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Note 18 - Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

18.

ACCUMULATED OTHER COMPREHENSIVE LOSS:

 

Accumulated other comprehensive loss consists of the following (in thousands):

 

  

December 31,

 
  

2023

  

2022

 
         

Pension liability adjustment, net of income tax benefit of $482 and $592

 $(1,193) $(1,532)

Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges, net of income tax (expense) benefit of $12 and $(33)

  (13)  94 

Unrealized gain on interest rate swaps designated as cash flow hedges, net of income tax expense of $79 and $213

  246   649 

Total

 $(960) $(789)

 

The following table summarizes changes in the components of Accumulated other comprehensive loss (in thousands). All amounts are net of income tax:

 

  

Pension Liability Adjustment

  

Unrealized Gain (Loss) on Foreign Currency Forward Contracts Designated as Cash Flow Hedges

  

Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges

  

Total

 
                 

Balances, December 31, 2021

 $(1,487) $(195) $-  $(1,682)
                 

Other comprehensive income (loss) before reclassifications

  41   (100)  678   619 

Amounts reclassified from Accumulated other comprehensive loss

  (86)  389   (29)  274 

Net current period adjustments to Other comprehensive income

  (45)  289   649   893 
                 

Balances, December 31, 2022

  (1,532)  94   649   (789)
                 

Other comprehensive income (loss) before reclassifications

  338   (115)  142   365 

Amounts reclassified from Accumulated other comprehensive loss

  1   8   (545)  (536)

Net current period adjustments to Other comprehensive loss

  339   (107)  (403)  (171)
                 

Balances, December 31, 2023

 $(1,193) $(13) $246  $(960)

 

The following table provides additional detail about Accumulated other comprehensive loss components that were reclassified to the Consolidated Statements of Operations (in thousands):

 

  

Amount reclassified from Accumulated Other Comprehensive Loss

 

Affected line item in the Consolidated

Details about Accumulated Other

 

Year Ended December 31,

 

Statements

Comprehensive Loss Components

 

2023

  

2022

  

2021

 

of Operations

              

Pension liability adjustment:

             

Net periodic pension cost:

             

Service cost

 $(13) $(13) $(7)

Cost of sales

Non-service cost

  11   127   110 

Other income

Associated income tax (expense) benefit

  1   (28)  (25)

Income tax expense

   (1)  86   78  

Unrealized gain (loss) on foreign currency forward contracts:

             

Gain (loss) on cash flow hedges

  99   163   (72)

Net sales

Loss on cash flow hedges

  (109)  (680)  - 

Property and equipment

Associated income tax benefit

  2   128   18 

Income tax expense

   (8)  (389)  (54) 

Unrealized gain on interest rate swaps:

             

Gain on cash flow hedges

  719   39   - 

Interest expense

Associated income tax expense

  (174)  (10)  - 

Income tax expense

   545   29   -  
              

Total reclassifications for the period

 $536  $(274) $24