Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.22.2
Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (Loss) NOTE 9. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss (“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, 2022:

Foreign Currency Translation Adjustments

Unrealized Gains (Losses) on Cash Flow Hedges

Total

Balance as of March 31, 2022

$

836

$

277

$

1,113

Other comprehensive (loss) income before reclassifications

(17,632)

1,091

(16,541)

Amounts reclassified from other comprehensive income

-

(469)

(469)

Net current period other comprehensive (loss) income

(17,632)

622

(17,010)

Balance as of June 30, 2022

$

(16,796)

$

899

$

(15,897)

The following table sets forth the changes in AOCI, net of tax, for the three months ended June 30, 2021:

Foreign Currency Translation Adjustments

Unrealized Gains (Losses) on Cash Flow Hedges

Total

Balance as of March 31, 2021

$

464

$

(84)

$

380

Other comprehensive income (loss) before reclassifications

295

(215)

80

Amounts reclassified from other comprehensive income

-

323

323

Net current period other comprehensive income

295

108

403

Balance as of June 30, 2021

$

759

$

24

$

783

The following table sets forth the changes in AOCI, net of tax, for the six months ended June 30, 2022:

Foreign Currency Translation Adjustments

Unrealized Gains (Losses) on Cash Flow Hedges

Total

Balance as of December 31, 2021

$

(5,241)

$

191

$

(5,050)

Other comprehensive (loss) income before reclassifications

(11,555)

1,371

(10,184)

Amounts reclassified from other comprehensive loss

-

(663)

(663)

Net current period other comprehensive (loss) income

(11,555)

708

(10,847)

Balance as of June 30, 2022

$

(16,796)

$

899

$

(15,897)

The following table sets forth the changes in AOCI, net of tax, for the six months ended June 30, 2021:

Foreign Currency Translation Adjustments

Unrealized Gains (Losses) on Cash Flow Hedges

Total

Balance as of December 31, 2020

$

1,480

$

(980)

$

500

Other comprehensive (loss) income before reclassifications

(721)

435

(286)

Amounts reclassified from other comprehensive income

-

569

569

Net current period other comprehensive (loss) income

(721)

1,004

283

Balance as of June 30, 2021

$

759

$

24

$

783

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, 2022 and 2021, were as follows:

Gains (losses) reclassified from AOCI to the Condensed Consolidated Statements of Comprehensive (Loss) Income

Affected line item in the Condensed Consolidated

Three Months Ended

Six Months Ended

Statements of Comprehensive (Loss) Income

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Foreign exchange contracts:

Sales

$

610

$

(422)

$

863

$

(743)

Less: Income tax expense (benefit)

141

(99)

200

(174)

Amount reclassified, net of tax

$

469

$

(323)

$

663

$

(569)

Total reclassifications from AOCI

$

469

$

(323)

$

663

$

(569)