Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2018

NOTE 11 – ACCUMULATED OTHER COMPREHENSIVE LOSS:

Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the years ended December 31, 2017, and 2018, are summarized below.

	Foreign Currency Translation Adjustments			Unrecognized Components of Employee Benefit Plans			Unrealized Holding Gains on Securities			Derivatives			Accumulated Other Comprehensive Loss
Balance at January 1, 2017		(22,973	)		(38,636	)		59			551			(60,999	)
Net Change		11,041			10,582			573			134			22,330
Impact from adoption of ASU 2018-02		0			(6,142	)		0			54			(6,088	)
Balance at December 31, 2017		(11,932	)		(34,196	)		632			739			(44,757	)
Cumulative effect of ASU 2016-01		0			0			(632	)		0			(632	)
Balance at January 1, 2018, adjusted		(11,932	)		(34,196	)		0			739			(45,389	)
Net Change		(6,710	)		3,294			0			(803	)		(4,219	)
Balance at December 31, 2018	$	(18,642	)	$	(30,902	)	$	0		$	(64	)	$	(49,608	)

On January 1, 2018, ASU 2016-01 became effective, which requires entities to record changes in fair value for certain investments in equity securities through net income (loss) versus other comprehensive income (loss). Accordingly, no amounts for changes in fair value of the Corporation’s marketable securities were reclassified from accumulated other comprehensive loss to net loss for the year ended December 31, 2018. For the year ended December 31, 2017, the Corporation reclassified an insignificant amount of realized gains from the sale of marketable securities to the consolidated statement of operations. Prior year amounts for the amortization of unrecognized employee benefit costs have been adjusted to include the effects of ASU 2017-07, which became effective on January 1, 2018. The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net loss.

	2018			2017
Amortization of unrecognized employee benefit costs:
Other expense	$	89		$	3,283
Income tax provision		0			0
Net of income tax	$	89		$	3,283
Realized gains from settlement of cash flow hedges:
Depreciation and amortization (foreign currency purchase contracts)	$	(23	)	$	(31	)
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum)		(67	)		(639	)
Total before income tax		(90	)		(670	)
Income tax provision		0			0
Net of income tax	$	(90	)	$	(670	)

There was no income tax expense (benefit) associated with the various components of other comprehensive income (loss) for either year due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. 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.