| Pre-tax and After-tax Components of Other Comprehensive Income (Loss) |
The following tables present the tax effects of each component of other comprehensive loss for the three and nine months ended September 30, 2024 and 2023, respectively:
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Three months ended September 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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| Net gain (loss) |
|
$ |
11 |
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|
$ |
(3) |
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|
$ |
8 |
|
|
$ |
(253) |
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|
$ |
63 |
|
|
$ |
(190) |
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| Net prior service cost |
|
(7) |
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|
2 |
|
|
(5) |
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|
(31) |
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|
8 |
|
|
(23) |
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| Benefit plans, net |
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4 |
|
|
(1) |
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|
3 |
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(284) |
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|
71 |
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(213) |
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| Net (loss) gain from hedging activities |
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(15,539) |
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|
3,885 |
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(11,654) |
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|
1,247 |
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(119) |
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|
1,128 |
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| Foreign currency translation |
|
6,403 |
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— |
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|
6,403 |
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(3,112) |
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— |
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|
(3,112) |
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| Other comprehensive loss |
|
$ |
(9,132) |
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$ |
3,884 |
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$ |
(5,248) |
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$ |
(2,149) |
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|
$ |
(48) |
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$ |
(2,197) |
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Nine months ended September 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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| Net gain |
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$ |
724 |
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|
$ |
(181) |
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|
$ |
543 |
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|
$ |
398 |
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|
$ |
(99) |
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$ |
299 |
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| Net prior service cost |
|
(22) |
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|
6 |
|
|
(16) |
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|
(94) |
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|
23 |
|
|
(71) |
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| Benefit plans, net |
|
702 |
|
|
(175) |
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|
527 |
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|
304 |
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(76) |
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|
228 |
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| Net loss from hedging activities |
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(11,820) |
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|
2,955 |
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(8,865) |
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(1,998) |
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|
605 |
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(1,393) |
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| Foreign currency translation |
|
4,040 |
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— |
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|
4,040 |
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(99) |
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— |
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(99) |
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| Other comprehensive loss |
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$ |
(7,078) |
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$ |
2,780 |
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$ |
(4,298) |
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$ |
(1,793) |
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|
$ |
529 |
|
|
$ |
(1,264) |
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The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 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 |
|
|
$ |
12,546 |
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|
$ |
(14,116) |
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|
$ |
(958) |
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| Other comprehensive income before reclassifications |
|
549 |
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|
1,657 |
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|
4,040 |
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|
6,246 |
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Amounts reclassified from accumulated other comprehensive loss(1)
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|
(22) |
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|
(10,522) |
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— |
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|
(10,544) |
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| Net current period other comprehensive income (loss) |
|
527 |
|
|
(8,865) |
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|
4,040 |
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|
(4,298) |
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| September 30, 2024 |
|
$ |
1,139 |
|
|
$ |
3,681 |
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|
$ |
(10,076) |
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|
$ |
(5,256) |
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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 |
|
207 |
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|
12,057 |
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(99) |
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|
12,165 |
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Amounts reclassified from accumulated other comprehensive income (loss)(1)
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|
21 |
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|
(13,450) |
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|
— |
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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 |
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|
$ |
(18,271) |
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|
$ |
4,728 |
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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 nine months ended September 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
September 30, |
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Nine months ended
September 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 |
|
$ |
— |
|
|
$ |
21 |
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$ |
7 |
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$ |
48 |
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Other (expense) income(2)
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| Net prior service cost (credit) |
|
7 |
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|
(31) |
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22 |
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|
(94) |
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Other (expense) income(2)
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|
7 |
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(10) |
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29 |
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(46) |
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Total before tax |
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(2) |
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|
7 |
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|
(7) |
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|
25 |
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Tax (expense) benefit |
|
|
$ |
5 |
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|
$ |
(3) |
|
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$ |
22 |
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|
$ |
(21) |
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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 |
|
$ |
4,711 |
|
|
$ |
6,048 |
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|
$ |
14,029 |
|
|
$ |
17,933 |
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|
Interest income (expense) |
|
|
(1,177) |
|
|
(1,511) |
|
|
(3,507) |
|
|
(4,483) |
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Tax expense |
|
|
$ |
3,534 |
|
|
$ |
4,537 |
|
|
$ |
10,522 |
|
|
$ |
13,450 |
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Net of tax |
|
|
|
|
|
|
|
|
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| Total reclassifications for the period |
|
$ |
3,539 |
|
|
$ |
4,534 |
|
|
$ |
10,544 |
|
|
$ |
13,429 |
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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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