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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in AOCL, net of tax for the three months ended June 30, 2022 and 2021:

			2022																								2021
(Amounts in thousands)			Foreign currency translation items(1)						Pension and other post-retirement effects						Cash flow hedging activity (2)						Total						Foreign currency translation items(1)						Pension and other post-retirement effects						Cash flow hedging activity (2)						Total
Balance - April 1			$	(472,769)					$	(98,078)					$	(1,307)					$	(572,154)					$	(467,326)					$	(142,464)					$	(286)					$	(610,076)
Other comprehensive income (loss) before reclassifications (3)			(64,160)						5,415						—						(58,745)						13,998						(713)						—						13,285
Amounts reclassified from AOCL			—						1,155						29						1,184						—						2,772						15						2,787
Net current-period other comprehensive income (loss) (3)			(64,160)						6,570						29						(57,561)						13,998						2,059						15						16,072
Balance - June 30			$	(536,929)					$	(91,508)					$	(1,278)					$	(629,715)					$	(453,328)					$	(140,405)					$	(271)					$	(594,004)

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(1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.9 million and $6.1 million at April 1, 2022 and 2021, respectively, and $5.9 million and $6.1 million at June 30, 2022 and 2021, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $26.5 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively.

(2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges.

(3) Amounts in parentheses indicate an increase to AOCL.

The following table presents the reclassifications out of AOCL:

												Three Months Ended June 30,
(Amounts in thousands)						Affected line item in the statement of income						2022(1)						2021(1)
Pension and other postretirement effects
Amortization of actuarial losses(2)						Other income (expense), net						$	(1,468)					$	(3,089)
Prior service costs(2)						Other income (expense), net						(144)						(155)
						Tax benefit						457						472
						Net of tax						$	(1,155)					$	(2,772)
Cash flow hedging activity
Amortization of Treasury rate lock						Interest expense						$	(38)					$	(20)
						Tax benefit						9						5
						Net of tax						$	(29)					$	(15)

__________________________________

(1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

(2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details.

The following table presents the changes in AOCL, net of tax for the six months ended June 30, 2022 and 2021:

			2022																								2021
(Amounts in thousands)			Foreign currency translation items(1)						Pension and other post-retirement effects						Cash flow hedging activity (2)						Total						Foreign currency translation items(1)						Pension and other post-retirement effects						Cash flow hedging activity (2)						Total
Balance - January 1			$	(456,025)					$	(101,665)					$	(1,336)					$	(559,026)					$	(456,437)					$	(146,723)					$	(488)					$	(603,648)
Other comprehensive income (loss) before reclassifications (3)			(80,904)						7,373						—						(73,531)						3,109						804						—						3,913
Amounts reclassified from AOCL			—						2,784						58						2,842						—						5,514						217						5,731
Net current-period other comprehensive income (loss) (3)			(80,904)						10,157						58						(70,689)						3,109						6,318						217						9,644
Balance - June 30			$	(536,929)					$	(91,508)					$	(1,278)					$	(629,715)					$	(453,328)					$	(140,405)					$	(271)					$	(594,004)

________________________________

(1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $4.6 million and $5.9 million at January 1, 2022 and 2021, respectively, and $5.9 million and $6.1 million at June 30, 2022 and 2021, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $35.1 million and $9.8 million for the six months ended June 30, 2022 and 2021, respectively.

(2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges.

(3) Amounts in parentheses indicate an increase to AOCL.

The following table presents the reclassifications out of AOCL:

												Six Months Ended June 30,
(Amounts in thousands)						Affected line item in the statement of income						2022(1)						2021(1)
Pension and other postretirement effects
Amortization of actuarial losses(2)						Other income (expense), net						$	(3,200)					$	(6,148)
Prior service costs(2)						Other income (expense), net						(295)						(308)
						Tax benefit						711						942
						Net of tax						$	(2,784)					$	(5,514)
Cash flow hedging activity
Amortization of Treasury rate lock						Interest expense						$	(76)					$	(284)
						Tax benefit						18						67
						Net of tax						$	(58)					$	(217)

__________________________________

(1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

(2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details.

X

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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