Accumulated Other Comprehensive Income (AOCI)

3 Months Ended

Mar. 31, 2021

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

Accumulated Other Comprehensive Income (AOCI)

Accumulated Other Comprehensive Income (AOCI)The table below presents changes in the components of AOCI for the period December 31, 2020 to March 31, 2021:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2020	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)
Other comprehensive income/(loss) before reclassifications, net of tax	(15,955)		516		(343)		(15,782)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		1,095		1,095
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(7)		—		(7)
Net current period other comprehensive income	(15,955)		509		752		(14,694)
March 31, 2021	$	(99,158)	$	(39,152)	$	(8,792)	$	(147,102)

The table below presents changes in the components of AOCI for the period December 31, 2019 to March 31, 2020:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2019	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications, net of tax	(25,747)		792		(8,011)		(32,966)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		303		303
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		98		—		98
Net current period other comprehensive income	(25,747)		890		(7,708)		(32,565)
March 31, 2020	$	(148,599)	$	(49,104)	$	(10,843)	$	(208,546)

The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps.

The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three months ended March 31, 2021 and 2020:

	Three months ended March 31,
(in thousands)	2021		2020
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)	$	1,476	$	407
Income tax effect	(381)		(104)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	1,095	$	303
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	(1,119)		(1,114)
Amortization of net actuarial loss	1,109		1,244
Total pretax amount reclassified (b)	(10)		130
Income tax effect	3		(32)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(7)	$	98

(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 14 and 15).

(b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).