Comprehensive Income

12 Months Ended

Dec. 31, 2020

COMPREHENSIVE INCOME

Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments, foreign currency translation adjustments, and unrealized movement in derivative financial instruments designated as hedges.


	For the Twelve Months ended December 31,
	2020		2019		2018
Foreign currency translation adjustments:
Balance at beginning of period	$	(2,384,589)	$	(1,674,887)	$	645,030
Other comprehensive income (loss) before reclassifications	3,153,634		(709,702)		(2,319,917)

Net current-period change	3,153,634		(709,702)		(2,319,917)
Balance at end of period	769,045		(2,384,589)		(1,674,887)

Unrealized gains (losses) on available-for-sale securities:
Balance at beginning of period	1,095,486		74,549		6,626,379
ASU 2016-01 adoption impact	—		—		(6,642,727)
Other comprehensive income before reclassifications	6,644,459		1,403,521		1,675,823
Amounts reclassified from accumulated other comprehensive income	(1,657,938)		(382,584)		(1,584,926)
Net current-period change	4,986,521		1,020,937		(6,551,830)
Balance at end of period	6,082,007		1,095,486		74,549
Unrealized gains (losses) on derivatives:
Balance at beginning of period	—		—		(78,026)
Other comprehensive income before reclassifications	—		—		175,308
Amounts reclassified from accumulated other comprehensive income	—		—		(97,282)
Net current-period change	—		—		78,026
Balance at end of period	—		—		—

Accumulated other comprehensive (loss) income, end of period	$	6,851,052	$	(1,289,103)	$	(1,600,338)

All amounts are shown net of tax. Amounts in parentheses indicate debits.

The following table presents details of reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2020, 2019 and 2018:


Details about Accumulated Other Comprehensive Income Components							Affected Line item in the Statement of Consolidated Income
	For the Twelve Months ended December 31,
	2020		2019		2018
Unrealized gains on available-for-sale debt securities
Realized gain on sale of securities	$	2,098,656	$	484,283	$	2,006,235	Other income, net
Provision for income taxes	(440,718)		(101,699)		(421,309)		Provision for Income Taxes
Total reclassifications for the period	$	1,657,938	$	382,584	$	1,584,926	Net of tax

Unrealized gains (losses) on derivatives
Realized loss on interest rate swap	$	—	$	—	$	123,142	Other income, net
Provision for income taxes	—		—		(25,860)		Provision for Income Taxes
	$	—	$	—	$	97,282	Net of tax

Total reclassifications for the period	$	1,657,938	$	382,584	$	1,682,208	Net of tax