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Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive Income (Loss)

Below is the change in the Company’s accumulated other comprehensive income (loss) (AOCI) balance by component (net of income taxes) for the years ended December 31, 2022, 2021 and 2020:

 

(In thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Defined
Benefit
Pension Plan
Adjustments

 

 

Cash Flow
Hedge
Adjustments

 

 

Total

 

Balance at December 31, 2019

 

$

(104,037

)

 

$

(32,205

)

 

$

72

 

 

$

(136,170

)

Other comprehensive income before reclassifications

 

 

(3,046

)

 

 

(996

)

 

 

—

 

 

 

(4,042

)

Amounts reclassified from AOCI

 

 

—

 

 

 

3,340

 

 

 

(9

)

 

 

3,331

 

Net current period other comprehensive income

 

 

(3,046

)

 

 

2,344

 

 

 

(9

)

 

 

(711

)

Balance at December 31, 2020

 

$

(107,083

)

 

$

(29,861

)

 

$

63

 

 

$

(136,881

)

Other comprehensive income before reclassifications

 

 

(28,185

)

 

 

8,188

 

 

 

—

 

 

 

(19,997

)

Amounts reclassified from AOCI

 

 

—

 

 

 

3,651

 

 

 

(9

)

 

 

3,642

 

Net current period other comprehensive income

 

 

(28,185

)

 

 

11,839

 

 

 

(9

)

 

 

(16,355

)

Balance at December 31, 2021

 

$

(135,268

)

 

$

(18,022

)

 

$

54

 

 

$

(153,236

)

Other comprehensive income before reclassifications

 

 

(21,567

)

 

 

(2,857

)

 

 

8,357

 

 

 

(16,067

)

Amounts reclassified from AOCI

 

 

—

 

 

 

1,800

 

 

 

(9

)

 

 

1,791

 

Net current period other comprehensive income

 

 

(21,567

)

 

 

(1,057

)

 

 

8,348

 

 

 

(14,276

)

Balance at December 31, 2022

 

$

(156,835

)

 

$

(19,079

)

 

$

8,402

 

 

$

(167,512

)
Summary of Amounts Reclassified Out of Accumulated Other Comprehensive Income

Amounts reclassified out of AOCI for the three years ended December 31, 2022, 2021 and 2020, is displayed below:

 

 

 

Amounts Reclassified from AOCI (1)

 

 

 

(In thousands)

 

2022

 

 

2021

 

 

2020

 

 

Affected Line Item in
Consolidated
Statements of Income

Amortization of defined pension items:

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

(9

)

 

$

(12

)

 

$

(11

)

 

 

Actuarial loss

 

 

(2,393

)

 

 

(4,800

)

 

 

(4,421

)

 

 

 

 

$

(2,402

)

 

 

(4,812

)

 

 

(4,432

)

 

Total before tax (2)

 

 

 

602

 

 

 

1,161

 

 

 

1,092

 

 

Tax benefit

 

 

$

(1,800

)

 

$

(3,651

)

 

$

(3,340

)

 

Net of tax

Gains and losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

9

 

 

$

9

 

 

$

9

 

 

Cost of sales

 

 

 

9

 

 

 

9

 

 

 

9

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax benefit

 

 

$

9

 

 

$

9

 

 

$

9

 

 

Net of tax

Total reclassifications for the period

 

$

(1,791

)

 

$

(3,642

)

 

$

(3,331

)

 

Net of tax
(1)
Amounts in parentheses denote expense to the Company’s Consolidated Statements of Income.
(2)
This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost (see Note 13, Postretirement Benefit Plans, of the notes to the Company’s consolidated financial statements for details regarding net periodic benefit costs for the Company’s U.S. and U.K. defined benefit plans).