Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.22.4
Accumulated Other Comprehensive Income (Loss)
12 Months Ended
Dec. 31, 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 components of AOCI, net of tax, were as follows:

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

(12,387)

2,163

(10,224)

Amounts reclassified from other comprehensive loss

-

(2,411)

(2,411)

Net current period other comprehensive loss

(12,387)

(248)

(12,635)

Balance as of December 31, 2022

$

(17,628)

$

(57)

$

(17,685)

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

(6,721)

1,000

(5,721)

Amounts reclassified from other comprehensive (loss) income

-

171

171

Net current period other comprehensive (loss) income

(6,721)

1,171

(5,550)

Balance as of December 31, 2021

$

(5,241)

$

191

$

(5,050)

The effects on net (loss) income of amounts reclassified from unrealized gains (losses) on cash flow hedges for foreign exchange contracts and foreign currency translation adjustments for the years ended December 31, 2022 and 2021 were as follows:

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

Affected line item in the Consolidated

Twelve Months Ended

Statements of Comprehensive (Loss) Income

December 31, 2022

December 31, 2021

Foreign exchange contracts:

Sales

$

3,124

$

(223)

Less: Income tax expense (benefit)

713

(52)

Amount reclassified, net of tax

$

2,411

$

(171)

Total reclassifications from AOCI

$

2,411

$

(171)

The Company’s policy is to classify reclassifications of cumulative foreign currency translation from AOCI to Other, net.