Reclassifications Out of Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 9 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting accumulated other comprehensive income (loss) during the three- and six-month periods ended June 30, 2019 and 2018 are as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at March 31, 2019	$	(2,339	)	$	(41,408	)	$	595			$	(43,152	)
Other comprehensive income before reclassifications		—			3,477			475				3,952
Income tax effect of other comprehensive income before reclassifications		—			3			(104	)			(101	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(178	)	a		(178	)
Income taxes reclassified into net income		—			—			39				39
Net current period other comprehensive income		—			3,480			232				3,712
Balance at June 30, 2019	$	(2,339	)	$	(37,928	)	$	827			$	(39,440	)

(a)The amounts reclassified from accumulated other comprehensive loss are included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at March 31, 2018	$	(2,415	)	$	(5,881	)	$	745			$	(7,551	)
Other comprehensive loss before reclassifications		—			(22,994	)		(1,392	)			(24,386	)
Income tax effect of other comprehensive loss before reclassifications		—			(156	)		374				218
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(169	)	a		(169	)
Income taxes reclassified into net income		—			—			45				45
Net current period other comprehensive loss		—			(23,150	)		(1,142	)			(24,292	)
Balance at June 30, 2018	$	(2,415	)	$	(29,031	)	$	(397	)		$	(31,843	)

(a) The amounts reclassified from accumulated other comprehensive loss are included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2018	$	(2,339	)	$	(37,157	)	$	(4	)		$	(39,500	)
Other comprehensive income (loss) before reclassifications		—			(597	)		1,192				595
Income tax effect of other comprehensive income (loss) before reclassifications		—			(174	)		(260	)			(434)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(129	)	a		(129	)
Income taxes reclassified into net income		—			—			28				28
Net current period other comprehensive income (loss)		—			(771	)		831				60
Balance at June 30, 2019	$	(2,339	)	$	(37,928	)	$	827			$	(39,440	)

(a) The amounts reclassified from accumulated other comprehensive loss are included in cost of sales.

Note 9 – Reclassifications Out of Accumulated Other Comprehensive Loss – Continued

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Commodity Hedge Derivatives				Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2017	$	(2,366	)	$	(17,555	)	$	277			$	(800	)		$	(20,444	)
Cumulative effect of accounting change due to adoption of ASU 2018-02		(49	)		—			9				—				(40	)
Other comprehensive income (loss) before reclassifications		—			(11,244	)		—				462				(10,782	)
Income tax effect of other comprehensive income (loss) before reclassifications		—			(232	)		—				(124	)			(356	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(218	)	a		89		a		(129	)
Income taxes reclassified into net income		—			—			(68	)			(24	)			(92	)
Net current period other comprehensive income (loss)		(49	)		(11,476	)		(277	)			403				(11,399	)
Balance at June 30, 2018	$	(2,415	)	$	(29,031	)	$	—			$	(397	)		$	(31,843	)

(a) The amounts reclassified from accumulated other comprehensive loss are included in cost of sales.

We expect all of the existing gains and losses related to foreign currency derivatives reported in accumulated other comprehensive loss as of June 30, 2019 to be reclassified into earnings during the next twelve months. See Note 7 for additional information about derivative financial instruments and the effects from reclassification to net income.