Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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, 2023
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	21,927	$	—	$	21,927
Pension and other postretirement plans:
Actuarial gain	380,593		(97,436)		283,157
Prior service credit	11,263		(2,883)		8,380
Amortization of net actuarial gain included in net income	(42,146)		10,790		(31,356)
Amortization of net prior service cost included in net income	1,641		(420)		1,221
Settlement included in net income	(1,087)		279		(808)
	350,264		(89,670)		260,594
Cash flow hedges:
Loss for the year	(5,630)		1,295		(4,335)
Other Comprehensive Income	$	366,561	$	(88,375)	$	278,186

	Year Ended December 31, 2022
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(48,340)	$	—	$	(48,340)
Pension and other postretirement plans:
Actuarial loss	(727,097)		187,018		(540,079)
Amortization of net actuarial gain included in net income	(70,833)		18,219		(52,614)
Amortization of net prior service cost included in net income	2,864		(737)		2,127
	(795,066)		204,500		(590,566)
Cash flow hedges:
Gain for the year	4,765		(1,096)		3,669
Other Comprehensive Loss	$	(838,641)	$	203,404	$	(635,237)

	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

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, 2021	$	(6,298)	$	979,157	$	(1,471)	$	971,388
Other comprehensive income (loss) before reclassifications	(48,340)		(540,079)		3,276		(585,143)
Net amount reclassified from accumulated other comprehensive income	—		(50,487)		393		(50,094)
Net other comprehensive income (loss)	(48,340)		(590,566)		3,669		(635,237)
As of December 31, 2022	(54,638)		388,591		2,198		336,151
Other comprehensive income before reclassifications	21,927		291,537		1,028		314,492
Net amount reclassified from accumulated other comprehensive income	—		(30,943)		(5,363)		(36,306)
Net other comprehensive income (loss)	21,927		260,594		(4,335)		278,186
As of December 31, 2023	$	(32,711)	$	649,185	$	(2,137)	$	614,337

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)	2023		2022		2021
Pension and Other Postretirement Plans:
Amortization of net actuarial gain	$	(42,146)	$	(70,833)	$	(5,486)	(1)
Amortization of net prior service cost	1,641		2,864		3,170		(1)
Settlement gains	(1,087)		—		(120)		(1)
	(41,592)		(67,969)		(2,436)		Before tax
	10,649		17,482		627		Provision for income taxes
	(30,943)		(50,487)		(1,809)		Net of tax
Cash Flow Hedges	(5,363)		393		631		Interest expense
Total reclassification for the year	$	(36,306)	$	(50,094)	$	(1,178)	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.