Invacare 2008 Annual Report Download - page 94

INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Other Comprehensive Earnings (Loss)
The components of other comprehensive earnings (loss) are as follows (in thousands):
Currency
Translation
Adjustments
Unrealized
Gain (Loss) on
Available-for-Sale
Securities
Defined
Benefit
Plans
Unrealized
Gain (Loss) on
Derivative
Financial
Instruments Total
Balance at January 1, 2006 ................................. $ 48,294 $ 701 $ — $(1,515) $ 47,480
Foreign currency translation adjustments ...................... 64,386 64,386
Unrealized loss on available for sale securities ................. (63) (63)
Deferred tax benefit relating to unrealized loss on available for sale
securities ............................................. 22 22
Adjustment to initially apply FASB Statement No. 158 .......... (14,940) (14,940)
Deferred tax benefit resulting from adjustment to initially apply
FASB Statement No. 158 ................................ 5,229 5,229
Valuation reserve resulting from adjustment to initially apply FASB
Statement No. 158 ..................................... (5,229) (5,229)
Current period unrealized gain on cash flow hedges, net of
reclassifications ....................................... 3,543 3,543
Deferred tax liability relating to unrealized gain on derivative
financial instruments ................................... (1,240) (1,240)
Balance at December 31, 2006 .............................. 112,680 660 (14,940) 788 99,188
Foreign currency translation adjustments ...................... 66,373 66,373
Unrealized gain on available for sale securities ................. 63 63
Deferred tax liability relating to unrealized gain on available for sale
securities ............................................. (22) (22)
Defined benefit plan amortization of prior service costs and
unrecognized losses .................................... 2,701 2,701
Deferred tax expense resulting from Defined benefit plan
amortization of prior service costs and unrecognized losses ..... (945) (945)
Valuation reserve reduction resulting from amortization of prior
service costs and unrecognized losses related to Defined benefit
plans ................................................ 945 945
Current period unrealized loss on cash flow hedges, net of
reclassifications ....................................... (3,786) (3,786)
Deferred tax benefits relating to unrealized loss on derivative
financial instruments ................................... 452 452
Balance at December 31, 2007 .............................. 179,053 701 (12,239) (2,546) 164,969
Foreign currency translation adjustments ...................... (124,361) (124,361)
Unrealized loss on available for sale securities ................. (113) (113)
Deferred tax liability relating to unrealized gain on available for sale
securities ............................................. 40 40
Valuation reserve reduction relating to unrealized gain on available
for sale securities ...................................... (40) (40)
Defined Benefit Plans:
Amortization of prior service costs and unrecognized losses ..... 2,513 2,513
Plan amendment giving rise to prior service credit ............ 12,455 12,455
Amounts arising during the year, primarily due to the addition of
new participants ..................................... (4,287) (4,287)
Deferred tax expense resulting from amortization of prior service
costs and unrecognized losses, prior service credit and other
amounts arising during the year ......................... (3,738) (3,738)
Valuation reserve reduction resulting from amortization of prior
service costs and unrecognized losses, prior service credit and
other amounts arising during the year .................... 3,738 3,738
Current period unrealized loss on cash flow hedges, net of
reclassifications ....................................... (470) (470)
Deferred tax benefits relating to unrealized loss on derivative
financial instruments ................................... 83 83
Balance at December 31, 2008 .............................. $ 54,692 $ 588 $ (1,558) $(2,933) $ 50,789
A net loss of $26,000 in 2008, a net gain of $450,000 in 2007 and a net loss of $240,000 in 2006 were
reclassified into earnings related to derivative instruments designated and qualifying as cash flow hedges.
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