| ACCUMULATED OTHER COMPREHENSIVE LOSS |
ACCUMULATED OTHER COMPREHENSIVE LOSS The Company's comprehensive (loss) income consists of net income and specified components of other comprehensive (loss) income (“OCL”), 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 (loss) income is presented in the Company's statements of comprehensive income (loss).
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 2020 |
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December 2019 |
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September 2019 |
| Foreign currency translation |
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$ |
(101,057) |
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$ |
(84,118) |
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$ |
(93,199) |
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| Defined benefit pension plans |
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(2,356) |
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(2,301) |
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(775) |
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| Derivative financial instruments |
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(19,384) |
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6,721 |
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5,139 |
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| Accumulated other comprehensive loss |
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$ |
(122,797) |
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$ |
(79,698) |
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$ |
(88,835) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended September 2020 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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| (In thousands) |
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Total |
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| Balance, June 2020 |
$ |
(108,129) |
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$ |
(2,289) |
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$ |
(20,880) |
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$ |
(131,298) |
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| Other comprehensive income (loss) before reclassifications |
7,072 |
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(77) |
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(469) |
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6,526 |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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10 |
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1,965 |
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1,975 |
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| Net other comprehensive income (loss) |
7,072 |
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(67) |
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1,496 |
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8,501 |
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| Balance, September 2020 |
$ |
(101,057) |
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$ |
(2,356) |
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$ |
(19,384) |
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$ |
(122,797) |
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Three Months Ended September 2019 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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| (In thousands) |
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Total |
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| Balance, June 2019 |
$ |
(81,841) |
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$ |
(1,072) |
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$ |
9,225
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$ |
(73,688) |
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| Other comprehensive income (loss) before reclassifications |
(11,358) |
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|
297 |
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(468) |
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(11,529) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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— |
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(3,618) |
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(3,618) |
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| Net other comprehensive income (loss) |
(11,358) |
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297 |
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(4,086) |
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(15,147) |
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| Balance, September 2019 |
$ |
(93,199) |
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$ |
(775) |
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$ |
5,139
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$ |
(88,835) |
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Nine Months Ended September 2020 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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| (In thousands) |
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Total |
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| Balance, December 2019 |
$ |
(84,118) |
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$ |
(2,301) |
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$ |
6,721
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$ |
(79,698) |
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| Other comprehensive income (loss) before reclassifications |
(16,939) |
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(85) |
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(24,944) |
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(41,968) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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30 |
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(1,161) |
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(1,131) |
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| Net other comprehensive income (loss) |
(16,939) |
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(55) |
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(26,105) |
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(43,099) |
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| Balance, September 2020 |
$ |
(101,057) |
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$ |
(2,356) |
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$ |
(19,384) |
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$ |
(122,797) |
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Nine Months Ended September 2019 |
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Foreign Currency Translation |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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| (In thousands) |
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Total |
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| Balance, December 2018 |
$ |
(145,182) |
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$ |
—
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$ |
—
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$ |
(145,182) |
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| Other comprehensive income (loss) before reclassifications |
(5,914) |
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|
283 |
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(2,526) |
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(8,157) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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— |
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(3,980) |
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(3,980) |
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| Net other comprehensive income (loss) |
(5,914) |
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283 |
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(6,506) |
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(12,137) |
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| Amounts transferred from former parent |
57,897 |
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(1,058) |
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11,645 |
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68,484 |
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| Balance, September 2019 |
$ |
(93,199) |
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$ |
(775) |
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$ |
5,139
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$ |
(88,835) |
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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 |
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| Details About Accumulated Other Comprehensive Loss Reclassifications |
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Affected Line Item in the Financial Statements |
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2020 |
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2019 |
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2020 |
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2019 |
| Defined benefit pension plans: |
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| Net change in deferred actuarial losses |
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Selling, general and administrative expenses |
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$ |
(14) |
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$ |
— |
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$ |
(42) |
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$ |
— |
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| Total before tax |
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(14) |
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— |
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(42) |
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— |
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| Tax benefit |
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Income taxes |
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4 |
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— |
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12 |
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— |
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| Net of tax |
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(10) |
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— |
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(30) |
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— |
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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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$ |
(36) |
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$ |
(379) |
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$ |
(588) |
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$ |
(475) |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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(578) |
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3,486 |
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4,778 |
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3,901 |
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| Foreign currency exchange contracts |
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Other expense, net |
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36 |
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328 |
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173 |
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371 |
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| Interest rate swap agreements |
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Interest expense |
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(1,636) |
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|
642 |
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(3,216) |
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|
642 |
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| Total before tax |
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(2,214) |
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4,077 |
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1,147 |
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4,439 |
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| Income taxes |
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Income taxes |
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(249) |
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|
459 |
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(14) |
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|
459 |
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| Net of tax |
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(1,965) |
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3,618 |
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1,161 |
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3,980 |
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| Total reclassifications for the period, net of tax |
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$ |
(1,975) |
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$ |
3,618
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$ |
1,131
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$ |
3,980
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