Knife River Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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13. Accumulated Other Comprehensive Loss
Note 13 –Accumulated Other Comprehensive Loss
The Company’s accumulated other comprehensive loss is comprised of losses on derivative instruments qualifying as hedges and postretirement liability adjustments.
The after-tax changes in the components of accumulated other comprehensive loss were as follows:
| Net UnrealizedLoss onDerivativeInstrumentsQualifying asHedges | Post-retirementLiabilityAdjustment | TotalAccumulatedOtherComprehensiveLoss | |
|---|---|---|---|
| (In thousands) | |||
| At December 31, 2021 | $(418) | $(24,072) | $(24,490) |
| Other comprehensive income before reclassifications | — | 10,935 | 10,935 |
| Amounts reclassified from accumulated other comprehensive loss | 328 | 875 | 1,203 |
| Net current-period other comprehensive income | 328 | 11,810 | 12,138 |
| At December 31, 2022 | (90) | (12,262) | (12,352) |
| Other comprehensive income before reclassifications | — | 751 | 751 |
| Amounts reclassified from accumulated other comprehensive loss | 90 | 192 | 282 |
| Net current-period other comprehensive income | 90 | 943 | 1,033 |
| At December 31, 2023 | $— | $(11,319) | $(11,319) |
The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parentheses indicate a decrease to net income on the Consolidated Statements of Operations. The reclassifications for the years ended December 31 were as follows:
| 2023 | 2022 | 2021 | Location onConsolidatedStatements ofIncome | |
|---|---|---|---|---|
| (In thousands) | ||||
| Reclassification adjustment for loss on derivative instruments included in net income | $(118) | $(435) | $(439) | Interest expense |
| 28 | 107 | 107 | Income taxes | |
| (90) | (328) | (332) | ||
| Amortization of postretirement liability losses included in net periodic benefit cost | (256) | (1,167) | (1,453) | Other income (expense) |
| 64 | 292 | 363 | Income taxes | |
| (192) | (875) | (1,090) | ||
| Total reclassifications | $(282) | $(1,203) | $(1,422) | |
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