ACCUMULATED OTHER COMPREHENSIVE LOSS |
ACCUMULATED OTHER COMPREHENSIVE LOSS The Company's comprehensive (loss) income consists of net (loss) income and specified components of other comprehensive (loss) income (“OCL”), which relate to changes in assets and liabilities that are not included in net (loss) income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive (loss) income is presented in the Company's statements of comprehensive (loss) income.
The following table presents deferred components of AOCL in equity, net of related taxes:
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(In thousands) |
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June 2020 |
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December 2019 |
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June 2019 |
Foreign currency translation |
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$ |
(108,129) |
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$ |
(84,118) |
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$ |
(81,841) |
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Defined benefit pension plans |
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(2,289) |
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(2,301) |
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(1,072) |
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Derivative financial instruments |
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(20,880) |
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6,721 |
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9,225 |
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Accumulated other comprehensive loss |
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$ |
(131,298) |
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$ |
(79,698) |
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$ |
(73,688) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended June 2020 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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(In thousands) |
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Total |
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Balance, March 2020 |
$ |
(111,328) |
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$ |
(2,272) |
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$ |
(19,862) |
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$ |
(133,462) |
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Other comprehensive income (loss) before reclassifications |
3,199 |
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(27) |
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(820) |
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2,352 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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10 |
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(198) |
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(188) |
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Net other comprehensive (loss) income |
3,199 |
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(17) |
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(1,018) |
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2,164 |
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Balance, June 2020 |
$ |
(108,129) |
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$ |
(2,289) |
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$ |
(20,880) |
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$ |
(131,298) |
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Three Months Ended June 2019 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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(In thousands) |
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Total |
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Balance, March 2019 |
$ |
(144,424) |
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$ |
— |
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$ |
— |
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$ |
(144,424) |
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Other comprehensive income (loss) before reclassifications |
4,686 |
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(14) |
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(2,058) |
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2,614 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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— |
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(362) |
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(362) |
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Net other comprehensive income (loss) |
4,686 |
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(14) |
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(2,420) |
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2,252 |
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Amounts transferred from former parent |
57,897 |
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(1,058) |
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11,645 |
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68,484 |
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Balance, June 2019 |
$ |
(81,841) |
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$ |
(1,072) |
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$ |
9,225 |
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$ |
(73,688) |
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Six Months Ended June 2020 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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(In thousands) |
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Total |
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Balance, December 2019 |
$ |
(84,118) |
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$ |
(2,301) |
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$ |
6,721 |
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$ |
(79,698) |
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Other comprehensive income (loss) before reclassifications |
(24,011) |
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(8) |
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(24,475) |
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(48,494) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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20 |
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(3,126) |
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(3,106) |
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Net other comprehensive income (loss) |
(24,011) |
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12 |
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(27,601) |
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(51,600) |
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Balance, June 2020 |
$ |
(108,129) |
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$ |
(2,289) |
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$ |
(20,880) |
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$ |
(131,298) |
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Six Months Ended June 2019 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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(In thousands) |
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Total |
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Balance, December 2018 |
$ |
(145,182) |
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$ |
— |
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$ |
— |
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$ |
(145,182) |
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Other comprehensive income (loss) before reclassifications |
5,444 |
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(14) |
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(2,058) |
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3,372 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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— |
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(362) |
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(362) |
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Net other comprehensive income (loss) |
5,444 |
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(14) |
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(2,420) |
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3,010 |
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Amounts transferred from former parent |
57,897 |
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(1,058) |
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11,645 |
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68,484 |
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Balance, June 2019 |
$ |
(81,841) |
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$ |
(1,072) |
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$ |
9,225 |
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$ |
(73,688) |
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The following table presents reclassifications out of AOCL:
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(In thousands) |
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Three Months Ended June |
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Six Months Ended June |
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Details About Accumulated Other Comprehensive Loss Reclassifications |
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Affected Line Item in the Financial Statements |
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2020 |
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2019 |
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2020 |
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2019 |
Defined benefit pension plans: |
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Net change in deferred actuarial losses |
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Selling, general and administrative expenses |
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$ |
(14) |
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$ |
— |
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$ |
(28) |
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$ |
— |
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Total before tax |
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(14) |
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— |
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(28) |
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— |
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Tax benefit |
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Income taxes |
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4 |
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— |
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8 |
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— |
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Net of tax |
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(10) |
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— |
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(20) |
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— |
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Gains (losses) on derivative financial instruments: |
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Foreign currency exchange contracts |
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Net revenues |
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$ |
(194) |
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$ |
(96) |
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$ |
(552) |
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$ |
(96) |
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Foreign currency exchange contracts |
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Cost of goods sold |
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1,615 |
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415 |
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5,356 |
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415 |
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Foreign currency exchange contracts |
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Other expense, net |
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141 |
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43 |
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137 |
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43 |
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Interest rate swap agreements |
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Interest expense |
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(1,349) |
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— |
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(1,580) |
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— |
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Total before tax |
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213 |
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362 |
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3,361 |
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|
362 |
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Tax expense |
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Income taxes |
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(15) |
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— |
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(235) |
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— |
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Net of tax |
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198 |
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|
362 |
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3,126 |
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|
362 |
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Total reclassifications for the period, net of tax |
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$ |
188 |
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$ |
362 |
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$ |
3,106 |
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$ |
362 |
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