Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 28, 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 six months ended June 28, 2020 and June 30, 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 loss before reclassifications	(60,121)		(862)		(4,402)		(65,385)
Amounts reclassified from accumulated other comprehensive loss to net income	—		11,058		1,677		12,735

Other comprehensive (loss)/income	(60,121)		10,196		(2,725)		(52,650)

Balance at June 28, 2020	$	(302,115)	$	(564,217)	$	(3,121)	$	(869,453)

Balance at December 31, 2018	$	(251,102)	$	(487,380)	$	(2,431)	$	(740,913)
Other comprehensive income/(loss) before reclassifications	6,721		(5,939)		1,726		2,508
Amounts reclassified from accumulated other comprehensive loss to net income	—		14,902		(242)		14,660
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(101)		(101)
Other comprehensive income	6,721		8,963		1,383		17,067

Balance at June 30, 2019	$	(244,381)	$	(478,417)	$	(1,048)	$	(723,846)

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- and six-month periods ended June 28, 2020 and June 30, 2019:


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended						Six Months Ended
Details about Accumulated Other Comprehensive Loss Components	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019		Affected Line Item in the Condensed Consolidated Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts	$	(3,384)	$	532	$	(4,522)	$	849	Net sales
Foreign exchange contracts	2,050		(378)		2,877		(666)		Cost of sales
Commodity contracts	525		(319)		(554)		116		Cost of sales
	$	(809)	$	(165)	$	(2,199)	$	299	Income before income taxes
	197		59		522		(57)		Provision for income taxes
	$	(612)	$	(106)	$	(1,677)	$	242	Net income
Defined benefit pension items
Effect of curtailment loss^(a)	$	(31)	$	—	$	(31)	$	—	Non-operating pension costs
Effect of settlement loss^(a)	(38)		(225)		(661)		(1,547)		Non-operating pension costs
Amortization of defined benefit pension items^(a)	(7,221)		(9,523)		(14,082)		(18,455)		Non-operating pension costs
	$	(7,290)	$	(9,748)	$	(14,774)	$	(20,002)	Income before income taxes
	1,815		2,510		3,716		5,100		Provision for income taxes
	$	(5,475)	$	(7,238)	$	(11,058)	$	(14,902)	Net income
Total reclassifications for the period	$	(6,087)	$	(7,344)	$	(12,735)	$	(14,660)	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 June 28, 2020 and June 30, 2019:


		Three months ended June 28, 2020												Three months ended June 30, 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	$	33,454	$	—	$	33,454			$	9,573	$	—	$	9,573
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	(1,410)		351		(1,059)				(6,957)		1,526		(5,431)
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	7,290		(1,815)		5,475				9,748		(2,510)		7,238
	Net other comprehensive income/(loss) from defined benefit pension items	5,880		(1,464)		4,416				2,791		(984)		1,807
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	1,612		(394)		1,218				(828)		297		(531)
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	809		(197)		612				165		(59)		106
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		—				(56)		—		(56)
	Net other comprehensive income/(loss) from cash flow hedges	2,421		(591)		1,830				(719)		238		(481)
Other comprehensive income/(loss):				$	41,755	$	(2,055)	$	39,700			$	11,645	$	(746)	$	10,899

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the six-month periods ended June 28, 2020 and June 30, 2019:


		Six months ended June 28, 2020												Six months ended June 30, 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)/income from foreign currency items^(a)	$	(52,540)	$	(7,581)	$	(60,121)			$	6,721	$	—	$	6,721
Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(1,146)		284		(862)				(7,638)		1,699		(5,939)
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	14,774		(3,716)		11,058				20,002		(5,100)		14,902
	Net other comprehensive income/(loss) from defined benefit pension items	13,628		(3,432)		10,196				12,364		(3,401)		8,963
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	(5,721)		1,319		(4,402)				2,193		(467)		1,726
	Amounts reclassified from accumulated other comprehensive income/(loss) to net income	2,199		(522)		1,677				(299)		57		(242)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		—				(101)		—		(101)
	Net other comprehensive (loss)/income from cash flow hedges	(3,522)		797		(2,725)				1,793		(410)		1,383
Other comprehensive income/(loss):				$	(42,434)	$	(10,216)	$	(52,650)			$	20,878	$	(3,811)	$	17,067

^(a)Other comprehensive loss from foreign currency items for the six months ended June 28, 2020, includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 9 for more information.