| Accumulated Other Comprehensive Income (Loss) |
5. Accumulated Other Comprehensive Income (Loss):
The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2017 and 2016:
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December 31, |
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2017 |
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2016 |
Amortization and unrealized gains on pension and postretirement plans, net of tax of ($4,761) and ($4,799)
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$ |
7,412 |
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$ |
7,513 |
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Net changes in fair values of derivatives, net of tax of ($584) and ($2,793)
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|
967 |
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|
4,557 |
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Foreign currency translation adjustments, net of tax of $790 and $6,627
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(4,068 |
) |
|
(65,781 |
) |
Accumulated other comprehensive income (loss) |
|
$ |
4,311 |
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|
$ |
(53,711 |
) |
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The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015:
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Years ended
December 31, |
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2017 |
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2016 |
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2015 |
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Pre-tax amount |
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Tax benefit/
(expense)
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After-tax amount |
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Pre-tax amount |
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Tax benefit/
(expense)
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After-tax amount |
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Pre-tax amount |
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Tax benefit/
(expense)
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After-tax amount |
Defined benefit and other postretirement plans: |
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Amortization and unrealized losses |
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$ |
(139 |
) |
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$ |
38 |
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$ |
(101 |
) |
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$ |
11,664 |
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$ |
(4,799 |
) |
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$ |
6,865 |
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|
$ |
648 |
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|
$ |
— |
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$ |
648 |
|
Benefit plans, net |
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(139 |
) |
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38 |
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|
(101 |
) |
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11,664 |
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(4,799 |
) |
|
6,865 |
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|
648 |
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— |
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|
648 |
|
Net loss from hedging activities |
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(5,799 |
) |
|
2,209 |
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(3,590 |
) |
|
7,350 |
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(2,793 |
) |
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4,557 |
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— |
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— |
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— |
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Foreign currency translation |
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66,438 |
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(5,837 |
) |
|
60,601 |
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|
(73,461 |
) |
|
6,627 |
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|
(66,834 |
) |
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— |
|
|
— |
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— |
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Other comprehensive income (loss) |
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$ |
60,500 |
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|
$ |
(3,590 |
) |
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$ |
56,910 |
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$ |
(54,447 |
) |
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$ |
(965 |
) |
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$ |
(55,412 |
) |
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$ |
648 |
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$ |
— |
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$ |
648 |
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The following table presents the change in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2017 and 2016:
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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, 2015 |
$ |
648 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
648 |
|
Other comprehensive income (loss) before reclassifications |
6,844 |
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|
3,669 |
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|
(65,781) |
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|
(55,268) |
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Amounts reclassified from accumulated other comprehensive income(1)
|
21 |
|
|
888 |
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— |
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|
909 |
|
Net current period other comprehensive income (loss) |
6,865 |
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|
4,557 |
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(65,781) |
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|
(54,359) |
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December 31, 2016 |
$ |
7,513 |
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$ |
4,557 |
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$ |
(65,781 |
) |
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$ |
(53,711 |
) |
Other comprehensive income (loss) before reclassifications |
(208) |
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|
(3,797) |
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|
61,713 |
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|
57,708 |
|
Amounts reclassified from accumulated other comprehensive income (loss)(1)
|
107 |
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|
207 |
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— |
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|
314 |
|
Net current period other comprehensive income (loss) |
(101) |
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(3,590) |
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|
61,713 |
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|
58,022 |
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December 31, 2017 |
$ |
7,412 |
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|
$ |
967 |
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$ |
(4,068 |
) |
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$ |
4,311 |
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(1) |
See the following table for details about these reclassifications. |
The following table presents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2017 and 2016. Amounts in parenthesis indicate debits to profit/loss.
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Details about Accumulated Other
Comprehensive Income (Loss) Components |
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Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |
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Affected Line Item in the
Statements of Operations |
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Years ended
December 31, |
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2017 |
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2016 |
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Defined benefit and other postretirement plans: |
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Amortization of prior service cost |
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$ |
78 |
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|
$ |
— |
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(a) |
Amortization of net gain (loss) |
|
54 |
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|
26 |
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(a) |
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|
132 |
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|
26 |
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Total before tax |
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(25 |
) |
|
(5 |
) |
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Tax (expense) benefit |
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$ |
107 |
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$ |
21 |
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Net of tax |
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Net gain (loss) from hedging activities: |
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Interest rate caps |
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$ |
40 |
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|
$ |
— |
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Interest expense |
Natural gas swaps |
|
222 |
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|
1,433 |
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Cost of goods sold |
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|
262 |
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|
1,433 |
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Total before tax |
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(55 |
) |
|
(545 |
) |
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Tax (expense) benefit |
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$ |
207 |
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$ |
888 |
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Net of tax |
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Total reclassifications for the period |
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$ |
314 |
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$ |
909 |
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Net of tax |
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(a) |
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost (see Note 19 to these consolidated financial statements for additional details).
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