| Deferred Components of AOCL in Equity, Net of Related Taxes, and Changes in AOCL |
The following table presents deferred components of AOCL in equity, net of related taxes:
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| (In thousands) |
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March 2023 |
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December 2022 |
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March 2022 |
| Foreign currency translation |
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$ |
(99,139) |
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$ |
(107,462) |
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$ |
(96,740) |
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| Defined benefit pension plans |
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2,208 |
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2,243 |
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(2,171) |
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| Derivative financial instruments |
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28,926 |
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25,554 |
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15,214 |
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| Accumulated other comprehensive loss |
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$ |
(68,005) |
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$ |
(79,665) |
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$ |
(83,697) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended March 2023 |
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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 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 |
8,323 |
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— |
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10,292 |
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18,615 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(35) |
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(6,920) |
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(6,955) |
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| Net other comprehensive income (loss) |
8,323 |
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(35) |
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3,372 |
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11,660 |
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| Balance, March 2023 |
$ |
(99,139) |
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$ |
2,208
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$ |
28,926
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$ |
(68,005) |
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Three Months Ended March 2022 |
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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 |
(3,615) |
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— |
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13,814 |
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10,199 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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6 |
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(1,146) |
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(1,140) |
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| Net other comprehensive income (loss) |
(3,615) |
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6 |
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12,668 |
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9,059 |
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| Balance, March 2022 |
$ |
(96,740) |
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$ |
(2,171) |
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$ |
15,214
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$ |
(83,697) |
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| Reclassification Out of AOCL |
The following table presents reclassifications out of AOCL:
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| (In thousands) |
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Three Months Ended March |
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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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2023 |
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2022 |
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| Defined benefit pension plans: |
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| Net change in deferred gains (losses) during the period |
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Selling, general and administrative expenses |
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$ |
46 |
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$ |
(8) |
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| Total before tax |
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46 |
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(8) |
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| Income taxes |
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Income taxes |
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(11) |
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2 |
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| Net of tax |
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35 |
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(6) |
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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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$ |
(171) |
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$ |
(132) |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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5,992 |
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2,301 |
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| Foreign currency exchange contracts |
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Other expense, net |
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160 |
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(103) |
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| Interest rate swap agreements |
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Interest expense |
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2,101 |
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(1,266) |
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| Total before tax |
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8,082 |
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800 |
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| Income taxes |
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Income taxes |
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(1,162) |
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346 |
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| Net of tax |
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6,920 |
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1,146 |
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| Total reclassifications for the period, net of tax |
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$ |
6,955
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$ |
1,140
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