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Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended
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Jun. 30, 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 from December 31, 2022 to June 30, 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 | 11,313 |  | (691) |  | 2,642 |  | 13,264 |
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | (5,155) |  | (5,155) |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | (949) |  | — |  | (949) |
Net current period other comprehensive income | 11,313 |  | (1,640) |  | (2,513) |  | 7,160 |
June 30, 2023 | $ | (135,538) |  | $ | (17,423) |  | $ | 15,194 |  | $ | (137,767) |
The table below presents changes in the components of AOCI for the period from 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)/income 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) |
Summary of 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 and six months ended June 30, 2023 and 2022:
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2023 | 2022 | 2023 | 2022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Other (income)/expense, net related to interest rate swaps included in Income before taxes | $ | (3,678) |  | $ | 1,168 |  | $ | (6,901) |  | $ | 2,864 |
Income tax effect | 931 |  | (295) |  | 1,746 |  | (725) |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (2,747) |  | $ | 873 |  | $ | (5,155) |  | $ | 2,139 |
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | $ | (1,030) |  | $ | (1,122) |  | $ | (2,061) |  | $ | (2,245) |
Amortization of net actuarial loss | 347 |  | 967 |  | 693 |  | 1,938 |
Total pretax amount reclassified (a) | (683) |  | (155) |  | (1,368) |  | (307) |
Income tax effect | 209 |  | 47 |  | 419 |  | 94 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (474) |  | $ | (108) |  | $ | (949) |  | $ | (213) |
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).

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