| 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 months ended March 31, 2024 and 2023, respectively:
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Three months ended March 31, |
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2024 |
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2023 |
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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 |
|
Tax benefit |
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After-tax amount |
| Defined benefit and other postretirement plans: |
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| 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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| Net prior service cost |
|
(7) |
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2 |
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(5) |
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(31) |
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8 |
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(23) |
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| Benefit plans, net |
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(8) |
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2 |
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(6) |
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(32) |
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8 |
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(24) |
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| Net gain (loss) from hedging activities |
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5,152 |
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(1,288) |
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3,864 |
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(10,303) |
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2,383 |
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(7,920) |
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| Foreign currency translation |
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(1,684) |
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— |
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(1,684) |
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2,185 |
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— |
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2,185 |
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| Other comprehensive income (loss) |
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$ |
3,460 |
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$ |
(1,286) |
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$ |
2,174 |
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$ |
(8,150) |
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$ |
2,391 |
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$ |
(5,759) |
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The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2024 and 2023, 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, 2023 |
|
$ |
612 |
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|
$ |
12,546 |
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$ |
(14,116) |
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$ |
(958) |
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| Other comprehensive income (loss) before reclassifications |
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— |
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|
7,356 |
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(1,684) |
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5,672 |
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Amounts reclassified from accumulated other comprehensive loss(1)
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(6) |
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(3,492) |
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— |
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(3,498) |
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| Net current period other comprehensive income (loss) |
|
(6) |
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3,864 |
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(1,684) |
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2,174 |
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| March 31, 2024 |
|
$ |
606 |
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|
$ |
16,410 |
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|
$ |
(15,800) |
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$ |
1,216 |
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| 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 |
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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 (loss)(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 income (loss) |
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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 |
|
$ |
(532) |
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|
$ |
16,752 |
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|
$ |
(15,987) |
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$ |
233 |
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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 months ended March 31, 2024 and 2023, respectively:
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| Details about Accumulated Other Comprehensive Income Components |
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Amounts reclassified from Accumulated Other
Comprehensive Loss (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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2024 |
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2023 |
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| Amortization of defined benefit and other postretirement items: |
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| Net loss (gain) |
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$ |
1 |
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$ |
(1) |
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Other (expense) income(2)
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| Net prior service cost (credit) |
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7 |
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(31) |
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Other (expense) income(2)
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8 |
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(32) |
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Total before tax |
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(2) |
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8 |
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Tax (expense) benefit |
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$ |
6 |
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$ |
(24) |
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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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$ |
4,656 |
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$ |
698 |
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Interest income |
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(1,164) |
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(172) |
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Tax expense |
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$ |
3,492 |
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$ |
526 |
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Net of tax |
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| Total reclassifications for the period |
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$ |
3,498 |
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$ |
502 |
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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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