| 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 six months ended June 30, 2024 and 2023, respectively:
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Three months ended June 30, |
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2024 |
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2023 |
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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 gain |
|
$ |
714 |
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|
$ |
(178) |
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|
$ |
536 |
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|
$ |
651 |
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|
$ |
(162) |
|
|
$ |
489 |
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| Net prior service cost |
|
(7) |
|
|
1 |
|
|
(6) |
|
|
(31) |
|
|
7 |
|
|
(24) |
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| Benefit plans, net |
|
707 |
|
|
(177) |
|
|
530 |
|
|
620 |
|
|
(155) |
|
|
465 |
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| Net (loss) gain from hedging activities |
|
(1,433) |
|
|
358 |
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|
(1,075) |
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|
7,059 |
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|
(1,660) |
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|
5,399 |
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| Foreign currency translation |
|
(679) |
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— |
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|
(679) |
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|
828 |
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— |
|
|
828 |
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| Other comprehensive income (loss) |
|
$ |
(1,405) |
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|
$ |
181 |
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|
$ |
(1,224) |
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|
$ |
8,507 |
|
|
$ |
(1,815) |
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|
$ |
6,692 |
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Six months ended June 30, |
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2024 |
|
2023 |
|
|
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 gain |
|
$ |
713 |
|
|
$ |
(178) |
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|
$ |
535 |
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|
$ |
650 |
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|
$ |
(162) |
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|
$ |
488 |
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| Net prior service cost |
|
(15) |
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|
4 |
|
|
(11) |
|
|
(62) |
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|
15 |
|
|
(47) |
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| Benefit plans, net |
|
698 |
|
|
(174) |
|
|
524 |
|
|
588 |
|
|
(147) |
|
|
441 |
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| Net gain (loss) from hedging activities |
|
3,719 |
|
|
(930) |
|
|
2,789 |
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|
(3,244) |
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|
723 |
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|
(2,521) |
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| Foreign currency translation |
|
(2,363) |
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— |
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|
(2,363) |
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|
3,013 |
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— |
|
|
3,013 |
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| Other comprehensive income |
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$ |
2,054 |
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|
$ |
(1,104) |
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|
$ |
950 |
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$ |
357 |
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|
$ |
576 |
|
|
$ |
933 |
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The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the six months ended June 30, 2024 and 2023, 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, 2023 |
|
$ |
612 |
|
|
$ |
12,546 |
|
|
$ |
(14,116) |
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|
$ |
(958) |
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| Other comprehensive income (loss) before reclassifications |
|
540 |
|
|
9,778 |
|
|
(2,363) |
|
|
7,955 |
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Amounts reclassified from accumulated other comprehensive loss(1)
|
|
(16) |
|
|
(6,989) |
|
|
— |
|
|
(7,005) |
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| Net current period other comprehensive income (loss) |
|
524 |
|
|
2,789 |
|
|
(2,363) |
|
|
950 |
|
| June 30, 2024 |
|
$ |
1,136 |
|
|
$ |
15,335 |
|
|
$ |
(16,479) |
|
|
$ |
(8) |
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|
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| December 31, 2022 |
|
$ |
(508) |
|
|
$ |
24,672 |
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|
$ |
(18,172) |
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|
$ |
5,992 |
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| Other comprehensive income 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 (loss)(1)
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|
29 |
|
|
(8,913) |
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|
— |
|
|
(8,884) |
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| Net current period other comprehensive income (loss) |
|
441 |
|
|
(2,521) |
|
|
3,013 |
|
|
933 |
|
| June 30, 2023 |
|
$ |
(67) |
|
|
$ |
22,151 |
|
|
$ |
(15,159) |
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|
$ |
6,925 |
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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 (loss) for the three and six months ended June 30, 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
June 30, |
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Six months ended
June 30, |
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|
2024 |
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2023 |
|
2024 |
|
2023 |
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| Amortization of defined benefit and other postretirement items: |
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| Net loss |
|
$ |
6 |
|
|
$ |
29 |
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|
$ |
7 |
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|
$ |
28 |
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Other (expense) income(2)
|
| Net prior service cost (credit) |
|
7 |
|
|
(31) |
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15 |
|
|
(62) |
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Other (expense) income(2)
|
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13 |
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|
(2) |
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22 |
|
|
(34) |
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Total before tax |
|
|
(3) |
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— |
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|
(6) |
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|
5 |
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Tax (expense) benefit |
|
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$ |
10 |
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|
$ |
(2) |
|
|
$ |
16 |
|
|
$ |
(29) |
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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 |
|
$ |
4,662 |
|
|
$ |
11,187 |
|
|
$ |
9,318 |
|
|
$ |
11,885 |
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|
Interest income (expense) |
|
|
(1,166) |
|
|
(2,800) |
|
|
(2,329) |
|
|
(2,972) |
|
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Tax expense |
|
|
$ |
3,496 |
|
|
$ |
8,387 |
|
|
$ |
6,989 |
|
|
$ |
8,913 |
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Net of tax |
|
|
|
|
|
|
|
|
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| Total reclassifications for the period |
|
$ |
3,506 |
|
|
$ |
8,385 |
|
|
$ |
7,005 |
|
|
$ |
8,884 |
|
|
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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