Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 29, 2020

Components of accumulated other comprehensive loss

The following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the three months ended March 29, 2020 and March 31, 2019:


	Foreign Currency Items		Defined Benefit Pension Items		Cash Flow Hedges		Accumulated Other Comprehensive Loss

Balance at December 31, 2019	$	(241,994)	$	(574,413)	$	(396)	$	(816,803)
Other comprehensive income/(loss) before reclassifications	(93,575)		197		(5,620)		(98,998)
Amounts reclassified from accumulated other comprehensive loss to net income	—		5,583		1,065		6,648

Other comprehensive income/(loss)	(93,575)		5,780		(4,555)		(92,350)

Balance at March 29, 2020	$	(335,569)	$	(568,633)	$	(4,951)	$	(909,153)

Balance at December 31, 2018	$	(251,102)	$	(487,380)	$	(2,431)	$	(740,913)
Other comprehensive income/(loss) before reclassifications	(2,852)		(508)		2,256		(1,104)
Amounts reclassified from accumulated other comprehensive loss to net income	—		7,664		(347)		7,317
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(45)		(45)
Other comprehensive income/(loss)	(2,852)		7,156		1,864		6,168

Balance at March 31, 2019	$	(253,954)	$	(480,224)	$	(567)	$	(734,745)

Effects on net income of significant amounts reclassified from accumulated other comprehensive loss

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three month periods ended March 29, 2020 and March 31, 2019:


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended
Details about Accumulated Other Comprehensive Loss Components	March 29, 2020		March 31, 2019		Affected Line Item in the Condensed Consolidated Statements of Income
Gains and (losses) on cash flow hedges
Foreign exchange contracts	$	(1,138)	$	317	Net sales
Foreign exchange contracts	827		(288)		Cost of sales
Commodity contracts	(1,079)		435		Cost of sales
	(1,390)		464		Income before income taxes
	325		(117)		Provision for income taxes
	$	(1,065)	$	347	Net income
Defined benefit pension items

Effect of settlement loss^(a)	(623)		(1,322)		Non-operating pension costs
Amortization of defined benefit pension items^(a)	(6,861)		(8,932)		Non-operating pension costs
	$	(7,484)	$	(10,254)	Income before income taxes
	1,901		2,590		Provision for income taxes
	$	(5,583)	$	(7,664)	Net income
Total reclassifications for the period	$	(6,648)	$	(7,317)	Net income

^(a)See Note 11 for additional details.

Before and after tax amounts for comprehensive income (loss) components

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the three-month periods ended March 29, 2020 and March 31, 2019:


		Three months ended March 29, 2020												Three months ended March 31, 2019
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount				Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive loss from foreign currency items^(a)	$	(85,994)	$	(7,581)	$	(93,575)			$	(2,852)	$	—	$	(2,852)
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	264		(67)		197				(681)		173		(508)
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	7,484		(1,901)		5,583				10,254		(2,590)		7,664
	Net other comprehensive income/(loss) from defined benefit pension items	7,748		(1,968)		5,780				9,573		(2,417)		7,156
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	(7,333)		1,713		(5,620)				3,022		(766)		2,256
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	1,390		(325)		1,065				(464)		117		(347)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		—				(45)		—		(45)
	Net other comprehensive income/(loss) from cash flow hedges	(5,943)		1,388		(4,555)				2,513		(649)		1,864
Other comprehensive income/(loss):				$	(84,189)	$	(8,161)	$	(92,350)			$	9,234	$	(3,066)	$	6,168

^(a)Other comprehensive loss from foreign currency items for the three months ended March 29, 2020, includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 9 for more information.