CLEAN HARBORS INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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(16) Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component and related tax impacts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
| Foreign Currency Translation Adjustments | Unrealized Gain (Loss) on Available-For-Sale Securities | Unrealized (Loss) Gain on Fair Value of Interest Rate Hedges | Unrealized Loss on Pension | Total | |
|---|---|---|---|---|---|
| Balance at January 1, 2021 | $(176,234) | $135 | $(33,629) | $(1,749) | $(211,477) |
| Other comprehensive (loss) income before reclassifications | (1,590) | (361) | 6,235 | 1,411 | 5,695 |
| Amounts reclassified out of accumulated other comprehensive loss | — | — | 10,011 | — | 10,011 |
| Tax benefit (provision) | — | 76 | — | (317) | (241) |
| Other comprehensive (loss) income | (1,590) | (285) | 16,246 | 1,094 | 15,465 |
| Balance at December 31, 2021 | (177,824) | (150) | (17,383) | (655) | (196,012) |
| Other comprehensive (loss) income before reclassifications | (31,515) | (523) | 78,711 | 415 | 47,088 |
| Amounts reclassified out of accumulated other comprehensive loss | — | — | (683) | — | (683) |
| Tax benefit (provision) | — | 110 | (17,587) | (97) | (17,574) |
| Other comprehensive (loss) income | (31,515) | (413) | 60,441 | 318 | 28,831 |
| Balance at December 31, 2022 | (209,339) | (563) | 43,058 | (337) | (167,181) |
| Other comprehensive income (loss) before reclassifications | 9,000 | 708 | 5,094 | (741) | 14,061 |
| Amounts reclassified out of accumulated other comprehensive loss | — | — | (30,273) | — | (30,273) |
| Tax (provision) benefit | — | (149) | 8,012 | 191 | 8,054 |
| Other comprehensive income (loss) | 9,000 | 559 | (17,167) | (550) | (8,158) |
| Balance at December 31, 2023 | $(200,339) | $(4) | $25,891 | $(887) | $(175,339) |
The amounts realized in the consolidated statements of operations during the years ended December 31, 2023, 2022 and 2021 which were reclassified out of accumulated other comprehensive loss were as follows (in thousands):
| For the years ended December 31, | ||||
|---|---|---|---|---|
| Other Comprehensive Loss Component | 2023 | 2022 | 2021 | Location |
| Unrealized (Loss) Gain on Fair Value of Interest Rate Hedges (1) | $30,273 | $683 | $(10,011) | Interest expense, net of interest income |
(1) For the year ended December 31, 2023, the balance is inclusive of an $8.3 million gain realized in connection with the settlement of the 2018 Swaps. For more information on this transaction, see Note 12, "Financing Arrangements."
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