Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income Loss [Abstract]

Accumulated Other Comprehensive Income (Loss)

14. Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of Accumulated other comprehensive income (loss):

	Interest Rate			Foreign Currency
	Derivatives			Translation		Total
Balance as of December 31, 2018	$	(3,841	)	$	9	$	(3,832	)
Reclassification to interest expense		681			-		681
Tax effect		(161	)		-		(161	)
Balance as of June 30, 2019	$	(3,321	)	$	9	$	(3,312	)
Balance as of December 31, 2019	$	(2,827	)	$	9	$	(2,818	)
Reclassification to interest expense		604			-		604
Tax effect		(133	)		-		(133	)
Balance as of June 30, 2020	$	(2,356	)	$	9	$	(2,347	)

Interest Rate Derivatives

As of June 30, 2020, there was $3.1 million of unamortized net realized loss before taxes remaining in Accumulated other comprehensive income (loss) related to terminated forward-starting interest rate swaps, which had been designated as cash flow hedges to effectively fix the interest rates on two 747-8F financings in 2011 and three 777-200LRF financings in 2014.  The net loss is amortized and reclassified into Interest expense over the remaining life of the related debt.  Net realized losses reclassified into earnings were both $0.3 million for the three months ended June 30, 2020 and 2019.  Net realized losses reclassified into earnings were $0.6 million and $0.7 million for the six months ended June 30, 2020 and 2019, respectively. Net realized losses expected to be reclassified into earnings within the next 12 months are $1.1 million as of June 30, 2020.