| 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 2024 |
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December 2023 |
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March 2023 |
| Foreign currency translation |
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$ |
(93,580) |
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$ |
(91,057) |
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$ |
(99,139) |
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| Defined benefit pension plans |
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2,831 |
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2,913 |
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2,208 |
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| Derivative financial instruments |
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22,517 |
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20,293 |
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28,926 |
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| Accumulated other comprehensive loss |
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$ |
(68,232) |
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$ |
(67,851) |
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$ |
(68,005) |
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The following tables present changes in AOCL, net of related tax impact:
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Three Months Ended March 2024 |
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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 2023 |
$ |
(91,057) |
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$ |
2,913
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$ |
20,293
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$ |
(67,851) |
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| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
(2,523) |
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— |
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9,688 |
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7,165 |
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| Reclassifications to net income of previously deferred (gains) losses |
— |
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(82) |
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(7,464) |
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(7,546) |
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| Net other comprehensive income (loss) |
(2,523) |
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(82) |
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2,224 |
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(381) |
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| Balance, March 2024 |
$ |
(93,580) |
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$ |
2,831
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$ |
22,517
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$ |
(68,232) |
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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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| 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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2024 |
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2023 |
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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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$ |
93 |
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$ |
46 |
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| Total before tax |
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93 |
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46 |
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| Income taxes |
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Income taxes |
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(11) |
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(11) |
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| Net of tax |
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82 |
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35 |
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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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$ |
53 |
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$ |
(171) |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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5,291 |
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5,992 |
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| Foreign currency exchange contracts |
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Other expense, net |
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82 |
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160 |
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| Interest rate swap agreements |
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Interest expense |
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2,731 |
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2,101 |
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| Total before tax |
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8,157 |
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8,082 |
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| Income taxes |
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Income taxes |
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(693) |
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(1,162) |
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| Net of tax |
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7,464 |
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6,920 |
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| Total reclassifications for the period, net of tax |
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$ |
7,546
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$ |
6,955
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