Reclassifications Out of Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 13 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting accumulated other comprehensive loss during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2024	$	(978	)	$	(53,822	)	$	(899	)		$	(55,699	)
Other comprehensive income (loss) before reclassifications		—			22,691			(1,754	)			20,937
Income tax effect of other comprehensive income (loss) before reclassifications		—			(253	)		382				129
Amounts reclassified from accumulated other comprehensive loss into net income		24			—			(518	)	a		(494	)
Income taxes reclassified into net income		(7	)		—			113				106
Net current period other comprehensive income (loss)		17			22,438			(1,777	)			20,678
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	(37,413	)
Other comprehensive (loss) income before reclassifications		—			(16,321	)		98				(16,223	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(135	)		(21	)			(156	)
Amounts reclassified from accumulated other comprehensive loss into net income		5			—			(2,771	)	a		(2,766	)
Income taxes reclassified into net income		(1	)		—			604				603
Net current period other comprehensive income (loss)		4			(16,456	)		(2,090	)			(18,542	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2023	$	(1,011	)	$	(34,830	)	$	5,681			$	(30,160	)
Other comprehensive income (loss) before reclassifications		—			3,446			(1,948	)			1,498
Income tax effect of other comprehensive income (loss) before reclassifications		—			—			424				424
Amounts reclassified from accumulated other comprehensive loss into net income		69			—			(8,737	)	a		(8,668	)
Income taxes reclassified into net income		(19	)		—			1,904				1,885
Net current period other comprehensive income (loss)		50			3,446			(8,357	)			(4,861	)
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2022	$	(1,067	)	$	(48,269	)	$	2,847			$	(46,489	)
Other comprehensive (loss) income before reclassifications		—			(11,741	)		8,729				(3,012	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(48	)		(1,901	)			(1,949	)
Amounts reclassified from accumulated other comprehensive loss into net income		17			—			(5,814	)	a		(5,797	)
Income taxes reclassified into net income		(5	)		—			1,297				1,292
Net current period other comprehensive income (loss)		12			(11,789	)		2,311				(9,466	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.

The Company expects that substantially all of the existing gains and losses related to foreign currency derivatives reported in accumulated other comprehensive loss as of September 30, 2024 to be reclassified into earnings during the next twelve months. See Note 10 for additional information about derivative financial instruments and the effects from reclassification to net income.