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Accumulated Other Comprehensive Income (AOCI)
 12 Months Ended
Dec. 31, 2022
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 from January 1, 2020 to December 31, 2022:
(in thousands)
Translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Total Other Comprehensive Income
January 1, 2020$(122,852)$(49,994)$(3,135)$(175,981)
Other comprehensive income/(loss) before reclassifications39,649 (722)(9,363)29,564 
Pension/postretirement settlements and curtailments, net of tax— 283 — 283 
Pension/postretirement plan remeasurement, net of tax— 10,390 — 10,390 
Interest expense related to swaps reclassified to the Statements of Income, net of tax— — 2,954 2,954 
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax— 382 — 382 
Net current period other comprehensive income39,649 10,333 (6,409)43,573 
December 31, 2020
$(83,203)$(39,661)$(9,544)$(132,408)
Other comprehensive income/(loss) before reclassifications(22,677)1,869 2,812 (17,996)
Pension/postretirement plan remeasurement, net of tax— (796)— (796)
Interest expense related to swaps reclassified to the Statements of Income, net of tax— — 5,118 5,118 
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax— 98 — 98 
Net current period other comprehensive income(22,677)1,171 7,930 (13,576)
December 31, 2021
$(105,880)$(38,490)$(1,614)$(145,984)
Other comprehensive income/(loss) before reclassifications(40,971)— 18,971 (22,000)
Pension settlement expense, net of tax— 26,198 — 26,198 
Pension/postretirement plan remeasurement, net of tax— (2,663)— (2,663)
Interest expense related to swaps reclassified to the Statements of Income, net of tax— — 350 350 
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax— (828)— (828)
Net current period other comprehensive income(40,971)22,707 19,321 1,057 
December 31, 2022
$(146,851)$(15,783)$17,707 $(144,927)
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, and the line items of the Statement of Income that were affected for the years ended December 31, 2022, 2021, and 2020.
(in thousands)
202220212020
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)
$468 $6,852 $3,982 
Income tax effect
(118)(1,734)(1,028)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$350 $5,118 $2,954 
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments
$42,657 $— $411 
Amortization of prior service credit
(4,497)(4,475)(4,474)
Amortization of net actuarial loss
3,260 4,625 5,004 
Total pretax amount reclassified(b)
41,420 150 941 
Income tax effect
(16,051)(52)(276)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$25,369 $98 $665 
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(a)Included in interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 17 and 18).
(b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).