| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE LOSS The Company's comprehensive income consists of net income and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income is presented in the Company's statements of comprehensive income.
The following table presents deferred components of AOCL in equity, net of related taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 2019 |
|
|
December 2018 |
|
December 2017 |
Foreign currency translation |
|
$ |
(84,118 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(122,482 |
) |
Defined benefit pension plans |
|
(2,301 |
) |
|
|
— |
|
|
— |
|
Derivative financial instruments |
|
6,721 |
|
|
|
— |
|
|
— |
|
Accumulated other comprehensive loss |
|
$ |
(79,698 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(122,482 |
) |
The following table presents changes in AOCL and related tax impact:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Foreign Currency Translation |
|
Defined
Benefit
Pension Plans |
|
Derivative
Financial
Instruments |
|
Total |
|
Balance, December 2016 |
$ |
(148,088 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(148,088 |
) |
|
Other comprehensive income (loss) |
26,682 |
|
|
— |
|
|
— |
|
|
26,682 |
|
|
Tax benefit (expense) |
(1,076 |
) |
|
— |
|
|
— |
|
|
(1,076 |
) |
|
Net other comprehensive income (loss) |
25,606 |
|
|
— |
|
|
— |
|
|
25,606 |
|
|
Balance, December 2017 |
$ |
(122,482 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(122,482 |
) |
|
Other comprehensive income (loss) |
(22,700 |
) |
|
— |
|
|
— |
|
|
(22,700 |
) |
|
Net other comprehensive income (loss) |
(22,700 |
) |
|
— |
|
|
— |
|
|
(22,700 |
) |
|
Balance, December 2018 |
(145,182 |
) |
|
— |
|
|
— |
|
|
(145,182 |
) |
|
Other comprehensive income (loss) before reclassifications |
3,167 |
|
|
(2,010 |
) |
|
1,729 |
|
|
2,886 |
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
(7,380 |
) |
|
(7,380 |
) |
|
Net other comprehensive income (loss) |
3,167 |
|
|
(2,010 |
) |
|
(5,651 |
) |
|
(4,494 |
) |
|
Amounts transferred from former parent |
57,897 |
|
|
(1,058 |
) |
|
11,645 |
|
|
68,484 |
|
|
Tax benefit (expense) |
— |
|
|
767 |
|
|
727 |
|
|
1,494 |
|
|
Balance, December 2019 |
$ |
(84,118 |
) |
|
$ |
(2,301 |
) |
|
$ |
6,721 |
|
|
$ |
(79,698 |
) |
|
The following table presents reclassifications out of AOCL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
Year Ended December |
|
|
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive Loss Reclassifications |
Affected Line Item in the Financial Statements |
|
|
2019 |
|
|
2018 |
|
2017 |
Gains (losses) on derivative financial instruments: |
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts |
Net revenues |
|
|
$ |
(844 |
) |
|
|
$ |
— |
|
|
$ |
— |
|
Foreign currency exchange contracts |
Cost of goods sold |
|
|
6,745 |
|
|
|
— |
|
|
— |
|
Foreign currency exchange contracts |
Other expense, net |
|
|
343 |
|
|
|
— |
|
|
— |
|
Interest rate swap agreements |
Interest expense |
|
|
1,136 |
|
|
|
— |
|
|
— |
|
Total before tax |
|
|
|
7,380 |
|
|
|
— |
|
|
— |
|
Tax benefit (expense) |
Income taxes |
|
|
(706 |
) |
|
|
— |
|
|
— |
|
Total reclassifications for the period, net of tax |
|
|
|
$ |
6,674 |
|
|
|
$ |
— |
|
|
$ |
— |
|
|