Accumulated other comprehensive loss

12 Months Ended

Dec. 31, 2021

Accumulated other comprehensive lossThe following table summarizes the components of accumulated other comprehensive loss and the changes in accumulated other comprehensive loss, net of tax as applicable, for the years ended December 31, 2021 and 2020:


	Foreign Currency Items		Defined Benefit Pension Items		Gains and Losses on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	(241,994)	$	(574,413)	$	(396)	$	(816,803)
Other comprehensive income/(loss) before reclassifications	60,336		(10,480)		(2,952)		46,904
Amounts reclassified from accumulated other comprehensive loss to net income	(12,366)		22,146		3,278		13,058
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(1)		(1)
Other comprehensive income/(loss)	47,970		11,666		325		59,961

Balance at December 31, 2020	$	(194,024)	$	(562,747)	$	(71)	$	(756,842)
Other comprehensive (loss)/income before reclassifications	(75,052)		49,145		7,589		(18,318)
Amounts reclassified from accumulated other comprehensive loss to net loss	—		422,205		(6,258)		415,947
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(212)		(212)
Other comprehensive (loss) income	(75,052)		471,350		1,119		397,417

Balance at December 31, 2021	$	(269,076)	$	(91,397)	$	1,048	$	(359,425)

The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the affected line items in the consolidated statements of net income for the years ended December 31, 2021 and 2020:



Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2021		Year Ended December 31, 2020		Affected Line Item in the Consolidated Statements of Net Income
Foreign currency items
Amounts reclassified to net (loss)/income	$	—	$	12,366	Loss on divestiture of business,net
	—		12,366		Net (loss)/income

Defined benefit pension items (see Note 13)
Effect of settlement loss	(550,706)		(854)		Non-operating pension cost
Effect of curtailment loss	—		(32)		Non-operating pension cost
Amortization of defined benefit pension items	(16,659)		(28,726)		Non-operating pension cost
	(567,365)		(29,612)
	145,160		7,466		(Benefit from)/Provision for income taxes
	(422,205)		(22,146)		Net (loss)/income

Gains and losses on cash flow hedges (see Note 10)
Foreign exchange contracts	3,212		(6,662)		Net Sales
Foreign exchange contracts	(2,544)		3,576		Cost of sales
Commodity contracts	7,794		(1,213)		Cost of sales
	8,462		(4,299)		(Loss)/Income before income taxes
	(2,204)		1,021		(Benefit from)/Provision for income taxes
	6,258		(3,278)		Net (loss)/income

Total reclassifications for the period	$	(415,947)	$	(13,058)	Net (loss)/income

The following table summarizes the tax (expense) benefit amounts for the other comprehensive loss components for the years ended December 31, 2021 and 2020:


	For the year ended December 31, 2021						For the year ended December 31, 2020
	Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
Other comprehensive (loss)/income before reclassifications(a)	$	(75,052)	$	—	$	(75,052)	$	67,917	$	(7,581)	$	60,336
Amounts reclassified from accumulated other comprehensive loss to net (loss)/income	—		—		—		(12,366)		—		(12,366)
Gains and losses on foreign currency items:	(75,052)		—		(75,052)		55,551		(7,581)		47,970
Defined benefit pension items:
Other comprehensive income/(loss) before reclassifications	63,559		(14,414)		49,145		(13,217)		2,737		(10,480)
Amounts reclassified from accumulated other comprehensive loss to net (loss)/income(b)	567,365		(145,160)		422,205		29,612		(7,466)		22,146
Net other comprehensive income/(loss) from defined benefit pension items(c)	630,924		(159,574)		471,350		16,395		(4,729)		11,666
Gains and losses on cash flow hedges:
Other comprehensive income/(loss) before reclassifications	10,249		(2,660)		7,589		(3,823)		871		(2,952)
Amounts reclassified from accumulated other comprehensive loss to net (loss)/income	(8,462)		2,204		(6,258)		4,299		(1,021)		3,278
Amounts reclassified from accumulated other comprehensive loss to fixed assets	(289)		77		(212)		(1)		—		(1)
Net other comprehensive income/(loss) from cash flow hedges	1,498		(379)		1,119		475		(150)		325
Other comprehensive income/(loss)	$	557,370	$	(159,953)	$	397,417	$	72,421	$	(12,460)	$	59,961

(a) Other comprehensive (loss)/income from foreign currency items for the year ended December 31, 2020 includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 10 for more information.

(b)See Note 13 for more information.

(c)The net other comprehensive (loss)/income from defined benefit pension items includes pretax changes of $(32) and $4 during the years ended December 31, 2021 and 2020, related to one of the Company’s equity method investments.