Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.4
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2022 and 2021:
December 31,
2022 2021
Amortization and unrealized gains on pension and postretirement plans, net of tax of $(4,078) and $(4,957)
$ 12,132  $ 14,808 
Net changes in fair values of derivatives, net of tax of $(9,057) and $(759)
26,636  2,254 
Foreign currency translation adjustments, net of tax of $8,177 and $8,177
(32,776) (22,854)
Accumulated other comprehensive income (loss) $ 5,992  $ (5,792)
The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020:
Years ended
December 31,
2022 2021 2020
Pre-tax amount Tax benefit/
(expense)
After-tax amount Pre-tax amount Tax benefit/
(expense)
After-tax amount Pre-tax amount Tax benefit/
(expense)
After-tax amount
Defined benefit and other postretirement plans:
Amortization of net gains and (losses) $ (3,383) $ 836  $ (2,547) $ 10,917  $ (2,757) $ 8,160  $ 2,627  $ (791) $ 1,836 
Amortization of prior service cost (210) 52  (158) (232) 58  (174) (232) 58  (174)
Settlement gain (loss) 39  (10) 29  2,059  (515) 1,544  64  (16) 48 
Benefit plans, net (3,554) 878  (2,676) 12,744  (3,214) 9,530  2,459  (749) 1,710 
Net gain from hedging activities 33,194  (8,812) 24,382  3,885  (971) 2,914  1,569  (392) 1,177 
Foreign currency translation(1)
(9,922) —  (9,922) (9,202) 6,954  (2,248) 1,784  (6,251) (4,467)
Other comprehensive income (loss) $ 19,718  $ (7,934) $ 11,784  $ 7,427  $ 2,769  $ 10,196  $ 5,812  $ (7,392) $ (1,580)
(1)     The income tax benefit or expense included in other comprehensive income is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect is based on the applicable U.S. deferred income tax rate. See Note 20 to these consolidated financial statements for information regarding the Company’s cross currency interest rate swaps.
The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2022 and 2021:
Defined benefit
and other
postretirement
plans 
Net gain (loss) from hedging activities Foreign
currency
translation 
Total 
December 31, 2020 $ 5,278  $ (660) $ (19,883) $ (15,265)
Other comprehensive income before reclassifications 5,622  2,580  11,043  19,245 
Amounts reclassified from accumulated other comprehensive income(1)
3,908  334  (14,014) (9,772)
Net current period other comprehensive income (loss) 9,530  2,914  (2,971) 9,473 
December 31, 2021 14,808  2,254  (22,854) (5,792)
Other comprehensive income (loss) before reclassifications (2,832) 23,868  (9,922) 11,114 
Amounts reclassified from accumulated other comprehensive income(1)
156  514  670 
Net current period other comprehensive income (loss) (2,676) 24,382  (9,922) 11,784 
December 31, 2022 $ 12,132  $ 26,636  $ (32,776) $ 5,992 
(1)    See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the reclassifications out of accumulated other comprehensive income for the years ended December 31, 2022 and 2021.
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income(1)
Affected Line Item in the
Statements of Income
Years ended
December 31,
2022 2021
Amortization of defined benefit and other postretirement plans:
Prior service credit $ (210) $ (232)
Other (expense) income(2)
Actuarial losses
Other (expense) income(2)
Release of actuarial losses —  (3,737) Net loss from discontinued operations, net of tax
(207) (3,964) Total before tax
51  56  Tax benefit
$ (156) $ (3,908) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ (683) $ (444) Interest expense
169  110  Tax benefit
(514) (334) Net of tax
Release of foreign currency translation —  14,014  Net loss from discontinued operations, net of tax
Total reclassifications for the period $ (670) $ 9,772  Net of tax
(1)    Amounts in parentheses indicate debits to profit/loss.
(2)    These accumulated other comprehensive income (loss) components are components of net periodic pension and other postretirement cost (see Note 22 to these consolidated financial statements for additional details).