| Deferred Components of AOCL in Equity, Net of Related Taxes and Changes in AOCL and Related Tax Impact |
The following table presents deferred components of AOCL in equity, net of related taxes:
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| (In thousands) |
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December 2024 |
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December 2023 |
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December 2022 |
| Foreign currency translation |
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$ |
(115,505) |
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$ |
(91,057) |
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$ |
(107,462) |
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| Defined benefit pension plans |
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2,119 |
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2,913 |
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2,243 |
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| Derivative financial instruments |
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(3,264) |
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20,293 |
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25,554 |
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| Accumulated other comprehensive loss |
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$ |
(116,650) |
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$ |
(67,851) |
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$ |
(79,665) |
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The following table presents changes in AOCL and related tax impact:
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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 2021 |
$ |
(93,125) |
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$ |
(2,177) |
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$ |
2,546
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$ |
(92,756) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
(14,337) |
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8,438 |
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40,628 |
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34,729 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(2,549) |
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(12,422) |
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(14,971) |
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| Net other comprehensive income (loss) |
(14,337) |
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5,889 |
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28,206 |
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19,758 |
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| Income taxes |
— |
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(1,469) |
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(5,198) |
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(6,667) |
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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 |
16,405 |
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1,077 |
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24,419 |
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41,901 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(187) |
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(33,829) |
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(34,016) |
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| Net other comprehensive income (loss) |
16,405 |
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|
890 |
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(9,410) |
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7,885 |
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| Income taxes |
— |
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(220) |
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4,149 |
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3,929 |
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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 |
(24,448) |
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(664) |
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(80) |
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(25,192) |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(373) |
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(19,765) |
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(20,138) |
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| Net other comprehensive income (loss) |
(24,448) |
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(1,037) |
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(19,845) |
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(45,330) |
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| Income taxes |
— |
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243 |
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(3,712) |
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(3,469) |
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| Balance, December 2024 |
$ |
(115,505) |
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$ |
2,119
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$ |
(3,264) |
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$ |
(116,650) |
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| Reclassifications Out of AOCL |
The following table presents reclassifications out of AOCL:
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| (In thousands) |
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Year Ended December |
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| Details About Accumulated Other Comprehensive Loss Reclassifications |
Affected Line Item in the Financial Statements |
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2024 |
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2023 |
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2022 |
| Defined benefit pension plans: |
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| Net change in deferred losses during the period |
Selling, general and administrative expenses |
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$ |
373 |
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$ |
187 |
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$ |
(32) |
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| Pension curtailment gains |
Other expense, net |
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$ |
— |
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$ |
— |
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$ |
2,581 |
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| Total before tax |
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373 |
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187 |
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2,549 |
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| Income taxes |
Income taxes |
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(93) |
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(47) |
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(637) |
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| Net of tax |
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280 |
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140 |
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1,912 |
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| Gains (losses) on derivative financial instruments: |
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| Foreign currency exchange contracts |
Net revenues |
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$ |
(2,019) |
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$ |
(219) |
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$ |
(1,093) |
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| Foreign currency exchange contracts |
Cost of goods sold |
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17,476 |
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23,588 |
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13,531 |
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| Foreign currency exchange contracts |
Other expense, net |
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361 |
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527 |
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245 |
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| Interest rate swap agreements |
Interest expense |
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3,947 |
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9,933 |
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(261) |
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| Total before tax |
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19,765 |
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33,829 |
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12,422 |
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| Income taxes |
Income taxes |
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(1,012) |
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(3,541) |
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(924) |
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| Net of tax |
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18,753 |
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30,288 |
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11,498 |
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| Total reclassifications for the period, net of tax |
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$ |
19,033
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$ |
30,428
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$ |
13,410
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