| Stockholders' Equity |
7. Stockholders' Equity:
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:
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December 31, |
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2020 |
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2019 |
Amortization and unrealized gains (losses) on pension and postretirement plans, net of tax of $(1,649) and $(994) |
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$ |
5,278 |
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$ |
3,568 |
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Net changes in fair values of derivatives, net of tax of $549 and $604 |
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(660) |
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(1,838) |
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Foreign currency translation adjustments, net of tax of $1,223 and $7,474 |
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(19,883) |
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(17,078) |
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| Accumulated other comprehensive loss |
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$ |
(15,265) |
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$ |
(15,348) |
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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, 2020, 2019 and 2018:
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Years ended
December 31, |
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2020 |
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2019 |
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2018 |
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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 of net gains and (losses) |
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$ |
2,824 |
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$ |
(712) |
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$ |
2,112 |
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$ |
2,970 |
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$ |
(423) |
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$ |
2,547 |
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$ |
(10,279) |
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$ |
2,380 |
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$ |
(7,899) |
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| Amortization of prior service cost |
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(232) |
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58 |
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(174) |
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(156) |
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39 |
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(117) |
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(78) |
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19 |
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(59) |
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| Benefit plans, net |
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2,592 |
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(654) |
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1,938 |
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2,814 |
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(384) |
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2,430 |
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(10,357) |
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2,399 |
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(7,958) |
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| Net (loss) gain from hedging activities |
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221 |
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(55) |
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166 |
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(3,553) |
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888 |
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(2,665) |
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(441) |
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110 |
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(331) |
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Foreign currency translation(1)
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(11,268) |
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(6,251) |
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(17,519) |
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20,539 |
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2,350 |
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22,889 |
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(39,419) |
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4,364 |
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(35,055) |
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| Other comprehensive income (loss) |
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$ |
(8,455) |
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$ |
(6,960) |
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$ |
(15,415) |
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$ |
19,800 |
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$ |
2,854 |
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$ |
22,654 |
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$ |
(50,217) |
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$ |
6,873 |
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$ |
(43,344) |
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(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:
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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, 2018 |
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$ |
(546) |
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$ |
637 |
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$ |
(39,195) |
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$ |
(39,104) |
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| Other comprehensive income (loss) before reclassifications |
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2,497 |
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(3,388) |
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22,117 |
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21,226 |
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Amounts reclassified from accumulated other comprehensive income(1)
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(67) |
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723 |
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— |
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656 |
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| Net current period other comprehensive loss |
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2,430 |
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(2,665) |
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22,117 |
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21,882 |
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| Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings |
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1,684 |
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190 |
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— |
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1,874 |
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| December 31, 2019 |
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3,568 |
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(1,838) |
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(17,078) |
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(15,348) |
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| Other comprehensive income (loss) before reclassifications |
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1,850 |
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125 |
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(16,596) |
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(14,621) |
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Amounts reclassified from accumulated other comprehensive income(1)
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88 |
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41 |
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— |
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129 |
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| Disposal of business |
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(228) |
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1,012 |
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13,791 |
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14,575 |
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| Net current period other comprehensive income (loss) |
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1,710 |
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1,178 |
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(2,805) |
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83 |
| December 31, 2020 |
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$ |
5,278 |
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$ |
(660) |
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$ |
(19,883) |
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$ |
(15,265) |
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(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, 2020 and 2019.
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Details about Accumulated Other
Comprehensive Income Components |
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Amount Reclassified from Accumulated Other Comprehensive Income(1)
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Affected Line Item in the
Statements of Income |
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Years ended
December 31, |
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2020 |
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2019 |
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| Amortization of defined benefit and other postretirement plans: |
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| Prior service credit (cost) |
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$ |
119 |
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$ |
133 |
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Other income (expense)(2)
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| Actuarial gains (losses) |
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(232) |
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(21) |
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Other income (expense)(2)
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(113) |
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112 |
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Total before tax |
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25 |
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(45) |
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Tax benefit (expense) |
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$ |
(88) |
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$ |
67 |
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Net of tax |
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| Gains and losses on cash flow hedges: |
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| Interest rate caps |
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$ |
(54) |
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$ |
(625) |
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Interest expense |
| Natural gas swaps |
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— |
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(335) |
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Cost of goods sold |
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(54) |
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(960) |
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Total before tax |
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13 |
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237 |
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Tax benefit |
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$ |
(41) |
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$ |
(723) |
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Net of tax |
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| Total reclassifications for the period |
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$ |
(129) |
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$ |
(656) |
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Net of tax |
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(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).
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