SEC Filings

10-Q
LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017
Entire Document
 
LINCOLN ELECTRIC HOLDINGS, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Dollars in thousands, except per share amounts

The following tables set forth the total changes in AOCI by component, net of taxes, for the nine months ended September 30, 2017 and 2016:
 
 
Nine Months Ended September 30, 2017
 
 
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
 
Defined benefit pension plan activity
 
Currency translation adjustment
 
Total
Balance at December 31, 2016
 
$
587

 
$
(95,939
)
 
$
(233,685
)
 
$
(329,037
)
Other comprehensive income (loss)
before reclassification
 
(1,547
)
 

 
72,741

3 

71,194

Amounts reclassified from AOCI
 
2,110

1 

5,384

2 


 
7,494

Net current-period other
comprehensive income (loss)
 
563

 
5,384

 
72,741

 
78,688

Balance at September 30, 2017
 
$
1,150

 
$
(90,555
)
 
$
(160,944
)
 
$
(250,349
)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
 
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
 
Defined benefit pension plan activity
 
Currency translation adjustment
 
Total
Balance at December 31, 2015
 
$
548

 
$
(99,776
)
 
$
(197,039
)
 
$
(296,267
)
Other comprehensive income (loss)
before reclassification
 
1,530

 
(15
)
 
(580
)
3 

935

Amounts reclassified from AOCI
 
(1,514
)
1 

5,563

2 

2,843

4 

6,892

Net current-period other
comprehensive income (loss)
 
16

 
5,548

 
2,263

 
7,827

Balance at September 30, 2016
 
$
564

 
$
(94,228
)
 
$
(194,776
)
 
$
(288,440
)
 
 
 
 
 
 
 
 
 

(1)
During the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602) and Cost of goods sold of $530 (net of tax of $214); during the 2016 period, the AOCI reclassification is a component of Net sales of $(1,113) (net of tax of $(418)) and Cost of goods sold of $(401) (net of tax of $(41)). See Note 13 to the consolidated financial statements for additional details.
(2)
The AOCI component is included in the computation of net periodic pension costs (net of tax of $2,532 and $2,821 during the nine months ended September 30, 2017 and 2016, respectively). See Note 11 to the consolidated financial statements for additional details.
(3)
The Other comprehensive income (loss) before reclassifications excludes $79 and $(41) attributable to Non-controlling interests in the nine months ended September 30, 2017 and 2016, respectively.
(4)
The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. See Note 1 to the consolidated financial statements for additional details.


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