Accumulated Other Comprehensive Income ("AOCI") (Tables)

12 Months Ended

Dec. 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 from January 1, 2021 to December 31, 2023:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2021	$	(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)
Other comprehensive income/(loss) before reclassifications	21,950		(3,357)		2,623		21,216
Pension/postretirement plan remeasurement, net of tax	—		3,629		—		3,629
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		(11,251)		(11,251)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(1,835)		—		(1,835)
Net current period other comprehensive income	21,950		(1,563)		(8,628)		11,759
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)

Schedule of Items Reclassified to Statement of Income

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, 2023, 2022, and 2021.

(in thousands)	2023		2022		2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
(Income)/Expense related to interest rate swaps included in Income before taxes(a)	$	(15,062)	$	468	$	6,852
Income tax effect	3,811		(118)		(1,734)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(11,251)	$	350	$	5,118
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	—	$	42,657	$	—
Amortization of prior service credit	(4,122)		(4,497)		(4,475)
Amortization of net actuarial loss	1,383		3,260		4,625
Total pretax amount reclassified(b)	(2,739)		41,420		150
Income tax effect	904		(16,051)		(52)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(1,835)	$	25,369	$	98

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(a)Reported as Interest expense, net in our Consolidated Statements of Income, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 17, Financial Instruments, and Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements).

(b)Reported as Other (income)/expense, net in our Consolidated Statements of Income, the accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements).