| 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:
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| (In thousands) |
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June 2024 |
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December 2023 |
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June 2023 |
| Foreign currency translation |
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$ |
(102,726) |
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$ |
(91,057) |
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$ |
(94,610) |
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| Defined benefit pension plans |
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2,773 |
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2,913 |
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2,173 |
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| Derivative financial instruments |
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5,017 |
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20,293 |
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32,344 |
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| Accumulated other comprehensive loss |
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$ |
(94,936) |
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$ |
(67,851) |
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$ |
(60,093) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended June 2024 |
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| (In thousands) |
Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, March 2024 |
$ |
(93,580) |
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$ |
2,831
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$ |
22,517
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$ |
(68,232) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
(9,146) |
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— |
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(11,861) |
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(21,007) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(58) |
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(5,639) |
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(5,697) |
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| Net other comprehensive income (loss) |
(9,146) |
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(58) |
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(17,500) |
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(26,704) |
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| Balance, June 2024 |
$ |
(102,726) |
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$ |
2,773
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$ |
5,017
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$ |
(94,936) |
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Three Months Ended June 2023 |
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| (In thousands) |
Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, March 2023 |
$ |
(99,139) |
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$ |
2,208
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$ |
28,926
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$ |
(68,005) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
4,529 |
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— |
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9,442 |
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13,971 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(35) |
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(6,024) |
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(6,059) |
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| Net other comprehensive income (loss) |
4,529 |
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(35) |
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3,418 |
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7,912 |
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| Balance, June 2023 |
$ |
(94,610) |
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$ |
2,173
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$ |
32,344
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$ |
(60,093) |
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Six Months Ended June 2024 |
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| (In thousands) |
Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, December 2023 |
$ |
(91,057) |
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$ |
2,913
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$ |
20,293
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$ |
(67,851) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
(11,669) |
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— |
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(2,173) |
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(13,842) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(140) |
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(13,103) |
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(13,243) |
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| Net other comprehensive income (loss) |
(11,669) |
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(140) |
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(15,276) |
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(27,085) |
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| Balance, June 2024 |
$ |
(102,726) |
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$ |
2,773
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$ |
5,017
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$ |
(94,936) |
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Six Months Ended June 2023 |
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| (In thousands) |
Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, December 2022 |
$ |
(107,462) |
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$ |
2,243
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$ |
25,554
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$ |
(79,665) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
12,852 |
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— |
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19,734 |
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32,586 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(70) |
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(12,944) |
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(13,014) |
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| Net other comprehensive income (loss) |
12,852 |
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(70) |
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6,790 |
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19,572 |
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| Balance, June 2023 |
$ |
(94,610) |
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$ |
2,173
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$ |
32,344
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$ |
(60,093) |
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| Reclassification Out of AOCL |
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 |
| Details About Accumulated Other Comprehensive Loss Reclassifications |
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Affected Line Item in the Financial Statements |
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2024 |
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2023 |
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2024 |
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2023 |
| Defined benefit pension plans: |
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| Net change in deferred gains (losses) during the period |
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Selling, general and administrative expenses |
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$ |
92 |
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$ |
47 |
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$ |
185 |
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$ |
93 |
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| Total before tax |
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92 |
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47 |
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185 |
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93 |
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| Income taxes |
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Income taxes |
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(34) |
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(12) |
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(45) |
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(23) |
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| Net of tax |
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58 |
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35 |
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140 |
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70 |
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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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$ |
(1,215) |
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$ |
(62) |
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$ |
(1,162) |
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$ |
(233) |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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6,290 |
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4,256 |
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11,581 |
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10,248 |
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| Foreign currency exchange contracts |
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Other expense, net |
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85 |
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136 |
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167 |
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296 |
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| Interest rate swap agreements |
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Interest expense |
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569 |
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2,435 |
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3,300 |
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4,536 |
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| Total before tax |
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5,729 |
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6,765 |
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13,886 |
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14,847 |
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| Income taxes |
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Income taxes |
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(90) |
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(741) |
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(783) |
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(1,903) |
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| Net of tax |
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5,639 |
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6,024 |
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13,103 |
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12,944 |
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| Total reclassifications for the period, net of tax |
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$ |
5,697
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$ |
6,059
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$ |
13,243
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$ |
13,014
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