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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

NOTE 15 — Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity includes certain items classified as accumulated other comprehensive income (loss) (“AOCI”) in the Consolidated Balance Sheets, including:

•
Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 14, “Derivative Financial Instruments,” and Note 18, “Fair Value Measurements.”
•
Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to earnings from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 7, “Retirement Plans.”
•
Cumulative translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to U.S. dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income.

The components of accumulated other comprehensive income (loss) for the year ended December 31, 2023 are as follows:

 

 

 

As of
December 31,
2022

 

 

Gain (Loss)
Recognized
in OCI

 

 

(Gain) Loss
reclassified
from AOCI
to earnings

 

 

As of
December 31,
2023

 

Changes in fair market value of derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

3,911

 

 

$

3,798

 

 

$

(4,453

)

 

$

3,256

 

Income tax benefit (expense)

 

 

(899

)

 

 

(874

)

 

 

1,024

 

 

 

(749

)

Net

 

 

3,012

 

 

 

2,924

 

 

 

(3,429

)

 

 

2,507

 

Changes in unrealized pension cost:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(1,179

)

 

 

278

 

 

 

(224

)

 

 

(1,125

)

Income tax benefit (expense)

 

 

376

 

 

 

27

 

 

 

39

 

 

 

442

 

Net

 

 

(803

)

 

 

305

 

 

 

(185

)

 

 

(683

)

Cumulative translation adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(2,880

)

 

 

5,325

 

 

 

—

 

 

 

2,445

 

Income tax benefit (expense)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net

 

 

(2,880

)

 

 

5,325

 

 

 

—

 

 

 

2,445

 

Total accumulated other comprehensive income (loss)

 

$

(671

)

 

$

8,554

 

 

$

(3,614

)

 

$

4,269

 

The components of accumulated other comprehensive income (loss) for the year ended December 31, 2022 are as follows:

 

 

 

As of
December 31,
2021

 

 

Gain (Loss)
Recognized
in OCI

 

 

(Gain) Loss
reclassified
from AOCI
to earnings

 

 

As of
December 31,
2022

 

Changes in fair market value of derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

(635

)

 

$

5,547

 

 

$

(1,001

)

 

$

3,911

 

Income tax (expense) benefit

 

 

147

 

 

 

(1,276

)

 

 

230

 

 

 

(899

)

Net

 

 

(488

)

 

 

4,271

 

 

 

(771

)

 

 

3,012

 

Changes in unrealized pension cost:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(2,744

)

 

 

3,308

 

 

 

(1,743

)

 

 

(1,179

)

Income tax (expense) benefit

 

 

738

 

 

 

(760

)

 

 

398

 

 

 

376

 

Net

 

 

(2,006

)

 

 

2,548

 

 

 

(1,345

)

 

 

(803

)

Cumulative translation adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(2,032

)

 

 

(848

)

 

 

—

 

 

 

(2,880

)

Income tax benefit (expense)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net

 

 

(2,032

)

 

 

(848

)

 

 

—

 

 

 

(2,880

)

Total accumulated other comprehensive income (loss)

 

$

(4,526

)

 

$

5,971

 

 

$

(2,116

)

 

$

(671

)