Reclassifications Out of Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 13 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three months ended March 31, 2021 and 2020 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	1,106			$	(14,982	)
Other comprehensive loss before reclassifications		—			(12,872	)		(158	)			(13,030	)
Income tax effect of other comprehensive loss before reclassifications		—			(280	)		34				(246	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(509	)	^a		(509	)
Income taxes reclassified into net income		—			—			111				111
Net current period other comprehensive loss		—			(13,152	)		(522	)			(13,674	)
Balance at March 31, 2021	$	(3,451	)	$	(25,789	)	$	584			$	(28,656	)

(a)

The amounts reclassified from accumulated other comprehensive 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		—			(8,687	)		(4,170	)			(12,857	)
Income tax effect of other comprehensive loss before reclassifications		—			(53	)		909				856
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(625	)	^a		(625	)
Income taxes reclassified into net income		—			—			136				136
Net current period other comprehensive loss		—			(8,740	)		(3,750	)			(12,490	)
Balance at March 31, 2020	$	(3,371	)	$	(48,705	)	$	(2,855	)		$	(54,931	)

(a)

The amounts reclassified from accumulated other comprehensive 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 March 31, 2021 to be reclassified into earnings during the next twelve months. See Note 10 for additional information about derivative financial instruments and the effects from reclassification to net income.