| ACCUMULATED OTHER COMPREHENSIVE LOSS |
ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents deferred components of AOCL in equity, net of related taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
March 2023 |
|
|
December 2022 |
|
March 2022 |
| Foreign currency translation |
|
$ |
(99,139) |
|
|
|
$ |
(107,462) |
|
|
$ |
(96,740) |
|
| Defined benefit pension plans |
|
2,208 |
|
|
|
2,243 |
|
|
(2,171) |
|
| Derivative financial instruments |
|
28,926 |
|
|
|
25,554 |
|
|
15,214 |
|
| Accumulated other comprehensive loss |
|
$ |
(68,005) |
|
|
|
$ |
(79,665) |
|
|
$ |
(83,697) |
|
The following tables present changes in AOCL, net of related tax impact:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 2023 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
Total |
|
|
|
|
|
|
|
|
|
|
| Balance, December 2022 |
$ |
(107,462) |
|
|
$ |
2,243
|
|
|
$ |
25,554
|
|
|
$ |
(79,665) |
|
|
| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
8,323 |
|
|
— |
|
|
10,292 |
|
|
18,615 |
|
|
| Reclassifications to net income of previously deferred (gains) losses |
— |
|
|
(35) |
|
|
(6,920) |
|
|
(6,955) |
|
|
| Net other comprehensive income (loss) |
8,323 |
|
|
(35) |
|
|
3,372 |
|
|
11,660 |
|
|
| Balance, March 2023 |
$ |
(99,139) |
|
|
$ |
2,208
|
|
|
$ |
28,926
|
|
|
$ |
(68,005) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 2022 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
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) |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
| Defined benefit pension plans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in deferred gains (losses) during the period |
|
Selling, general and administrative expenses |
|
|
$ |
46 |
|
|
|
$ |
(8) |
|
|
|
|
|
|
|
| Total before tax |
|
|
|
|
46 |
|
|
|
(8) |
|
|
|
|
|
|
|
| Income taxes |
|
Income taxes |
|
|
(11) |
|
|
|
2 |
|
|
|
|
|
|
|
| Net of tax |
|
|
|
|
35 |
|
|
|
(6) |
|
|
|
|
|
|
|
| Gains (losses) on derivative financial instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
Net revenues |
|
|
$ |
(171) |
|
|
|
$ |
(132) |
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
Cost of goods sold |
|
|
5,992 |
|
|
|
2,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
Other expense, net |
|
|
160 |
|
|
|
(103) |
|
|
|
|
|
|
|
| Interest rate swap agreements |
|
Interest expense |
|
|
2,101 |
|
|
|
(1,266) |
|
|
|
|
|
|
|
| Total before tax |
|
|
|
|
8,082 |
|
|
|
800 |
|
|
|
|
|
|
|
| Income taxes |
|
Income taxes |
|
|
(1,162) |
|
|
|
346 |
|
|
|
|
|
|
|
| Net of tax |
|
|
|
|
6,920 |
|
|
|
1,146 |
|
|
|
|
|
|
|
| Total reclassifications for the period, net of tax |
|
|
$ |
6,955
|
|
|
|
$ |
1,140
|
|
|
|
|
|
|
|
|