Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Currency Translation Adjustment
Beginning balance	$	(7,464)	$	(4,767)	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	3,792		(2,600)		(1,091)		836
Tax effect	—		—		—		—
Other comprehensive income (loss), net of tax	3,792		(2,600)		(1,091)		836
Ending balance	$	(3,672)	$	(7,367)	$	(3,672)	$	(7,367)
Hedging Adjustment
Beginning balance	$	24,534	$	25,485	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	(9,283)		10,715		2,596		17,924
Amounts reclassified from AOCI (a)	(3,194)		(2,735)		(10,350)		(7,354)
Tax effect (c)	3,102		(2,007)		1,928		(2,658)
Other comprehensive income (loss), net of tax	(9,375)		5,973		(5,826)		7,912
Ending balance	$	15,159	$	31,458	$	15,159	$	31,458
Pension and Other Postretirement Adjustment
Beginning balance	$	3,853	$	4,506	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	(59)		(129)		(49)		(158)
Amounts reclassified from AOCI (b)	(228)		(228)		(684)		(684)
Tax effect (c)	65		81		161		189
Other comprehensive income (loss), net of tax	(222)		(276)		(572)		(653)
Ending balance	$	3,631	$	4,230	$	3,631	$	4,230
Investments in Convertible Preferred Securities Adjustment
Ending balance	$	258	$	258	$	258	$	258
Total AOCI Ending Balance	$	15,376	$	28,579	$	15,376	$	28,579

(a)Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information.

(b)This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

(c)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.