Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.19.3.a.u2
Accumulated Other Comprehensive Income (Loss)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
6. Accumulated Other Comprehensive Income (Loss):
The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2019 and 2018:
 
 
December 31,
 
 
2019
 
2018
Amortization and unrealized gains (losses) on pension and postretirement plans, net of tax of ($994) and ($2,362)
 
$
3,568

 
$
(546
)
Net changes in fair values of derivatives, net of tax of $604 and ($474)
 
(1,838
)
 
637

Foreign currency translation adjustments, net of tax of $7,474 and $5,154
 
(17,078
)
 
(39,195
)
Accumulated other comprehensive loss
 
$
(15,348
)
 
$
(39,104
)
 
 
 
 
 
The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017:
 
 
Years ended
December 31,
 
 
2019
 
2018
 
2017
 
 
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)
 
$
2,970

 
$
(423
)
 
$
2,547

 
$
(10,279
)
 
$
2,380

 
$
(7,899
)
 
$
(61
)
 
$
19

 
$
(42
)
Amortization of prior service cost
 
(156
)
 
39

 
(117
)
 
(78
)
 
19

 
(59
)
 
(78
)
 
19

 
(59
)
Benefit plans, net
 
2,814

 
(384
)
 
2,430

 
(10,357
)
 
2,399

 
(7,958
)
 
(139
)
 
38

 
(101
)
Net loss from hedging activities
 
(3,553
)
 
888

 
(2,665
)
 
(441
)
 
110

 
(331
)
 
(5,799
)
 
2,209

 
(3,590
)
Foreign currency translation(1)
 
20,539

 
2,350

 
22,889

 
(39,419
)
 
4,364

 
(35,055
)
 
66,438

 
(5,837
)
 
60,601

Other comprehensive income (loss)
 
$
19,800

 
$
2,854

 
$
22,654

 
$
(50,217
)
 
$
6,873

 
$
(43,344
)
 
$
60,500

 
$
(3,590
)
 
$
56,910

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 19 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, 2019 and 2018:
 
 
Defined benefit
and other
postretirement
plans 
 
Net gain (loss) from hedging activities
 
Foreign
currency
translation 
 
Total 
December 31, 2017
 
$
7,412

 
$
967

 
$
(4,068
)
 
$
4,311

Other comprehensive income (loss) before reclassifications
 
(7,874
)
 
(257
)
 
(35,127
)
 
(43,258
)
Amounts reclassified from accumulated other comprehensive income(1)   
 
(84
)
 
(73
)
 

 
(157
)
Net current period other comprehensive loss
 
(7,958
)
 
(330
)
 
(35,127
)
 
(43,415
)
December 31, 2018
 
(546
)
 
637

 
(39,195
)
 
(39,104
)
Other comprehensive income (loss) before reclassifications
 
2,497

 
(3,388
)
 
22,117

 
21,226

Amounts reclassified from accumulated other comprehensive income(1)  
 
(67
)
 
723

 

 
656

Net current period other comprehensive income (loss)
 
2,430

 
(2,665
)
 
22,117

 
21,882

Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings
 
1,684

 
190

 

 
1,874

December 31, 2019
 
$
3,568

 
$
(1,838
)
 
$
(17,078
)
 
$
(15,348
)
 
 
 
 
 
 
 
 
 
 
(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 years ended December 31, 2019 and 2018.
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,
 
 
 
 
2019
 
2018
 
 
Amortization of defined benefit and other postretirement plans:
 
 
 
 
 
 
Prior service credit (cost)
 
$
133

 
$
112

 
Other income (expense)(2)
Actuarial gains (losses)
 
(21
)
 
(12
)
 
Other income (expense)(2)
 
 
112

 
100

 
Total before tax
 
 
(45
)
 
(16
)
 
Tax expense
 
 
$
67

 
$
84

 
Net of tax
 
 
 
 
 
 
 
Gains and losses on cash flow hedges:
 
 
 
 
 
 
Interest rate caps
 
$
(625
)
 
$
(256
)
 
Interest expense
Natural gas swaps
 
(335
)
 
353

 
Cost of goods sold
 
 
(960
)
 
97

 
Total before tax
 
 
237

 
(24
)
 
Tax benefit (expense)
 
 
$
(723
)
 
$
73

 
Net of tax
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(656
)
 
$
157

 
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 21 to these consolidated financial statements for additional details).