| 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 six months ended June 30, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
2019 |
|
2018 |
|
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
Defined benefit and other postretirement plans: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net gains and (losses) |
|
$ |
(8 |
) |
|
$ |
2 |
|
|
$ |
(6 |
) |
|
$ |
1,853 |
|
|
$ |
(463 |
) |
|
$ |
1,390 |
|
Amortization of prior service cost |
|
(33 |
) |
|
8 |
|
|
(25 |
) |
|
(20 |
) |
|
5 |
|
|
(15 |
) |
Benefit plans, net |
|
(41 |
) |
|
10 |
|
|
(31 |
) |
|
1,833 |
|
|
(458 |
) |
|
1,375 |
|
Net (loss) gain from hedging activities |
|
(1,556 |
) |
|
389 |
|
|
(1,167 |
) |
|
737 |
|
|
(184 |
) |
|
553 |
|
Foreign currency translation |
|
5,469 |
|
|
616 |
|
|
6,085 |
|
|
(29,947 |
) |
|
454 |
|
|
(29,493 |
) |
Other comprehensive income (loss) |
|
$ |
3,872 |
|
|
$ |
1,015 |
|
|
$ |
4,887 |
|
|
$ |
(27,377 |
) |
|
$ |
(188 |
) |
|
$ |
(27,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2019 |
|
2018 |
|
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
|
Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
Defined benefit and other postretirement plans: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net gains and (losses) |
|
$ |
(16 |
) |
|
$ |
4 |
|
|
$ |
(12 |
) |
|
$ |
1,848 |
|
|
$ |
(462 |
) |
|
$ |
1,386 |
|
Amortization of prior service cost |
|
(65 |
) |
|
16 |
|
|
(49 |
) |
|
(39 |
) |
|
10 |
|
|
(29 |
) |
Benefit plans, net |
|
(81 |
) |
|
20 |
|
|
(61 |
) |
|
1,809 |
|
|
(452 |
) |
|
1,357 |
|
Net (loss) gain from hedging activities |
|
(3,625 |
) |
|
906 |
|
|
(2,719 |
) |
|
3,649 |
|
|
(913 |
) |
|
2,736 |
|
Foreign currency translation |
|
14,751 |
|
|
(1,499 |
) |
|
13,252 |
|
|
(19,833 |
) |
|
(989 |
) |
|
(20,822 |
) |
Other comprehensive income (loss) |
|
$ |
11,045 |
|
|
$ |
(573 |
) |
|
$ |
10,472 |
|
|
$ |
(14,375 |
) |
|
$ |
(2,354 |
) |
|
$ |
(16,729 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the six months ended June 30, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit
and other
postretirement
plans |
|
Net gain (loss)
from hedging
activities
|
|
Foreign
currency
translation |
|
Total |
December 31, 2018 |
|
$ |
(546 |
) |
|
$ |
637 |
|
|
$ |
(39,195 |
) |
|
$ |
(39,104 |
) |
Other comprehensive income (loss) before reclassifications |
|
2 |
|
|
(2,861 |
) |
|
12,797 |
|
|
9,938 |
|
Amounts reclassified from accumulated other comprehensive income(1)
|
|
(63 |
) |
|
142 |
|
|
— |
|
|
79 |
|
Net current period other comprehensive income (loss) |
|
(61 |
) |
|
(2,719 |
) |
|
12,797 |
|
|
10,017 |
|
Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings |
|
1,684 |
|
|
190 |
|
|
— |
|
|
1,874 |
|
June 30, 2019 |
|
$ |
1,077 |
|
|
$ |
(1,892 |
) |
|
$ |
(26,398 |
) |
|
$ |
(27,213 |
) |
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
$ |
7,412 |
|
|
$ |
967 |
|
|
$ |
(4,068 |
) |
|
$ |
4,311 |
|
Other comprehensive income (loss) before reclassifications |
|
1,387 |
|
|
2,613 |
|
|
(20,582 |
) |
|
(16,582 |
) |
Amounts reclassified from accumulated other comprehensive income(1)
|
|
(30 |
) |
|
123 |
|
|
— |
|
|
93 |
|
Net current period other comprehensive income (loss) |
|
1,357 |
|
|
2,736 |
|
|
(20,582 |
) |
|
(16,489 |
) |
June 30, 2018 |
|
$ |
8,769 |
|
|
$ |
3,703 |
|
|
$ |
(24,650 |
) |
|
$ |
(12,178 |
) |
|
|
|
|
|
|
|
|
|
|
|
(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 six months ended June 30, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details about Accumulated Other Comprehensive Income Components |
|
Amounts Reclassified from Accumulated Other Comprehensive Income(a) |
|
Affected Line Item where Income is Presented |
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
Amortization of defined benefit and other postretirement items |
|
|
|
|
|
|
|
|
|
|
Prior service credit (cost) |
|
$ |
33 |
|
|
$ |
20 |
|
|
$ |
65 |
|
|
$ |
39 |
|
|
Other income (expense)(b)
|
Actuarial gains (losses) |
|
9 |
|
|
(1 |
) |
|
18 |
|
|
(3 |
) |
|
Other income (expense)(b)
|
|
|
42 |
|
|
19 |
|
|
83 |
|
|
36 |
|
|
Total before tax |
|
|
(10 |
) |
|
(3 |
) |
|
(20 |
) |
|
(6 |
) |
|
Tax expense |
|
|
$ |
32 |
|
|
$ |
16 |
|
|
$ |
63 |
|
|
$ |
30 |
|
|
Net of tax |
|
|
|
|
|
|
|
|
|
|
|
Gains and losses on cash flow hedges |
|
|
|
|
|
|
|
|
|
|
Interest rate caps |
|
$ |
(169 |
) |
|
$ |
(58 |
) |
|
$ |
(292 |
) |
|
$ |
(93 |
) |
|
Interest expense |
Natural gas swaps |
|
(87 |
) |
|
(99 |
) |
|
104 |
|
|
(71 |
) |
|
Cost of goods sold |
|
|
(256 |
) |
|
(157 |
) |
|
(188 |
) |
|
(164 |
) |
|
Total before tax |
|
|
63 |
|
|
39 |
|
|
46 |
|
|
41 |
|
|
Tax benefit |
|
|
$ |
(193 |
) |
|
$ |
(118 |
) |
|
$ |
(142 |
) |
|
$ |
(123 |
) |
|
Net of tax |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period |
|
$ |
(161 |
) |
|
$ |
(102 |
) |
|
$ |
(79 |
) |
|
$ |
(93 |
) |
|
Net of tax |
|
|
(a) |
Amounts in parentheses indicate debits to profit/loss. |
(b)
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).
|