| 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 for the three months ended March 31, 2025 and 2024, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2025 |
|
2024 |
|
|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
| Defined benefit and other postretirement plans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(1) |
|
|
$ |
— |
|
|
$ |
(1) |
|
|
$ |
(1) |
|
|
$ |
— |
|
|
$ |
(1) |
|
| Net prior service cost |
|
— |
|
|
— |
|
|
— |
|
|
(7) |
|
|
2 |
|
|
(5) |
|
| Benefit plans, net |
|
(1) |
|
|
— |
|
|
(1) |
|
|
(8) |
|
|
2 |
|
|
(6) |
|
| Net (loss) gain from hedging activities |
|
(5,738) |
|
|
1,434 |
|
|
(4,304) |
|
|
5,152 |
|
|
(1,288) |
|
|
3,864 |
|
| Foreign currency translation |
|
4,531 |
|
|
— |
|
|
4,531 |
|
|
(1,684) |
|
|
— |
|
|
(1,684) |
|
| Other comprehensive income |
|
$ |
(1,208) |
|
|
$ |
1,434 |
|
|
$ |
226 |
|
|
$ |
3,460 |
|
|
$ |
(1,286) |
|
|
$ |
2,174 |
|
The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2025 and 2024, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit
and other
postretirement
plans |
|
Net gain (loss) from hedging activities |
|
Foreign
currency
translation |
|
Total |
| December 31, 2024 |
|
$ |
1,467 |
|
|
$ |
9,902 |
|
|
$ |
(18,776) |
|
|
$ |
(7,407) |
|
| Other comprehensive (loss) income before reclassifications |
|
— |
|
|
(2,699) |
|
|
4,531 |
|
|
1,832 |
|
Amounts reclassified from AOCI(1)
|
|
(1) |
|
|
(1,605) |
|
|
— |
|
|
(1,606) |
|
| Net current period other comprehensive (loss) income |
|
(1) |
|
|
(4,304) |
|
|
4,531 |
|
|
226 |
|
| March 31, 2025 |
|
$ |
1,466 |
|
|
$ |
5,598 |
|
|
$ |
(14,245) |
|
|
$ |
(7,181) |
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 |
|
$ |
612 |
|
|
$ |
12,546 |
|
|
$ |
(14,116) |
|
|
$ |
(958) |
|
| Other comprehensive income (loss) before reclassifications |
|
— |
|
|
7,356 |
|
|
(1,684) |
|
|
5,672 |
|
Amounts reclassified from AOCI(1)
|
|
(6) |
|
|
(3,492) |
|
|
— |
|
|
(3,498) |
|
| Net current period other comprehensive (loss) income |
|
(6) |
|
|
3,864 |
|
|
(1,684) |
|
|
2,174 |
|
| March 31, 2024 |
|
$ |
606 |
|
|
$ |
16,410 |
|
|
$ |
(15,800) |
|
|
$ |
1,216 |
|
|
|
|
|
|
|
|
|
|
(1)See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
|
| Reclassifications out of Accumulated Other Comprehensive Income |
The following table presents the reclassifications out of AOCI for the three months ended March 31, 2025 and 2024, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Details about AOCI Components |
|
|
|
|
|
Amounts reclassified from AOCI(1)
|
|
Affected line item where
income is presented |
|
|
|
|
Three months ended
March 31, |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
| Amortization of defined benefit and other postretirement items: |
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
$ |
1 |
|
|
$ |
1 |
|
|
Other (expense) income(2)
|
| Net prior service cost |
|
|
|
|
|
— |
|
|
7 |
|
|
Other (expense) income(2)
|
|
|
|
|
|
|
1 |
|
|
8 |
|
|
Total before tax |
|
|
|
|
|
|
— |
|
|
(2) |
|
|
Tax benefit (expense) |
|
|
|
|
|
|
$ |
1 |
|
|
$ |
6 |
|
|
Net of tax |
|
|
|
|
|
|
|
|
|
|
|
| Gains and losses on cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
| Interest rate caps |
|
|
|
|
|
$ |
2,140 |
|
|
$ |
4,656 |
|
|
Interest expense |
|
|
|
|
|
|
(535) |
|
|
(1,164) |
|
|
Tax expense |
|
|
|
|
|
|
$ |
1,605 |
|
|
$ |
3,492 |
|
|
Net of tax |
|
|
|
|
|
|
|
|
|
|
|
| Total reclassifications for the period |
|
|
|
|
|
$ |
1,606 |
|
|
$ |
3,498 |
|
|
Net of tax |
(1)Amounts in parentheses indicate debits to profit/loss.
(2)These AOCI components are components of net periodic pension and other postretirement cost (see Note 13 to these condensed consolidated financial statements for additional details).
|