| Summary of Changes in Accumulated Other Comprehensive Income |
Below is the change in the Company’s AOCI balance by component (net of income taxes) for the three months ended March 31, 2020 and 2019:
|
(In thousands) |
|
Foreign
Currency
Translation
Adjustments |
|
|
Defined
Benefit
Pension Plan
Adjustments |
|
|
Cash Flow
Hedge
Adjustments |
|
|
Total |
|
|
Balance at December 31, 2018 |
|
$ |
(108,481 |
) |
|
$ |
(33,083 |
) |
|
$ |
81 |
|
|
$ |
(141,483 |
) |
|
Other comprehensive income before reclassifications |
|
|
3,687 |
|
|
|
— |
|
|
|
— |
|
|
|
3,687 |
|
|
Amounts reclassified from AOCI |
|
|
— |
|
|
|
543 |
|
|
|
(2 |
) |
|
|
541 |
|
|
Remeasurement adjustment related to the Tax Act (1) |
|
|
— |
|
|
|
(5,325 |
) |
|
|
— |
|
|
|
(5,325 |
) |
|
Net current-period other comprehensive income |
|
|
3,687 |
|
|
|
(4,782 |
) |
|
|
(2 |
) |
|
|
(1,097 |
) |
|
Balance at March 31, 2019 |
|
$ |
(104,794 |
) |
|
$ |
(37,865 |
) |
|
$ |
79 |
|
|
$ |
(142,580 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
|
$ |
(104,037 |
) |
|
$ |
(32,205 |
) |
|
$ |
72 |
|
|
$ |
(136,170 |
) |
|
Other comprehensive income before reclassifications |
|
|
(41,182 |
) |
|
|
808 |
|
|
|
— |
|
|
|
(40,374 |
) |
|
Amounts reclassified from AOCI |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(2 |
) |
|
Net current-period other comprehensive income |
|
|
(41,182 |
) |
|
|
808 |
|
|
|
(2 |
) |
|
|
(40,376 |
) |
|
Balance at March 31, 2020 |
|
$ |
(145,219 |
) |
|
$ |
(31,397 |
) |
|
$ |
70 |
|
|
$ |
(176,546 |
) |
|
|
(1) |
Represents reclassification of the stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (Tax Act) from accumulated other comprehensive income (loss) to retained earnings in accordance with ASU 2018-02. |
|
|
| Summary of Amounts Reclassifications Out of Accumulated Other Comprehensive Income |
Information regarding the reclassifications out of AOCI for the three-month periods ended March 31, 2020 and 2019, is displayed below:
|
(In thousands) |
|
Amount Reclassified from AOCI (a) |
|
|
AOCI Components |
|
Three Months Ended
March 31 |
|
|
Affected Line Item in
Consolidated Statements
of Income |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
Amortization of defined benefit pension actuarial losses |
|
$ |
(1,071 |
) |
|
$ |
(715 |
) |
|
(b) |
|
|
|
|
263 |
|
|
|
172 |
|
|
Tax benefit |
|
|
|
$ |
(808 |
) |
|
$ |
(543 |
) |
|
Net of tax |
|
Gains and losses on cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
|
2 |
|
|
|
2 |
|
|
Cost of sales |
|
|
|
|
2 |
|
|
|
2 |
|
|
Total before tax |
|
|
|
|
— |
|
|
|
— |
|
|
Tax benefit |
|
|
|
$ |
2 |
|
|
$ |
2 |
|
|
Net of tax |
|
Total reclassifications for the period |
|
$ |
(806 |
) |
|
$ |
(541 |
) |
|
Net of tax |
|
|
(a) |
Amounts in parentheses denote expense to statement of income. |
|
|
(b) |
This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost (see Note 9 for additional details). |
|
|