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Accumulated Other Comprehensive Loss
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Accumulated Other Comprehensive Loss

 

10.

Accumulated Other Comprehensive Loss

Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the nine months ended September 30, 2018, and 2017, is summarized below. All amounts are net of tax, where applicable.

 

 

 

Foreign

Currency

Translation

Adjustments

 

 

Unrecognized

Employee

Benefit Costs

 

 

Unrealized

Holding

Gains

on Marketable

Securities

 

 

Cash Flow

Hedges

 

 

Accumulated

Other

Comprehensive

Loss

 

Balance at January 1, 2018, as originally presented

 

$

(11,932

)

 

$

(34,196

)

 

$

632

 

 

$

739

 

 

$

(44,757

)

Cumulative effect of ASU 2016-01

 

 

0

 

 

 

0

 

 

 

(632

)

 

 

0

 

 

 

(632

)

Balance at January 1, 2018, adjusted

 

 

(11,932

)

 

 

(34,196

)

 

 

0

 

 

 

739

 

 

 

(45,389

)

Net Change

 

 

(4,801

)

 

 

569

 

 

 

0

 

 

 

(774

)

 

 

(5,006

)

Balance at September 30, 2018

 

$

(16,733

)

 

$

(33,627

)

 

$

0

 

 

$

(35

)

 

$

(50,395

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017

 

$

(22,973

)

 

$

(38,636

)

 

$

59

 

 

$

551

 

 

$

(60,999

)

Net Change

 

 

10,704

 

 

 

688

 

 

 

398

 

 

 

(16

)

 

 

11,774

 

Balance at September 30, 2017

 

$

(12,269

)

 

$

(37,948

)

 

$

457

 

 

$

535

 

 

$

(49,225

)

The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income (loss). There was no income tax benefit or expense associated with the various components of other comprehensive income (loss) for any of the periods, due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. On January 1, 2018, ASU 2016-01 became effective, which requires entities to record changes in fair value for certain investments in equity securities through net income (loss) versus other comprehensive income (loss). Accordingly, no amounts for changes in fair value of the Corporation’s marketable securities were reclassified from accumulated other comprehensive loss to net loss for the three or nine months ended September 30, 2018. For the three or nine months ended September 30, 2017, the Corporation reclassified an insignificant amount of realized gains from the sale of marketable securities to the condensed consolidated statement of operations. Prior year amounts for the amortization of unrecognized employee benefit costs have been adjusted to include the effects of ASU 2017-07, which became effective on January 1, 2018.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Amortization of unrecognized employee benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

$

(42

)

 

$

945

 

 

$

152

 

 

$

2,461

 

Income tax provision

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net of tax

 

$

(42

)

 

$

945

 

 

$

152

 

 

$

2,461

 

Realized gains/losses from settlement of cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (foreign currency

   purchase contracts)

 

$

(7

)

 

$

(11

)

 

$

(16

)

 

$

(24

)

Costs of products sold (excluding depreciation and

   amortization) (futures contracts – copper and

   aluminum)

 

 

53

 

 

 

(139

)

 

 

(239

)

 

 

(448

)

Total before income tax

 

 

46

 

 

 

(150

)

 

 

(255

)

 

 

(472

)

Income tax provision

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net of tax

 

$

46

 

 

$

(150

)

 

$

(255

)

 

$

(472

)