Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2021 and 2020:
December 31,
2021 2020
Amortization and unrealized gains (losses) on pension and postretirement plans, net of tax of $(3,567) and $(1,649)
 $ 11,072  $ 5,278 
Net changes in fair values of derivatives, net of tax of $(422) and $549
 2,254  (660)
Foreign currency translation adjustments, net of tax of $8,177 and $1,223
 (19,118) (19,883)
Accumulated other comprehensive loss $ (5,792) $ (15,265)

The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019:
Years ended
December 31,
2021 2020 2019
Pre-tax amount Tax benefit/
(expense)		 After-tax amount 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) $ 5,885  $ (1,461) $ 4,424  $ 2,760  $ (696) $ 2,064  $ 2,970  $ (423) $ 2,547 
Amortization of prior service cost (232) 58  (174) (232) 58  (174) (156) 39  (117)
Settlement gain (loss) 2,059  (515) 1,544  64  (16) 48  —  —  — 
Benefit plans, net 7,712  (1,918) 5,794  2,592  (654) 1,938  2,814  (384) 2,430 
Net (loss) gain from hedging activities 3,885  (971) 2,914  221  (55) 166  (3,553) 888  (2,665)
Foreign currency translation(1)
3,657  6,954  10,611  (11,268) (6,251) (17,519) 20,539  2,350  22,889 
Other comprehensive income (loss) $ 15,254  $ 4,065  $ 19,319  $ (8,455) $ (6,960) $ (15,415) $ 19,800  $ 2,854  $ 22,654 
(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 20 to these consolidated financial statements for information regarding the Company’s cross currency interest rate swaps.

The following table presents the change in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2021 and 2020:
Defined benefit
and other
postretirement
plans 		 Net gain (loss) from hedging activities Foreign
currency
translation 		 Total 
December 31, 2019 $ 3,568  $ (1,838) $ (17,078) $ (15,348)
Other comprehensive income (loss) before reclassifications 1,850  125  (16,596) (14,621)
Amounts reclassified from accumulated other comprehensive income(1)
88  41  — 129 
Disposal of business (228) 1,012  13,791  14,575 
Net current period other comprehensive loss 1,710  1,178  (2,805) 83 
December 31, 2020 5,278  (660) (19,883) (15,265)
Other comprehensive income (loss) before reclassifications 5,623  2,580  10,611  18,814 
Amounts reclassified from accumulated other comprehensive income(1)
171  334  — 505 
 Disposal of business —  —  (9,846) (9,846)
Net current period other comprehensive income 5,794 2,914  765 9,473
December 31, 2021 $ 11,072  $ 2,254  $ (19,118) $ (5,792)
(1)    See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the reclassifications out of accumulated other comprehensive income for the years ended December 31, 2021 and 2020.
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income(1)
Affected Line Item in the
Statements of Income
Years ended
December 31,
2021 2020
Amortization of defined benefit and other postretirement plans:
Prior service credit (cost) $ (232) $ 119 
Other income (expense)(2)
Actuarial gains (losses) 5  (232)
Other income (expense)(2)
(227) (113) Total before tax
56  25  Tax benefit
$ (171) $ (88) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ (444) $ (54) Interest expense
110  13  Tax benefit
$ (334) $ (41) Net of tax
Total reclassifications for the period $ (505) $ (129) Net of tax
(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 22 to these consolidated financial statements for additional details).