| 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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September 2024 |
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December 2023 |
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September 2023 |
| Foreign currency translation |
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$ |
(100,996) |
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$ |
(91,057) |
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$ |
(101,526) |
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| Defined benefit pension plans |
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2,702 |
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2,913 |
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2,136 |
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| Derivative financial instruments |
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(11,349) |
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20,293 |
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28,557 |
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| Accumulated other comprehensive loss |
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$ |
(109,643) |
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$ |
(67,851) |
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$ |
(70,833) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended September 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, 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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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
1,730 |
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— |
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(12,001) |
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(10,271) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(71) |
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(4,365) |
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(4,436) |
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| Net other comprehensive income (loss) |
1,730 |
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(71) |
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(16,366) |
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(14,707) |
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| Balance, September 2024 |
$ |
(100,996) |
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$ |
2,702
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$ |
(11,349) |
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$ |
(109,643) |
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Three Months Ended September 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, 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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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
(6,916) |
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— |
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5,176 |
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(1,740) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(37) |
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(8,963) |
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(9,000) |
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| Net other comprehensive income (loss) |
(6,916) |
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(37) |
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(3,787) |
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(10,740) |
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| Balance, September 2023 |
$ |
(101,526) |
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$ |
2,136
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$ |
28,557
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$ |
(70,833) |
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Nine Months Ended September 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 |
(9,939) |
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— |
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(14,174) |
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(24,113) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(211) |
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(17,468) |
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(17,679) |
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| Net other comprehensive income (loss) |
(9,939) |
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(211) |
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(31,642) |
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(41,792) |
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| Balance, September 2024 |
$ |
(100,996) |
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$ |
2,702
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$ |
(11,349) |
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$ |
(109,643) |
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Nine Months Ended September 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 |
5,936 |
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— |
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24,910 |
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30,846 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(107) |
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(21,907) |
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(22,014) |
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| Net other comprehensive income (loss) |
5,936 |
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(107) |
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3,003 |
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8,832 |
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| Balance, September 2023 |
$ |
(101,526) |
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$ |
2,136
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$ |
28,557
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$ |
(70,833) |
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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 September |
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Nine Months Ended September |
| 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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$ |
96 |
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$ |
49 |
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$ |
281 |
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$ |
142 |
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| Total before tax |
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96 |
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49 |
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281 |
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142 |
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| Income taxes |
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Income taxes |
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(25) |
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(12) |
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(70) |
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(35) |
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| Net of tax |
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71 |
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37 |
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211 |
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107 |
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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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$ |
(402) |
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$ |
(37) |
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$ |
(1,564) |
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$ |
(270) |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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4,635 |
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7,095 |
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16,216 |
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17,343 |
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| Foreign currency exchange contracts |
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Other expense, net |
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71 |
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128 |
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238 |
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424 |
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| Interest rate swap agreements |
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Interest expense |
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75 |
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2,664 |
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3,375 |
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7,200 |
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| Total before tax |
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4,379 |
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9,850 |
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18,265 |
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24,697 |
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| Income taxes |
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Income taxes |
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(14) |
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(887) |
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(797) |
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(2,790) |
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| Net of tax |
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4,365 |
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8,963 |
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17,468 |
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21,907 |
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| Total reclassifications for the period, net of tax |
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$ |
4,436
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$ |
9,000
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$ |
17,679
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$ |
22,014
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