Accumulated Other Comprehensive Income ("AOCI")

3 Months Ended

Mar. 31, 2024

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

Accumulated Other Comprehensive Income ("AOCI")

The table below presents changes in the components of AOCI for the period from December 31, 2023 to March 31, 2024:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax	(12,116)		285		892		(10,939)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(3,016)		(3,016)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		97		—		97
Net current period other comprehensive income	(12,116)		382		(2,124)		(13,858)
March 31, 2024	$	(137,017)	$	(16,964)	$	6,955	$	(147,026)

The table below presents changes in the components of AOCI for the period from 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)/income 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 components of AOCI that are reclassified to the Consolidated Statements 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 Consolidated Statements of Income that were affected for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
(in thousands)	2024		2023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Other (income)/expense, net related to interest rate swaps included in Income before taxes	$	(4,038)	$	(3,223)
Income tax effect	1,022		815
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(3,016)	$	(2,408)

Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:

Amortization of prior service credit	$	(38)	$	(1,031)
Amortization of net actuarial loss	178		346
Total pre-tax amount reclassified (a)	140		(685)
Income tax effect	(43)		210
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	97	$	(475)

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).