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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

11.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Below is the change in the Company’s accumulated other comprehensive income (AOCI) balance by component (net of income taxes) for the three and six months ended June 30, 2022 and 2021:

 

(In thousands)

 

Foreign

Currency

Translation

Adjustments

 

 

Defined

Benefit

Pension Plan

Adjustments

 

 

Cash Flow

Hedge

Adjustments

 

 

Total

 

Balance at March 31, 2021

 

$

(125,516

)

 

$

(28,987

)

 

$

61

 

 

$

(154,442

)

Other comprehensive income before

    reclassifications

 

 

15,149

 

 

 

—

 

 

 

—

 

 

 

15,149

 

Amounts reclassified from AOCI

 

 

—

 

 

 

876

 

 

 

(3

)

 

 

873

 

Net current-period other comprehensive income

 

 

15,149

 

 

 

876

 

 

 

(3

)

 

 

16,022

 

Balance at June 30, 2021

 

$

(110,367

)

 

$

(28,111

)

 

$

58

 

 

$

(138,420

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

$

(125,439

)

 

$

(17,586

)

 

$

2,842

 

 

$

(140,183

)

Other comprehensive income before

    reclassifications

 

 

(36,096

)

 

 

—

 

 

 

2,045

 

 

 

(34,051

)

Amounts reclassified from AOCI

 

 

—

 

 

 

434

 

 

 

(2

)

 

 

432

 

Net current-period other comprehensive income

 

 

(36,096

)

 

 

434

 

 

 

2,043

 

 

 

(33,619

)

Balance at June 30, 2022

 

$

(161,535

)

 

$

(17,152

)

 

$

4,885

 

 

$

(173,802

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

(107,083

)

 

$

(29,861

)

 

$

63

 

 

$

(136,881

)

Other comprehensive income before reclassifications

 

 

(3,284

)

 

 

—

 

 

 

—

 

 

 

(3,284

)

Amounts reclassified from AOCI

 

 

—

 

 

 

1,750

 

 

 

(5

)

 

 

1,745

 

Net current-period other comprehensive income

 

 

(3,284

)

 

 

1,750

 

 

 

(5

)

 

 

(1,539

)

Balance at June 30, 2021

 

$

(110,367

)

 

$

(28,111

)

 

$

58

 

 

$

(138,420

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

(135,268

)

 

$

(18,022

)

 

$

54

 

 

$

(153,236

)

Other comprehensive income before reclassifications

 

 

(26,267

)

 

 

—

 

 

 

4,836

 

 

 

(21,431

)

Amounts reclassified from AOCI

 

 

—

 

 

 

870

 

 

 

(5

)

 

 

865

 

Net current-period other comprehensive income

 

 

(26,267

)

 

 

870

 

 

 

4,831

 

 

 

(20,566

)

Balance at June 30, 2022

 

$

(161,535

)

 

$

(17,152

)

 

$

4,885

 

 

$

(173,802

)

 

 

Information regarding the reclassifications out of AOCI for the three and six months ended June 30, 2022 and 2021, is displayed below:

 

(In thousands)

 

Amount Reclassified from AOCI (1)

 

 

 

AOCI Components

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

Affected Line Item in

Condensed Consolidated Statements of Income

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Amortization of defined benefit pension actuarial

    losses

 

$

(579

)

 

$

(1,162

)

 

$

(1,159

)

 

$

(2,323

)

 

(2)

 

 

 

145

 

 

 

286

 

 

 

289

 

 

 

573

 

 

Tax benefit

 

 

$

(434

)

 

$

(876

)

 

$

(870

)

 

$

(1,750

)

 

Net of tax

Gains and losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

2

 

 

 

3

 

 

 

5

 

 

 

5

 

 

Cost of sales

 

 

 

2

 

 

 

3

 

 

 

5

 

 

 

5

 

 

Total before tax

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Tax benefit

 

 

$

2

 

 

$

3

 

 

$

5

 

 

$

5

 

 

Net of tax

Total reclassifications for the period

 

$

(432

)

 

$

(873

)

 

$

(865

)

 

$

(1,745

)

 

Net of tax

 

 

(1)

Amounts in parentheses denote expense to the Company’s Condensed Consolidated Statements 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.