Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.20.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jun. 27, 2020
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The Company's comprehensive (loss) income consists of net (loss) income and specified components of other comprehensive (loss) income (“OCL”), which relate to changes in assets and liabilities that are not included in net (loss) income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive (loss) income is presented in the Company's statements of comprehensive (loss) income.
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) June 2020 December 2019 June 2019
Foreign currency translation $ (108,129)   $ (84,118)   $ (81,841)  
Defined benefit pension plans (2,289)   (2,301)   (1,072)  
Derivative financial instruments (20,880)   6,721    9,225   
Accumulated other comprehensive loss $ (131,298)   $ (79,698)   $ (73,688)  
The following tables present changes in AOCL, net of related tax impact:
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) before reclassifications 3,199    (27)   (820)   2,352   
Amounts reclassified from accumulated other comprehensive income (loss) —    10    (198)   (188)  
Net other comprehensive (loss) income 3,199    (17)   (1,018)   2,164   
Balance, June 2020 $ (108,129)   $ (2,289)   $ (20,880)   $ (131,298)  

Three Months Ended June 2019
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   
Amounts transferred from 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 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)  
Six Months Ended June 2019
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   
Amounts transferred from former parent 57,897    (1,058)   11,645    68,484   
Balance, June 2019 $ (81,841)   $ (1,072)   $ 9,225    $ (73,688)  

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
2020 2019 2020 2019
Defined benefit pension plans:
Net change in deferred actuarial losses Selling, general and administrative expenses $ (14)   $ —    $ (28)   $ —   
Total before tax (14)   —    (28)   —   
Tax benefit Income taxes 4    —    8    —   
Net of tax (10)   —    (20)   —   
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (194)   $ (96)   $ (552)   $ (96)  
Foreign currency exchange contracts Cost of goods sold 1,615    415    5,356    415   
Foreign currency exchange contracts Other expense, net 141    43    137    43   
Interest rate swap agreements Interest expense (1,349)   —    (1,580)   —   
Total before tax 213    362    3,361    362   
Tax expense Income taxes (15)   —    (235)   —   
Net of tax 198    362    3,126    362   
Total reclassifications for the period, net of tax $ 188    $ 362    $ 3,106    $ 362