| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents the tax effects of each component of other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022, respectively:
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Three months ended June 30, |
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2023 |
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2022 |
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|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
| Defined benefit and other postretirement plans: |
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| Net prior service credit (cost) |
|
$ |
(31) |
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|
$ |
7 |
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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 gain (loss) |
|
651 |
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|
(162) |
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|
489 |
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— |
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— |
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— |
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| Benefit plans, net |
|
620 |
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(155) |
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|
465 |
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(52) |
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13 |
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(39) |
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| Net gain (loss) from hedging activities |
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7,059 |
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(1,660) |
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5,399 |
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6,343 |
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(1,586) |
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4,757 |
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| Foreign currency translation |
|
828 |
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— |
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|
828 |
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(7,994) |
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— |
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(7,994) |
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| Other comprehensive income (loss) |
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$ |
8,507 |
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|
$ |
(1,815) |
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$ |
6,692 |
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|
$ |
(1,703) |
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$ |
(1,573) |
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$ |
(3,276) |
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Six months ended June 30, |
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2023 |
|
2022 |
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|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
| Defined benefit and other postretirement plans: |
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| Net prior service credit (cost) |
|
$ |
(62) |
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$ |
15 |
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|
$ |
(47) |
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|
$ |
(105) |
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$ |
26 |
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|
$ |
(79) |
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| Net gain (loss) |
|
650 |
|
|
(162) |
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|
488 |
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|
1 |
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— |
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1 |
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| Benefit plans, net |
|
588 |
|
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(147) |
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|
441 |
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(104) |
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26 |
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(78) |
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| Net gain (loss) from hedging activities |
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(3,244) |
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|
723 |
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(2,521) |
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24,639 |
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(6,160) |
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18,479 |
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| Foreign currency translation |
|
3,013 |
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— |
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|
3,013 |
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(10,299) |
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— |
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(10,299) |
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| Other comprehensive income (loss) |
|
$ |
357 |
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$ |
576 |
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$ |
933 |
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$ |
14,236 |
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$ |
(6,134) |
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$ |
8,102 |
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The following table presents the changes in accumulated other comprehensive income, net of tax, by component for the six months ended June 30, 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 |
|
$ |
(508) |
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|
$ |
24,672 |
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|
$ |
(18,172) |
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$ |
5,992 |
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| Other comprehensive income (loss) before reclassifications |
|
412 |
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|
6,392 |
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|
3,013 |
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|
9,817 |
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Amounts reclassified from accumulated other comprehensive income(1)
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29 |
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(8,913) |
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— |
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(8,884) |
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| Net current period other comprehensive income (loss) |
|
441 |
|
|
(2,521) |
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|
3,013 |
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|
933 |
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| June 30, 2023 |
|
$ |
(67) |
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$ |
22,151 |
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$ |
(15,159) |
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$ |
6,925 |
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| December 31, 2021 |
|
$ |
2,168 |
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$ |
290 |
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|
$ |
(8,250) |
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$ |
(5,792) |
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| Other comprehensive income (loss) before reclassifications |
|
(155) |
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|
18,029 |
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(10,299) |
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|
7,575 |
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Amounts reclassified from accumulated other comprehensive income(1)
|
|
77 |
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|
450 |
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— |
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|
527 |
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| Net current period other comprehensive income (loss) |
|
(78) |
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18,479 |
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(10,299) |
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|
8,102 |
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| June 30, 2022 |
|
$ |
2,090 |
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|
$ |
18,769 |
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$ |
(18,549) |
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$ |
2,310 |
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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 and six months ended June 30, 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
June 30, |
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Six months ended
June 30, |
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2023 |
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2022 |
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2023 |
|
2022 |
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| Amortization of defined benefit and other postretirement items: |
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| Net prior service (credit) cost |
|
$ |
(31) |
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$ |
(53) |
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$ |
(62) |
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$ |
(105) |
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Other expense(2)
|
| Net (gain) loss |
|
29 |
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|
1 |
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28 |
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|
2 |
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Other (expense) income(2)
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(2) |
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(52) |
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(34) |
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|
(103) |
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Total before tax |
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— |
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|
13 |
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|
5 |
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|
26 |
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Tax benefit |
|
|
$ |
(2) |
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|
$ |
(39) |
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$ |
(29) |
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$ |
(77) |
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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 |
|
$ |
11,187 |
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|
$ |
(359) |
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$ |
11,885 |
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$ |
(598) |
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Interest expense |
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(2,800) |
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|
88 |
|
|
(2,972) |
|
|
148 |
|
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Tax (expense) benefit |
|
|
$ |
8,387 |
|
|
$ |
(271) |
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$ |
8,913 |
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|
$ |
(450) |
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Net of tax |
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| Total reclassifications for the period |
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$ |
8,385 |
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|
$ |
(310) |
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$ |
8,884 |
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|
$ |
(527) |
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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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