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Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended
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Jun. 30, 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 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) |
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 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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