78 / Schnitzer Steel Industries, Inc. Form 10-K 2021 Summary - Environmental Contingencies With respect to environmental contingencies other than the Portland Harbor Superfund site and the Other Legacy Environmental Loss Contingencies, which are discussed separately above, management currently believes that adequate provision has been made for the potential impact of its environmental contingencies. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material in any given period, but there can be no assurance that such amounts paid will not be material in the future. Contingencies - Other In addition to legal proceedings relating to the contingencies described above, the Company is a party to various legal proceedings arising in the normal course of business. The Company recognizes a liability for such matters when the loss is probable and can be reasonably estimated. The Company does not anticipate that the liabilities arising from such legal proceedings in the normal course of business, after taking into consideration expected insurance recoveries, will have a material adverse effect on its results of operations, financial condition, or cash flows. Note 10 - Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, are as follows as of August 31, 2021, 2020, and 2019 (in thousands): Foreign Currency Translation Adjustments Pension Obligations, net Total Balance as of September 1, 2018 $ (34,129) $ (3,108) $ (37,237) Other comprehensive loss before reclassifications (1,560) (326) (1,886) Income tax benefit — 65 65 Other comprehensive loss before reclassifications, net of tax (1,560) (261) (1,821) Amounts reclassified from accumulated other comprehensive loss — 369 369 Income tax benefit — (74) (74) Amounts reclassified from accumulated other comprehensive loss, net of tax — 295 295 Net periodic other comprehensive (loss) income (1,560) 34 (1,526) Balance as of August 31, 2019 (35,689) (3,074) (38,763) Other comprehensive income before reclassifications 1,505 190 1,695 Income tax expense — (42) (42) Other comprehensive income before reclassifications, net of tax 1,505 148 1,653 Amounts reclassified from accumulated other comprehensive loss — 309 309 Income tax benefit — (70) (70) Amounts reclassified from accumulated other comprehensive loss, net of tax — 239 239 Net periodic other comprehensive income 1,505 387 1,892 Balance as of August 31, 2020 (34,184) (2,687) (36,871) Other comprehensive income (loss) before reclassifications 2,575 (530) 2,045 Income tax benefit — 120 120 Other comprehensive income (loss) before reclassifications, net of tax 2,575 (410) 2,165 Amounts reclassified from accumulated other comprehensive loss — 196 196 Income tax benefit — (44) (44) Amounts reclassified from accumulated other comprehensive loss, net of tax — 152 152 Net periodic other comprehensive income (loss) 2,575 (258) 2,317 Balance as of August 31, 2021 $ (31,609) $ (2,945) $ (34,554) Reclassifications from accumulated other comprehensive loss to earnings, both individually and in the aggregate, were not material to the impacted captions in the Consolidated Statements of Operations in all periods presented.
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