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Accumulated Other Comprehensive Income ("AOCI")
 6 Months Ended
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 $(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax11,313 (691)2,642 13,264 
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (5,155)(5,155)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax— (949)— (949)
Net current period other comprehensive income11,313 (1,640)(2,513)7,160 
June 30, 2023$(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)
2024202320242023
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 effect1,001 931 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).