Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Other Comprehensive Income (Loss)

The other comprehensive income (loss) consists of the following components:

	Three Months Ended September 30
	2023						2022
	Before-Tax		Income		After-Tax		Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount		Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(19,474)	$	—	$	(19,474)	$	(44,260)	$	—	$	(44,260)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	410		(105)		305		716		(185)		531
Amortization of net actuarial gain included in net income	(10,473)		2,694		(7,779)		(18,083)		4,661		(13,422)
	(10,063)		2,589		(7,474)		(17,367)		4,476		(12,891)
Cash flow hedges:
(Losses) gains for the period	(3,824)		879		(2,945)		2,202		(506)		1,696
Other Comprehensive Loss	$	(33,361)	$	3,468	$	(29,893)	$	(59,425)	$	3,970	$	(55,455)

	Nine Months Ended September 30
	2023						2022
	Before-Tax		Income		After-Tax		Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount		Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(8,096)	$	—	$	(8,096)	$	(86,926)	$	—	$	(86,926)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	1,230		(316)		914		2,148		(554)		1,594
Amortization of net actuarial gain included in net income	(31,673)		8,147		(23,526)		(53,939)		13,902		(40,037)
	(30,443)		7,831		(22,612)		(51,791)		13,348		(38,443)
Cash flow hedges:
(Losses) gains for the period	(3,566)		820		(2,746)		4,935		(1,135)		3,800
Other Comprehensive Loss	$	(42,105)	$	8,651	$	(33,454)	$	(133,782)	$	12,213	$	(121,569)

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The accumulated balances related to each component of other comprehensive income (loss) are as follows:

(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
Balance as of December 31, 2022	$	(54,638)	$	388,591	$	2,198	$	336,151
Other comprehensive (loss) income before reclassifications	(8,096)		—		2,491		(5,605)
Net amount reclassified from accumulated other comprehensive income (loss)	—		(22,612)		(5,237)		(27,849)
Net other comprehensive loss	(8,096)		(22,612)		(2,746)		(33,454)
Balance as of September 30, 2023	$	(62,734)	$	365,979	$	(548)	$	302,697

Summary of Amounts and Line Items of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows:

	Three Months Ended   September 30				Nine Months Ended   September 30				Affected Line Item in the Condensed Consolidated Statements of Operations
(in thousands)	2023		2022		2023		2022
Pension and Other Postretirement Plans:
Amortization of net prior service cost	$	410	$	716	$	1,230	$	2,148	(1)
Amortization of net actuarial gain	(10,473)		(18,083)		(31,673)		(53,939)		(1)
	(10,063)		(17,367)		(30,443)		(51,791)		Before tax
	2,589		4,476		7,831		13,348		Provision for Income Taxes
	(7,474)		(12,891)		(22,612)		(38,443)		Net of Tax
Cash Flow Hedges	(4,828)		123		(5,237)		458		Interest expense
Total reclassification for the period	$	(12,302)	$	(12,768)	$	(27,849)	$	(37,985)	Net of Tax

____________

(1)    These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.