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Accumulated Other Comprehensive Income ("AOCI") (Tables)
 6 Months Ended
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 $(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax11,313 (691)2,642 13,264 
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (5,155)(5,155)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax— (949)— (949)
Net current period other comprehensive income11,313 (1,640)(2,513)7,160 
June 30, 2023$(135,538)$(17,423)$15,194 $(137,767)
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)
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).