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Accumulated Other Comprehensive Income ("AOCI")
 12 Months Ended
Dec. 31, 2024
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, 2022 to December 31, 2024:
(in thousands)
Translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Total Other Comprehensive Income
January 1, 2022$(105,880)$(38,490)$(1,614)$(145,984)
Other comprehensive income/(loss) before reclassifications(40,971)— 18,971 (22,000)
Pension/postretirement settlements and curtailments, 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 reclassifications21,950 (3,357)2,623 21,216 
Pension settlement expense, net of tax— — — — 
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 income21,950 (1,563)(8,628)11,759 
December 31, 2023
$(124,901)$(17,346)$9,079 $(133,168)
Other comprehensive income/(loss) before reclassifications(56,654)103 943 (55,608)
Pension/postretirement plan remeasurement, net of tax— 2,605 — 2,605 
Interest expense related to swaps reclassified to the Statements of Income, net of tax— — (10,128)(10,128)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax— 310 — 310 
Net current period other comprehensive income(56,654)3,018 (9,185)(62,821)
December 31, 2024
$(181,555)$(14,328)$(106)$(195,989)
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, 2024, 2023, and 2022.
(in thousands)
202420232022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
(Income)/Expense related to interest rate swaps included in Income before taxes(a)
$(13,547)$(15,062)$468 
Income tax effect
3,419 3,811 (118)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$(10,128)$(11,251)$350 
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments
$— $— $42,657 
Amortization of prior service credit
(150)(4,122)(4,497)
Amortization of net actuarial loss
613 1,383 3,260 
Total pretax amount reclassified(b)
463 (2,739)41,420 
Income tax effect
(153)904 (16,051)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$310 $(1,835)$25,369 
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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).