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Other Comprehensive Earnings (Loss) | 6 Months Ended
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Jun. 28, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Other Comprehensive Earnings (Loss) | Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings (loss). The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarters and six months ended June 28, 2020 and June 30, 2019.
| Quarter Ended |  |  |  | Six Months Ended |  |
| June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
Other comprehensive earnings (loss), tax effect: |  |  |  |  |  |  |
Tax expense on unrealized holding gains (losses) | $ | (734) |  |  | (85) |  |  | $ | (616) |  |  | (162) |
Tax benefit (expense) on cash flow hedging activities | 1,443 |  |  | 49 |  |  | (5,759) |  |  | 46 |
Tax benefit on foreign currency translation adjustments | 8,406 |  |  | — |  |  | 8,406 |  |  | — |
Tax expense on changes in unrecognized pension amounts | — |  |  | (5,687) |  |  | — |  |  | (5,687) |
Reclassifications to earnings, tax effect: |  |  |  |  |  |  |
Tax expense on cash flow hedging activities | 1,184 |  |  | 188 |  |  | 1,451 |  |  | 534 |
Amortization of unrecognized pension and postretirement amounts | (79) |  |  | (1,208) |  |  | (159) |  |  | (1,539) |
Tax benefit on settlement of U.S defined benefit plan | — |  |  | (24,925) |  |  | — |  |  | (24,925) |
Total tax effect on other comprehensive earnings (loss) | $ | 10,220 |  |  | (31,668) |  |  | $ | 3,323 |  |  | (31,733) |
Changes in the components of accumulated other comprehensive earnings (loss) for the six months ended June 28, 2020 and June 30, 2019 are as follows:
| Pension and Postretirement Amounts |  | Gains (Losses) on Derivative Instruments |  | Unrealized Holding Gains (Losses) on Available- for-Sale Securities |  | Foreign Currency Translation Adjustments |  | Total Accumulated Other Comprehensive Loss
2020 |  |  |  |  |  |  |  |  |
Balance at December 29, 2019 | $ | (36,129) |  |  | (5,232) |  |  | (230) |  |  | (142,629) |  |  | (184,220) |
Current period other comprehensive earnings (loss) | 550 |  |  | 12,382 |  |  | 2,124 |  |  | (138,964) |  |  | (123,908) |
Balance at June 28, 2020 | $ | (35,579) |  |  | 7,150 |  |  | 1,894 |  |  | (281,593) |  |  | (308,128) |
2019 |  |  |  |  |  |  |  |  |
Balance at December 30, 2018 | $ | (143,134) |  |  | 1,549 |  |  | (744) |  |  | (152,185) |  |  | (294,514) |
Current period other comprehensive earnings (loss) | 110,740 |  |  | (283) |  |  | 555 |  |  | 10,327 |  |  | 121,339 |
Balance at June 30, 2019 | $ | (32,394) |  |  | 1,266 |  |  | (189) |  |  | (141,858) |  |  | (173,175) |
Gains (Losses) on Derivative Instruments At June 28, 2020, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $24,371 in accumulated other comprehensive loss ("AOCE"). These instruments hedge payments related to inventory purchased in the second quarter of 2020 or forecasted to be purchased during the remainder of 2020 through 2022, intercompany expenses expected to be paid or received during 2020, television and movie production costs paid in 2020, and cash receipts for sales made at the end of the second quarter of 2020 or forecasted to be made in the remainder of 2020 and, to a lesser extent, 2021 through 2022. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales or expenses. In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due in 2021 and 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At June 28, 2020, deferred losses, net of tax of $17,219 related to these instruments remained in AOCE. For the quarters ended June 28, 2020 and June 30, 2019, previously deferred losses of $449, were reclassified from AOCE to net earnings. For the six-month periods ended June 28, 2020 and June 30, 2019, previously deferred losses of $899 were reclassified from AOCE to net earnings. Of the amount included in AOCE at June 28, 2020, the Company expects net gains of approximately $17,263 to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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