| Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Cash Flow Hedges |
|
Total |
| Attributable to Matthews: |
|
|
|
|
|
|
|
|
| Balance, December 31, 2023 |
|
$ |
6,680 |
|
|
$ |
(178,511) |
|
|
$ |
4,151 |
|
|
$ |
(167,680) |
|
| OCI before reclassification |
|
(72) |
|
|
(5,779) |
|
|
1,983 |
|
|
(3,868) |
|
| Amounts reclassified from AOCI |
|
(210) |
|
(a) |
(247) |
|
|
(499) |
|
(b) |
(956) |
|
| Net current-period OCI |
|
(282) |
|
|
(6,026) |
|
|
1,484 |
|
|
(4,824) |
|
| Balance, March 31, 2024 |
|
$ |
6,398 |
|
|
$ |
(184,537) |
|
|
$ |
5,635 |
|
|
$ |
(172,504) |
|
| Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
| Balance, December 31, 2023 |
|
$ |
— |
|
|
$ |
288 |
|
|
$ |
— |
|
|
$ |
288 |
|
| OCI before reclassification |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Net current-period OCI |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Balance, March 31, 2024 |
|
$ |
— |
|
|
$ |
288 |
|
|
$ |
— |
|
|
$ |
288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Cash Flow Hedges |
|
Total |
| Attributable to Matthews: |
|
|
|
|
|
|
|
|
| Balance, December 31, 2022 |
|
$ |
6,127 |
|
|
$ |
(182,750) |
|
|
$ |
7,533 |
|
|
$ |
(169,090) |
|
| OCI before reclassification |
|
29 |
|
|
4,663 |
|
|
(1,471) |
|
|
3,221 |
|
| Amounts reclassified from AOCI |
|
(205) |
|
(a) |
(231) |
|
|
(771) |
|
(b) |
(1,207) |
|
| Net current-period OCI |
|
(176) |
|
|
4,432 |
|
|
(2,242) |
|
|
2,014 |
|
| Balance, March 31, 2023 |
|
$ |
5,951 |
|
|
$ |
(178,318) |
|
|
$ |
5,291 |
|
|
$ |
(167,076) |
|
| Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
| Balance, December 31, 2022 |
|
$ |
— |
|
|
$ |
259 |
|
|
$ |
— |
|
|
$ |
259 |
|
| OCI before reclassification |
|
— |
|
|
(5) |
|
|
— |
|
|
(5) |
|
| Net current-period OCI |
|
— |
|
|
(5) |
|
|
— |
|
|
(5) |
|
| Balance, March 31, 2023 |
|
$ |
— |
|
|
$ |
254 |
|
|
$ |
— |
|
|
$ |
254 |
|
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).
(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).
Note 12. Accumulated Other Comprehensive Income (continued)
The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Cash Flow Hedges |
|
Total |
| Attributable to Matthews: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2023 |
|
$ |
6,760 |
|
|
$ |
(190,196) |
|
|
$ |
9,032 |
|
|
$ |
(174,404) |
|
| OCI before reclassification |
|
59 |
|
|
6,102 |
|
|
(2,406) |
|
|
3,755 |
|
| Amounts reclassified from AOCI |
|
(421) |
|
(a) |
(443) |
|
|
(991) |
|
(b) |
(1,855) |
|
| Net current-period OCI |
|
(362) |
|
|
5,659 |
|
|
(3,397) |
|
|
1,900 |
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2024 |
|
$ |
6,398 |
|
|
$ |
(184,537) |
|
|
$ |
5,635 |
|
|
$ |
(172,504) |
|
| Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2023 |
|
$ |
— |
|
|
$ |
266 |
|
|
$ |
— |
|
|
$ |
266 |
|
| OCI before reclassification |
|
— |
|
|
22 |
|
|
— |
|
|
22 |
|
| Net current-period OCI |
|
— |
|
|
22 |
|
|
— |
|
|
22 |
|
| Balance, March 31, 2024 |
|
$ |
— |
|
|
$ |
288 |
|
|
$ |
— |
|
|
$ |
288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Cash Flow Hedges |
|
Total |
| Attributable to Matthews: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2022 |
|
$ |
5,182 |
|
|
$ |
(203,310) |
|
|
$ |
7,937 |
|
|
$ |
(190,191) |
|
| OCI before reclassification |
|
232 |
|
|
25,426 |
|
|
(1,378) |
|
|
24,280 |
|
| Amounts reclassified from AOCI |
|
537 |
|
(a) |
(434) |
|
|
(1,268) |
|
(b) |
(1,165) |
|
| Net current-period OCI |
|
769 |
|
|
24,992 |
|
|
(2,646) |
|
|
23,115 |
|
| Balance, March 31, 2023 |
|
$ |
5,951 |
|
|
$ |
(178,318) |
|
|
$ |
5,291 |
|
|
$ |
(167,076) |
|
| Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
| Balance, September 30, 2022 |
|
$ |
— |
|
|
$ |
255 |
|
|
$ |
— |
|
|
$ |
255 |
|
| OCI before reclassification |
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
|
| Net current-period OCI |
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
|
| Balance, March 31, 2023 |
|
$ |
— |
|
|
$ |
254 |
|
|
$ |
— |
|
|
$ |
254 |
|
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).
(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).
Note 12. Accumulated Other Comprehensive Income (continued)
Reclassifications out of AOCI for the three and six-month periods ended March 31, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amount reclassified from AOCI |
Details about AOCI Components |
|
Three Months Ended March 31, 2024 |
|
Six Months Ended March 31, 2024 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
| Postretirement benefit plans |
|
|
|
|
|
|
Prior service credit (a)
|
|
$ |
91 |
|
|
$ |
182 |
|
|
|
| Actuarial losses |
|
190 |
|
|
381 |
|
|
Other income (deductions), net |
|
|
|
|
|
|
|
| |
|
281 |
|
|
563 |
|
|
Income before income tax (b)
|
| |
|
(71) |
|
|
(142) |
|
|
Income taxes |
| |
|
$ |
210 |
|
|
$ |
421 |
|
|
Net income |
| Derivatives |
|
|
|
|
|
|
| Cash flow hedges |
|
$ |
668 |
|
|
$ |
1,327 |
|
|
Interest expense |
| Net investment hedges |
|
327 |
|
|
586 |
|
|
Interest expense |
| |
|
995 |
|
|
1,913 |
|
|
Income before income tax (b)
|
| |
|
(249) |
|
|
(479) |
|
|
Income taxes |
| |
|
$ |
746 |
|
|
$ |
1,434 |
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Details about AOCI Components |
|
Three Months Ended
March 31, 2023 |
|
Six Months Ended
March 31, 2023 |
|
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
|
| Postretirement benefit plans |
|
|
|
|
|
|
|
Prior service credit (a)
|
|
$ |
91 |
|
|
$ |
182 |
|
|
|
|
| Actuarial losses |
|
183 |
|
|
370 |
|
|
|
Other income (deductions), net |
| Settlement losses |
|
— |
|
|
(1,271) |
|
|
|
Other income (deductions), net |
| |
|
274 |
|
|
(719) |
|
|
|
Income before income tax (b)
|
|
|
(69) |
|
|
182 |
|
|
|
Income taxes |
| |
|
$ |
205 |
|
|
$ |
(537) |
|
|
|
Net income |
| Derivatives |
|
|
|
|
|
|
|
| Cash flow hedges |
|
$ |
1,032 |
|
|
$ |
1,697 |
|
|
|
Interest expense |
| Net investment hedges |
|
309 |
|
|
581 |
|
|
|
Interest expense |
| |
|
1,341 |
|
|
2,278 |
|
|
|
Income before income tax (b)
|
| |
|
(339) |
|
|
(576) |
|
|
|
Income taxes |
| |
|
$ |
1,002 |
|
|
$ |
1,702 |
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
(a) Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in cost of goods sold and selling and administrative expenses. For additional information, see Note 11.
|
(b) For pre-tax items, positive amounts represent income and negative amounts represent expense.
|
|