| Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
The following table presents the components of AOCI, net of tax, as of December 31, 2025 and 2024:
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December 31, |
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2025 |
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2024 |
Amortization and unrealized gains on pension and postretirement plans, net of tax expense of $(4,951) and $(4,628) respectively |
$ |
2,450 |
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$ |
1,467 |
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Net changes in fair values of derivatives, net of tax expense of $(380) and $(3,504) respectively |
821 |
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|
9,902 |
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| Foreign currency translation adjustments |
— |
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|
(18,776) |
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| AOCI, net of tax |
$ |
3,271 |
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|
$ |
(7,407) |
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The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023:
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Years ended December 31, |
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2025 |
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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 |
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Tax benefit/(expense) |
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After-tax
amount |
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Pre-tax
amount |
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Tax benefit/(expense) |
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After-tax
amount |
| Defined benefit and other postretirement plans: |
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| Net gain |
$ |
1,295 |
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|
$ |
(312) |
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|
$ |
983 |
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$ |
1,169 |
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|
$ |
(291) |
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|
$ |
878 |
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$ |
1,511 |
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$ |
(297) |
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$ |
1,214 |
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| Net prior service cost |
— |
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— |
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— |
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(30) |
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7 |
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(23) |
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(125) |
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31 |
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(94) |
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| Benefit plans, net |
1,295 |
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(312) |
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|
983 |
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1,139 |
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(284) |
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855 |
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1,386 |
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(266) |
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1,120 |
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| Net loss from hedging activities |
(12,495) |
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3,414 |
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(9,081) |
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(3,525) |
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|
881 |
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(2,644) |
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(17,312) |
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5,186 |
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(12,126) |
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| Foreign currency translation |
18,776 |
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— |
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18,776 |
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(4,660) |
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— |
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(4,660) |
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4,056 |
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— |
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|
4,056 |
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| Other comprehensive income (loss) |
$ |
7,576 |
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$ |
3,102 |
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$ |
10,678 |
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$ |
(7,046) |
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$ |
597 |
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$ |
(6,449) |
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$ |
(11,870) |
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$ |
4,920 |
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$ |
(6,950) |
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The following table presents the changes in AOCI, net of tax, by component for the years ended December 31, 2025 and 2024:
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Defined benefit
and other
postretirement
plans |
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Net 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 |
883 |
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10,254 |
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(4,660) |
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6,477 |
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Amounts reclassified from AOCI(1)
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(28) |
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(12,898) |
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— |
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(12,926) |
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| Net current period other comprehensive income (loss) |
855 |
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(2,644) |
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(4,660) |
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(6,449) |
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| 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 |
987 |
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(3,115) |
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11,701 |
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|
9,573 |
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Amounts reclassified from AOCI(1)
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(4) |
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(5,966) |
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— |
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(5,970) |
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| Disposal of Advanced Materials & Catalysts |
— |
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— |
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7,075 |
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|
7,075 |
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| Net current period other comprehensive income (loss) |
983 |
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(9,081) |
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18,776 |
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10,678 |
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| December 31, 2025 |
$ |
2,450 |
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$ |
821 |
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$ |
— |
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$ |
3,271 |
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(1) See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
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| Reclassification out of Accumulated Other Comprehensive Income |
The following table presents the reclassifications out of AOCI for the years ended December 31, 2025 and 2024:
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| Details about AOCI Components |
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Amount reclassified from AOCI(1)
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Affected line item where income is presented |
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Years ended December 31, |
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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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$ |
5 |
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$ |
8 |
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Other expense(2)
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| Net prior service cost |
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— |
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30 |
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Other expense(2)
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5 |
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38 |
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Total before tax |
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(1) |
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(10) |
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Tax benefit |
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$ |
4 |
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$ |
28 |
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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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$ |
8,208 |
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$ |
17,197 |
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Interest expense |
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(2,242) |
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(4,299) |
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Tax benefit |
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5,966 |
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12,898 |
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Net of tax |
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| Total reclassifications for the period |
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$ |
5,970 |
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$ |
12,926 |
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Net of tax |
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(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 19 to these consolidated financial statements for additional details.
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