| ACCUMULATED OTHER COMPREHENSIVE LOSS |
ACCUMULATED OTHER COMPREHENSIVE LOSS
The Company's comprehensive income consists of net income and specified components of other comprehensive loss (“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 income is presented in the Company's statements of comprehensive income. The deferred components of OCL are reported, net of related taxes, in accumulated OCL in equity, as follows:
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|
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|
(in thousands) |
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|
June 2019 |
|
|
December 2018 |
|
June 2018 |
Foreign currency translation |
|
|
$ |
(81,841 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(141,299 |
) |
Defined benefit pension plans |
|
|
(1,072 |
) |
|
|
— |
|
|
— |
|
Derivative financial instruments |
|
|
9,225 |
|
|
|
— |
|
|
— |
|
Accumulated other comprehensive income (loss) |
|
|
$ |
(73,688 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(141,299 |
) |
The changes in accumulated OCL, net of related taxes, were as follows:
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|
Three Months Ended June 2019 |
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|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
(in thousands) |
|
|
|
Total |
Balance, March 2019 |
$ |
(144,424 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(144,424 |
) |
Other comprehensive income (loss) before reclassifications |
4,686 |
|
|
(14 |
) |
|
(2,058 |
) |
|
2,614 |
|
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
(362 |
) |
|
(362 |
) |
Net other comprehensive income (loss) |
4,686 |
|
|
(14 |
) |
|
(2,420 |
) |
|
2,252 |
|
Net transfers to former parent |
57,897 |
|
|
(1,058 |
) |
|
11,645 |
|
|
68,484 |
|
Balance, June 2019 |
$ |
(81,841 |
) |
|
$ |
(1,072 |
) |
|
$ |
9,225 |
|
|
$ |
(73,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 2018 |
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|
|
|
|
|
|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
(in thousands) |
|
|
|
Total |
Balance, March 2018 |
$ |
(112,781 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(112,781 |
) |
Other comprehensive income (loss) before reclassifications |
(28,518 |
) |
|
— |
|
|
— |
|
|
(28,518 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net other comprehensive income (loss) |
(28,518 |
) |
|
— |
|
|
— |
|
|
(28,518 |
) |
Balance, June 2018 |
$ |
(141,299 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(141,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Six Months Ended June 2019 |
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|
|
|
|
|
|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
(in thousands) |
|
|
|
Total |
Balance, December 2018 |
$ |
(145,182 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(145,182 |
) |
Other comprehensive income (loss) before reclassifications |
5,444 |
|
|
(14 |
) |
|
(2,058 |
) |
|
3,372 |
|
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
(362 |
) |
|
(362 |
) |
Net other comprehensive income (loss) |
5,444 |
|
|
(14 |
) |
|
(2,420 |
) |
|
3,010 |
|
Net transfers to former parent |
57,897 |
|
|
(1,058 |
) |
|
11,645 |
|
|
68,484 |
|
Balance, June 2019 |
$ |
(81,841 |
) |
|
$ |
(1,072 |
) |
|
$ |
9,225 |
|
|
$ |
(73,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 2018 |
|
|
|
|
|
|
|
|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
(in thousands) |
|
|
|
Total |
Balance, December 2017 |
$ |
(122,482 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(122,482 |
) |
Other comprehensive income (loss) before reclassifications |
(18,817 |
) |
|
— |
|
|
— |
|
|
(18,817 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net other comprehensive income (loss) |
(18,817 |
) |
|
— |
|
|
— |
|
|
(18,817 |
) |
Balance, June 2018 |
$ |
(141,299 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(141,299 |
) |
Reclassifications out of accumulated OCL are as follows:
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Three Months Ended June |
|
Six Months Ended June |
(in thousands) |
|
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|
Details About Accumulated Other Comprehensive Income (Income) Components |
Affected Line Item in the
Consolidated Statements
of Income |
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2019 |
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2018 |
|
2019 |
|
|
2018 |
Gains (losses) on derivative financial instruments: |
|
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|
|
|
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|
Foreign exchange contracts |
Net sales |
|
$ |
(96 |
) |
|
|
$ |
— |
|
|
$ |
(96 |
) |
|
|
$ |
— |
|
Foreign exchange contracts |
Cost of goods sold |
|
415 |
|
|
|
— |
|
|
415 |
|
|
|
— |
|
Foreign exchange contracts |
Other income (expense), net |
|
43 |
|
|
|
— |
|
|
43 |
|
|
|
— |
|
Total before tax |
|
|
362 |
|
|
|
— |
|
|
362 |
|
|
|
— |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Net of tax |
|
|
362 |
|
|
|
— |
|
|
362 |
|
|
|
— |
|
Total reclassifications for the period, net of tax |
|
$ |
362 |
|
|
|
$ |
— |
|
|
$ |
362 |
|
|
|
$ |
— |
|
|