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Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended
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Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income ("AOCI") | Accumulated Other Comprehensive Income ("AOCI") The table below presents changes in the components of AOCI for the period from December 31, 2023 to June 30, 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 | (29,403) |  | 435 |  | 1,231 |  | (27,737) |
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | (6,195) |  | (6,195) |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | 193 |  | — |  | 193 |
Net current period other comprehensive income | (29,403) |  | 628 |  | (4,964) |  | (33,739) |
June 30, 2024 | $ | (154,304) |  | $ | (16,718) |  | $ | 4,115 |  | $ | (166,907) |
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 components of AOCI that are reclassified to the Consolidated Statements of Income relate to our pension and postretirement plans and interest rate swaps. 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 ended June 30, 2024 and 2023:
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2024 | 2023 | 2024 | 2023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Interest expense/(income), net related to interest rate swaps included in Income before taxes | $ | (4,180) |  | $ | (3,678) |  | $ | (8,218) |  | $ | (6,901) |
Income tax effect | 1,001 |  | 931 |  | 2,023 |  | 1,746 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (3,179) |  | $ | (2,747) |  | $ | (6,195) |  | $ | (5,155) |
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | $ | (38) |  | $ | (1,030) |  | $ | (76) |  | $ | (2,061) |
Amortization of net actuarial loss | 176 |  | 347 |  | 354 |  | 693 |
Total pre-tax amount reclassified (a) | 138 |  | (683) |  | 278 |  | (1,368) |
Income tax effect | (42) |  | 209 |  | (85) |  | 419 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | 96 |  | $ | (474) |  | $ | 193 |  | $ | (949) |
(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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- 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/1943274/2147477250/944-220-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/1943274/2147478524/942-220-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 + Details
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