| 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, 2025 and 2024, respectively:
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Three months ended June 30, |
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2025 |
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2024 |
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|
Pre-tax amount |
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Tax benefit/(expense) |
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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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$ |
226 |
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|
$ |
(55) |
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|
$ |
171 |
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|
$ |
714 |
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|
$ |
(178) |
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|
$ |
536 |
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| Net prior service cost |
|
— |
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|
— |
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|
— |
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|
(7) |
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|
1 |
|
|
(6) |
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| Benefit plans, net |
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226 |
|
|
(55) |
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|
171 |
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|
707 |
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(177) |
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|
530 |
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| Net loss from hedging activities |
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(3,214) |
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|
804 |
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(2,410) |
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(1,433) |
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|
358 |
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(1,075) |
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| Foreign currency translation |
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8,582 |
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— |
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8,582 |
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(679) |
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— |
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(679) |
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| Other comprehensive income (loss) |
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$ |
5,594 |
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$ |
749 |
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$ |
6,343 |
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$ |
(1,405) |
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$ |
181 |
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$ |
(1,224) |
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Six months ended June 30, |
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2025 |
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2024 |
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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 |
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$ |
225 |
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|
$ |
(55) |
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$ |
170 |
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|
$ |
713 |
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|
$ |
(178) |
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$ |
535 |
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| Net prior service cost |
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— |
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— |
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— |
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(15) |
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|
4 |
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(11) |
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| Benefit plans, net |
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225 |
|
|
(55) |
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|
170 |
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|
698 |
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(174) |
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|
524 |
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| Net (loss) gain from hedging activities |
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(8,952) |
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|
2,238 |
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(6,714) |
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3,719 |
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(930) |
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|
2,789 |
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| Foreign currency translation |
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13,113 |
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— |
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13,113 |
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(2,363) |
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— |
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(2,363) |
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| Other comprehensive income |
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$ |
4,386 |
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$ |
2,183 |
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$ |
6,569 |
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$ |
2,054 |
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$ |
(1,104) |
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$ |
950 |
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The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the six months ended June 30, 2025 and 2024, 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, 2024 |
|
$ |
1,467 |
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|
$ |
9,902 |
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|
$ |
(18,776) |
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$ |
(7,407) |
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| Other comprehensive income (loss) before reclassifications |
|
172 |
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(3,545) |
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|
13,113 |
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|
9,740 |
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Amounts reclassified from AOCI(1)
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(2) |
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(3,169) |
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— |
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|
(3,171) |
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| Net current period other comprehensive income (loss) |
|
170 |
|
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(6,714) |
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|
13,113 |
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|
6,569 |
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| June 30, 2025 |
|
$ |
1,637 |
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$ |
3,188 |
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|
$ |
(5,663) |
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|
$ |
(838) |
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| 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 |
|
540 |
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|
9,778 |
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(2,363) |
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|
7,955 |
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Amounts reclassified from AOCI(1)
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|
(16) |
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(6,989) |
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— |
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|
(7,005) |
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| Net current period other comprehensive income (loss) |
|
524 |
|
|
2,789 |
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|
(2,363) |
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|
950 |
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| June 30, 2024 |
|
$ |
1,136 |
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|
$ |
15,335 |
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|
$ |
(16,479) |
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$ |
(8) |
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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 AOCI for the three and six months ended June 30, 2025 and 2024, respectively:
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| Details about AOCI Components |
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Amounts reclassified from AOCI(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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2025 |
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2024 |
|
2025 |
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2024 |
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| Amortization of defined benefit and other postretirement items: |
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| Net loss |
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$ |
2 |
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$ |
6 |
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$ |
3 |
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$ |
7 |
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Other expense(2)
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| Net prior service cost |
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— |
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|
7 |
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— |
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|
15 |
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Other expense(2)
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2 |
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13 |
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|
3 |
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|
22 |
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Total before tax |
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(1) |
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(3) |
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(1) |
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(6) |
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Tax benefit |
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$ |
1 |
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$ |
10 |
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$ |
2 |
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$ |
16 |
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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 |
|
$ |
2,085 |
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$ |
4,662 |
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$ |
4,225 |
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$ |
9,318 |
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Interest expense |
|
|
(521) |
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|
(1,166) |
|
|
(1,056) |
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|
(2,329) |
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Tax benefit |
|
|
$ |
1,564 |
|
|
$ |
3,496 |
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$ |
3,169 |
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$ |
6,989 |
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Net of tax |
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| Total reclassifications for the period |
|
$ |
1,565 |
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|
$ |
3,506 |
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$ |
3,171 |
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|
$ |
7,005 |
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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 14 to these condensed consolidated financial statements for additional details).
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