Accumulated Other Comprehensive Income (AOCI) (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of AOCI for the period December 31, 2022 to March 31, 2023:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	13,881		(441)		(494)		12,946
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(2,408)		(2,408)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(475)		—		(475)
Net current period other comprehensive income	13,881		(916)		(2,902)		10,063
March 31, 2023	$	(132,970)	$	(16,699)	$	14,805	$	(134,864)

The table below presents changes in the components of AOCI for the period December 31, 2021 to March 31, 2022:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications, net of tax	(1,730)		179		8,752		7,201
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		1,266		1,266
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(105)		—		(105)
Net current period other comprehensive income	(1,730)		74		10,018		8,362
March 31, 2022	$	(107,610)	$	(38,416)	$	8,404	$	(137,622)

Reclassification out of Accumulated Other Comprehensive Income

The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three months ended March 31, 2023 and 2022:

	Three months ended March 31,
(in thousands)	2023		2022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes	$	(3,223)	$	1,696
Income tax effect	815		(430)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(2,408)	$	1,266
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	(1,031)		(1,123)
Amortization of net actuarial loss	346		971
Total pretax amount reclassified (a)	(685)		(152)
Income tax effect	210		47
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(475)	$	(105)

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