| Accumulated Other Comprehensive Loss |
| 8. |
Accumulated Other Comprehensive
Loss |
Net change and ending balances for the various components of
accumulated other comprehensive loss as of and for the nine months
ended September 30, 2014 and 2013 is summarized below. All
amounts are net of tax, where applicable.
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| |
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Foreign
Currency
Translation
Adjustments |
|
|
Unrecognized
Employee
Benefit Costs |
|
|
Unrealized
Holding Gains
on Marketable
Securities |
|
|
Cash Flow
Hedges |
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|
Accumulated
Other
Comprehensive
Loss |
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Balance at January 1, 2014
|
|
$ |
277 |
|
|
$ |
(47,462 |
) |
|
$ |
1,007 |
|
|
$ |
313 |
|
|
$ |
(45,865 |
) |
|
|
|
|
|
|
|
Net Change
|
|
$ |
(1,945 |
) |
|
|
7,749 |
|
|
|
54 |
|
|
|
(125 |
) |
|
|
5,733 |
|
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Balance at September 30, 2014
|
|
$ |
(1,668 |
) |
|
$ |
(39,713 |
) |
|
$ |
1,061 |
|
|
$ |
188 |
|
|
$ |
(40,132 |
) |
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Balance at January 1, 2013
|
|
$ |
(1,543 |
) |
|
$ |
(81,783 |
) |
|
$ |
633 |
|
|
$ |
318 |
|
|
$ |
(82,375 |
) |
|
|
|
|
|
|
|
Net Change
|
|
|
97 |
|
|
|
4,331 |
|
|
|
245 |
|
|
|
(71 |
) |
|
|
4,602 |
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Balance at September 30, 2013
|
|
$ |
(1,446 |
) |
|
$ |
(77,452 |
) |
|
$ |
878 |
|
|
$ |
247 |
|
|
$ |
(77,773 |
) |
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The following summarizes the line items affected on the condensed
consolidated statements of operations for components reclassified
from accumulated other comprehensive loss. Amounts in parentheses
represent credits to income.
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Three Months Ended
September 30,
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|
Nine Months Ended
September 30,
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| |
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2014 |
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2013 |
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|
2014 |
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2013 |
|
|
Affected Line Item
|
|
Amortization of unrecognized employee benefit costs
|
|
$ |
844 |
|
|
$ |
1,442 |
|
|
$ |
2,752 |
|
|
$ |
4,262 |
|
|
Costs of products sold
(excluding depreciation)
|
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|
|
401 |
|
|
|
573 |
|
|
|
1,136 |
|
|
|
1,682 |
|
|
Selling and administrative
|
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|
|
44 |
|
|
|
217 |
|
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|
128 |
|
|
|
650 |
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
1,289 |
|
|
|
2,232 |
|
|
|
4,016 |
|
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|
6,594 |
|
|
Total before income tax
|
|
|
|
(462 |
) |
|
|
(774 |
) |
|
|
(1,404 |
) |
|
|
(2,349 |
) |
|
Income tax provision
|
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|
|
|
|
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|
|
|
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|
|
|
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|
|
|
|
|
|
$ |
827 |
|
|
$ |
1,458 |
|
|
$ |
2,612 |
|
|
$ |
4,245 |
|
|
Net of tax
|
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|
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Realized (gains) from sale of marketable securities
|
|
$ |
(37 |
) |
|
$ |
(26 |
) |
|
$ |
(91 |
) |
|
$ |
(79 |
) |
|
Selling and administrative
|
|
|
|
13 |
|
|
|
9 |
|
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|
32 |
|
|
|
28 |
|
|
Income tax provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(24 |
) |
|
$ |
(17 |
) |
|
$ |
(59 |
) |
|
$ |
(51 |
) |
|
Net of tax
|
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Realized (gains) losses from settlement of cash flow hedges:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Foreign currency sales contracts
|
|
$ |
(22 |
) |
|
$ |
0 |
|
|
$ |
(22 |
) |
|
$ |
0 |
|
|
Depreciation
|
|
|
|
|
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|
|
Foreign currency purchase contracts
|
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|
(6 |
) |
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|
(6 |
) |
|
|
(20 |
) |
|
|
(20 |
) |
|
Depreciation
|
|
|
|
|
|
|
|
Futures contracts – copper and aluminum
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|
7 |
|
|
|
237 |
|
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|
130 |
|
|
|
352 |
|
|
Costs of products sold
(excluding depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21 |
) |
|
|
231 |
|
|
|
88 |
|
|
|
332 |
|
|
Total before income tax
|
|
|
|
8 |
|
|
|
(87 |
) |
|
|
(33 |
) |
|
|
(126 |
) |
|
Income tax provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(13 |
) |
|
$ |
144 |
|
|
$ |
55 |
|
|
$ |
206 |
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|
Net of tax
|
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The income tax expense (benefit) associated with the various
components of other comprehensive (loss) income is summarized
below. Foreign currency translation adjustments exclude the effect
of income taxes since earnings of non-U.S. subsidiaries are deemed
to be reinvested for an indefinite period of time.
|
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|
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| |
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
Tax expense (benefit) associated with changes in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized employee benefit costs
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
(2,739 |
) |
|
$ |
0 |
|
|
Unrealized holding losses/gains on marketable securities
|
|
|
37 |
|
|
|
(55 |
) |
|
|
(60 |
) |
|
|
(159 |
) |
|
Fair value of cash flow hedges
|
|
|
40 |
|
|
|
(93 |
) |
|
|
107 |
|
|
|
165 |
|
|
Tax expense (benefit) associated with reclassification
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unrecognized employee benefit costs
|
|
|
(462 |
) |
|
|
(774 |
) |
|
|
(1,404 |
) |
|
|
(2,349 |
) |
|
Realized gains from sale of marketable securities
|
|
|
13 |
|
|
|
9 |
|
|
|
32 |
|
|
|
28 |
|
|
Realized gains/losses from settlement of cash flow hedges
|
|
|
8 |
|
|
|
(87 |
) |
|
|
(33 |
) |
|
|
(126 |
) |
|