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Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2022 to March 31, 2023:
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Other Comprehensive Income
December 31, 2022 | $ | (146,851) |  | $ | (15,783) |  | $ | 17,707 |  | $ | (144,927) |
Other comprehensive income/(loss) before reclassifications, net of tax | 13,881 |  | (441) |  | (494) |  | 12,946 |
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 | — |  | (475) |  | — |  | (475) |
Net current period other comprehensive income | 13,881 |  | (916) |  | (2,902) |  | 10,063 |
March 31, 2023 | $ | (132,970) |  | $ | (16,699) |  | $ | 14,805 |  | $ | (134,864) |
The table below presents changes in the components of AOCI for the period December 31, 2021 to March 31, 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 | (1,730) |  | 179 |  | 8,752 |  | 7,201 |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | 1,266 |  | 1,266 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | (105) |  | — |  | (105) |
Net current period other comprehensive income | (1,730) |  | 74 |  | 10,018 |  | 8,362 |
March 31, 2022 | $ | (107,610) |  | $ | (38,416) |  | $ | 8,404 |  | $ | (137,622) |
Reclassification out of Accumulated Other Comprehensive Income | The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three months ended March 31, 2023 and 2022:
| Three months ended March 31, |
(in thousands) | 2023 | 2022 |  |
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Expense/(income) related to interest rate swaps included in Income before taxes | $ | (3,223) |  | $ | 1,696 |  |  |
Income tax effect | 815 |  | (430) |  |  |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (2,408) |  | $ | 1,266 |  |  |
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | (1,031) |  | (1,123) |  |  |
Amortization of net actuarial loss | 346 |  | 971 |  |  |
Total pretax amount reclassified (a) | (685) |  | (152) |  |  |
Income tax effect | 210 |  | 47 |  |  |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (475) |  | $ | (105) |  |  |
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

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