| 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 following table presents deferred components of accumulated OCL in equity, net of related taxes:
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(in thousands) |
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September 2019 |
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|
December 2018 |
|
September 2018 |
Foreign currency translation |
|
|
$ |
(93,199 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(144,069 |
) |
Defined benefit pension plans |
|
|
(775 |
) |
|
|
— |
|
|
— |
|
Derivative financial instruments |
|
|
5,139 |
|
|
|
— |
|
|
— |
|
Accumulated other comprehensive income (loss) |
|
|
$ |
(88,835 |
) |
|
|
$ |
(145,182 |
) |
|
$ |
(144,069 |
) |
The following tables present changes in accumulated OCL, net of related taxes:
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Three Months Ended September 2019 |
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|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
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|
(in thousands) |
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|
|
Total |
|
Balance, June 2019 |
$ |
(81,841 |
) |
|
$ |
(1,072 |
) |
|
$ |
9,225 |
|
|
$ |
(73,688 |
) |
|
Other comprehensive income (loss) before reclassifications |
(11,358 |
) |
|
297 |
|
|
(468 |
) |
|
(11,529 |
) |
|
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
(3,618 |
) |
|
(3,618 |
) |
|
Net other comprehensive income (loss) |
(11,358 |
) |
|
297 |
|
|
(4,086 |
) |
|
(15,147 |
) |
|
Balance, September 2019 |
$ |
(93,199 |
) |
|
$ |
(775 |
) |
|
$ |
5,139 |
|
|
$ |
(88,835 |
) |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
Three Months Ended September 2018 |
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|
|
|
|
|
|
|
|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
|
(in thousands) |
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|
|
Total |
|
Balance, June 2018 |
$ |
(141,299 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(141,299 |
) |
|
Other comprehensive income (loss) before reclassifications |
(2,770 |
) |
|
— |
|
|
— |
|
|
(2,770 |
) |
|
Net other comprehensive income (loss) |
(2,770 |
) |
|
— |
|
|
— |
|
|
(2,770 |
) |
|
Balance, September 2018 |
$ |
(144,069 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(144,069 |
) |
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|
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|
|
|
|
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|
Nine Months Ended September 2019 |
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Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
|
(in thousands) |
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|
|
Total |
|
Balance, December 2018 |
$ |
(145,182 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(145,182 |
) |
|
Other comprehensive income (loss) before reclassifications |
(5,914 |
) |
|
283 |
|
|
(2,526 |
) |
|
(8,157 |
) |
|
Amounts reclassified from accumulated other comprehensive income (loss) |
— |
|
|
— |
|
|
(3,980 |
) |
|
(3,980 |
) |
|
Net other comprehensive income (loss) |
(5,914 |
) |
|
283 |
|
|
(6,506 |
) |
|
(12,137 |
) |
|
Net transfers to former parent |
57,897 |
|
|
(1,058 |
) |
|
11,645 |
|
|
68,484 |
|
|
Balance, September 2019 |
$ |
(93,199 |
) |
|
$ |
(775 |
) |
|
$ |
5,139 |
|
|
$ |
(88,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 2018 |
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
|
|
(in thousands) |
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|
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Total |
|
Balance, December 2017 |
$ |
(122,482 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(122,482 |
) |
|
Other comprehensive income (loss) before reclassifications |
(21,587 |
) |
|
— |
|
|
— |
|
|
(21,587 |
) |
|
Net other comprehensive income (loss) |
(21,587 |
) |
|
— |
|
|
— |
|
|
(21,587 |
) |
|
Balance, September 2018 |
$ |
(144,069 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(144,069 |
) |
|
The following table presents reclassifications out of accumulated OCL:
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Three Months Ended September |
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Nine Months Ended September |
(in thousands) |
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Details About Component of Accumulated Other Comprehensive Income (Loss) |
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Affected Line Item in the Financial Statements |
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2019 |
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2018 |
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2019 |
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2018 |
Gains (losses) on derivative financial instruments: |
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Foreign currency exchange contracts |
|
Net revenues |
|
|
$ |
(379 |
) |
|
|
$ |
— |
|
|
|
$ |
(475 |
) |
|
|
$ |
— |
|
Foreign currency exchange contracts |
|
Cost of goods sold |
|
|
3,486 |
|
|
|
— |
|
|
|
3,901 |
|
|
|
— |
|
Foreign currency exchange contracts |
|
Other expense, net |
|
|
328 |
|
|
|
— |
|
|
|
371 |
|
|
|
— |
|
Interest rate swap agreements |
|
Interest expense |
|
|
642 |
|
|
|
— |
|
|
|
642 |
|
|
|
— |
|
Total before tax |
|
|
|
|
4,077 |
|
|
|
— |
|
|
|
4,439 |
|
|
|
— |
|
Tax expense |
|
Income taxes |
|
|
(459 |
) |
|
|
— |
|
|
|
(459 |
) |
|
|
— |
|
Total reclassifications for the period, net of tax |
|
|
$ |
3,618 |
|
|
|
$ |
— |
|
|
|
$ |
3,980 |
|
|
|
$ |
— |
|
|