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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and 2022:

			2023																								2022
(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 - July 1			$	(532,276)					$	(87,638)					$	(873)					$	(620,787)					$	(536,929)					$	(91,508)					$	(1,278)					$	(629,715)
Other comprehensive income (loss) before reclassifications (3)			(43,012)						2,697						—						(40,315)						(89,282)						7,961						—						(81,321)
Amounts reclassified from AOCL			—						(492)						30						(462)						—						(1,800)						29						(1,771)
Net current-period other comprehensive income (loss) (3)			(43,012)						2,205						30						(40,777)						(89,282)						6,161						29						(83,092)
Balance - September 30			$	(575,288)					$	(85,433)					$	(843)					$	(661,564)					$	(626,211)					$	(85,347)					$	(1,249)					$	(712,807)

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(1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $2.9 million and $5.9 million at July 1, 2023 and 2022, respectively, and $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $21.3 million for the three months ended September 30, 2022.

(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 September 30,
(Amounts in thousands)						Affected line item in the statement of income						2023(1)						2022(1)
Pension and other postretirement effects
Amortization of actuarial losses(2)						Other income (expense), net						$	321					$	1,453
Prior service costs(2)						Other income (expense), net						151						134
						Tax expense (benefit)						20						213
						Net of tax						$	492					$	1,800
Cash flow hedging activity
Amortization of Treasury rate lock						Interest income (expense)						$	(37)					$	(29)
						Tax expense (benefit)						7						—
						Net of tax						$	(30)					$	(29)

__________________________________

(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 nine months ended September 30, 2023 and 2022:

			2023																								2022
(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			$	(554,683)					$	(86,356)					$	(933)					$	(641,972)					$	(456,025)					$	(101,665)					$	(1,336)					$	(559,026)
Other comprehensive income (loss) before reclassifications (3)			(20,605)						2,425						—						(18,180)						(170,187)						22,325						—						(147,862)
Amounts reclassified from AOCL			—						(1,502)						90						(1,412)						—						(6,007)						87						(5,920)
Net current-period other comprehensive income (loss) (3)			(20,605)						923						90						(19,592)						(170,187)						16,318						87						(153,782)
Balance - September 30			$	(575,288)					$	(85,433)					$	(843)					$	(661,564)					$	(626,212)					$	(85,347)					$	(1,249)					$	(712,808)

________________________________

(1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.8 million and $4.6 million at January 1, 2023 and 2022, respectively, and $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $56.3 million for the nine months ended September 30, 2022.

(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:

												Nine Months Ended September 30,
(Amounts in thousands)						Affected line item in the statement of income						2023(1)						2022(1)
Pension and other postretirement effects
Amortization of actuarial losses(2)						Other income (expense), net						$	985					$	4,653
Prior service costs(2)						Other income (expense), net						455						429
						Tax expense (benefit)						62						925
						Net of tax						$	1,502					$	6,007
Cash flow hedging activity
Amortization of Treasury rate lock						Interest income (expense)						$	(111)					$	(87)
						Tax expense (benefit)						21						—
						Net of tax						$	(90)					$	(87)

__________________________________

(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://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//220/tableOfContent

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- References

No definition available.

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