Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:

	Three months ended March 31,
(in thousands)	2024		2023
Currency Translation Adjustment
Beginning balance	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	(2,918)		767
Tax effect	—		—
Other comprehensive income (loss), net of tax	(2,918)		767
Ending balance	$	(5,499)	$	(7,436)
Hedging Adjustment
Beginning balance	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	8,796		(4,302)
Amounts reclassified from AOCI (a)	(3,953)		(2,105)
Tax effect	(1,204)		1,611
Other comprehensive income (loss), net of tax	3,639		(4,796)
Ending balance	$	24,624	$	18,750
Pension and Other Postretirement Adjustment
Beginning balance	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	5		(14)
Amounts reclassified from AOCI (b)	(228)		(228)
Tax effect	48		54
Other comprehensive income (loss), net of tax	(175)		(188)
Ending balance	$	4,028	$	4,695
Investments in Convertible Preferred Securities Adjustment
Beginning balance	$	258	$	258
Other comprehensive income (loss), net of tax	—		—
Ending balance	$	258	$	258
Total AOCI Ending Balance	$	23,411	$	16,267

(a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information.

(b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.