| Accumulated Other Comprehensive Loss |
| 10. |
Accumulated Other Comprehensive
Loss |
Net change and ending balances for the various components of
accumulated other comprehensive loss as of and for the six months
ended June 30, 2016 and 2015 is summarized below. All amounts
are net of tax, where applicable.
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| |
|
Foreign
Currency
Translation
Adjustments |
|
|
Unrecognized
Employee
Benefit Costs |
|
|
Unrealized
Holding Gains
on Marketable
Securities |
|
|
Cash Flow
Hedges |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Balance at January 1, 2016
|
|
$ |
(8,393 |
) |
|
$ |
(49,943 |
) |
|
$ |
692 |
|
|
$ |
45 |
|
|
$ |
(57,599 |
) |
|
Net Change
|
|
|
(6,404 |
) |
|
|
3,128 |
|
|
|
193 |
|
|
|
220 |
|
|
|
(2,863 |
) |
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|
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|
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|
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Balance at June 30, 2016
|
|
$ |
(14,797 |
) |
|
$ |
(46,815 |
) |
|
$ |
885 |
|
|
$ |
265 |
|
|
$ |
(60,462 |
) |
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|
|
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|
|
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|
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|
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|
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Balance at January 1, 2015
|
|
$ |
(4,426 |
) |
|
$ |
(65,396 |
) |
|
$ |
984 |
|
|
$ |
85 |
|
|
$ |
(68,753 |
) |
|
Net Change
|
|
|
152 |
|
|
|
6,779 |
|
|
|
(65 |
) |
|
|
63 |
|
|
|
6,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Balance at June 30, 2015
|
|
$ |
(4,274 |
) |
|
$ |
(58,617 |
) |
|
$ |
919 |
|
|
$ |
148 |
|
|
$ |
(61,824 |
) |
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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 net income.
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|
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| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Amortization of unrecognized employee benefit costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of products sold (excluding depreciation
and amortization)
|
|
$ |
936 |
|
|
$ |
498 |
|
|
$ |
1,661 |
|
|
$ |
1,779 |
|
|
Selling and administrative
|
|
|
(393 |
) |
|
|
798 |
|
|
|
(70 |
) |
|
|
2,393 |
|
|
Other (expense) income
|
|
|
56 |
|
|
|
128 |
|
|
|
196 |
|
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Total before income tax
|
|
|
599 |
|
|
|
1,424 |
|
|
|
1,787 |
|
|
|
4,342 |
|
|
Income tax (provision) benefit
|
|
|
(206 |
) |
|
|
(462 |
) |
|
|
(609 |
) |
|
|
(1,506 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
393 |
|
|
$ |
962 |
|
|
$ |
1,178 |
|
|
$ |
2,836 |
|
|
|
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|
|
Realized losses (gains) on sale of marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative
|
|
$ |
9 |
|
|
$ |
(2 |
) |
|
$ |
(37 |
) |
|
$ |
(2 |
) |
|
Income tax (provision) benefit
|
|
|
(3 |
) |
|
|
1 |
|
|
|
13 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Net of tax
|
|
$ |
6 |
|
|
$ |
(1 |
) |
|
$ |
(24 |
) |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized losses (gains) from settlement of cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales (foreign currency sales contracts)
|
|
$ |
0 |
|
|
$ |
(7 |
) |
|
$ |
(10 |
) |
|
$ |
(7 |
) |
|
Depreciation (foreign currency purchase contracts)
|
|
|
(7 |
) |
|
|
(6 |
) |
|
|
(14 |
) |
|
|
(13 |
) |
|
Costs of products sold (excluding depreciation
and amortization) (futures contracts – copper and
aluminum)
|
|
|
55 |
|
|
|
176 |
|
|
|
291 |
|
|
|
370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Total before income tax
|
|
|
44 |
|
|
|
163 |
|
|
|
263 |
|
|
|
350 |
|
|
Income tax (provision) benefit
|
|
|
(18 |
) |
|
|
(63 |
) |
|
|
(102 |
) |
|
|
(135 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
30 |
|
|
$ |
100 |
|
|
$ |
165 |
|
|
$ |
215 |
|
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|
|
The income tax expense (benefit) associated with the various
components of other comprehensive income for the three and six
months ended June 30, 2016 and 2015 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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|
|
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Tax expense (benefit) associated with changes in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized employee benefit costs
|
|
$ |
87 |
|
|
$ |
0 |
|
|
$ |
87 |
|
|
$ |
(2,429 |
) |
|
Unrealized holding losses/gains on marketable securities
|
|
|
(40 |
) |
|
|
36 |
|
|
|
(117 |
) |
|
|
34 |
|
|
Fair value of cash flow hedges
|
|
|
(26 |
) |
|
|
43 |
|
|
|
(35 |
) |
|
|
93 |
|
|
Tax expense (benefit) associated with reclassification
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unrecognized employee benefit costs
|
|
|
(206 |
) |
|
|
(462 |
) |
|
|
(609 |
) |
|
|
(1,506 |
) |
|
Realized losses/gains from sale of marketable securities
|
|
|
(3 |
) |
|
|
1 |
|
|
|
13 |
|
|
|
1 |
|
|
Realized losses/gains from settlement of cash flow hedges
|
|
|
(18 |
) |
|
|
(63 |
) |
|
|
(102 |
) |
|
|
(135 |
) |
|