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Accumulated Other Comprehensive Income (Loss) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Accumulated Other Comprehensive Income (Loss) | NOTE 14 – Accumulated Other Comprehensive Income (Loss) Shareholders’ equity includes certain items classified as accumulated other comprehensive income (loss) (“AOCI”) in the Condensed Consolidated Balance Sheets, including: • Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our Revolving Credit Facility's outstanding balance from a variable rate of interest into a fixed rate, foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies, as well as a cross-currency swap that synthetically converts our U.S. Dollar variable rate debt to Krone-denominated variable rate debt. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 13 - Derivative Financial Instruments and Note 17 – Fair Value Measurements. • Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 7 – Retirement Plans. • Cumulative translation adjustments relate to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. Dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income (loss). Changes in exchange rates between the functional currency and the currency in which a transaction is denominated are foreign exchange transaction gains or losses. Transaction losses for the three months ended March 31, 2024 and March 31, 2023 were $1,507 and $68, respectively. The impact of these changes have been included in other income (expense) in the Condensed Consolidated Statements of Earnings. The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2024, are as follows:
|  |  |  |  |  |  |  | (Gain) Loss |  |  |  |
|  | As of |  |  | Gain (Loss) |  |  | Reclassified |  |  | As of |
|  | December 31, |  |  | Recognized |  |  | from AOCI |  |  | March 31, |
|  | 2023 |  |  | in OCI |  |  | to Earnings |  |  | 2024 |
Changes in fair market value of derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | 3,252 |  |  | $ | 2,138 |  |  | $ | (1,189 | ) |  | $ | 4,201 |
Income tax benefit (expense) |  |  | (749 | ) |  |  | (492 | ) |  |  | 274 |  |  |  | (967 | )
Net |  |  | 2,503 |  |  |  | 1,646 |  |  |  | (915 | ) |  |  | 3,234 |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (1,126 | ) |  |  | — |  |  |  | 69 |  |  |  | (1,057 | )
Income tax benefit |  |  | 442 |  |  |  | — |  |  |  | (5 | ) |  |  | 437 |
Net |  |  | (684 | ) |  |  | — |  |  |  | 64 |  |  |  | (620 | )
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | 2,445 |  |  |  | (2,121 | ) |  |  | — |  |  |  | 324 |
Income tax benefit (expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net |  |  | 2,445 |  |  |  | (2,121 | ) |  |  | — |  |  |  | 324 |
Total accumulated other comprehensive income (loss) |  | $ | 4,264 |  |  | $ | (475 | ) |  | $ | (851 | ) |  | $ | 2,938 |
The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2023, are as follows:
|  |  |  |  |  |  |  | (Gain) Loss |  |  |  |
|  | As of |  |  | Gain (Loss) |  |  | Reclassified |  |  | As of |
|  | December 31, |  |  | Recognized |  |  | from AOCI |  |  | March 31, |
|  | 2022 |  |  | in OCI |  |  | to Earnings |  |  | 2023 |
Changes in fair market value of derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | 3,911 |  |  | $ | 1,090 |  |  | $ | (598 | ) |  | $ | 4,403 |
Income tax benefit (expense) |  |  | (899 | ) |  |  | (251 | ) |  |  | 138 |  |  |  | (1,012 | )
Net |  |  | 3,012 |  |  |  | 839 |  |  |  | (460 | ) |  |  | 3,391 |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (1,179 | ) |  |  | — |  |  |  | (47 | ) |  |  | (1,226 | )
Income tax benefit (expense) |  |  | 376 |  |  |  | — |  |  |  | 13 |  |  |  | 389 |
Net |  |  | (803 | ) |  |  | — |  |  |  | (34 | ) |  |  | (837 | )
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (2,880 | ) |  |  | 1,024 |  |  |  | — |  |  |  | (1,856 | )
Income tax benefit (expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net |  |  | (2,880 | ) |  |  | 1,024 |  |  |  | — |  |  |  | (1,856 | )
Total accumulated other comprehensive income (loss) |  | $ | (671 | ) |  | $ | 1,863 |  |  | $ | (494 | ) |  | $ | 698 |

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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//1943274/2147483586/944-220-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//1943274/2147483589/942-220-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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