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Other Comprehensive Income
 3 Months Ended
Mar. 28, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income".
Changes in accumulated other comprehensive income(1) were as follows (in thousands):
 
Currency Translation Adjustment
 
Pension Benefit Costs
 
Unrealized Gain/(Loss) Interest Rate Swap
 
Total
Balance as of December 28, 2019
$
(105,705
)
 
$
(228,336
)
 
$
(16,892
)
 
$
(350,933
)
Other comprehensive income before reclassification
(48,916
)
 
14,808

 
(23,952
)
 
(58,060
)
Amounts reclassified from accumulated other comprehensive income
—

 
—

 
(1,267
)
 
(1,267
)
Net current-period other comprehensive income
$
(48,916
)
 
$
14,808

 
$
(25,219
)
 
$
(59,327
)
Balance as of March 28, 2020
$
(154,621
)
 
$
(213,528
)
 
$
(42,111
)
 
$
(410,260
)
 
 
 
 
 
 
 
 
Balance as of December 29, 2018
$
(112,771
)
 
$
(170,938
)
 
$
7,233

 
$
(276,476
)
Adoption of ASU 2017-12 (2)
—

 
—

 
11

 
11

Other comprehensive income before reclassification
10,683

 
(5,263
)
 
(10,144
)
 
(4,724
)
Amounts reclassified from accumulated other comprehensive income
—

 
—

 
766

 
766

Net current-period other comprehensive income
$
10,683

 
$
(5,263
)
 
$
(9,367
)
 
$
(3,947
)
Balance as of March 30, 2019
$
(102,088
)
 
$
(176,201
)
 
$
(2,134
)
 
$
(280,423
)

(1) As of March 28, 2020, pension and interest rate swap amounts are net of tax of $(45.5) million and $(15.3) million, respectively. During the three months ended March 28, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $3.1 million and $(9.3) million, respectively. As of March 30, 2019 pension and interest rate swap amounts are net of tax of $(38.1) million and $(0.6) million, respectively. During the three months ended March 30, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(1.4) million and $(3.2) million, respectively.
(2) As of December 30, 2018, the company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. The adoption of this guidance resulted in the recognition of less than $(0.1) million as an adjustment to the opening balance of retained earnings.
Components of other comprehensive income were as follows (in thousands):
 
Three Months Ended
 
Mar 28, 2020
 
Mar 30, 2019
Net earnings
$
73,779

 
$
69,013

Currency translation adjustment
(48,916
)
 
10,683

Pension liability adjustment, net of tax
14,808

 
(5,263
)
Unrealized gain on interest rate swaps, net of tax
(25,219
)
 
(9,367
)
Comprehensive income
$
14,452

 
$
65,066