| Pre-tax and After-tax Components of Other Comprehensive Income (Loss) |
The following tables present the tax effects of each component of other comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022, respectively:
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Three months ended September 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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|
|
|
|
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|
|
|
|
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| Net prior service credit (cost) |
|
$ |
(31) |
|
|
$ |
8 |
|
|
$ |
(23) |
|
|
$ |
(53) |
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|
$ |
13 |
|
|
$ |
(40) |
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| Net gain (loss) |
|
(253) |
|
|
63 |
|
|
(190) |
|
|
(1,226) |
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|
304 |
|
|
(922) |
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| Benefit plans, net |
|
(284) |
|
|
71 |
|
|
(213) |
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|
(1,279) |
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|
317 |
|
|
(962) |
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| Net gain (loss) from hedging activities |
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1,247 |
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(119) |
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|
1,128 |
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|
12,188 |
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|
(3,047) |
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|
9,141 |
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| Foreign currency translation |
|
(3,112) |
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— |
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|
(3,112) |
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|
(7,207) |
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— |
|
|
(7,207) |
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| Other comprehensive income (loss) |
|
$ |
(2,149) |
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|
$ |
(48) |
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|
$ |
(2,197) |
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|
$ |
3,702 |
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|
$ |
(2,730) |
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|
$ |
972 |
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Nine months ended September 30, |
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2023 |
|
2022 |
|
|
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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|
|
|
|
|
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| Net prior service credit (cost) |
|
$ |
(94) |
|
|
$ |
23 |
|
|
$ |
(71) |
|
|
$ |
(158) |
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|
$ |
39 |
|
|
$ |
(119) |
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| Net gain (loss) |
|
398 |
|
|
(99) |
|
|
299 |
|
|
(1,225) |
|
|
304 |
|
|
(921) |
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| Benefit plans, net |
|
304 |
|
|
(76) |
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|
228 |
|
|
(1,383) |
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|
343 |
|
|
(1,040) |
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| Net gain (loss) from hedging activities |
|
(1,998) |
|
|
605 |
|
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(1,393) |
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|
36,827 |
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(9,207) |
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27,620 |
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| Foreign currency translation |
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(99) |
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— |
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(99) |
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|
(17,506) |
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— |
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(17,506) |
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| Other comprehensive income (loss) |
|
$ |
(1,793) |
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$ |
529 |
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|
$ |
(1,264) |
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|
$ |
17,938 |
|
|
$ |
(8,864) |
|
|
$ |
9,074 |
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The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 30, 2023 and 2022, respectively:
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Defined benefit
and other
postretirement
plans |
|
Net gain (loss)
from hedging
activities |
|
Foreign
currency
translation |
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Total |
| December 31, 2022 |
|
$ |
(508) |
|
|
$ |
24,672 |
|
|
$ |
(18,172) |
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|
$ |
5,992 |
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| Other comprehensive income (loss) before reclassifications |
|
207 |
|
|
12,057 |
|
|
(99) |
|
|
12,165 |
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Amounts reclassified from accumulated other comprehensive income(1)
|
|
21 |
|
|
(13,450) |
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|
— |
|
|
(13,429) |
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| Net current period other comprehensive income (loss) |
|
228 |
|
|
(1,393) |
|
|
(99) |
|
|
(1,264) |
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| September 30, 2023 |
|
$ |
(280) |
|
|
$ |
23,279 |
|
|
$ |
(18,271) |
|
|
$ |
4,728 |
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|
|
|
|
|
|
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| December 31, 2021 |
|
$ |
2,168 |
|
|
$ |
290 |
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|
$ |
(8,250) |
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|
$ |
(5,792) |
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| Other comprehensive income (loss) before reclassifications |
|
(1,157) |
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|
27,148 |
|
|
(17,506) |
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|
8,485 |
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Amounts reclassified from accumulated other comprehensive income(1)
|
|
117 |
|
|
472 |
|
|
— |
|
|
589 |
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| Net current period other comprehensive income (loss) |
|
(1,040) |
|
|
27,620 |
|
|
(17,506) |
|
|
9,074 |
|
| September 30, 2022 |
|
$ |
1,128 |
|
|
$ |
27,910 |
|
|
$ |
(25,756) |
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|
$ |
3,282 |
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(1)See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
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| Reclassifications out of Accumulated Other Comprehensive Income |
The following table presents the reclassifications out of accumulated other comprehensive income for the three and nine months ended September 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
September 30, |
|
Nine months ended
September 30, |
|
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2023 |
|
2022 |
|
2023 |
|
2022 |
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| Amortization of defined benefit and other postretirement items: |
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|
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|
|
|
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| Net prior service (credit) cost |
|
$ |
(31) |
|
|
$ |
(53) |
|
|
$ |
(94) |
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|
$ |
(158) |
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Other (expense) income(2)
|
| Net (gain) loss |
|
21 |
|
|
1 |
|
|
48 |
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|
3 |
|
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Other (expense) income(2)
|
|
|
(10) |
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|
(52) |
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|
(46) |
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|
(155) |
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Total before tax |
|
|
7 |
|
|
12 |
|
|
25 |
|
|
38 |
|
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Tax benefit |
|
|
$ |
(3) |
|
|
$ |
(40) |
|
|
$ |
(21) |
|
|
$ |
(117) |
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Net of tax |
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|
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| Gains and losses on cash flow hedges: |
|
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|
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|
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|
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| Interest rate caps |
|
$ |
6,048 |
|
|
$ |
(29) |
|
|
$ |
17,933 |
|
|
$ |
(627) |
|
|
Interest expense |
|
|
(1,511) |
|
|
7 |
|
|
(4,483) |
|
|
155 |
|
|
Tax (expense) benefit |
|
|
$ |
4,537 |
|
|
$ |
(22) |
|
|
$ |
13,450 |
|
|
$ |
(472) |
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Net of tax |
|
|
|
|
|
|
|
|
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| Total reclassifications for the period |
|
$ |
4,534 |
|
|
$ |
(62) |
|
|
$ |
13,429 |
|
|
$ |
(589) |
|
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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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