Current report filing

Stockholders' Equity (Tables)

v3.21.2
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019:
 
    
December 31,
  
    
2020
     
2019
  
               
Amortization and unrealized gains (losses) on pension and postretirement plans, net of tax of $(1,649
) and $(994
)
  
$
 5,278
 
  
$
 3,568
 
Net changes in fair values of derivatives, net of tax of $549 and $604
      (660 )       (1,838 ) 
Foreign currency translation adjustments, net of tax of $1,223 and $7,474
      (19,883 )       (17,078 ) 
    
 
 
     
 
 
  
Accumulated other comprehensive loss
  
$
 (15,265
) 
  
$
 (15,348
) 
    
 
 
     
 
 
  
The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018:
 
    
Years ended

December 31,
  
    
2020
    
2019
    
2018
  
    
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)
    $ 2,824     $ (712 )    $ 2,112     $ 2,970     $ (423 )    $ 2,547     $ (10,279 )    $ 2,380      $ (7,899 ) 
Amortization of prior service cost
      (232 )      58       (174 )      (156 )      39       (117 )      (78 )      19        (59 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Benefit plans, net
      2,592       (654 )      1,938       2,814       (384 )      2,430       (10,357 )      2,399        (7,958 ) 
Net (loss) gain from hedging activities
      221       (55 )      166       (3,553 )      888       (2,665 )      (441 )      110        (331 ) 
Foreign currency translation
(1)
      (11,268 )      (6,251 )      (17,519 )      20,539       2,350       22,889       (39,419 )      4,364        (35,055 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Other comprehensive income (loss)
    $ (8,455 )    $ (6,960 )    $ (15,415 )    $ 19,800     $ 2,854     $ 22,654     $ (50,217 )    $ 6,873      $ (43,344 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
(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, 2020 and 2019:
 
    
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
      2,497        (3,388)        22,117        21,226  
Amounts reclassified from accumulated other comprehensive income
(1)
     (67)        723        —          656  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net current period other comprehensive 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)  
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 income (loss)
      1,710        1,178        (2,805)        83  
    
 
 
     
 
 
     
 
 
     
 
 
  
December 31, 2020
    $ 5,278      $ (660)      $ (19,883)      $ (15,265)  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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, 2020 and 2019.
 
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,
       
    
2020
     
2019
       
                    
Amortization of defined benefit and other postretirement plans:
                       
Prior service credit (cost)
    $ 119      $ 133      Other income (expense)
(2)
Actuarial gains (losses)
      (232)        (21)      Other income (expense)
(2)
    
 
 
     
 
 
       
       (113)        112      Total before tax
       25        (45)      Tax benefit (expense)
    
 
 
     
 
 
       
     $ (88)      $ 67      Net of tax
    
 
 
     
 
 
       
Gains and losses on cash flow hedges:
                       
Interest rate caps
    $ (54)      $ (625)      Interest expense
Natural gas swaps
      —          (335)      Cost of goods sold
    
 
 
     
 
 
       
       (54)        (960)      Total before tax
       13        237      Tax benefit
    
 
 
     
 
 
       
     $ (41)      $ (723)      Net of tax
    
 
 
     
 
 
       
Total reclassifications for the period
    $ (129)      $ (656)      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).