Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss)

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 designated derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Pension and other postretirement benefits:
Balance at beginning of period, net of tax	$	2,936	$	4,956	$	2,626	$	5,002
(Loss) gain arising during the period	(832)		61		(522)		4
Amortization of prior service cost (1)	—		5		—		16
Net (loss) gain on pension and other postretirement benefits	(832)		66		(522)		20
Balance at end of period, net of tax	$	2,104	$	5,022	$	2,104	$	5,022

Foreign currency translation adjustments:
Balance at beginning of period, net of tax	$	(20,272)	$	(15,762)	$	(26,594)	$	(3,080)
Cumulative translation adjustment	(46,262)		(91,178)		(21,034)		(187,853)
Derecognition of cumulative foreign currency translation upon deconsolidation of entity contributed to a joint venture	—		—		—		4,970
Derivative net investment hedges	35,795		66,140		16,889		145,163
Net loss on foreign currency translation	(10,467)		(25,038)		(4,145)		(37,720)
Balance at end of period, net of tax	$	(30,739)	$	(40,800)	$	(30,739)	$	(40,800)

Designated derivatives:
Balance at beginning of period, net of tax	$	27,713	$	4,310	$	17,918	$	2,600
Cash flow hedge derivatives	19,625		17,949		37,082		26,291
Net amount reclassified from AOCI to net loss	(7,244)		(9,675)		(14,906)		(16,307)
Net gain on designated derivatives	12,381		8,274		22,176		9,984
Balance at end of period, net of tax	$	40,094	$	12,584	$	40,094	$	12,584
Closing accumulated other comprehensive income (loss)	$	11,459	$	(23,194)	$	11,459	$	(23,194)

(1)Amounts reclassified from AOCI for pension liabilities are recognized in “Selling, general and administrative” in the accompanying Condensed Consolidated Statements of Operations.