Accumulated Other Comprehensive Income ("AOCI")

9 Months Ended

Sep. 30, 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 September 30, 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	(12,472)		(285)		298		(12,459)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(8,212)		(8,212)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		290		—		290
Net current period other comprehensive income	(12,472)		5		(7,914)		(20,381)
September 30, 2024	$	(137,373)	$	(17,341)	$	1,165	$	(153,549)

The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 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	(4,326)		(183)		3,386		(1,123)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(8,136)		(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(1,423)		—		(1,423)
Net current period other comprehensive income	(4,326)		(1,606)		(4,750)		(10,682)
September 30, 2023	$	(151,177)	$	(17,389)	$	12,957	$	(155,609)

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 and nine ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes	$	(2,675)	$	(3,990)	$	(10,893)	$	(10,891)
Income tax effect	658		1,009		2,681		2,755
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(2,017)	$	(2,981)	$	(8,212)	$	(8,136)

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

Amortization of prior service credit	$	(37)	$	(1,031)	$	(113)	$	(3,092)
Amortization of net actuarial loss	176		349		530		1,042
Total pre-tax amount reclassified (a)	139		(682)		417		(2,050)
Income tax effect	(42)		208		(127)		627
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	97	$	(474)	$	290	$	(1,423)

(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).