Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is reported in our Condensed Consolidated Statements of Stockholders’ Equity.  Amounts included in accumulated other comprehensive loss, net of tax, were as follows:

 

	Unrecognized Net Defined Benefit Plan Costs		Change in Fair Value of Derivatives		Foreign Currency Translation		Total
	(Dollars in thousands)
Balance at December 31, 2024	$	(129,988)	$	(5,039)	$	(218,330)	$	(353,357)
Other comprehensive income before reclassifications	—		(871)		117,169		116,298
Amounts reclassified from accumulated other     comprehensive loss	2,825		(1,145)		—		1,680
Other comprehensive income	2,825		(2,016)		117,169		117,978
Balance at June 30, 2025	$	(127,163)	$	(7,055)	$	(101,161)	$	(235,379)

The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and six months ended June 30, 2025 were net (losses) of $(1.8) million and $(3.6) million, respectively, excluding income tax benefits of $0.4 million and $0.8 million, respectively. For the three and six months ended June 30, 2025, these net (losses) consisted primarily of amortization of net actuarial (losses) of $(1.8) million and $(3.6) million, respectively. Amortization of net actuarial losses and net prior service credit was recorded in other pension and postretirement income in our Condensed Consolidated Statements of Income. See Note 10 for further information.

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and six months ended June 30, 2025 were not significant.

Other comprehensive income before reclassifications related to foreign currency translation for the three and six months ended June 30, 2025 consisted of (i) foreign currency gains related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S. dollar of $145.5 million and $225.4 million, respectively, and (ii) foreign currency (losses) related to our net investment hedges of $(96.7) million and $(141.7) million, respectively, excluding income tax benefits of $22.9 million and $33.5 million, respectively. See Note 7 for further discussion.