XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

11.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Below is the change in the Company’s AOCI balance by component (net of income taxes) for the three and six months ended June 30, 2020 and 2019:

 

(In thousands)

 

Foreign

Currency

Translation

Adjustments

 

 

Defined

Benefit

Pension Plan

Adjustments

 

 

Cash Flow

Hedge

Adjustments

 

 

Total

 

Balance at March 31, 2019

 

$

(104,794

)

 

$

(37,865

)

 

$

79

 

 

$

(142,580

)

Other comprehensive income before reclassifications

 

 

4,317

 

 

 

—

 

 

 

—

 

 

 

4,317

 

Amounts reclassified from AOCI

 

 

—

 

 

 

542

 

 

 

(2

)

 

 

540

 

Net current-period other comprehensive income

 

 

4,317

 

 

 

542

 

 

 

(2

)

 

 

4,857

 

Balance at June 30, 2019

 

$

(100,477

)

 

$

(37,323

)

 

$

77

 

 

$

(137,723

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2020

 

$

(145,219

)

 

$

(31,397

)

 

$

70

 

 

$

(176,546

)

Other comprehensive income before reclassifications

 

 

3,537

 

 

 

—

 

 

 

—

 

 

 

3,537

 

Amounts reclassified from AOCI

 

 

—

 

 

 

808

 

 

 

(2

)

 

 

806

 

Net current-period other comprehensive income

 

 

3,537

 

 

 

808

 

 

 

(2

)

 

 

4,343

 

Balance at June 30, 2020

 

$

(141,682

)

 

$

(30,589

)

 

$

68

 

 

$

(172,203

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

(108,481

)

 

$

(33,083

)

 

$

81

 

 

$

(141,483

)

Other comprehensive income before reclassifications

 

 

8,004

 

 

 

—

 

 

 

—

 

 

 

8,004

 

Amounts reclassified from AOCI

 

 

—

 

 

 

1,085

 

 

 

(4

)

 

 

1,081

 

Remeasurement adjustment related to the Tax Act (1)

 

 

—

 

 

 

(5,325

)

 

 

—

 

 

 

(5,325

)

Net current-period other comprehensive income

 

 

8,004

 

 

 

(4,240

)

 

 

(4

)

 

 

3,760

 

Balance at June 30, 2019

 

$

(100,477

)

 

$

(37,323

)

 

$

77

 

 

$

(137,723

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

(104,037

)

 

$

(32,205

)

 

$

72

 

 

$

(136,170

)

Other comprehensive income before reclassifications

 

 

(37,645

)

 

 

—

 

 

 

—

 

 

 

(37,645

)

Amounts reclassified from AOCI

 

 

—

 

 

 

1,616

 

 

 

(4

)

 

 

1,612

 

Net current-period other comprehensive income

 

 

(37,645

)

 

 

1,616

 

 

 

(4

)

 

 

(36,033

)

Balance at June 30, 2020

 

$

(141,682

)

 

$

(30,589

)

 

$

68

 

 

$

(172,203

)

 

 

(1)

Represents reclassification of the stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (Tax Act) from accumulated other comprehensive income (loss) to retained earnings in accordance with ASU 2018-02.

 

 

Information regarding the reclassifications out of AOCI for the three- and six-month periods ended June 30, 2020 and 2019, is displayed below:

 

(In thousands)

 

Amount Reclassified from AOCI (a)

 

 

 

AOCI Components

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

Affected Line Item in

Consolidated Statements

of Income

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

Amortization of defined benefit pension actuarial losses

 

$

(1,071

)

 

$

(714

)

 

$

(2,142

)

 

$

(1,429

)

 

(b)

 

 

 

263

 

 

 

172

 

 

 

526

 

 

 

344

 

 

Tax benefit

 

 

$

(808

)

 

$

(542

)

 

$

(1,616

)

 

$

(1,085

)

 

Net of tax

Gains and losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

Cost of sales

 

 

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax benefit

 

 

$

2

 

 

$

2

 

 

$

4

 

 

$

4

 

 

Net of tax

Total reclassifications for the period

 

$

(806

)

 

$

(540

)

 

$

(1,612

)

 

$

(1,081

)

 

Net of tax

 

 

(a)

Amounts in parentheses denote expense to statement of income.

 

(b)

This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost (see Note 9 for additional details).