| Accumulated Other Comprehensive Income |
5. Accumulated Other Comprehensive Income:
The following tables present the tax effects of each component of other comprehensive income for the three and nine months ended September 30, 2019 and 2018:
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Three months ended September 30, |
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2019 |
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2018 |
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Pre-tax amount |
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Tax benefit/(expense) |
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After-tax amount |
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
Defined benefit and other postretirement plans: |
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Amortization of net gains and (losses) |
|
$ |
(10 |
) |
|
$ |
4 |
|
|
$ |
(6 |
) |
|
$ |
(50 |
) |
|
$ |
13 |
|
|
$ |
(37 |
) |
Amortization of prior service cost |
|
(63 |
) |
|
10 |
|
|
(53 |
) |
|
(19 |
) |
|
4 |
|
|
(15 |
) |
Benefit plans, net |
|
(73 |
) |
|
14 |
|
|
(59 |
) |
|
(69 |
) |
|
17 |
|
|
(52 |
) |
Net (loss) gain from hedging activities |
|
46 |
|
|
(11 |
) |
|
35 |
|
|
494 |
|
|
(124 |
) |
|
370 |
|
Foreign currency translation(1)
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|
(10,020 |
) |
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(3,852 |
) |
|
(13,872 |
) |
|
3,391 |
|
|
1,795 |
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|
5,186 |
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Other comprehensive income (loss) |
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$ |
(10,047 |
) |
|
$ |
(3,849 |
) |
|
$ |
(13,896 |
) |
|
$ |
3,816 |
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|
$ |
1,688 |
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$ |
5,504 |
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Nine months ended September 30, |
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2019 |
|
2018 |
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Pre-tax amount |
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Tax benefit/(expense) |
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After-tax amount |
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
Defined benefit and other postretirement plans: |
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|
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Amortization of net gains and (losses) |
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$ |
(26 |
) |
|
$ |
8 |
|
|
$ |
(18 |
) |
|
$ |
1,798 |
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|
$ |
(449 |
) |
|
$ |
1,349 |
|
Amortization of prior service cost |
|
(128 |
) |
|
26 |
|
|
(102 |
) |
|
(58 |
) |
|
14 |
|
|
(44 |
) |
Benefit plans, net |
|
(154 |
) |
|
34 |
|
|
(120 |
) |
|
1,740 |
|
|
(435 |
) |
|
1,305 |
|
Net (loss) gain from hedging activities |
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(3,579 |
) |
|
895 |
|
|
(2,684 |
) |
|
4,143 |
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|
(1,037 |
) |
|
3,106 |
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Foreign currency translation(1)
|
|
4,731 |
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(5,351 |
) |
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(620 |
) |
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(16,442 |
) |
|
806 |
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(15,636 |
) |
Other comprehensive income (loss) |
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$ |
998 |
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|
$ |
(4,422 |
) |
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$ |
(3,424 |
) |
|
$ |
(10,559 |
) |
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$ |
(666 |
) |
|
$ |
(11,225 |
) |
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(1) |
The income tax benefit or expense included in other comprehensive income is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect is based on the applicable U.S. deferred income tax rate. See Note 14 to these condensed consolidated financial statements for information regarding the Company’s cross-currency interest rate swaps.
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The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2019 and 2018:
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Defined benefit
and other
postretirement
plans |
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Net gain (loss)
from hedging
activities
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Foreign
currency
translation |
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Total |
December 31, 2018 |
|
$ |
(546 |
) |
|
$ |
637 |
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|
$ |
(39,195 |
) |
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$ |
(39,104 |
) |
Other comprehensive loss before reclassifications |
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(27 |
) |
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(3,163 |
) |
|
(665 |
) |
|
(3,855 |
) |
Amounts reclassified from accumulated other comprehensive income(1)
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|
(93 |
) |
|
479 |
|
|
— |
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|
386 |
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Net current period other comprehensive loss |
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(120 |
) |
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(2,684 |
) |
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(665 |
) |
|
(3,469 |
) |
Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings |
|
1,684 |
|
|
190 |
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|
— |
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|
1,874 |
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September 30, 2019 |
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$ |
1,018 |
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|
$ |
(1,857 |
) |
|
$ |
(39,860 |
) |
|
$ |
(40,699 |
) |
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December 31, 2017 |
|
$ |
7,412 |
|
|
$ |
967 |
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|
$ |
(4,068 |
) |
|
$ |
4,311 |
|
Other comprehensive income (loss) before reclassifications |
|
1,360 |
|
|
2,906 |
|
|
(16,363 |
) |
|
(12,097 |
) |
Amounts reclassified from accumulated other comprehensive income(1)
|
|
(55 |
) |
|
200 |
|
|
— |
|
|
145 |
|
Net current period other comprehensive income (loss) |
|
1,305 |
|
|
3,106 |
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(16,363 |
) |
|
(11,952 |
) |
September 30, 2018 |
|
$ |
8,717 |
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|
$ |
4,073 |
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|
$ |
(20,431 |
) |
|
$ |
(7,641 |
) |
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(1) |
See the following table for details about these reclassifications. Amounts in parentheses indicate debits. |
The following table presents the reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018:
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Details about Accumulated Other Comprehensive Income Components |
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Amounts Reclassified from Accumulated Other Comprehensive Income(1) |
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Affected Line Item where Income is Presented |
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Amortization of defined benefit and other postretirement items: |
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Prior service credit (cost) |
|
$ |
32 |
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$ |
40 |
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$ |
97 |
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$ |
79 |
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Other income (expense)(2)
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Actuarial gains (losses) |
|
8 |
|
|
(2 |
) |
|
26 |
|
|
(5 |
) |
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Other income (expense)(2)
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|
40 |
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|
38 |
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|
123 |
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|
74 |
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Total before tax |
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|
(10 |
) |
|
(13 |
) |
|
(30 |
) |
|
(19 |
) |
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Tax expense |
|
|
$ |
30 |
|
|
$ |
25 |
|
|
$ |
93 |
|
|
$ |
55 |
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Net of tax |
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Gains and losses on cash flow hedges: |
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Interest rate caps |
|
$ |
(157 |
) |
|
$ |
(71 |
) |
|
$ |
(449 |
) |
|
$ |
(164 |
) |
|
Interest expense |
Natural gas swaps |
|
(291 |
) |
|
(30 |
) |
|
(187 |
) |
|
(101 |
) |
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Cost of goods sold |
|
|
(448 |
) |
|
(101 |
) |
|
(636 |
) |
|
(265 |
) |
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Total before tax |
|
|
111 |
|
|
24 |
|
|
157 |
|
|
65 |
|
|
Tax benefit |
|
|
$ |
(337 |
) |
|
$ |
(77 |
) |
|
$ |
(479 |
) |
|
$ |
(200 |
) |
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Net of tax |
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Total reclassifications for the period |
|
$ |
(307 |
) |
|
$ |
(52 |
) |
|
$ |
(386 |
) |
|
$ |
(145 |
) |
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Net of tax |
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(1) |
Amounts in parentheses indicate debits to profit/loss. |
(2)
These accumulated other comprehensive income (loss) components are components of net periodic pension and other postretirement cost (see Note 16 to these condensed consolidated financial statements for additional details).
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