Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.23.3
ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) September 2023 December 2022 September 2022
Foreign currency translation $ (101,526) $ (107,462) $ (121,582)
Defined benefit pension plans 2,136  2,243  (2,160)
Derivative financial instruments 28,557  25,554  31,459 
Accumulated other comprehensive loss $ (70,833) $ (79,665) $ (92,283)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended September 2023
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (6,916) —  5,176  (1,740)
Reclassifications to net income of previously deferred (gains) losses —  (37) (8,963) (9,000)
Net other comprehensive income (loss) (6,916) (37) (3,787) (10,740)
Balance, September 2023 $ (101,526) $ 2,136  $ 28,557  $ (70,833)
Three Months Ended September 2022
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2022 $ (110,014) $ (2,166) $ 20,223  $ (91,957)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (11,568) —  15,078  3,510 
Reclassifications to net income of previously deferred (gains) losses —  6  (3,842) (3,836)
Net other comprehensive income (loss) (11,568) 6  11,236  (326)
Balance, September 2022 $ (121,582) $ (2,160) $ 31,459  $ (92,283)
Nine Months Ended September 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 5,936  —  24,910  30,846 
Reclassifications to net income of previously deferred (gains) losses —  (107) (21,907) (22,014)
Net other comprehensive income (loss) 5,936  (107) 3,003  8,832 
Balance, September 2023 $ (101,526) $ 2,136  $ 28,557  $ (70,833)
Nine Months Ended September 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 (28,457) —  35,444  6,987 
Reclassifications to net income of previously deferred (gains) losses —  17  (6,531) (6,514)
Net other comprehensive income (loss) (28,457) 17  28,913  473 
Balance, September 2022 $ (121,582) $ (2,160) $ 31,459  $ (92,283)
The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended September Nine Months Ended September
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 $ 49  $ (8) $ 142  $ (23)
Total before tax 49  (8) 142  (23)
Income taxes Income taxes (12) 2  (35) 6 
Net of tax 37  (6) 107  (17)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (37) $ (401) $ (270) $ (794)
Foreign currency exchange contracts Cost of goods sold 7,095  4,228  17,343  8,954 
Foreign currency exchange contracts Other expense, net 128  168  424  67 
Interest rate swap agreements Interest expense 2,664  346  7,200  (1,665)
Total before tax 9,850  4,341  24,697  6,562 
Income taxes Income taxes (887) (499) (2,790) (31)
Net of tax 8,963  3,842  21,907  6,531 
Total reclassifications for the period, net of tax $ 9,000  $ 3,836  $ 22,014  $ 6,514