Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Note 16 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassification adjustments and other activities impacting accumulated other comprehensive income (loss) during the three and six months ended June 30, 2020 and 2019 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at March 31, 2020	$	(3,371	)	$	(48,705	)	$	(2,855	)		$	(54,931	)
Other comprehensive income before reclassifications		—			5,911			572				6,483
Income tax effect of other comprehensive income (loss) before reclassifications		—			36			(125	)			(89	)
Amounts reclassified from accumulated other comprehensive loss into net loss		—			—			886		a		886
Income taxes reclassified into net loss		—			—			(194	)			(194	)
Net current period other comprehensive income		—			5,947			1,139				7,086
Balance at June 30, 2020	$	(3,371	)	$	(42,758	)	$	(1,716	)		$	(47,845	)

(a)

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

	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 (loss) 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 income (loss) were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2019	$	(3,371	)	$	(39,965	)	$	895			$	(42,441	)
Other comprehensive loss before reclassifications		—			(2,776	)		(3,598	)			(6,374	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(17	)		784				767
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			261		a		261
Income taxes reclassified into net income		—			—			(58	)			(58	)
Net current period other comprehensive loss		—			(2,793	)		(2,611	)			(5,404	)
Balance at June 30, 2020	$	(3,371	)	$	(42,758	)	$	(1,716	)		$	(47,845	)

(a)

The amounts reclassified from accumulated other comprehensive income (loss) were 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 (loss) income before reclassifications		—			(597	)		1,192				595
Income tax effect of other comprehensive 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 (loss) income		—			(771	)		831				60
Balance at June 30, 2019	$	(2,339	)	$	(37,928	)	$	827			$	(39,440	)

(a)

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

The Company expects all of the existing gains and losses related to foreign currency hedge derivatives reported in accumulated other comprehensive loss as of June 30, 2020 to be reclassified into earnings during the next twelve months. See Note 13 for additional information about derivative financial instruments and the effects from reclassification to net (loss) income.