plan. The transaction was funded from existing plan assets and did not result in a change to the plan’s projected benefit obligation. Under the buy-in contract, substantially all of the plan’s assets were used to purchase a group annuity contract, which is intended to reduce the plan’s exposure to investment volatility risks. The Company expects the transaction to progress to a corresponding buy-out in the second half of 2027. A buy-out is expected to result in a pension settlement, and if a settlement is triggered, the Company would recognize a non-cash settlement charge in earnings for the remaining plan balances, including amounts recorded in accumulated other comprehensive income. |
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