SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 79 / Schnitzer Steel Industries, Inc. Form 10-K 2017 Note 11 – Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, are as follows as of August 31, 2017, 2016 and 2015 (in thousands): Foreign Currency Translation Adjustments Pension Obligations, net Net Unrealized Gain (Loss) on Cash Flow Hedges Total Balance as of August 31, 2014 $ (10,663) $ (2,036) $ 58 $ (12,641) Other comprehensive loss before reclassifications (23,346) (2,874) (5,310) (31,530) Income tax benefit — 260 428 688 Other comprehensive loss before reclassifications, net of tax (23,346) (2,614) (4,882) (30,842) Amounts reclassified from accumulated other comprehensive loss — 575 4,923 5,498 Income tax benefit — (198) (339) (537) Amounts reclassified from accumulated other comprehensive loss, net of tax — 377 4,584 4,961 Net periodic other comprehensive loss (23,346) (2,237) (298) (25,881) Balance as of August 31, 2015 (34,009) (4,273) (240) (38,522) Other comprehensive loss before reclassifications (530) (2,139) — (2,669) Income tax benefit — 167 — 167 Other comprehensive loss before reclassifications, net of tax (530) (1,972) — (2,502) Amounts reclassified from accumulated other comprehensive loss — 688 312 1,000 Income tax benefit — (19) (72) (91) Amounts reclassified from accumulated other comprehensive loss, net of tax — 669 240 909 Net periodic other comprehensive income (loss) (530) (1,303) 240 (1,593) Balance as of August 31, 2016 (34,539) (5,576) — (40,115) Other comprehensive income before reclassifications 2,711 1,477 — 4,188 Income tax expense — (194) — (194) Other comprehensive income before reclassifications, net of tax 2,711 1,283 — 3,994 Amounts reclassified from accumulated other comprehensive loss — 851 — 851 Income tax benefit — (23) — (23) Amounts reclassified from accumulated other comprehensive loss, net of tax — 828 — 828 Net periodic other comprehensive income 2,711 2,111 — 4,822 Balance as of August 31, 2017 $ (31,828) $ (3,465) $ — $ (35,293) Reclassifications from accumulated other comprehensive loss, both individually and in the aggregate, were immaterial to the impacted captions in the Consolidated Statements of Operations in all periods presented.