Other Comprehensive Income (Notes)

9 Months Ended

Sep. 26, 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	(3,213)		6,184		(35,646)		(32,675)
Amounts reclassified from accumulated other comprehensive income	—		—		10,419		10,419
Net current-period other comprehensive income	$	(3,213)	$	6,184	$	(25,227)	$	(22,256)
Balance as of September 26, 2020	$	(108,918)	$	(222,152)	$	(42,119)	$	(373,189)

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	(27,190)		4,966		(27,201)		(49,425)
Amounts reclassified from accumulated other comprehensive income	—		—		(1,953)		(1,953)
Net current-period other comprehensive income	$	(27,190)	$	4,966	$	(29,143)	$	(51,367)
Balance as of September 28, 2019	$	(139,961)	$	(165,972)	$	(21,910)	$	(327,843)

(1) As of September 26, 2020, pension and interest rate swap amounts are net of tax of $(47.3) million and $(15.3) million, respectively. During the nine months ended September 26, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $1.3 million and $(9.3) million, respectively. As of September 28, 2019 pension and interest rate swap amounts are net of tax of $(35.8) million and $(7.3) million, respectively. During the nine months ended September 28, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $1.0 million and $(9.9) 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				Nine Months Ended
	Sep 26, 2020		Sep 28, 2019		Sep 26, 2020		Sep 28, 2019
Net earnings	$	60,516	$	82,020	$	155,457	$	243,243
Currency translation adjustment	25,851		(25,428)		(3,213)		(27,190)
Pension liability adjustment, net of tax	(6,133)		4,975		6,184		4,966
Unrealized gain (loss) on interest rate swaps, net of tax	2,653		(5,652)		(25,227)		(29,143)
Comprehensive income	$	82,887	$	55,915	$	133,201	$	191,876