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Accumulated Other Comprehensive (Loss) Income
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income

NOTE 15 — Accumulated Other Comprehensive (Loss) Income

Shareholders’ equity includes certain items classified as accumulated other comprehensive (loss) income (“AOCI”) in the Consolidated Balance Sheets, including:

 

•

Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings.  Further information related to our derivative financial instruments is included in Note 14, “Derivative Financial Instruments” and Note 18, “Fair Value Measurements”.

 

•

Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to earnings from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 7, “Retirement Plans”.

 

•

Cumulative translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income.

The components of accumulated other comprehensive (loss) income for the year ended December 31, 2021 are as follows:

 

 

 

As of

December 31,

2020

 

 

Gain (Loss)

Recognized

in OCI

 

 

(Gain) Loss

reclassified

from AOCI

to earnings

 

 

As of

December 31,

2021

 

Changes in fair market value of derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

(1,038

)

 

$

1,043

 

 

$

(640

)

 

$

(635

)

Income tax benefit (expense)

 

 

240

 

 

 

(240

)

 

 

147

 

 

 

147

 

Net

 

 

(798

)

 

 

803

 

 

 

(493

)

 

 

(488

)

Changes in unrealized pension cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(128,004

)

 

 

(4,951

)

 

 

130,211

 

 

 

(2,744

)

Income tax benefit (expense)

 

 

34,917

 

 

 

1,139

 

 

 

(35,318

)

 

 

738

 

Net

 

 

(93,087

)

 

 

(3,812

)

 

 

94,893

 

 

 

(2,006

)

Cumulative translation adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(2,036

)

 

 

4

 

 

 

—

 

 

 

(2,032

)

Income tax benefit (expense)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net

 

 

(2,036

)

 

 

4

 

 

 

—

 

 

 

(2,032

)

Total accumulated other comprehensive (loss) income

 

$

(95,921

)

 

$

(3,005

)

 

$

94,400

 

 

$

(4,526

)

 

 

The components of accumulated other comprehensive (loss) income for the year ended December 31, 2020 are as follows:

 

 

 

As of

December 31,

2019

 

 

Gain (Loss)

Recognized

in OCI

 

 

(Gain) Loss

reclassified

from AOCI

to earnings

 

 

As of

December 31,

2020

 

Changes in fair market value of derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

659

 

 

$

(3,015

)

 

$

1,318

 

 

$

(1,038

)

Income tax (expense) benefit

 

 

(150

)

 

 

684

 

 

 

(294

)

 

 

240

 

Net

 

 

509

 

 

 

(2,331

)

 

 

1,024

 

 

 

(798

)

Changes in unrealized pension cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(124,140

)

 

 

—

 

 

 

(3,864

)

 

 

(128,004

)

Income tax benefit

 

 

34,018

 

 

 

—

 

 

 

899

 

 

 

34,917

 

Net

 

 

(90,122

)

 

 

—

 

 

 

(2,965

)

 

 

(93,087

)

Cumulative translation adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(2,211

)

 

 

175

 

 

 

—

 

 

 

(2,036

)

Income tax benefit (expense)

 

 

98

 

 

 

(98

)

 

 

—

 

 

 

—

 

Net

 

 

(2,113

)

 

 

77

 

 

 

—

 

 

 

(2,036

)

Total accumulated other comprehensive (loss)

income

 

$

(91,726

)

 

$

(2,254

)

 

$

(1,941

)

 

$

(95,921

)