Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The other comprehensive income (loss) consists of the following components:

	Year Ended December 31, 2021
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(16,052)	$	—	$	(16,052)
Pension and other postretirement plans:
Actuarial gain	519,595		(133,915)		385,680
Prior service cost	(2)		1		(1)
Amortization of net actuarial gain included in net income	(5,486)		1,414		(4,072)
Amortization of net prior service cost included in net income	3,170		(817)		2,353
Settlement included in net income	(120)		30		(90)
	517,157		(133,287)		383,870
Cash flow hedge:
Gain for the year	349		(93)		256
Other Comprehensive Income	$	501,454	$	(133,380)	$	368,074

	Year Ended December 31, 2020
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	31,642	$	—	$	31,642
Pension and other postretirement plans:
Actuarial gain	365,164		(98,594)		266,570
Prior service cost	(69)		19		(50)
Amortization of net actuarial loss included in net income	1,219		(329)		890
Amortization of net prior service cost included in net income	2,680		(724)		1,956
	368,994		(99,628)		269,366
Cash flow hedges:
Loss for the year	(1,282)		293		(989)
Other Comprehensive Income	$	399,354	$	(99,335)	$	300,019

	Year Ended December 31, 2019
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	5,371	$	—	$	5,371
Adjustment for sale of a business with foreign operations	2,011		—		2,011
	7,382		—		7,382
Pension and other postretirement plans:
Actuarial gain	231,104		(62,398)		168,706
Prior service cost	(5,725)		1,546		(4,179)
Amortization of net actuarial gain included in net income	(2,046)		552		(1,494)
Amortization of net prior service credit included in net income	(4,142)		1,118		(3,024)
Settlement included in net income	(91,676)		24,752		(66,924)
	127,515		(34,430)		93,085
Cash flow hedges:
Loss for the year	(1,344)		343		(1,001)
Other Comprehensive Income	$	133,553	$	(34,087)	$	99,466

The accumulated balances related to each component of other comprehensive income (loss) are as follows:

(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
As of December 31, 2019	$	(21,888)	$	325,921	$	(738)	$	303,295
Other comprehensive income (loss) before reclassifications	31,642		266,520		(1,476)		296,686
Net amount reclassified from accumulated other comprehensive income	—		2,846		487		3,333
Net other comprehensive income (loss)	31,642		269,366		(989)		300,019
As of December 31, 2020	9,754		595,287		(1,727)		603,314
Other comprehensive income (loss) before reclassifications	(16,052)		385,679		(375)		369,252
Net amount reclassified from accumulated other comprehensive income	—		(1,809)		631		(1,178)
Net other comprehensive income (loss)	(16,052)		383,870		256		368,074
As of December 31, 2021	$	(6,298)	$	979,157	$	(1,471)	$	971,388

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows:

	Year Ended December 31						Affected Line Item in the Consolidated Statements of Operations
(in thousands)	2021		2020		2019
Foreign Currency Translation Adjustments:
Adjustment for sales of businesses with foreign operations	$	—	$	—	$	2,011	Other income, net
Pension and Other Postretirement Plans:
Amortization of net actuarial (gain) loss	(5,486)		1,219		(2,046)		(1)
Amortization of net prior service cost (credit)	3,170		2,680		(4,142)		(1)
Settlement gains	(120)		—		(91,676)		(1)
	(2,436)		3,899		(97,864)		Before tax
	627		(1,053)		26,422		Provision for income taxes
	(1,809)		2,846		(71,442)		Net of tax
Cash Flow Hedges
	631		474		(146)		Interest expense
	—		13		51		Provision for income taxes
	631		487		(95)		Net of tax
Total reclassification for the year	$	(1,178)	$	3,333	$	(69,526)	Net of tax

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(1)    These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations.