Glatfelter Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
MAGN$13.05+0.2%Stored close · as of Nov 10, 2026
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10. Accumulated Other Comprehensive Income
- ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2023, 2022 and 2021.
| In thousands | Currencytranslationadjustments | Unrealizedgain (loss)on cashflow hedges | Change inpensions | Change inotherpostretirementdefinedbenefitplans | Total |
|---|---|---|---|---|---|
| Balance at January 1, 2023 | $(106,242) | $11,176 | $(3,247) | $418 | $(97,895) |
| Other comprehensive income (loss) before reclassifications (net of tax) | 15,509 | 735 | (163) | (27) | 16,054 |
| Amounts reclassified from accumulated other comprehensive income (net of tax) | — | (1,356) | 718 | (30) | (668) |
| Net current period other comprehensive income (loss) | 15,509 | (621) | 555 | (57) | 15,386 |
| Balance at December 31, 2023 | $(90,733) | $10,555 | $(2,692) | $361 | $(82,509) |
| Balance at January 1, 2022 | $(69,757) | $1,988 | $(11,482) | $(1,053) | $(80,304) |
| Other comprehensive income (loss) before reclassifications (net of tax) | (36,485) | 16,716 | 7,613 | 1,367 | (10,789) |
| Amounts reclassified from accumulated other comprehensive income (net of tax) | — | (7,528) | 622 | 104 | (6,802) |
| Net current period other comprehensive income (loss) | (36,485) | 9,188 | 8,235 | 1,471 | (17,591) |
| Balance at December 31, 2022 | $(106,242) | $11,176 | $(3,247) | $418 | $(97,895) |
| Balance at January 1, 2021 | $(42,525) | $(2,496) | $(12,844) | $(788) | $(58,653) |
| Other comprehensive income (loss) before reclassifications (net of tax) | (27,232) | 4,759 | 611 | (79) | (21,941) |
| Amounts reclassified from accumulated other comprehensive income (net of tax) | — | (275) | 751 | (186) | 290 |
| Net current period other comprehensive income (loss) | (27,232) | 4,484 | 1,362 | (265) | (21,651) |
| Balance at December 31, 2021 | $(69,757) | $1,988 | $(11,482) | $(1,053) | $(80,304) |
The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated.
| Year ended December 31, | ||||
|---|---|---|---|---|
| In thousands · 2023 · 2022 · 2021 | ||||
| Description · Line Item in Statements of Income | ||||
| Cash flow hedges (Note 22) | ||||
| Gains on cash flow hedges | $(1,785) | $(7,896) | $(382) | Costs of products sold |
| Tax expense (benefit) | 429 | 703 | 22 | Income tax provision (benefit) |
| Net of tax | (1,356) | (7,193) | (360) | |
| Loss (gain) on interest rate swaps | — | (335) | 85 | Interest expense |
| Tax expense | — | — | — | Income tax provision (benefit) |
| Net of tax | — | (335) | 85 | |
| Total cash flow hedges | (1,356) | (7,528) | (275) | |
| Retirement plan obligations (Note 13) | ||||
| Amortization of defined benefit pension plan items | ||||
| Prior service costs | 23 | 43 | 47 | Other, net |
| Actuarial losses | 81 | 653 | 792 | Other, net |
| Pension settlement | 633 | — | — | |
| 737 | 696 | 839 | ||
| Tax benefit | (19) | (74) | (88) | Income tax provision (benefit) |
| Net of tax | 718 | 622 | 751 | |
| Amortization of defined benefit other plan items | ||||
| Prior service costs | 21 | 104 | (233) | Other, net |
| Actuarial loss (gains) | (51) | — | 47 | Other, net |
| (30) | 104 | (186) | ||
| Tax expense | — | — | — | Income tax provision (benefit) |
| Net of tax | (30) | 104 | (186) | |
| Total reclassifications, net of tax | $(668) | $(6,802) | $290 | |
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