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Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended
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Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in the components of AOCI for the period 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 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 table below presents changes in the components of AOCI for the period December 31, 2020 to June 30, 2021:
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Other Comprehensive Income
December 31, 2020 | $ | (83,203) |  | $ | (39,661) |  | $ | (9,544) |  | $ | (132,408) |
Other comprehensive income/(loss) before reclassifications, net of tax | (2,181) |  | 393 |  | (262) |  | (2,050) |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | 2,408 |  | 2,408 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | (14) |  | — |  | (14) |
Net current period other comprehensive income | (2,181) |  | 379 |  | 2,146 |  | 344 |
June 30, 2021 | $ | (85,384) |  | $ | (39,282) |  | $ | (7,398) |  | $ | (132,064) |
Reclassification out of Accumulated Other Comprehensive Income | The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three and six months ended June 30, 2022 and 2021:
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2022 | 2021 | 2022 | 2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Expense/(income) related to interest rate swaps included in Income before taxes (a) | $ | 1,168 |  | $ | 1,770 |  | $ | 2,864 |  | $ | 3,246 |
Income tax effect | (295) |  | (457) |  | (725) |  | (838) |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | 873 |  | $ | 1,313 |  | $ | 2,139 |  | $ | 2,408 |
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | (1,122) |  | (1,118) |  | (2,245) |  | (2,237) |
Amortization of net actuarial loss | 967 |  | 1,108 |  | 1,938 |  | 2,217 |
Total pretax amount reclassified (b) | (155) |  | (10) |  | (307) |  | (20) |
Income tax effect | 47 |  | 3 |  | 94 |  | 6 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (108) |  | $ | (7) |  | $ | (213) |  | $ | (14) |
(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 13 and 14). (b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

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