Other Comprehensive Income

6 Months Ended

Jun. 30, 2020

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The components and allocated tax effects of other comprehensive income are as follows:

	Before-Tax			Tax Expense (Benefit)			After-Tax
	(In thousands)
Three Months Ended June 30, 2020
Net change in foreign currency translation adjustment	$	11,710		$	2,488		$	9,222
Net unrealized gain on hedging instruments	6,914			1,762			5,152
Other comprehensive income attributable to HollyFrontier stockholders	$	18,624		$	4,250		$	14,374
Three Months Ended June 30, 2019
Net change in foreign currency translation adjustment	$	9,160		$	1,950		$	7,210
Net unrealized loss on hedging instruments	(6,014		)	(1,534		)	(4,480		)
Net change in pension and other post-retirement benefit obligations	74			—			74
Other comprehensive income attributable to HollyFrontier stockholders	$	3,220		$	416		$	2,804
Six Months Ended June 30, 2020
Net change in foreign currency translation adjustment	$	(9,876	)	$	(2,139	)	$	(7,737	)
Net unrealized loss on hedging instruments	(6,410		)	(1,636		)	(4,774		)
Net change in pension and other post-retirement benefit obligations	(42		)	(4		)	(38		)
Other comprehensive loss attributable to HollyFrontier stockholders	$	(16,328	)	$	(3,779	)	$	(12,549	)
Six Months Ended June 30, 2019
Net change in foreign currency translation adjustment	$	13,523		$	2,855		$	10,668
Net unrealized gain on hedging instruments	7,934			2,023			5,911
Other comprehensive income attributable to HollyFrontier stockholders	$	21,457		$	4,878		$	16,579

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	Three Months Ended June 30,
	2020			2019
	(In thousands)
Hedging instruments:
Commodity price swaps	$	(5,403	)	$	—		Sales and other revenues
	459			5,674			Cost of products sold
	(457		)	(353		)	Operating expenses
	(5,401		)	5,321
	(1,377		)	1,357			Income tax expense (benefit)
Total reclassifications for the period	$	(4,024	)	$	3,964		Net of tax
	Six Months Ended June 30,
	2020			2019
Hedging instruments:
Commodity price swaps	$	49		$	(1,799	)	Sales and other revenues
	2,289			9,295			Cost of products sold
	(1,163		)	(533		)	Operating expenses
	1,175			6,963
	300			1,776			Income tax expense
Total reclassifications for the period	$	875		$	5,187		Net of tax

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes:

	June 30, 2020			December 31, 2019
	(In thousands)
Foreign currency translation adjustment	$	(9,924	)	$	(2,187	)
Unrealized loss on pension obligation	(1,798		)	(1,733		)
Unrealized gain on post-retirement benefit obligations	15,360			15,333
Unrealized gain (loss) on hedging instruments	(1,413		)	3,361
Accumulated other comprehensive income	$	2,225		$	14,774