| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents the tax effects of each component of other comprehensive (loss) income for the three months ended March 31, 2023 and 2022, respectively:
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Three months ended March 31, |
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2023 |
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2022 |
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Pre-tax
amount |
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Tax benefit/
(expense) |
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After-tax amount |
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Pre-tax
amount |
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Tax benefit/
(expense) |
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After-tax amount |
| Defined benefit and other postretirement plans: |
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| Amortization of net loss |
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$ |
(1) |
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$ |
— |
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$ |
(1) |
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$ |
1 |
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$ |
— |
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$ |
1 |
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| Amortization of prior service credit |
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(31) |
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8 |
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(23) |
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(53) |
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13 |
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(40) |
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| Benefit plans, net |
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(32) |
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8 |
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(24) |
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(52) |
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13 |
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(39) |
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| Net (loss) gain from hedging activities |
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(10,303) |
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2,383 |
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(7,920) |
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18,296 |
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(4,574) |
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13,722 |
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| Foreign currency translation |
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2,185 |
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— |
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2,185 |
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(2,305) |
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— |
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(2,305) |
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| Other comprehensive (loss) income |
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$ |
(8,150) |
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$ |
2,391 |
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$ |
(5,759) |
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$ |
15,939 |
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$ |
(4,561) |
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$ |
11,378 |
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The following table presents the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2023 and 2022, respectively:
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Defined benefit
and other
postretirement
plans |
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Net gain (loss)
from hedging
activities |
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Foreign
currency
translation |
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Total |
| December 31, 2022 |
|
$ |
12,132 |
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$ |
26,636 |
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$ |
(32,776) |
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$ |
5,992 |
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| Other comprehensive (loss) income before reclassifications |
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(48) |
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(7,394) |
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2,185 |
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(5,257) |
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Amounts reclassified from accumulated other comprehensive income(1)
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24 |
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(526) |
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— |
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(502) |
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| Net current period other comprehensive (loss) income |
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(24) |
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(7,920) |
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2,185 |
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(5,759) |
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| March 31, 2023 |
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$ |
12,108 |
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$ |
18,716 |
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$ |
(30,591) |
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$ |
233 |
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| December 31, 2021 |
|
$ |
11,072 |
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$ |
2,254 |
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$ |
(19,118) |
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$ |
(5,792) |
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| Other comprehensive income (loss) before reclassifications |
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(78) |
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13,208 |
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(2,305) |
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10,825 |
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Amounts reclassified from accumulated other comprehensive income(1)
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39 |
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|
514 |
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— |
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|
553 |
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| Net current period other comprehensive (loss) income |
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(39) |
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13,722 |
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(2,305) |
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11,378 |
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| March 31, 2022 |
|
$ |
11,033 |
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$ |
15,976 |
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$ |
(21,423) |
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$ |
5,586 |
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(1)See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
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| Reclassification out of Accumulated Other Comprehensive Income |
The following table presents the reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2023 and 2022, respectively:
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Details about Accumulated Other Comprehensive
Income Components |
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Amounts Reclassified from Accumulated Other
Comprehensive Income(1)
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Affected Line Item where
Income is Presented |
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Three months ended
March 31, |
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2023 |
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2022 |
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| Amortization of defined benefit and other postretirement items: |
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| Prior service credit |
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$ |
(31) |
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$ |
(53) |
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Other expense(2)
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| Actuarial gains |
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(1) |
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1 |
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Other (expense) income(2)
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(32) |
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(52) |
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Total before tax |
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8 |
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13 |
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Tax benefit |
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$ |
(24) |
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$ |
(39) |
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Net of tax |
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| Gains and losses on cash flow hedges: |
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| Interest rate caps |
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$ |
698 |
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$ |
(683) |
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Interest expense |
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(172) |
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169 |
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Tax (expense) benefit |
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$ |
526 |
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$ |
(514) |
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Net of tax |
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| Total reclassifications for the period |
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$ |
502 |
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$ |
(553) |
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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 14 to these condensed consolidated financial statements for additional details).
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