Other comprehensive income (loss)

3 Months Ended

Mar. 31, 2024

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

Other comprehensive income (loss)

NOTE 5: OTHER COMPREHENSIVE INCOME (LOSS)

Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows:

Accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss				Affected line item in consolidated statements of comprehensive income
	Quarter Ended March 31,
(in thousands)	2024		2023
Amortization of postretirement benefit plan items:
Prior service credit	$	355	$	355	Other income
Net actuarial loss	(334)		(568)		Other income
Total amortization	21		(213)		Other income
Tax (expense) benefit	(43)		16		Income tax provision
Amortization of postretirement benefit plan items, net of tax	(22)		(197)		Net income
Realized gain on cash flow hedges	915		570		Interest expense
Tax expense	(247)		(152)		Income tax provision
Realized gain on cash flow hedges, net of tax	668		418		Net income
Total reclassifications, net of tax	$	646	$	221

Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss for the quarters ended March 31, 2024 and 2023 were as follows:

(in thousands)	Postretirement benefit plans		Net unrealized gain on cash flow hedges(1)		Currency translation adjustment		Accumulated other comprehensive loss
Balance, December 31, 2023	$	(19,824)	$	(286)	$	(9,918)	$	(30,028)
Other comprehensive income (loss) before reclassifications	—		5,864		(1,027)		4,837
Amounts reclassified from accumulated other comprehensive loss	22		(668)		—		(646)
Net current-period other comprehensive income (loss)	22		5,196		(1,027)		4,191
Balance, March 31, 2024	$	(19,802)	$	4,910	$	(10,945)	$	(25,837)

(1) Other comprehensive income before reclassifications is net of income tax expense of $2,169.

(in thousands)	Postretirement benefit plans		Net unrealized loss on debt securities(1)		Net unrealized gain (loss) on cash flow hedges(2)		Currency translation adjustment		Accumulated other comprehensive loss
Balance, December 31, 2022	$	(26,872)	$	(909)	$	2,593	$	(12,076)	$	(37,264)
Other comprehensive income (loss) before reclassifications	—		123		(2,872)		227		(2,522)
Amounts reclassified from accumulated other comprehensive loss	197		—		(418)		—		(221)
Net current-period other comprehensive income (loss)	197		123		(3,290)		227		(2,743)
Balance, March 31, 2023	$	(26,675)	$	(786)	$	(697)	$	(11,849)	$	(40,007)

(1) Other comprehensive income before reclassifications is net of income tax expense of $43.

(2) Other comprehensive loss before reclassifications is net of an income tax benefit of $1,045.