Reclassifications Out of Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 12 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and six months ended June 30, 2021 and 2020 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at March 31, 2021	$	(3,451	)	$	(25,789	)	$	584			$	(28,656	)
Other comprehensive income before reclassifications		—			4,531			364				4,895
Income tax effect of other comprehensive income before reclassifications		—			(3	)		(79	)			(82	)
Amounts reclassified from accumulated other comprehensive loss into net income (loss)		—			—			(426	)	^a		(426	)
Income taxes reclassified into net income (loss)		—			—			93				93
Net current period other comprehensive income (loss)		—			4,528			(48	)			4,480
Balance at June 30, 2021	$	(3,451	)	$	(21,261	)	$	536			$	(24,176	)

(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 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 before reclassifications		—			36			(125	)			(89	)
Amounts reclassified from accumulated other comprehensive loss into net income (loss)		—			—			886		^a		886
Income taxes reclassified into net income (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 loss were included in cost of sales.

	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) income before reclassifications		—			(8,341	)		206				(8,135	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(283	)		(45	)			(328	)
Amounts reclassified from accumulated other comprehensive loss into net income (loss)		—			—			(935	)	^a		(935	)
Income taxes reclassified into net income (loss)		—			—			204				204
Net current period other comprehensive loss		—			(8,624	)		(570	)			(9,194	)
Balance at June 30, 2021	$	(3,451	)	$	(21,261	)	$	536			$	(24,176	)

(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		—			(2,776	)		(3,598	)			(6,374	)
Income tax effect of other comprehensive loss before reclassifications		—			(17	)		784				767
Amounts reclassified from accumulated other comprehensive loss into net income (loss)		—			—			261		^a		261
Income taxes reclassified into net income (loss)		—			—			(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 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, 2021 to be reclassified into earnings during the next twelve months. See Note 9 for additional information about derivative financial instruments and the effects from reclassification to net income.