| 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, 2018 and 2017:
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December 31, |
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2018 |
|
2017 |
Amortization and unrealized gains (losses) on pension and postretirement plans, net of tax of ($2,362) and ($4,761) |
|
$ |
(546 |
) |
|
$ |
7,412 |
|
Net changes in fair values of derivatives, net of tax of ($474) and ($584) |
|
637 |
|
|
967 |
|
Foreign currency translation adjustments, net of tax of $5,154 and $790 |
|
(39,195 |
) |
|
(4,068 |
) |
Accumulated other comprehensive income (loss) |
|
$ |
(39,104 |
) |
|
$ |
4,311 |
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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, 2018, 2017 and 2016:
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Years ended
December 31, |
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2018 |
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2017 |
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2016 |
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Pre-tax amount |
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Tax benefit/
(expense)
|
|
After-tax amount |
|
Pre-tax amount |
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Tax benefit/
(expense)
|
|
After-tax amount |
|
Pre-tax amount |
|
Tax benefit/
(expense)
|
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After-tax amount |
Defined benefit and other postretirement plans: |
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Amortization and unrealized gains (losses) |
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$ |
(10,357 |
) |
|
$ |
2,399 |
|
|
$ |
(7,958 |
) |
|
$ |
(139 |
) |
|
$ |
38 |
|
|
$ |
(101 |
) |
|
$ |
11,664 |
|
|
$ |
(4,799 |
) |
|
$ |
6,865 |
|
Benefit plans, net |
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(10,357 |
) |
|
2,399 |
|
|
(7,958 |
) |
|
(139 |
) |
|
38 |
|
|
(101 |
) |
|
11,664 |
|
|
(4,799 |
) |
|
6,865 |
|
Net gain (loss) from hedging activities |
|
(441 |
) |
|
110 |
|
|
(331 |
) |
|
(5,799 |
) |
|
2,209 |
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(3,590 |
) |
|
7,350 |
|
|
(2,793 |
) |
|
4,557 |
|
Foreign currency translation |
|
(39,419 |
) |
|
4,364 |
|
|
(35,055 |
) |
|
66,438 |
|
|
(5,837 |
) |
|
60,601 |
|
|
(73,461 |
) |
|
6,627 |
|
|
(66,834 |
) |
Other comprehensive income (loss) |
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$ |
(50,217 |
) |
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$ |
6,873 |
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|
$ |
(43,344 |
) |
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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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The following table presents the change in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2018 and 2017:
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Defined benefit
and other
postretirement
plans |
|
Net gain (loss) from hedging activities |
|
Foreign
currency
translation |
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Total |
December 31, 2016 |
$ |
7,513 |
|
|
$ |
4,557 |
|
|
$ |
(65,781 |
) |
|
$ |
(53,711 |
) |
Other comprehensive income (loss) before reclassifications |
6 |
|
|
(3,797) |
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|
61,713 |
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|
57,922 |
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Amounts reclassified from accumulated other comprehensive income (loss)(1)
|
(107) |
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|
207 |
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— |
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|
100 |
|
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 |
|
Other comprehensive loss before reclassifications |
(7,874) |
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|
(257) |
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|
(35,127) |
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|
(43,258) |
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Amounts reclassified from accumulated other comprehensive income (loss)(1)
|
(84) |
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|
(73) |
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— |
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|
(157) |
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Net current period other comprehensive loss |
(7,958) |
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|
(330) |
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|
(35,127) |
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|
(43,415) |
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December 31, 2018 |
(546) |
|
637 |
|
(39,195) |
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(39,104) |
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(1) |
See the following table for details about these reclassifications. Amounts in parentheses indicate credits to profit/loss. |
The following table presents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017.
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Details about Accumulated Other
Comprehensive Income (Loss) Components |
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Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(a)
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Affected Line Item in the
Statements of Operations |
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Years ended
December 31, |
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2018 |
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2017 |
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Defined benefit and other postretirement plans: |
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Amortization of prior service credit |
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$ |
(112 |
) |
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$ |
(78 |
) |
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(b) |
Amortization of net (gain) loss |
|
12 |
|
|
(54 |
) |
|
(b) |
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|
(100 |
) |
|
(132 |
) |
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Total before tax |
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16 |
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|
25 |
|
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Tax expense (benefit) |
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$ |
(84 |
) |
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$ |
(107 |
) |
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Net of tax |
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Net (gain) loss from hedging activities: |
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Interest rate caps |
|
$ |
256 |
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$ |
40 |
|
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Interest expense |
Natural gas swaps |
|
(353 |
) |
|
222 |
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Cost of goods sold |
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|
(97 |
) |
|
262 |
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Total before tax |
|
|
24 |
|
|
(55 |
) |
|
Tax expense (benefit) |
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|
$ |
(73 |
) |
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$ |
207 |
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Net of tax |
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Total reclassifications for the period |
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$ |
(157 |
) |
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$ |
100 |
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Net of tax |
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(a) |
Amounts in parentheses indicate credits to profit/loss. |
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(b) |
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost (see Note 20 to these consolidated financial statements for additional details).
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