| Components and Activity in Accumulated Other Comprehensive (Loss) Income Net of Deferred Income Taxes |
The components and activity in Accumulated other comprehensive loss (net of deferred income taxes) consisted of the following during the periods indicated below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation and Other(a) | | | | Net Investment Hedge(b) | | Cash Flow Hedge(c) | | | | | | Total | | Three months ended June 30, 2026 | | | | | | | | | | | | | | | Balance at March 31, 2026 | $ | (263,717) | | | | | $ | — | | | $ | 4,605 | | | | | | | $ | (259,112) | | | Other comprehensive income before reclassifications | 12,569 | | | | | 3,131 | | | 46 | | | | | | | 15,746 | | | Amounts reclassified from accumulated other comprehensive loss | 17 | | | | | — | | | (153) | | | | | | | (136) | | | Other comprehensive income (loss), net of tax | 12,586 | | | | | 3,131 | | | (107) | | | | | | | 15,610 | | | Other comprehensive income attributable to noncontrolling interests | (97) | | | | | — | | | — | | | | | | | (97) | | Balance at June 30, 2026 | $ | (251,228) | | | | | $ | 3,131 | | | $ | 4,498 | | | | | | | $ | (243,599) | | | Three months ended June 30, 2025 | | | | | | | | | | | | | | | Balance at March 31, 2025 | $ | (638,169) | | | | | $ | — | | | $ | 5,033 | | | | | | | $ | (633,136) | | | Other comprehensive income before reclassifications | 268,742 | | | | | — | | | 165 | | | | | | | 268,907 | | | Amounts reclassified from accumulated other comprehensive loss | 16 | | | | | — | | | (272) | | | | | | | (256) | | | Other comprehensive income (loss), net of tax | 268,758 | | | | | — | | | (107) | | | | | | | 268,651 | | | Other comprehensive income attributable to noncontrolling interests | (59) | | | | | — | | | — | | | | | | | (59) | | Balance at June 30, 2025 | $ | (369,470) | | | | | $ | — | | | $ | 4,926 | | | | | | | $ | (364,544) | | | Six months ended June 30, 2026 | | | | | | | | | | | | | | | Balance at December 31, 2025 | $ | (339,519) | | | | | $ | — | | | $ | 4,712 | | | | | | | $ | (334,807) | | | Other comprehensive income (loss) before reclassifications | 39,022 | | | | | 3,131 | | | (64) | | | | | | | 42,089 | | | Amounts reclassified from accumulated other comprehensive loss | 49,331 | | | | | — | | | (150) | | | | | | | 49,181 | | | Other comprehensive income (loss), net of tax | 88,353 | | | | | 3,131 | | | (214) | | | | | | | 91,270 | | | | | | | | | | | | | | | | | Other comprehensive income attributable to noncontrolling interests | (62) | | | | | — | | | — | | | | | | | (62) | | Balance at June 30, 2026 | $ | (251,228) | | | | | $ | 3,131 | | | $ | 4,498 | | | | | | | $ | (243,599) | | | Six months ended June 30, 2025 | | | | | | | | | | | | | | | Balance at December 31, 2024 | $ | (747,202) | | | | | $ | — | | | $ | 5,140 | | | | | | | $ | (742,062) | | | Other comprehensive income (loss) before reclassifications | 377,741 | | | | | — | | | (66) | | | | | | | 377,675 | | | Amounts reclassified from accumulated other comprehensive loss | 32 | | | | | — | | | (148) | | | | | | | (116) | | | Other comprehensive income (loss), net of tax | 377,773 | | | | | — | | | (214) | | | | | | | 377,559 | | | Other comprehensive income attributable to noncontrolling interests | (41) | | | | | — | | | — | | | | | | | (41) | | Balance at June 30, 2025 | $ | (369,470) | | | | | $ | — | | | $ | 4,926 | | | | | | | $ | (364,544) | |
(a)Amount reclassified from accumulated other comprehensive loss for the six-month period ended June 30, 2026 is primarily included in Loss on sale of business on the consolidated statement of income, and resulted from the release of cumulative foreign currency translation adjustments into earnings upon the sale of the Refining Solutions business on March 2, 2026. See Note 2, “Divestitures,” for additional information. (b)See Note 15, “Fair Value of Financial Instruments,” for details of the Company’s net investment hedge. (c)We previously entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. During 2024, the Company dedesignated the remaining foreign currency forward contracts accounted for as cash flow hedges. The balance of the settled hedged foreign currency forward contracts will be reclassified to earnings over the life of the related assets.
|
| Amount of Income Tax (Expense) Benefit Allocated to Component Of Other Comprehensive Income (Loss) |
The amount of income tax (expense) benefit allocated to each component of Other comprehensive income for the three-month and six-month periods ended June 30, 2026 and 2025 is provided in the following tables (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation and Other | | | | Net Investment Hedge | | Cash Flow Hedge | | | | Total | | Three months ended June 30, 2026 | | | | | | | | | | | | | Other comprehensive income (loss), before tax | $ | 14,437 | | | | | $ | 3,131 | | | $ | (107) | | | | | $ | 17,461 | | | Income tax expense | (1,851) | | | | | — | | | — | | | | | (1,851) | | | Other comprehensive income (loss), net of tax | $ | 12,586 | | | | | $ | 3,131 | | | $ | (107) | | | | | $ | 15,610 | | | Three months ended June 30, 2025 | | | | | | | | | | | | | Other comprehensive income (loss), before tax | $ | 263,101 | | | | | $ | — | | | $ | (107) | | | | | $ | 262,994 | | | Income tax benefit | 5,657 | | | | | — | | | — | | | | | 5,657 | | | Other comprehensive income (loss), net of tax | $ | 268,758 | | | | | $ | — | | | $ | (107) | | | | | $ | 268,651 | | | Six months ended June 30, 2026 | | | | | | | | | | | | | Other comprehensive income (loss), before tax | $ | 90,175 | | | | | $ | 3,131 | | | $ | (214) | | | | | $ | 93,092 | | | Income tax expense | (1,822) | | | | | — | | | — | | | | | (1,822) | | | Other comprehensive income (loss), net of tax | $ | 88,353 | | | | | $ | 3,131 | | | $ | (214) | | | | | $ | 91,270 | | | Six months ended June 30, 2025 | | | | | | | | | | | | | Other comprehensive income (loss), before tax | $ | 372,119 | | | | | $ | — | | | $ | (214) | | | | | $ | 371,905 | | | Income tax benefit | 5,654 | | | | | — | | | — | | | | | 5,654 | | | Other comprehensive income (loss), net of tax | $ | 377,773 | | | | | $ | — | | | $ | (214) | | | | | $ | 377,559 | |
|