Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss) of the Company

v3.23.1
Accumulated Other Comprehensive Income (Loss) of the Company
3 Months Ended
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income (Loss) of the Company Accumulated Other Comprehensive Income (Loss) of the Company
The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and for three months ended March 31, 2022 (in thousands):

Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total
Balance December 31, 2022 $ (24,516) $ 13,479  $ (11,037) $ (1,351) $ 638  $ (713)
Other comprehensive income (loss) before reclassifications 155  —  155  — 
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges —  (3,277) (3,277) —  (149) (149)
Balance March 31, 2023 $ (24,361) $ 10,202  $ (14,159) $ (1,342) $ 489  $ (853)
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total
Balance December 31, 2021 $ (19,713) $ 1,952  $ (17,761) $ (1,084) $ 72  $ (1,012)
Other comprehensive income (loss) before reclassifications 1,172  7,056  8,228  54  324  378 
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges —  281  281  —  13  13 
Balance March 31, 2022 $ (18,541) $ 9,289  $ (9,252) $ (1,030) $ 409  $ (621)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $10.9 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2023.
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership
The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2023 (in thousands):
Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2022 $ (25,867) $ 14,117  $ (11,750)
Other comprehensive income (loss) before reclassifications 164  —  164 
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges —  (3,426) (3,426)
Balance March 31, 2023 $ (25,703) $ 10,691  $ (15,012)

The following table presents changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2022 (in thousands):
Balance December 31, 2021 $ (20,797) $ 2,024  $ (18,773)
Other comprehensive income before reclassifications 1,226  7,380  8,606 
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges —  294  294 
Balance March 31, 2022 $ (19,571) $ 9,698  $ (9,873)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $10.9 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2023.