Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Tables)

v3.23.2
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in AOCI by Component
The changes in AOCI by component, net of tax, for the three-month periods ended June 30, 2023 and 2022 were as follows:
     Post-retirement benefit plans Currency translation adjustment Cash Flow Hedges Total
Attributable to Matthews:            
Balance, March 31, 2023   $ 5,951  $ (178,318)   $ 5,291  $ (167,076)
OCI before reclassification   (5) 1,135    2,745  3,875 
Amounts reclassified from AOCI (205)
(a)
 (212) (238)
(b)
 (655)
Net current-period OCI (210)
 
 923 
 
 2,507    3,220 
Balance, June 30, 2023 $ 5,741  $ (177,395)   $ 7,798    $ (163,856)
Attributable to noncontrolling interest:              
Balance, March 31, 2023   $ —  $ 254    $ —    $ 254 
OCI before reclassification   —  (31)   —    (31)
Net current-period OCI   —  (31)   —  (31)
Balance, June 30, 2023   $ —  $ 223    $ —  $ 223 

     Post-retirement benefit plans Currency translation adjustment Cash Flow Hedges Total
Attributable to Matthews:            
Balance, March 31, 2022   $ (1,824) $ (163,421)   $ 4,015  $ (161,230)
OCI before reclassification   69  (18,970)   1,223  (17,678)
Amounts reclassified from AOCI (52)
(a)
 (323) 353 
(b)
 (22)
Net current-period OCI   17  (19,293)   1,576  (17,700)
Balance, June 30, 2022   $ (1,807) $ (182,714)   $ 5,591  $ (178,930)
Attributable to noncontrolling interest:            
Balance, March 31, 2022   $ —  $ 249    $ —  $ 249 
OCI before reclassification   —  15 
 
 —  15 
Net current-period OCI   —  15    —  15 
Balance, June 30, 2022   $ —  $ 264 
 
 $ —  $ 264 
(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 nine-month periods ended June 30, 2023 and 2022 were as follows:
     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   226  26,561    1,367  28,154 
Amounts reclassified from AOCI 333 
(a)
 (646) (1,506)
(b)
 (1,819)
Net current-period OCI 559 
 
 25,915    (139) 26,335 
Balance, June 30, 2023   $ 5,741  $ (177,395)   $ 7,798  $ (163,856)
Attributable to noncontrolling interest:            
Balance, September 30, 2022   $ —  $ 255    $ —  $ 255 
OCI before reclassification   —  (32)   —  (32)
Net current-period OCI   —  (32)   —  (32)
Balance, June 30, 2023   $ —  $ 223    $ —  $ 223 
     Post-retirement benefit plans Currency translation adjustment   Cash Flow Hedges Total
Attributable to Matthews:            
Balance, September 30, 2021   $ (35,930) $ (155,251)   $ (1,558) $ (192,739)
OCI before reclassification   10,810  (26,547)   5,636  (10,101)
Amounts reclassified from AOCI 23,313 
(a)
 (916) 1,513 
(b)
 23,910 
Net current-period OCI   34,123  (27,463)   7,149  13,809 
Balance, June 30, 2022   $ (1,807) $ (182,714)   $ 5,591  $ (178,930)
Attributable to noncontrolling interest:            
Balance, September 30, 2021   $ —  $ 241    $ —  $ 241 
OCI before reclassification   —  23 
 
 —  23 
Net current-period OCI   —  23    —  23 
Balance, June 30, 2022   $ —  $ 264 
 
 $ —  $ 264 
(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).
Reclassifications out of AOCI
Reclassifications out of AOCI for the three and nine-month periods ended June 30, 2023 and 2022 were as follows:
  Amount reclassified from AOCI
 
Details about AOCI Components		 Three Months Ended June 30, 2023   Nine Months Ended June 30, 2023 Affected line item in the Statement of income
Postretirement benefit plans           
Prior service credit (a)
$ 92  $ 274   
Actuarial losses 182  552  Other income (deductions), net
Settlement loss —  (1,271) Other income (deductions), net
  274  (445)
Income before income tax (b)
  (69)
 
 112  Income taxes
  $ 205 
 
 $ (333) Net income
Derivatives  
 
       
Cash flow hedges $ 317 
 
 $ 2,014  Interest expense
Net investment hedges 284  866  Interest expense
  601  2,880 
Income before income tax (b)
  (151)   (728) Income taxes
  $ 450    $ 2,152  Net income

 
 
Details about AOCI Components		 Three Months Ended
June 30, 2022		   Nine Months Ended
June 30, 2022		 Affected line item in the Statement of income
Postretirement benefit plans         
Prior service credit (a)
$ 157  $ 358   
Actuarial losses (88) (380) Other income (deductions), net
Settlement losses —  (30,856) Other income (deductions), net
  69  (30,878)
Income before income tax (b)
(17)
 
 7,565  Income taxes
  $ 52 
 
 $ (23,313) Net income
Derivatives
 
     
Cash flow hedges $ (470)
 
 $ (2,006) Interest expense
Net investment hedges 428  1,213  Interest expense
  (42) (793)
Income before income tax (b)
  12 
 
 196  Income taxes
  $ (30)   $ (597) 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 11.
(b) For pre-tax items, positive amounts represent income and negative amounts represent expense.