Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 03, 2021

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 nine months ended October 3, 2021 and September 27, 2020:


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

Balance at December 31, 2020	$	(194,024)	$	(562,747)	$	(71)	$	(756,842)
Other comprehensive (loss)/income before reclassifications	(57,261)		11,302		7,804		(38,155)
Amounts reclassified from accumulated other comprehensive loss to net loss	—		418,521		(2,403)		416,118
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(31)		(31)
Other comprehensive (loss)/income	(57,261)		429,823		5,370		377,932

Balance at October 3, 2021	$	(251,285)	$	(132,924)	$	5,299	$	(378,910)

Balance at December 31, 2019	$	(241,994)	$	(574,413)	$	(396)	$	(816,803)
Other comprehensive loss before reclassifications	(35,447)		(885)		(3,362)		(39,694)
Amounts reclassified from accumulated other comprehensive loss to net income	—		16,361		2,922		19,283

Other comprehensive (loss)/income	(35,447)		15,476		(440)		(20,411)

Balance at September 27, 2020	$	(277,441)	$	(558,937)	$	(836)	$	(837,214)

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

The following table summarizes the effects on net income/(loss) of significant amounts reclassified from each component of accumulated other comprehensive loss for the three- and nine-month periods ended October 3, 2021 and September 27, 2020:


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended				Nine Months Ended
Details about Accumulated Other Comprehensive Loss Components	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020		Affected Line Item in the Condensed Consolidated Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts	$	937	$	(1,723)	$	2,766	$	(6,245)	Net sales
Foreign exchange contracts	(711)		867		(2,129)		3,744		Cost of sales
Commodity contracts	2,051		(792)		2,626		(1,346)		Cost of sales
	$	2,277	$	(1,648)	$	3,263	(3,847)		Income/(Loss) before income taxes
	(607)		403		(860)		925		(Benefit from)/Provision for income taxes
	$	1,670	$	(1,245)	$	2,403	(2,922)		Net income/ (loss)
Defined benefit pension items
Effect of curtailment loss(a)	—		—		—		(31)		Non-operating pension costs
Effect of settlement loss(a)	(21)		—		(547,652)		(661)		Non-operating pension costs
Amortization of defined benefit pension items(a)	(1,640)		(7,103)		(14,973)		(21,185)		Non-operating pension costs
	$	(1,661)	$	(7,103)	$	(562,625)	(21,877)		(Loss)/Income before income taxes
	382		1,800		144,104		5,516		Provision for/(Benefit from) income taxes
	$	(1,279)	$	(5,303)	$	(418,521)	(16,361)		Net (loss)/income
Total reclassifications for the period	$	391	$	(6,548)	$	(416,118)	$	(19,283)	Net income/(loss)

(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 (loss)/income for the three-month periods ended October 3, 2021 and September 27, 2020:


		Three months ended October 3, 2021						Three months ended September 27, 2020
		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	$	(37,077)	$	—	$	(37,077)	$	24,674	$	—	$	24,674
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	559		(145)		414		(31)		8		(23)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	1,661		(382)		1,279		7,103		(1,800)		5,303
	Net other comprehensive income/(loss) from defined benefit pension items	2,220		(527)		1,693		7,072		(1,792)		5,280
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	3,525		(940)		2,585		1,376		(336)		1,040
	Amounts reclassified from accumulated other comprehensive loss to net income	(2,277)		607		(1,670)		1,648		(403)		1,245
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	20		(5)		15		—		—		—
	Net other comprehensive income/(loss) from cash flow hedges	1,268		(338)		930		3,024		(739)		2,285
Other comprehensive (loss)/income		$	(33,589)	$	(865)	$	(34,454)	$	34,770	$	(2,531)	$	32,239

(a) See Note 11 for additional details.

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the nine-month periods ended October 3, 2021 and September 27, 2020:


		Nine months ended October 3, 2021						Nine months ended September 27, 2020
		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)	$	(57,261)	—		$	(57,261)	$	(27,866)	(7,581)		$	(35,447)
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	14,923		(3,621)		11,302		(1,177)		292		(885)
	Amounts reclassified from accumulated other comprehensive loss to net (loss)/income(b)	562,625		(144,104)		418,521		21,877		(5,516)		16,361
	Net other comprehensive income/(loss) from defined benefit pension items	577,548		(147,725)		429,823		20,700		(5,224)		15,476
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	10,536		(2,732)		7,804		(4,345)		983		(3,362)
	Amounts reclassified from accumulated other comprehensive loss to net (loss)/income	(3,263)		860		(2,403)		3,847		(925)		2,922
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	(42)		11		(31)		—		—		—
	Net other comprehensive income/(loss) from cash flow hedges	7,231		(1,861)		5,370		(498)		58		(440)
Other comprehensive income/(loss):		$	527,518	$	(149,586)	$	377,932	$	(7,664)	$	(12,747)	$	(20,411)

(a) Other comprehensive loss from foreign currency items for the nine-month period ended September 27, 2020 includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 9 for more information.

(b) See Note 11 for additional details.