Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Apr. 02, 2022
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the three months ended March 2022, the Company repurchased 491,627 shares of Common Stock for $22.5 million, including commissions, under its share repurchase program authorized by the Company's Board of Directors. All shares reacquired in connection with the repurchase program are treated as authorized and unissued shares upon repurchase.
Accumulated Other Comprehensive Loss
The Company's comprehensive loss consists of net income and specified components of other comprehensive loss (“OCL”), which relate to changes in assets and liabilities that are not included in net income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income is presented in the Company's statements of comprehensive income.
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) March 2022 December 2021 March 2021
Foreign currency translation $ (96,740) $ (93,125) $ (87,260)
Defined benefit pension plans (2,171) (2,177) (1,815)
Derivative financial instruments 15,214  2,546  (7,622)
Accumulated other comprehensive loss $ (83,697) $ (92,756) $ (96,697)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended March 2022
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, December 2021 $ (93,125) $ (2,177) $ 2,546  $ (92,756)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (3,615) —  13,814  10,199 
Reclassifications to net income of previously deferred (gains) losses —  6  (1,146) (1,140)
Net other comprehensive income (loss) (3,615) 6  12,668  9,059 
Balance, March 2022 $ (96,740) $ (2,171) $ 15,214  $ (83,697)
Three Months Ended March 2021
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, December 2020 $ (80,178) $ (1,889) $ (12,740) $ (94,807)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (7,082) —  2,850  (4,232)
Reclassifications to net income of previously deferred (gains) losses —  74  2,268  2,342 
Net other comprehensive income (loss) (7,082) 74  5,118  (1,890)
Balance, March 2021 $ (87,260) $ (1,815) $ (7,622) $ (96,697)
The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended March
Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements
2022 2021
Defined benefit pension plans:
Net change in deferred losses during the period Selling, general and administrative expenses $ (8) $ (99)
Total before tax (8) (99)
Income taxes Income taxes 2  25 
Net of tax (6) (74)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (132) $ 75 
Foreign currency exchange contracts Cost of goods sold 2,301  (1,405)
Foreign currency exchange contracts Other expense, net (103) (134)
Interest rate swap agreements Interest expense (1,266) (1,513)
Total before tax 800  (2,977)
Income taxes Income taxes 346  709 
Net of tax 1,146  (2,268)
Total reclassifications for the period, net of tax $ 1,140  $ (2,342)