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Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive Income (Loss)

Below is the change in the Company’s accumulated other comprehensive income (loss) (AOCI) balance by component (net of income taxes) for the years ended December 31, 2021, 2020 and 2019:

 

(In thousands)

 

Foreign

Currency

Translation

Adjustments

 

 

Defined

Benefit

Pension Plan

Adjustments

 

 

Cash Flow

Hedge

Adjustments

 

 

Total

 

Balance at December 31, 2018

 

$

(108,481

)

 

$

(33,083

)

 

$

81

 

 

$

(141,483

)

Other comprehensive income before reclassifications

 

 

4,444

 

 

 

4,112

 

 

 

—

 

 

 

8,556

 

Amounts reclassified from AOCI

 

 

—

 

 

 

2,091

 

 

 

(9

)

 

 

2,082

 

Remeasurement adjustment related to the Tax Act (1)

 

 

—

 

 

 

(5,325

)

 

 

0

 

 

 

(5,325

)

Net current period other comprehensive income

 

 

4,444

 

 

 

878

 

 

 

(9

)

 

 

5,313

 

Balance at December 31, 2019

 

$

(104,037

)

 

$

(32,205

)

 

$

72

 

 

$

(136,170

)

Other comprehensive income before reclassifications

 

 

(3,046

)

 

 

(996

)

 

 

—

 

 

 

(4,042

)

Amounts reclassified from AOCI

 

 

—

 

 

 

3,340

 

 

 

(9

)

 

 

3,331

 

Net current period other comprehensive income

 

 

(3,046

)

 

 

2,344

 

 

 

(9

)

 

 

(711

)

Balance at December 31, 2020

 

$

(107,083

)

 

$

(29,861

)

 

$

63

 

 

$

(136,881

)

Other comprehensive income before reclassifications

 

 

(28,185

)

 

 

8,188

 

 

 

—

 

 

 

(19,997

)

Amounts reclassified from AOCI

 

 

—

 

 

 

3,651

 

 

 

(9

)

 

 

3,642

 

Net current period other comprehensive income

 

 

(28,185

)

 

 

11,839

 

 

 

(9

)

 

 

(16,355

)

Balance at December 31, 2021

 

$

(135,268

)

 

$

(18,022

)

 

$

54

 

 

$

(153,236

)

 

(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.

 
Summary of Amounts Reclassified Out of Accumulated Other Comprehensive Income

Amounts reclassified out of AOCI for the three years ended December 31, 2021, 2020 and 2019, is displayed below:

 

 

 

Amounts Reclassified from AOCI (1)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Affected Line Item in

Consolidated

 

 

2021

 

 

2020

 

 

2019

 

 

Statements of Income

Amortization of defined pension items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

(12

)

 

$

(11

)

 

$

(12

)

 

 

Actuarial loss

 

 

(4,800

)

 

 

(4,421

)

 

 

(2,739

)

 

 

 

 

$

(4,812

)

 

 

(4,432

)

 

 

(2,751

)

 

Total before tax (2)

 

 

 

1,161

 

 

 

1,092

 

 

 

660

 

 

Tax  benefit

 

 

$

(3,651

)

 

$

(3,340

)

 

$

(2,091

)

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains and losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

9

 

 

$

9

 

 

$

9

 

 

Cost of sales

 

 

 

9

 

 

 

9

 

 

 

9

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax  benefit

 

 

$

9

 

 

$

9

 

 

$

9

 

 

Net of tax

Total reclassifications for the period

 

$

(3,642

)

 

$

(3,331

)

 

$

(2,082

)

 

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 13, Postretirement Benefit Plans, of the notes to the Company’s consolidated financial statements for details regarding net periodic benefit costs for the Company’s U.S. and U.K. defined benefit plans).