|
NOTE 10. 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 March 31, 2024:
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
$ |
(15,223) |
|
$ |
(191) |
|
$ |
(15,414) |
Other comprehensive (loss) income before reclassifications |
|
(4,035) |
|
|
426 |
|
|
(3,609) |
Amounts reclassified from other comprehensive (loss) income |
|
- |
|
|
(62) |
|
|
(62) |
Net current period other comprehensive (loss) income |
|
(4,035) |
|
|
364 |
|
|
(3,671) |
Balance as of March 31, 2024 |
$ |
(19,258) |
|
$ |
173 |
|
$ |
(19,085) |
The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 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 before reclassifications |
|
(1,021) |
|
|
(91) |
|
|
(1,112) |
Amounts reclassified from other comprehensive loss |
|
- |
|
|
12 |
|
|
12 |
Net current period other comprehensive loss |
|
(1,021) |
|
|
(79) |
|
|
(1,100) |
Balance as of March 31, 2023 |
$ |
(18,649) |
|
$ |
(136) |
|
$ |
(18,785) |
The effects on net income of amounts reclassified from unrealized gains (losses) on cash flow hedges for foreign exchange contracts for the three months ended March 31, 2024 and 2023, were as follows:
|
|
|
|
|
|
|
|
|
Gains (losses) reclassified from AOCI to the Consolidated Statements of Comprehensive Income |
Affected line item in the Consolidated |
|
Three Months Ended |
Statements of Comprehensive Income |
|
March 31, 2024 |
|
March 31, 2023 |
Foreign exchange contracts: |
|
|
|
|
|
|
Sales |
|
$ |
81 |
|
$ |
(16) |
Less: Income tax expense (benefit) |
|
|
19 |
|
|
(4) |
Amount reclassified, net of tax |
|
$ |
62 |
|
$ |
(12) |
|
|
|
|
|
|
|
Total reclassifications from AOCI |
|
$ |
62 |
|
$ |
(12) |
|