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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
11.
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 three and six months ended June 30, 2023 and 2022:

(In thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Defined
Benefit
Pension Plan
Adjustments

 

 

Cash Flow
Hedge
Adjustments

 

 

Total

 

Balance at March 31, 2022

 

$

(125,439

)

 

$

(17,586

)

 

$

2,842

 

 

$

(140,183

)

Other comprehensive income before
    reclassifications

 

 

(36,096

)

 

 

—

 

 

 

2,045

 

 

 

(34,051

)

Amounts reclassified from AOCI

 

 

—

 

 

 

434

 

 

 

(2

)

 

 

432

 

Net current-period other comprehensive income

 

 

(36,096

)

 

 

434

 

 

 

2,043

 

 

 

(33,619

)

Balance at June 30, 2022

 

$

(161,535

)

 

$

(17,152

)

 

$

4,885

 

 

$

(173,802

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

$

(138,412

)

 

$

(19,021

)

 

$

6,885

 

 

$

(150,548

)

Other comprehensive income before
    reclassifications

 

 

16,497

 

 

 

—

 

 

 

1,623

 

 

 

18,120

 

Amounts reclassified from AOCI

 

 

—

 

 

 

60

 

 

 

(2

)

 

 

58

 

Net current-period other comprehensive income

 

 

16,497

 

 

 

60

 

 

 

1,621

 

 

 

18,178

 

Balance at June 30, 2023

 

$

(121,915

)

 

$

(18,961

)

 

$

8,506

 

 

$

(132,370

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

(135,268

)

 

$

(18,022

)

 

$

54

 

 

$

(153,236

)

Other comprehensive income before
    reclassifications

 

 

(26,267

)

 

 

—

 

 

 

4,836

 

 

 

(21,431

)

Amounts reclassified from AOCI

 

 

—

 

 

 

870

 

 

 

(5

)

 

 

865

 

Net current-period other comprehensive income

 

 

(26,267

)

 

 

870

 

 

 

4,831

 

 

 

(20,566

)

Balance at June 30, 2022

 

$

(161,535

)

 

$

(17,152

)

 

$

4,885

 

 

$

(173,802

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

(156,835

)

 

$

(19,079

)

 

$

8,402

 

 

$

(167,512

)

Other comprehensive income before
    reclassifications

 

 

34,920

 

 

 

—

 

 

 

109

 

 

 

35,029

 

Amounts reclassified from AOCI

 

 

—

 

 

 

118

 

 

 

(5

)

 

 

113

 

Net current-period other comprehensive income

 

 

34,920

 

 

 

118

 

 

 

104

 

 

 

35,142

 

Balance at June 30, 2023

 

$

(121,915

)

 

$

(18,961

)

 

$

8,506

 

 

$

(132,370

)

Information regarding the reclassifications out of AOCI for the three and six months ended June 30, 2023 and 2022, is displayed below:

(In thousands)

 

Amount Reclassified from AOCI (1)

 

 

 

AOCI Components

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

Affected Line Item in
Condensed Consolidated
Statements of Income

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amortization of defined benefit
    pension actuarial losses

 

$

(78

)

 

$

(579

)

 

$

(153

)

 

$

(1,159

)

 

(2)

 

 

 

18

 

 

 

145

 

 

 

35

 

 

 

289

 

 

Tax benefit

 

 

$

(60

)

 

$

(434

)

 

$

(118

)

 

$

(870

)

 

Net of tax

Gains and losses on cash flow
   hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

2

 

 

 

2

 

 

 

5

 

 

 

5

 

 

Cost of sales

 

 

 

2

 

 

 

2

 

 

 

5

 

 

 

5

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax benefit

 

 

$

2

 

 

$

2

 

 

$

5

 

 

$

5

 

 

Net of tax

Total reclassifications for the period

 

$

(58

)

 

$

(432

)

 

$

(113

)

 

$

(865

)

 

Net of tax

 

(1)
Amounts in parentheses denote expense to the Company’s Condensed Consolidated Statements of Income.
(2)
This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost. See Note 9, Postretirement Benefit Plans, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q) for additional details.