Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Other Comprehensive Income (Loss), before Tax [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income are as follows:

	Before-Tax		Tax Expense (Benefit)		After-Tax
	(In thousands)
Year Ended December 31, 2020
Net change in foreign currency translation adjustment	$	6,226	$	1,357	$	4,869
Net unrealized loss on hedging instruments	(4,871)		(1,228)		(3,643)
Net change in pension and other post-retirement benefit obligations	(3,461)		(923)		(2,538)
Other comprehensive loss attributable to HollyFrontier stockholders	$	(2,106)	$	(794)	$	(1,312)
Year Ended December 31, 2019
Net change in foreign currency translation adjustment	$	13,337	$	2,848	$	10,489
Net unrealized loss on hedging instruments	(5,349)		(1,365)		(3,984)
Net change in pension and other post-retirement benefit obligations	(7,207)		(1,853)		(5,354)
Other comprehensive income attributable to HollyFrontier stockholders	$	781	$	(370)	$	1,151
Year Ended December 31, 2018
Net change in foreign currency translation adjustment	$	(38,227)	$	(8,064)	$	(30,163)
Net unrealized gain on hedging instruments	11,221		2,857		8,364
Net change in pension and other post-retirement benefit obligations	(1,507)		(378)		(1,129)
Other comprehensive loss attributable to HollyFrontier stockholders	$	(28,513)	$	(5,585)	$	(22,928)

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Hedging instruments:
Commodity price swaps	$	(5,168)	$	(1,799)	$	(5,093)	Sales and other revenues
	4,281		22,876		—		Cost of products sold
	(1,717)		(1,364)		(962)		Operating expenses
	(2,604)		19,713		(6,055)
	(664)		5,027		(1,544)		Income tax expense (benefit)
	(1,940)		14,686		(4,511)		Net of tax
Other post-retirement benefit obligations:
Pension obligations	422		—		—		Other, net
	108		—		—		Income tax expense
	314		—		—		Net of tax
Post-retirement healthcare obligations	3,564		3,587		3,481		Other, net
	909		915		888		Income tax expense
	2,655		2,672		2,593		Net of tax
Retirement restoration plan	(22)		(6)		(27)		Other, net
	(6)		(2)		(7)		Income tax benefit
	(16)		(4)		(20)		Net of tax
Total reclassifications for the period	$	1,013	$	17,354	$	(1,938)

Accumulated other comprehensive income in the equity section of our consolidated balance sheets includes:

	Years Ended December 31,
	2020		2019
	(In thousands)
Foreign currency translation adjustment	$	2,682	$	(2,187)
Unrealized loss on pension obligations	(248)		(1,733)
Unrealized gain on post-retirement benefit obligations	11,310		15,333
Unrealized gain (loss) on hedging instruments	(282)		3,361
Accumulated other comprehensive income	$	13,462	$	14,774