Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 is as follows:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Opening accumulated other comprehensive income (loss)	$	(6,050)	$	4,522	$	(4,379)
Pension and other postretirement benefits:
Balance at beginning of period, net of tax	$	2,682	$	5,058	$	(3,271)
(Loss) gain arising during the period	(2,299)		(2,397)		6,821
Amortization of prior service cost (1)	—		21		1,508
Balance at end of period, net of tax	383		2,682		5,058
Foreign currency translation adjustments:
Balance at beginning of period, net of tax	$	(26,650)	$	(3,136)	$	3,179
Cumulative translation adjustment	26,956		(90,482)		(6,315)
Derecognition of cumulative foreign currency translation upon deconsolidation of entity contributed to a joint venture	—		4,970		—
Derivative net investment hedges	(31,893)		61,998		—
Balance at end of period, net of tax	(31,587)		(26,650)		(3,136)
Designated derivatives:
Balance at beginning of period, net of tax	17,918		$	2,600	$	(4,287)
Cash flow hedge derivatives	8,532		21,505		11,626
Net amount reclassified from AOCI to net loss	(11,886)		(6,187)		(4,739)
Balance at end of period, net of tax	14,564		17,918		2,600
Closing accumulated other comprehensive (loss) income	$	(16,640)	$	(6,050)	$	4,522

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