Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive (Loss) Income

The Company reports activity in AOCI for foreign currency translation adjustments, including the translation adjustment for investments in partially owned entities, unrealized gains and losses on cash flow hedge derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Pension and other postretirement benefits:
(Loss) gain arising during the period	$	(118)	$	381	$	(57)	$	762
Amortization of prior service cost (1)	5		15		11		15
Total pension and other postretirement benefits, net of tax	$	(113)	$	396	$	(46)	$	777

Foreign currency translation adjustments:
Cumulative translation adjustment	$	(84,167)	$	7,026	$	(96,674)	$	(3,656)
Derecognition of cumulative foreign currency translation upon deconsolidation of entity contributed to a joint venture	4,970		—		4,970		—
Derivative net investment hedges	55,330		—		79,023		—
Total foreign currency translation (loss) gain	$	(23,867)	$	7,026	$	(12,681)	$	(3,656)

Designated derivatives:
Cash flow hedge derivatives	$	12,464	$	2,350	$	8,138	$	5,022
Net amount reclassified from AOCI to net (loss) gain (2) (3) (4)	(10,906)		(741)		(6,429)		(2,392)
Total unrealized gains on derivative contracts	$	1,558	$	1,609	$	1,709	$	2,630
Total change in other comprehensive (loss) income	$	(22,422)	$	9,031	$	(11,018)	$	(249)

(1)Amounts reclassified from AOCI for pension liabilities are recognized in “Selling, general and administrative” in the accompanying condensed consolidated statements of operations.

(2)Expense of a nominal amount will be reclassified to Interest Expense during each of the three months ended June 30, 2022 and 2021, and six months ended June 30, 2022 and 2021, related to derivatives designated as foreign exchange contracts.

(3)In conjunction with the termination of the interest rate swaps in 2020, the Company recorded $0.6 million in other comprehensive income that was reclassified as an adjustment to earnings during each of the three months ended June 30, 2022 and 2021 and $1.3 million and $1.4 million during the six months ended June 30, 2022 and 2021, respectively. The Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.

(4)Included in the three months ended June 30, 2022 and 2021, respectively, was $11.5 million and $1.6 million and during the six months ended June 30, 2022 and 2021, respectively, was $7.7 million and $4.0 million in net amount reclassified from AOCI to foreign exchange gain (loss), net which is included within “Other, net” in the condensed consolidated statements of operations.