Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.22.1
Accumulated Other Comprehensive Income (Loss)
3 Months Ended
Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (Loss) NOTE 9. 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 March 31, 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 income before reclassifications

6,077

280

6,357

Amounts reclassified from other comprehensive income

-

(194)

(194)

Net current period other comprehensive income

6,077

86

6,163

Balance as of March 31, 2022

$

836

$

277

$

1,113

The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 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 income (loss) before reclassifications

(1,016)

650

(366)

Amounts reclassified from other comprehensive income (loss)

-

246

246

Net current period other comprehensive income (loss)

(1,016)

896

(120)

Balance as of March 31, 2021

$

464

$

(84)

$

380

The effects on net income of amounts reclassified from unrealized gains on cash flow hedges for foreign exchange contracts for the three months ended March 31, 2022 and 2021, were as follows:

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

Affected line item in the Condensed Consolidated

Three Months Ended

Statements of Comprehensive Income

March 31, 2022

March 31, 2021

Foreign exchange contracts:

Sales

$

253

$

(321)

Less: Income tax expense (benefit)

59

(75)

Amount reclassified, net of tax

$

194

$

(246)

Total reclassifications from AOCI

$

194

$

(246)