Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Tables)

v3.23.1
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Mar. 31, 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 March 31, 2023 and 2022 were as follows:
     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 

     Post-retirement benefit plans Currency translation adjustment Cash Flow Hedges Total
Attributable to Matthews:            
Balance, December 31, 2021   $ (1,797) $ (157,240)   $ (77) $ (159,114)
OCI before reclassification   23  (5,864)   3,538  (2,303)
Amounts reclassified from AOCI (50)
(a)
 (317) 554 
(b)
 187 
Net current-period OCI   (27) (6,181)   4,092  (2,116)
Balance, March 31, 2022   $ (1,824) $ (163,421)   $ 4,015  $ (161,230)
Attributable to noncontrolling interest:            
Balance, December 31, 2021   $ —  $ 245    $ —  $ 245 
OCI before reclassification   —  4 
 
 —  4 
Net current-period OCI   —  4    —  4 
Balance, March 31, 2022   $ —  $ 249 
 
 $ —  $ 249 
(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, 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   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 
     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   10,741  (7,577)   4,413  7,577 
Amounts reclassified from AOCI 23,365 
(a)
 (593) 1,160 
(b)
 23,932 
Net current-period OCI   34,106  (8,170)   5,573  31,509 
Balance, March 31, 2022   $ (1,824) $ (163,421)   $ 4,015  $ (161,230)
Attributable to noncontrolling interest:            
Balance, September 30, 2021   $ —  $ 241    $ —  $ 241 
OCI before reclassification   —  8 
 
 —  8 
Net current-period OCI   —  8    —  8 
Balance, March 31, 2022   $ —  $ 249 
 
 $ —  $ 249 
(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 six-month periods ended March 31, 2023 and 2022 were as follows:
  Amount reclassified from AOCI
 
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 loss —  (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

 
 
Details about AOCI Components		 Three Months Ended
March 31, 2022		   Six Months Ended
March 31, 2022		 Affected line item in the Statement of income
Postretirement benefit plans         
Prior service credit (a)
$ 157  $ 201   
Actuarial losses (91) (292) Other income (deductions), net
Settlement losses —  (30,856) Other income (deductions), net
  66  (30,947)
Income before income tax (b)
(16)
 
 7,582  Income taxes
  $ 50 
 
 $ (23,365) Net income
Derivatives
 
     
Cash flow hedges $ (735)
 
 $ (1,536) Interest expense
Net investment hedges 420  785  Interest expense
  (315) (751)
Income before income tax (b)
  78 
 
 184  Income taxes
  $ (237)   $ (567) 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.