Changes in Accumulated Other Comprehensive Income (Loss) by Component |
Changes in Accumulated Other Comprehensive Income (Loss) by Component The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Gains and Losses on Cash Flow Hedges | | Pension and Other Postretirement Benefit Items | | Foreign Currency Items | | Total | December 31, 2022 | $ | 5,941 | | | $ | (108,640) | | | $ | (117,801) | | | $ | (220,500) | | Other comprehensive (loss) income before reclassifications | 987 | | | 10,518 | | | 4,136 | | | 15,641 | | Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of Income (Loss) | (1,138) | | | (247) | | | — | | | (1,385) | | Net current-period other comprehensive (loss) income | (151) | | | 10,271 | | | 4,136 | | | 14,256 | | June 30, 2023 | $ | 5,790 | | | $ | (98,369) | | | $ | (113,665) | | | $ | (206,244) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Gains and Losses on Cash Flow Hedges | | Pension and Other Postretirement Benefit Items | | Foreign Currency Items | | Total | December 31, 2021 | $ | 160 | | | $ | (112,307) | | | $ | (39,691) | | | $ | (151,838) | | Other comprehensive income (loss) before reclassifications | 3,206 | | | 586 | | | (81,805) | | | (78,013) | | Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of Income (Loss) | 196 | | | 5,265 | | | — | | | 5,461 | | Net current-period other comprehensive income (loss) | 3,402 | | | 5,851 | | | (81,805) | | | (72,552) | | | | | | | | | | June 30, 2022 | $ | 3,562 | | | $ | (106,456) | | | $ | (121,496) | | | $ | (224,390) | |
The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the three month periods ended June 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | Details about Accumulated Other Comprehensive Income (Loss) Components | | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Condensed Consolidated Statements of Income (Loss) | | | Three Months Ended June 30, 2023 | | Three Months Ended June 30, 2022 | | | Cash flow hedges | | | | | | | Interest rate contracts | | $ | 988 | | | $ | (94) | | | Interest expense | Foreign exchange contracts | | (190) | | | (27) | | | Net sales | | | 798 | | | (121) | | | Total before tax | | | (194) | | | 28 | | | Tax (expense) benefit | | | 604 | | | (93) | | | Net of tax | | | | | | | | Pension and other postretirement benefit items | | | | | | | Amortization of prior service costs | | $ | (85) | | | $ | (108) | | | (A) | Amortization of actuarial losses | | (373) | | | (3,517) | | | (A) | Curtailment gain | | 241 | | | — | | | (A) | Settlement gain | | 731 | | | — | | | (A) | | | 514 | | | (3,625) | | | Total before tax | | | 106 | | | 852 | | | Tax benefit | | | 620 | | | (2,773) | | | Net of tax | | | | | | | | Total reclassifications in the period | | $ | 1,224 | | | $ | (2,866) | | | |
(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 11. The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the six month periods ended June 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | Details about Accumulated Other Comprehensive Income (Loss) Components | | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statements of Income (Loss) | | | Six Months Ended June 30, 2023 | | Six Months Ended June 30, 2022 | | | Cash flow hedges | | | | | | | Interest rate contracts | | $ | 1,853 | | | (260) | | | Interest expense | Foreign exchange contracts | | (349) | | | 3 | | | Net sales | | | 1,504 | | | (257) | | | Total before tax | | | (366) | | | 61 | | | Tax benefit | | | 1,138 | | | (196) | | | Net of tax | | | | | | | | Pension and other postretirement benefit items | | | | | | | Amortization of prior service costs | | $ | (175) | | | $ | (225) | | | (A) | Amortization of actuarial losses | | (765) | | | (6,656) | | | (A) | Curtailment gain | | 241 | | | — | | | (A) | Settlement gain | | 731 | | | — | | | (A) | | | 32 | | | (6,881) | | | Total before tax | | | 215 | | | 1,616 | | | Tax benefit | | | 247 | | | (5,265) | | | Net of tax | | | | | | | | Total reclassifications in the period | | $ | 1,385 | | | $ | (5,461) | | | | | | | | | | |
(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 11.
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