| ACCUMULATED OTHER COMPREHENSIVE INCOME |
ACCUMULATED OTHER COMPREHENSIVE INCOME:
The changes in AOCI by component, net of tax, for the years ended September 30, 2023, 2022, and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Postretirement Benefit Plans |
|
Currency Translation Adjustment |
|
Cash Flow Hedges |
|
Total |
| Attributable to Matthews: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2020 |
|
$ |
(82,954) |
|
|
$ |
(151,881) |
|
|
$ |
(5,884) |
|
|
$ |
(240,719) |
|
| OCI before reclassification |
|
39,822 |
|
|
(3,322) |
|
|
1,873 |
|
|
38,373 |
|
| Amounts reclassified from AOCI |
|
7,202 |
|
(a) |
(48) |
|
(b) |
2,453 |
|
(b) |
9,607 |
|
| Net current-period OCI |
|
47,024 |
|
|
(3,370) |
|
|
4,326 |
|
|
47,980 |
|
| Balance, September 30, 2021 |
|
$ |
(35,930) |
|
|
$ |
(155,251) |
|
|
$ |
(1,558) |
|
|
$ |
(192,739) |
|
| OCI before reclassification |
|
17,851 |
|
|
(46,817) |
|
|
8,148 |
|
|
(20,818) |
|
| Amounts reclassified from AOCI |
|
23,261 |
|
(a) |
(1,242) |
|
(b) |
1,347 |
|
(b) |
23,366 |
|
| Net current-period OCI |
|
41,112 |
|
|
(48,059) |
|
|
9,495 |
|
|
2,548 |
|
| Balance, September 30, 2022 |
|
$ |
5,182 |
|
|
$ |
(203,310) |
|
|
$ |
7,937 |
|
|
$ |
(190,191) |
|
| OCI before reclassification |
|
1,476 |
|
|
13,979 |
|
|
3,056 |
|
|
18,511 |
|
| Amounts reclassified from AOCI |
|
102 |
|
(a) |
(865) |
|
(b) |
(1,961) |
|
(b) |
(2,724) |
|
| Net current-period OCI |
|
1,578 |
|
|
13,114 |
|
|
1,095 |
|
|
15,787 |
|
| Balance, September 30, 2023 |
|
$ |
6,760 |
|
|
$ |
(190,196) |
|
|
$ |
9,032 |
|
|
$ |
(174,404) |
|
|
|
|
|
|
|
|
|
|
| Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2020 |
|
$ |
— |
|
|
$ |
368 |
|
|
$ |
— |
|
|
$ |
368 |
|
| OCI before reclassification |
|
— |
|
|
(127) |
|
|
— |
|
|
(127) |
|
| Net current-period OCI |
|
— |
|
|
(127) |
|
|
— |
|
|
(127) |
|
| Balance, September 30, 2021 |
|
$ |
— |
|
|
$ |
241 |
|
|
$ |
— |
|
|
$ |
241 |
|
| OCI before reclassification |
|
— |
|
|
14 |
|
|
— |
|
|
14 |
|
| Net current-period OCI |
|
— |
|
|
14 |
|
|
— |
|
|
14 |
|
| Balance, September 30, 2022 |
|
$ |
— |
|
|
$ |
255 |
|
|
$ |
— |
|
|
$ |
255 |
|
| OCI before reclassification |
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
| Net current-period OCI |
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
| Balance, September 30, 2023 |
|
$ |
— |
|
|
$ |
266 |
|
|
$ |
— |
|
|
$ |
266 |
|
(a)Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 15).
(b)Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 11).
Accumulated other comprehensive loss at September 30, 2023 and 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
| |
2023 |
|
2022 |
| Cumulative foreign currency translation |
$ |
(190,196) |
|
|
$ |
(203,310) |
|
Fair value of cash flow hedges, net of tax of $1,015 and $2,762, respectively
|
9,032 |
|
|
7,937 |
|
Minimum pension liabilities, net of tax of $1,620 and $1,786, respectively
|
6,760 |
|
|
5,182 |
|
| |
$ |
(174,404) |
|
|
$ |
(190,191) |
|
Reclassifications out of AOCI for the years ended September 30, 2023, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details about AOCI Components
|
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2021 |
|
Affected line item in the Statement of Income |
| Postretirement benefit plans |
|
|
|
|
|
|
|
|
Prior service (cost) credit (a)
|
|
$ |
364 |
|
|
$ |
516 |
|
|
$ |
491 |
|
|
|
| Actuarial gains (losses) |
|
772 |
|
|
(469) |
|
|
(9,769) |
|
|
Other income (deductions), net |
| Prior service cost write-off |
|
— |
|
|
— |
|
|
(261) |
|
|
Other income (deductions), net |
| Settlement losses |
|
(1,271) |
|
|
(30,856) |
|
|
— |
|
|
Other income (deductions), net |
| |
|
(135) |
|
|
(30,809) |
|
|
(9,539) |
|
|
Income before income tax (b)
|
| |
|
33 |
|
|
7,548 |
|
|
2,337 |
|
|
Income taxes |
| |
|
$ |
(102) |
|
|
$ |
(23,261) |
|
|
$ |
(7,202) |
|
|
Net income |
| Derivatives |
|
|
|
|
|
|
|
|
| Cash flow hedges |
|
$ |
2,626 |
|
|
$ |
(1,786) |
|
|
$ |
(3,249) |
|
|
Interest expense |
| Net investment hedges |
|
1,159 |
|
|
1,645 |
|
|
63 |
|
|
Interest expense |
| |
|
3,785 |
|
|
(141) |
|
|
(3,186) |
|
|
Income before income tax (b)
|
| |
|
(959) |
|
|
36 |
|
|
781 |
|
|
Income taxes |
| |
|
$ |
2,826 |
|
|
$ |
(105) |
|
|
$ |
(2,405) |
|
|
Net income |
(a)Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 15.
(b)For pre-tax items, positive amounts represent income and negative amounts represent expense.
|