Accumulated Other Comprehensive Income (Loss) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive loss consists of the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31 | | 2021 | | 2020 | | Before-Tax | | Income | | After-Tax | | Before-Tax | | Income | | After-Tax | (in thousands) | Amount | | Tax | | Amount | | Amount | | Tax | | Amount | Foreign currency translation adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Translation adjustments arising during the period | $ | (486) | | | $ | — | | | $ | (486) | | | $ | (37,376) | | | $ | — | | | $ | (37,376) | | Pension and other postretirement plans: | | | | | | | | | | | | Amortization of net prior service cost included in net income | 792 | | | (213) | | | 579 | | | 671 | | | (181) | | | 490 | | Amortization of net actuarial (gain) loss included in net income | (2,429) | | | 656 | | | (1,773) | | | 220 | | | (60) | | | 160 | | | | | | | | | | | | | | | (1,637) | | | 443 | | | (1,194) | | | 891 | | | (241) | | | 650 | | Cash flow hedges: | | | | | | | | | | | | Gain (loss) for the period | 621 | | | (144) | | | 477 | | | (1,578) | | | 361 | | | (1,217) | | Other Comprehensive Loss | $ | (1,502) | | | $ | 299 | | | $ | (1,203) | | | $ | (38,063) | | | $ | 120 | | | $ | (37,943) | |
The accumulated balances related to each component of other comprehensive income (loss) are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, net of taxes) | Cumulative Foreign Currency Translation Adjustment | | | | Unrealized Gain on Pensions and Other Postretirement Plans | | Cash Flow Hedges | | Accumulated Other Comprehensive Income | Balance as of December 31, 2020 | $ | 9,754 | | | | | $ | 595,287 | | | $ | (1,727) | | | $ | 603,314 | | | | | | | | | | | | Other comprehensive (loss) income before reclassifications | (486) | | | | | — | | | 323 | | | (163) | | Net amount reclassified from accumulated other comprehensive income (loss) | — | | | | | (1,194) | | | 154 | | | (1,040) | | Other comprehensive (loss) income, net of tax | (486) | | | | | (1,194) | | | 477 | | | (1,203) | | Balance as of March 31, 2021 | $ | 9,268 | | | | | $ | 594,093 | | | $ | (1,250) | | | $ | 602,111 | |
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31 | | Affected Line Item in the Condensed Consolidated Statements of Operations | | | | (in thousands) | | | | | 2021 | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension and Other Postretirement Plans: | | | | | | | | | | Amortization of net prior service cost | | | | | $ | 792 | | | $ | 671 | | | (1) | Amortization of net actuarial (gain) loss | | | | | (2,429) | | | 220 | | | (1) | | | | | | | | | | | | | | | | (1,637) | | | 891 | | | Before tax | | | | | | 443 | | | (241) | | | Provision for (Benefit from) Income Taxes | | | | | | (1,194) | | | 650 | | | Net of Tax | Cash Flow Hedges | | | | | | | | | | | | | | | 154 | | | 29 | | | Interest expense | | | | | | — | | | 7 | | | Provision for (Benefit from) Income Taxes | | | | | | 154 | | | 36 | | | Net of Tax | Total reclassification for the period | | | | | $ | (1,040) | | | $ | 686 | | | Net of Tax |
____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.
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