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Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended
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Sep. 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 September 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 | (12,472) |  | (285) |  | 298 |  | (12,459) |
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | (8,212) |  | (8,212) |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | 290 |  | — |  | 290 |
Net current period other comprehensive income | (12,472) |  | 5 |  | (7,914) |  | (20,381) |
September 30, 2024 | $ | (137,373) |  | $ | (17,341) |  | $ | 1,165 |  | $ | (153,549) |
The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 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 | (4,326) |  | (183) |  | 3,386 |  | (1,123) |
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax | — |  | — |  | (8,136) |  | (8,136) |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | — |  | (1,423) |  | — |  | (1,423) |
Net current period other comprehensive income | (4,326) |  | (1,606) |  | (4,750) |  | (10,682) |
September 30, 2023 | $ | (151,177) |  | $ | (17,389) |  | $ | 12,957 |  | $ | (155,609) |
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 nine ended September 30, 2024 and 2023:
| Three months ended September 30, | Nine months ended September 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 | $ | (2,675) |  | $ | (3,990) |  | $ | (10,893) |  | $ | (10,891) |
Income tax effect | 658 |  | 1,009 |  | 2,681 |  | 2,755 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | (2,017) |  | $ | (2,981) |  | $ | (8,212) |  | $ | (8,136) |
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |
Amortization of prior service credit | $ | (37) |  | $ | (1,031) |  | $ | (113) |  | $ | (3,092) |
Amortization of net actuarial loss | 176 |  | 349 |  | 530 |  | 1,042 |
Total pre-tax amount reclassified (a) | 139 |  | (682) |  | 417 |  | (2,050) |
Income tax effect | (42) |  | 208 |  | (127) |  | 627 |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | 97 |  | $ | (474) |  | $ | 290 |  | $ | (1,423) |
(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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