Schedule of accumulated other comprehensive loss |
The components of AOCI, net of the effect of income taxes, and activity for the three months ended March 31, 2023 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of AOCI, Net of Tax | (In thousands) | | Cumulative Foreign Exchange Translation Adjustments | | Effective Portion of Derivatives Designated as Hedging Instruments | | Cumulative Unrecognized Actuarial Losses on Pension Obligations | | Unrealized Gain (Loss) on Marketable Securities | | Total | Balance at December 31, 2022 | | $ | (213,104) | | | $ | 157 | | | $ | (354,699) | | | $ | 10 | | | $ | (567,636) | | | | | | | | | | | | | OCI before reclassifications | | 12,446 | | (a) | (2,684) | | (b) | (7,227) | | (a) | 1 | | | 2,536 | | Amounts reclassified from AOCI, net of tax | | — | | | 124 | | | 4,492 | | | — | | | 4,616 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total OCI | | 12,446 | | | (2,560) | | | (2,735) | | | 1 | | | 7,152 | | Less: OCI attributable to noncontrolling interests | | (358) | | | — | | | — | | | — | | | (358) | | OCI attributable to Enviri Corporation | | 12,088 | | | (2,560) | | | (2,735) | | | 1 | | | 6,794 | | Balance at March 31, 2023 | | $ | (201,016) | | | $ | (2,403) | | | $ | (357,434) | | | $ | 11 | | | $ | (560,842) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of AOCI, Net of Tax | (In thousands) | | Cumulative Foreign Exchange Translation Adjustments | | Effective Portion of Derivatives Designated as Hedging Instruments | | Cumulative Unrecognized Actuarial Losses on Pension Obligations | | Unrealized Gain (Loss) on Marketable Securities | | Total | Balance at December 31, 2023 | | $ | (183,499) | | | $ | (470) | | | $ | (355,740) | | | $ | 15 | | | $ | (539,694) | | | | | | | | | | | | | OCI before reclassifications | | (16,535) | | (a) | 2,865 | | (b) | 2,310 | | (a) | 2 | | | (11,358) | | Amounts reclassified from AOCI, net of tax | | — | | | (1,002) | | | 4,701 | | | — | | | 3,699 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total OCI | | (16,535) | | | 1,863 | | | 7,011 | | | 2 | | | (7,659) | | Less: OCI attributable to noncontrolling interests | | 821 | | | — | | | — | | | — | | | 821 | | OCI attributable to Enviri Corporation | | (15,714) | | | 1,863 | | | 7,011 | | | 2 | | | (6,838) | | Balance at March 31, 2024 | | $ | (199,213) | | | $ | 1,393 | | | $ | (348,729) | | | $ | 17 | | | $ | (546,532) | |
(a) Principally foreign currency fluctuation. (b) Net change from periodic revaluations.
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Reclassification out of accumulated other comprehensive income |
Amounts reclassified from AOCI were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | Three Months Ended | | Location on the Condensed Consolidated Statements of Operations | | | | March 31 | | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | Amortization of cash flow hedging instruments: | Foreign currency exchange forward contracts | | | | | | $ | (404) | | | $ | 411 | | | Product revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate swaps | | | | | | (882) | | | (248) | | | Interest expense | | | | | | | | | | | | Total before taxes | | | | | | (1,286) | | | 163 | | | | Income taxes | | | | | | 284 | | | (39) | | | | Total reclassification of cash flow hedging instruments, net of tax | | | | | | $ | (1,002) | | | $ | 124 | | | | | | | | | | | | | | | Amortization of defined benefit pension items (c): | Actuarial losses | | | | | | $ | 4,846 | | | $ | 4,670 | | | Defined benefit pension income (expense) | Prior service costs | | | | | | 118 | | | 114 | | | Defined benefit pension income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total before taxes | | | | | | 4,964 | | | 4,784 | | | | Income taxes | | | | | | (263) | | | (292) | | | | Total reclassification of defined benefit pension items, net of tax | | | | | | $ | 4,701 | | | $ | 4,492 | | | |
(c) These AOCI components are included in the computation of net periodic pension costs. See Note 10, Employee Benefit Plans, for additional details.
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