| ACCUMULATED OTHER COMPREHENSIVE INCOME |
ACCUMULATED OTHER COMPREHENSIVE INCOME:
The changes in AOCI by component, net of tax, for the years ended September 30, 2021, 2020, and 2019 were as follows:
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Postretirement Benefit Plans |
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Currency Translation Adjustment |
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Derivatives |
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Total |
| Attributable to Matthews: |
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| Balance, September 30, 2018 |
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$ |
(37,876) |
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$ |
(134,960) |
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|
$ |
8,538 |
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$ |
(164,298) |
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| OCI before reclassification |
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(36,784) |
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(21,254) |
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(6,540) |
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(64,578) |
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| Amounts reclassified from AOCI |
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2,917 |
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(a) |
— |
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(2,402) |
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(b) |
515 |
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| Net current-period OCI |
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(33,867) |
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|
(21,254) |
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(8,942) |
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(64,063) |
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| Balance, September 30, 2019 |
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$ |
(71,743) |
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$ |
(156,214) |
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$ |
(404) |
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$ |
(228,361) |
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| OCI before reclassification |
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(18,094) |
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|
4,333 |
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(6,130) |
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(19,891) |
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| Amounts reclassified from AOCI |
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6,883 |
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(a) |
— |
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|
650 |
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(b) |
7,533 |
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| Net current-period OCI |
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(11,211) |
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4,333 |
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(5,480) |
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(12,358) |
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| Balance, September 30, 2020 |
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$ |
(82,954) |
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$ |
(151,881) |
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$ |
(5,884) |
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$ |
(240,719) |
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| OCI before reclassification |
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39,822 |
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(3,370) |
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|
1,873 |
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|
38,325 |
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| Amounts reclassified from AOCI |
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7,202 |
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(a) |
— |
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|
2,453 |
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(b) |
9,655 |
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| Net current-period OCI |
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47,024 |
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(3,370) |
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|
4,326 |
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|
47,980 |
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| Balance, September 30, 2021 |
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$ |
(35,930) |
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$ |
(155,251) |
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$ |
(1,558) |
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$ |
(192,739) |
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| Attributable to noncontrolling interest: |
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| Balance, September 30, 2018 |
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$ |
— |
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$ |
467 |
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|
$ |
— |
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$ |
467 |
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| OCI before reclassification |
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— |
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(92) |
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— |
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(92) |
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| Net current-period OCI |
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— |
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(92) |
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— |
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(92) |
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| Balance, September 30, 2019 |
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— |
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|
375 |
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— |
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|
375 |
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| OCI before reclassification |
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— |
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(7) |
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— |
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(7) |
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| Net current-period OCI |
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— |
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(7) |
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— |
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(7) |
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| Balance, September 30, 2020 |
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— |
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|
368 |
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— |
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|
368 |
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| OCI before reclassification |
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— |
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|
(127) |
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— |
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(127) |
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| Net current-period OCI |
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— |
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|
(127) |
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— |
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(127) |
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| Balance, September 30, 2021 |
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$ |
— |
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$ |
241 |
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|
$ |
— |
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$ |
241 |
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(a)Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 14).
(b)Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 9).
Accumulated other comprehensive loss at September 30, 2021 and 2020 consisted of the following:
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2021 |
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2020 |
| Cumulative foreign currency translation |
$ |
(155,251) |
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$ |
(151,881) |
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Fair value of derivatives, net of tax of $504 and $1,908, respectively |
(1,558) |
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(5,884) |
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Minimum pension liabilities, net of tax of $11,638 and $26,988, respectively |
(35,930) |
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(82,954) |
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$ |
(192,739) |
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$ |
(240,719) |
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Reclassifications out of AOCI for the years ended September 30, 2021, 2020 and 2019 were as follows:
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Details about AOCI Components
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September 30, 2021 |
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September 30, 2020 |
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September 30, 2019 |
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Affected line item in the Statement of Income |
| Postretirement benefit plans |
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Prior service (cost) credit (a)
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$ |
491 |
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$ |
650 |
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$ |
381 |
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| Actuarial losses |
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(9,769) |
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(9,767) |
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(4,245) |
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Other income (deductions), net |
| Prior service cost write-off |
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(261) |
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— |
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— |
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Other income (deductions), net |
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(9,539) |
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(9,117) |
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(3,864) |
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Income before income tax (b)
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2,337 |
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2,234 |
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|
947 |
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Income taxes |
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$ |
(7,202) |
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$ |
(6,883) |
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$ |
(2,917) |
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Net income |
| Derivatives |
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| Interest rate swap contracts |
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$ |
(3,249) |
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$ |
(861) |
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$ |
3,181 |
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Interest expense |
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(3,249) |
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(861) |
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3,181 |
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Income before income tax (b)
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796 |
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|
211 |
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(779) |
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Income taxes |
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$ |
(2,453) |
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$ |
(650) |
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$ |
2,402 |
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Net income |
(a)Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 14.
(b)For pre-tax items, positive amounts represent income and negative amounts represent expense.
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