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Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2023 to March 31, 2024:
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Other Comprehensive Income
December 31, 2023 | $ | (124,901) |  | $ | (17,346) |  | $ | 9,079 |  | $ | (133,168) |
Other comprehensive income/(loss) before reclassifications, net of tax | (12,116) |  | 285 |  | 892 |  | (10,939) |
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | (3,016) |  | (3,016) |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | 97 |  | — |  | 97 |
Net current period other comprehensive income | (12,116) |  | 382 |  | (2,124) |  | (13,858) |
March 31, 2024 | $ | (137,017) |  | $ | (16,964) |  | $ | 6,955 |  | $ | (147,026) |
The table below presents changes in the components of AOCI for the period from 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)/income 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) |
Schedule 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 months ended March 31, 2024 and 2023:
| Three months ended March 31, |
(in thousands) | 2024 | 2023 |  |
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Other (income)/expense, net related to interest rate swaps included in Income before taxes | $ | (4,038) |  | $ | (3,223) |  |  |
Income tax effect | 1,022 |  | 815 |  |  |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (3,016) |  | $ | (2,408) |  |  |
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | $ | (38) |  | $ | (1,031) |  |  |
Amortization of net actuarial loss | 178 |  | 346 |  |  |
Total pre-tax amount reclassified (a) | 140 |  | (685) |  |  |
Income tax effect | (43) |  | 210 |  |  |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | 97 |  | $ | (475) |  |  |
(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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