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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020:

 

(In thousands)

 

Foreign

Currency

Translation

Adjustments

 

 

Defined

Benefit

Pension Plan

Adjustments

 

 

Cash Flow

Hedge

Adjustments

 

 

Total

 

Balance at June 30, 2020

 

$

(141,682

)

 

$

(30,589

)

 

$

68

 

 

$

(172,203

)

Other comprehensive income before reclassifications

 

 

8,594

 

 

 

—

 

 

 

—

 

 

 

8,594

 

Amounts reclassified from AOCI

 

 

—

 

 

 

839

 

 

 

(3

)

 

 

836

 

Net current-period other comprehensive income

 

 

8,594

 

 

 

839

 

 

 

(3

)

 

 

9,430

 

Balance at September 30, 2020

 

$

(133,088

)

 

$

(29,750

)

 

$

65

 

 

$

(162,773

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2021

 

$

(110,367

)

 

$

(28,111

)

 

$

58

 

 

$

(138,420

)

Other comprehensive income before reclassifications

 

 

(19,331

)

 

 

—

 

 

 

—

 

 

 

(19,331

)

Amounts reclassified from AOCI

 

 

—

 

 

 

800

 

 

 

(2

)

 

 

798

 

Net current-period other comprehensive income

 

 

(19,331

)

 

 

800

 

 

 

(2

)

 

 

(18,533

)

Balance at September 30, 2021

 

$

(129,698

)

 

$

(27,311

)

 

$

56

 

 

$

(156,953

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

(104,037

)

 

$

(32,205

)

 

$

72

 

 

$

(136,170

)

Other comprehensive income before reclassifications

 

 

(29,051

)

 

 

—

 

 

 

—

 

 

 

(29,051

)

Amounts reclassified from AOCI

 

 

—

 

 

 

2,455

 

 

 

(7

)

 

 

2,448

 

Net current-period other comprehensive income

 

 

(29,051

)

 

 

2,455

 

 

 

(7

)

 

 

(26,603

)

Balance at September 30, 2020

 

$

(133,088

)

 

$

(29,750

)

 

$

65

 

 

$

(162,773

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

(107,083

)

 

$

(29,861

)

 

$

63

 

 

$

(136,881

)

Other comprehensive income before reclassifications

 

 

(22,615

)

 

 

—

 

 

 

—

 

 

 

(22,615

)

Amounts reclassified from AOCI

 

 

—

 

 

 

2,550

 

 

 

(7

)

 

 

2,543

 

Net current-period other comprehensive income

 

 

(22,615

)

 

 

2,550

 

 

 

(7

)

 

 

(20,072

)

Balance at September 30, 2021

 

$

(129,698

)

 

$

(27,311

)

 

$

56

 

 

$

(156,953

)

 

Information regarding the reclassifications out of AOCI for the three- and nine-month periods ended September 30, 2021 and 2020, is displayed below:

 

(In thousands)

 

Amount Reclassified from AOCI (1)

 

 

 

AOCI Components

 

Three Months Ended

September 30

 

 

Nine Months Ended

September 30

 

 

Affected Line Item in

Consolidated Statements

of Income

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amortization of defined benefit pension actuarial losses

 

$

(1,063

)

 

$

(1,111

)

 

$

(3,386

)

 

$

(3,253

)

 

(2)

 

 

 

263

 

 

 

272

 

 

 

836

 

 

 

798

 

 

Tax benefit

 

 

$

(800

)

 

$

(839

)

 

$

(2,550

)

 

$

(2,455

)

 

Net of tax

Gains and losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

2

 

 

 

3

 

 

 

7

 

 

 

7

 

 

Cost of sales

 

 

 

2

 

 

 

3

 

 

 

7

 

 

 

7

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax benefit

 

 

$

2

 

 

$

3

 

 

$

7

 

 

$

7

 

 

Net of tax

Total reclassifications for the period

 

$

(798

)

 

$

(836

)

 

$

(2,543

)

 

$

(2,448

)

 

Net of tax

 

 

(1)

Amounts in parentheses denote expense to statement of income.

 

(2)

This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost.  See Note 9, Postretirement Benefit Plans, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q) for additional details.