Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.21.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jul. 03, 2021
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The Company's comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (loss) (“OCL”), which relate to changes in assets and liabilities that are not included in net income (loss) but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income (loss) 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:
(In thousands) June 2021 December 2020 June 2020
Foreign currency translation $ (83,192) $ (80,178) $ (108,129)
Defined benefit pension plans (1,826) (1,889) (2,289)
Derivative financial instruments (3,951) (12,740) (20,880)
Accumulated other comprehensive loss $ (88,969) $ (94,807) $ (131,298)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended June 2021
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, March 2021 $ (87,260) $ (1,815) $ (7,622) $ (96,697)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 4,068  —  1,348  5,416 
Reclassifications to net income (loss) of previously deferred (gains) losses —  (11) 2,323  2,312 
Net other comprehensive income (loss) 4,068  (11) 3,671  7,728 
Balance, June 2021 $ (83,192) $ (1,826) $ (3,951) $ (88,969)
Three Months Ended June 2020
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, March 2020 $ (111,328) $ (2,272) $ (19,862) $ (133,462)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 3,199  (27) (820) 2,352 
Reclassifications to net income (loss) of previously deferred (gains) losses —  10  (198) (188)
Net other comprehensive income (loss) 3,199  (17) (1,018) 2,164 
Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298)
Six Months Ended June 2021
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, December 2020 $ (80,178) $ (1,889) $ (12,740) $ (94,807)
Other comprehensive income (loss) before reclassifications (3,014) —  4,197  1,183 
Amounts reclassified from accumulated other comprehensive income (loss) —  63  4,592  4,655 
Net other comprehensive income (loss) (3,014) 63  8,789  5,838 
Balance, June 2021 $ (83,192) $ (1,826) $ (3,951) $ (88,969)
Six Months Ended June 2020
Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments
(In thousands) Total
Balance, December 2019 $ (84,118) $ (2,301) $ 6,721  $ (79,698)
Other comprehensive income (loss) before reclassifications (24,011) (8) (24,475) (48,494)
Amounts reclassified from accumulated other comprehensive income (loss) —  20  (3,126) (3,106)
Net other comprehensive income (loss) (24,011) 12  (27,601) (51,600)
Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298)

The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended June Six Months Ended June
Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements
2021 2020 2021 2020
Defined benefit pension plans:
Net change in deferred losses during the period Selling, general and administrative expenses $ 14  $ (14) $ (85) $ (28)
Total before tax 14  (14) (85) (28)
Income taxes Income taxes (3) 4  22  8 
Net of tax 11  (10) (63) (20)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ 125  $ (194) $ 200  $ (552)
Foreign currency exchange contracts Cost of goods sold (1,428) 1,615  (2,833) 5,356 
Foreign currency exchange contracts Other expense, net (293) 141  (427) 137 
Interest rate swap agreements Interest expense (1,494) (1,349) (3,007) (1,580)
Total before tax (3,090) 213  (6,067) 3,361 
Income taxes Income taxes 767  (15) 1,475  (235)
Net of tax (2,323) 198  (4,592) 3,126 
Total reclassifications for the period, net of tax $ (2,312) $ 188  $ (4,655) $ 3,106