Other Comprehensive Income

6 Months Ended

Jun. 27, 2020

Disclosure Other Comprehensive Income Additional Information [Abstract]

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	(29,064)		12,317		(33,141)		(49,888)
Amounts reclassified from accumulated other comprehensive income	—		—		5,261		5,261
Net current-period other comprehensive income	$	(29,064)	$	12,317	$	(27,880)	$	(44,627)
Balance as of June 27, 2020	$	(134,769)	$	(216,019)	$	(44,772)	$	(395,560)

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	(1,762)		(9)		(21,952)		(23,723)
Amounts reclassified from accumulated other comprehensive income	—		—		(1,550)		(1,550)
Net current-period other comprehensive income	$	(1,762)	$	(9)	$	(23,491)	$	(25,262)
Balance as of June 29, 2019	$	(114,533)	$	(170,947)	$	(16,258)	$	(301,738)

(1) As of June 27, 2020, pension and interest rate swap amounts are net of tax of $(46.0) million and $(16.2) million, respectively. During the six months ended June 27, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $2.6 million and $(10.3) million, respectively. As of June 29, 2019 pension and interest rate swap amounts are net of tax of $(36.8) million and $(5.5) million, respectively. During the six months ended June 29, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(0.1) million and $(8.0) 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						Six Months Ended
	Jun 27, 2020		Jun 29, 2019		Jun 27, 2020		Jun 29, 2019
Net earnings	$	21,162	$	92,210	$	94,941	$	161,223
Currency translation adjustment	19,852		(12,445)		(29,064)		(1,762)
Pension liability adjustment, net of tax	(2,491)		5,254		12,317		(9)
Unrealized loss on interest rate swaps, net of tax	(2,661)		(14,124)		(27,880)		(23,491)
Comprehensive income	$	35,862	$	70,895	$	50,314	$	135,961