Note 12 — Accumulated Other Comprehensive Loss:

The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow:


	March 31,		December 31,
	2020		2019
Unrealized losses on derivative instruments	$	(26,717)	$	(11,732)
Items not yet recognized as a component of net periodic benefit cost (pension plans)		(8,245)		(8,838)
	$	(34,962)	$	(20,570)

The changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three months ended March 31, 2020 and 2019 follow:


	Unrealized losses on cash flow hedges		Items not yet recognized as a component of net periodic benefit cost (pension plans)		Total
Balance as of December 31, 2019	$	(11,732)	$	(8,838)	$	(20,570)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss		(16,121)		593		(15,528)
Amounts reclassified from accumulated other comprehensive loss		1,136		-		1,136
Balance as of March 31, 2020	$	(26,717)	$	(8,245)	$	(34,962)

Balance as of December 31, 2018	$	(21,520)	$	(8,409)	$	(29,929)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss		(4,999)		(199)		(5,198)
Amounts reclassified from accumulated other comprehensive loss		1,821		-		1,821
Balance as of March 31, 2019	$	(24,698)	$	(8,608)	$	(33,306)

Amounts reclassified out of each component of accumulated other comprehensive loss follow:


	Three Months Ended March 31,
		2020		2019	Statement of Operations Line Item
Reclassifications of losses on cash flow hedges:
Interest rate swaps entered into by the Company's equity method					Equity in income of
joint venture investees	$	160	$	1,640	affiliated companies
Interest rate swaps entered into by the Company's subsidiaries		895		140	Interest expense
Interest rate cap entered into by the Company's subsidiaries		-		41	Interest expense

Reclassifications of losses on derivatives subsequent to discontinuation
of hedge accounting:
Interest rate collar entered into by the Company's subsidiaries		81		-	Interest expense
	$	1,136	$	1,821	Total before and after tax

At March 31, 2020, the Company expects that it will reclassify $9,816 (gross and net of tax) of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months due to the payment of variable rate interest associated with floating rate debt of INSW’s equity method investees and the interest rate swaps held by the Company.

See Note 8, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments.