|
NOTE 7. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated other comprehensive (loss) income (“AOCI”) primarily consists of foreign currency translation adjustments and changes in our forward foreign exchange contracts. The following table sets forth the changes in AOCI, net of tax, for the three months ended June 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2020 |
|
$ |
(687) |
|
$ |
796 |
|
$ |
109 |
Other comprehensive income (loss) before reclassifications |
|
|
367 |
|
|
(326) |
|
|
41 |
Amounts reclassified from other comprehensive income (loss) |
|
|
- |
|
|
(223) |
|
|
(223) |
Net current period other comprehensive income (loss) |
|
|
367 |
|
|
(549) |
|
|
(182) |
Balance as of June 30, 2020 |
|
$ |
(320) |
|
$ |
247 |
|
$ |
(73) |
The following table sets forth the changes in AOCI, net of tax, for the three months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2019 |
|
$ |
(300) |
|
$ |
315 |
|
$ |
15 |
Other comprehensive income (loss) before reclassifications |
|
|
230 |
|
|
(329) |
|
|
(99) |
Amounts reclassified from other comprehensive income (loss) |
|
|
- |
|
|
(170) |
|
|
(170) |
Net current period other comprehensive income (loss) |
|
|
230 |
|
|
(499) |
|
|
(269) |
Balance as of June 30, 2019 |
|
$ |
(70) |
|
$ |
(184) |
|
$ |
(254) |
The following table sets forth the changes in AOCI, net of tax, for the six months ended June 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2019 |
|
$ |
(286) |
|
$ |
(17) |
|
$ |
(303) |
Other comprehensive (loss) income before reclassifications |
|
|
(34) |
|
|
706 |
|
|
672 |
Amounts reclassified from other comprehensive (loss) income |
|
|
- |
|
|
(442) |
|
|
(442) |
Net current period other comprehensive (loss) income |
|
|
(34) |
|
|
264 |
|
|
230 |
Balance as of June 30, 2020 |
|
$ |
(320) |
|
$ |
247 |
|
$ |
(73) |
The following table sets forth the changes in AOCI, net of tax, for the six months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2018 |
|
$ |
73 |
|
$ |
404 |
|
$ |
477 |
Other comprehensive loss before reclassifications |
|
|
(143) |
|
|
(161) |
|
|
(304) |
Amounts reclassified from other comprehensive loss |
|
|
- |
|
|
(427) |
|
|
(427) |
Net current period other comprehensive loss |
|
|
(143) |
|
|
(588) |
|
|
(731) |
Balance as of June 30, 2019 |
|
$ |
(70) |
|
$ |
(184) |
|
$ |
(254) |
The effects on net income of amounts reclassified from unrealized gains on cash flow hedges for foreign exchange contracts for the three and six months ended June 30, 2020 and 2019, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains reclassified from AOCI to the Consolidated Statements of Comprehensive Income (Loss) |
Affected line item in the Consolidated |
|
Three Months Ended |
|
Six Months Ended |
Statements of Comprehensive Income (Loss) |
|
June 30, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
Foreign exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
294 |
|
$ |
302 |
|
$ |
582 |
|
$ |
583 |
Less: Income tax expense |
|
|
71 |
|
|
132 |
|
|
140 |
|
|
156 |
Amount reclassified, net of tax |
|
$ |
223 |
|
$ |
170 |
|
$ |
442 |
|
$ |
427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications from AOCI |
|
$ |
223 |
|
$ |
170 |
|
$ |
442 |
|
$ |
427 |
|