| Accumulated Other Comprehensive Loss |
NOTE 8. 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 September 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2023 |
|
$ |
(20,038) |
|
$ |
(111) |
|
$ |
(20,149) |
Other comprehensive (loss) income before reclassifications |
|
|
(3,539) |
|
|
576 |
|
|
(2,963) |
Amounts reclassified from other comprehensive loss |
|
|
— |
|
|
(175) |
|
|
(175) |
Net current period other comprehensive (loss) income |
|
|
(3,539) |
|
|
401 |
|
|
(3,138) |
Balance as of September 30, 2023 |
|
$ |
(23,577) |
|
$ |
290 |
|
$ |
(23,287) |
The following table sets forth the changes in AOCI, net of tax, for the three months ended September 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2022 |
|
$ |
(16,796) |
|
$ |
899 |
|
$ |
(15,897) |
Other comprehensive (loss) income before reclassifications |
|
|
(11,386) |
|
|
1,203 |
|
|
(10,183) |
Amounts reclassified from other comprehensive income |
|
|
— |
|
|
(935) |
|
|
(935) |
Net current period other comprehensive (loss) income |
|
|
(11,386) |
|
|
268 |
|
|
(11,118) |
Balance as of September 30, 2022 |
|
$ |
(28,182) |
|
$ |
1,167 |
|
$ |
(27,015) |
The following table sets forth the changes in AOCI, net of tax, for the nine months ended September 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2022 |
|
$ |
(17,628) |
|
$ |
(57) |
|
$ |
(17,685) |
Other comprehensive (loss) income before reclassifications |
|
|
(5,949) |
|
|
476 |
|
|
(5,473) |
Amounts reclassified from other comprehensive loss |
|
|
— |
|
|
(129) |
|
|
(129) |
Net current period other comprehensive (loss) income |
|
|
(5,949) |
|
|
347 |
|
|
(5,602) |
Balance as of September 30, 2023 |
|
$ |
(23,577) |
|
$ |
290 |
|
$ |
(23,287) |
The following table sets forth the changes in AOCI, net of tax, for the nine months ended September 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 |
|
|
(22,941) |
|
|
2,574 |
|
|
(20,367) |
Amounts reclassified from other comprehensive loss |
|
|
— |
|
|
(1,598) |
|
|
(1,598) |
Net current period other comprehensive (loss) income |
|
|
(22,941) |
|
|
976 |
|
|
(21,965) |
Balance as of September 30, 2022 |
|
$ |
(28,182) |
|
$ |
1,167 |
|
$ |
(27,015) |
The effects on net income of amounts reclassified from unrealized gains (losses) on cash flow hedges for foreign exchange contracts for the three and nine months ended September 30, 2023 and 2022, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains reclassified from AOCI to the Consolidated Statements of Comprehensive Loss |
Affected line item in the Consolidated |
|
Three Months Ended |
|
Nine Months Ended |
Statements of Comprehensive Loss |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Foreign exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
226 |
|
$ |
1,218 |
|
$ |
167 |
|
$ |
2,081 |
Less: Income tax expense |
|
|
51 |
|
|
283 |
|
|
38 |
|
|
483 |
Amount reclassified, net of tax |
|
$ |
175 |
|
$ |
935 |
|
$ |
129 |
|
$ |
1,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications from AOCI |
|
$ |
175 |
|
$ |
935 |
|
$ |
129 |
|
$ |
1,598 |
|