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Other Comprehensive Income | 6 Months Ended
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Jun. 27, 2020
Disclosure Other Comprehensive Income Additional Information [Abstract] |
Other Comprehensive Income | Other Comprehensive Income 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 |

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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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