Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.23.1
Accumulated Other Comprehensive Income (Loss)
3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (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 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 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 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, 2023 and 2022, 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, 2023

March 31, 2022

Foreign exchange contracts:

Sales

$

(16)

$

253

Less: Income tax (benefit) expense

(4)

59

Amount reclassified, net of tax

$

(12)

$

194

Total reclassifications from AOCI

$

(12)

$

194