Accumulated Other Comprehensive Income (AOCI)

6 Months Ended

Jun. 30, 2023

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

Accumulated Other Comprehensive Income (AOCI)

Accumulated Other Comprehensive Income ("AOCI")

The table below presents changes in the components of AOCI for the period from December 31, 2022 to June 30, 2023:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	11,313		(691)		2,642		13,264
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(5,155)		(5,155)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(949)		—		(949)
Net current period other comprehensive income	11,313		(1,640)		(2,513)		7,160
June 30, 2023	$	(135,538)	$	(17,423)	$	15,194	$	(137,767)

The table below presents changes in the components of AOCI for the period from December 31, 2021 to June 30, 2022:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications, net of tax	(41,391)		521		11,228		(29,642)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,139		2,139
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(213)		—		(213)
Net current period other comprehensive income	(41,391)		308		13,367		(27,716)
June 30, 2022	$	(147,271)	$	(38,182)	$	11,753	$	(173,700)

The components of AOCI that are reclassified to the Consolidated Statements of Income relate to our pension and postretirement plans and interest rate swaps.

The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and six months ended June 30, 2023 and 2022:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2023		2022		2023		2022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Other (income)/expense, net related to interest rate swaps included in Income before taxes	$	(3,678)	$	1,168	$	(6,901)	$	2,864
Income tax effect	931		(295)		1,746		(725)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(2,747)	$	873	$	(5,155)	$	2,139
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	$	(1,030)	$	(1,122)	$	(2,061)	$	(2,245)
Amortization of net actuarial loss	347		967		693		1,938
Total pretax amount reclassified (a)	(683)		(155)		(1,368)		(307)
Income tax effect	209		47		419		94
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(474)	$	(108)	$	(949)	$	(213)

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).