Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

v3.23.2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 6 Months Ended
Jul. 01, 2023
Equity [Abstract]  
Deferred Components of AOCL in Equity, Net of Related Taxes, and Changes in AOCL
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) June 2023 December 2022 June 2022
Foreign currency translation $ (94,610) $ (107,462) $ (110,014)
Defined benefit pension plans 2,173  2,243  (2,166)
Derivative financial instruments 32,344  25,554  20,223 
Accumulated other comprehensive loss $ (60,093) $ (79,665) $ (91,957)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended June 2023
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2023 $ (99,139) $ 2,208  $ 28,926  $ (68,005)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 4,529  —  9,442  13,971 
Reclassifications to net income of previously deferred (gains) losses —  (35) (6,024) (6,059)
Net other comprehensive income (loss) 4,529  (35) 3,418  7,912 
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
Three Months Ended June 2022
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2022 $ (96,740) $ (2,171) $ 15,214  $ (83,697)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (13,274) —  6,552  (6,722)
Reclassifications to net income of previously deferred (gains) losses —  5  (1,543) (1,538)
Net other comprehensive income (loss) (13,274) 5  5,009  (8,260)
Balance, June 2022 $ (110,014) $ (2,166) $ 20,223  $ (91,957)
Six Months Ended June 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 12,852  —  19,734  32,586 
Reclassifications to net income of previously deferred (gains) losses —  (70) (12,944) (13,014)
Net other comprehensive income (loss) 12,852  (70) 6,790  19,572 
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
Six Months Ended June 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 (16,889) —  20,366  3,477 
Reclassifications to net income of previously deferred (gains) losses —  11  (2,689) (2,678)
Net other comprehensive income (loss) (16,889) 11  17,677  799 
Balance, June 2022 $ (110,014) $ (2,166) $ 20,223  $ (91,957)
Reclassification Out of AOCL
The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended June Six Months Ended June
Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements
2023 2022 2023 2022
Defined benefit pension plans:
Net change in deferred gains (losses) during the period Selling, general and administrative expenses $ 47  $ (7) $ 93  $ (15)
Total before tax 47  (7) 93  (15)
Income taxes Income taxes (12) 2  (23) 4 
Net of tax 35  (5) 70  (11)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (62) $ (261) $ (233) $ (393)
Foreign currency exchange contracts Cost of goods sold 4,256  2,425  10,248  4,726 
Foreign currency exchange contracts Other expense, net 136  2  296  (101)
Interest rate swap agreements Interest expense 2,435  (745) 4,536  (2,011)
Total before tax 6,765  1,421  14,847  2,221 
Income taxes Income taxes (741) 122  (1,903) 468 
Net of tax 6,024  1,543  12,944  2,689 
Total reclassifications for the period, net of tax $ 6,059  $ 1,538  $ 13,014  $ 2,678