|
NOTE 7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (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, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2020 |
|
$ |
(320) |
|
$ |
247 |
|
$ |
(73) |
Other comprehensive income (loss) before reclassifications |
|
|
807 |
|
|
(886) |
|
|
(79) |
Amounts reclassified from other comprehensive income (loss) |
|
|
- |
|
|
286 |
|
|
286 |
Net current period other comprehensive income (loss) |
|
|
807 |
|
|
(600) |
|
|
207 |
Balance as of September 30, 2020 |
|
$ |
487 |
|
$ |
(353) |
|
$ |
134 |
The following table sets forth the changes in AOCI, net of tax, for the three months ended September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
Unrealized Gains (Losses) on Cash Flow Hedges |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2019 |
|
$ |
(70) |
|
$ |
(184) |
|
$ |
(254) |
Other comprehensive (loss) income before reclassifications |
|
|
(726) |
|
|
1,115 |
|
|
389 |
Amounts reclassified from other comprehensive (loss) income |
|
|
- |
|
|
(356) |
|
|
(356) |
Net current period other comprehensive (loss) income |
|
|
(726) |
|
|
759 |
|
|
33 |
Balance as of September 30, 2019 |
|
$ |
(796) |
|
$ |
575 |
|
$ |
(221) |
The following table sets forth the changes in AOCI, net of tax, for the nine months ended September 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 income (loss) before reclassifications |
|
|
773 |
|
|
(180) |
|
|
593 |
Amounts reclassified from other comprehensive income (loss) |
|
|
- |
|
|
(156) |
|
|
(156) |
Net current period other comprehensive income (loss) |
|
|
773 |
|
|
(336) |
|
|
437 |
Balance as of September 30, 2020 |
|
$ |
487 |
|
$ |
(353) |
|
$ |
134 |
The following table sets forth the changes in AOCI, net of tax, for the nine months ended September 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) income before reclassifications |
|
|
(869) |
|
|
954 |
|
|
85 |
Amounts reclassified from other comprehensive (loss) income |
|
|
- |
|
|
(783) |
|
|
(783) |
Net current period other comprehensive (loss) income |
|
|
(869) |
|
|
171 |
|
|
(698) |
Balance as of September 30, 2019 |
|
$ |
(796) |
|
$ |
575 |
|
$ |
(221) |
The effects on net income of amounts reclassified from unrealized gains on cash flow hedges for foreign exchange contracts for the three and nine months ended September 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 |
|
Nine Months Ended |
Statements of Comprehensive Income (Loss) |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
Foreign exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
(376) |
|
$ |
261 |
|
$ |
206 |
|
$ |
844 |
Less: Income tax (benefit) expense |
|
|
(90) |
|
|
(95) |
|
|
50 |
|
|
61 |
Amount reclassified, net of tax |
|
$ |
(286) |
|
$ |
356 |
|
$ |
156 |
|
$ |
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications from AOCI |
|
$ |
(286) |
|
$ |
356 |
|
$ |
156 |
|
$ |
783 |
|