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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended
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Oct. 02, 2021
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock On August 5, 2021, the Company announced that its Board of Directors approved a share repurchase program (the "Repurchase Program"). The Repurchase Program authorizes the repurchase of up to $200.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. The timing and amount of repurchases are determined by the Company's management based on its evaluation of market conditions, share price, legal requirements and other factors. The Repurchase Program does not have an expiration date but may be suspended, modified or terminated at any time without prior notice. All shares reacquired in connection with the Repurchase Program are treated as authorized and unissued shares upon repurchase. During the three months ended September 2021, the Company repurchased 184,973 shares of Common Stock for $10.0 million, including commissions, under the Repurchase Program. Accumulated Other Comprehensive Loss The Company's comprehensive income (loss) consists of net income and specified components of other comprehensive income (loss) (“OCL”), which relate to changes in assets and liabilities that are not included in net income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income (loss) is presented in the Company's statements of comprehensive income (loss). The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) |  |  | September 2021 |  |  | December 2020 |  | September 2020
Foreign currency translation |  |  | $ | (89,764) |  |  |  | $ | (80,178) |  |  | $ | (101,057) |
Defined benefit pension plans |  |  | (1,822) |  |  |  | (1,889) |  |  | (2,356) |
Derivative financial instruments |  |  | (2,549) |  |  |  | (12,740) |  |  | (19,384) |
Accumulated other comprehensive loss |  |  | $ | (94,135) |  |  |  | $ | (94,807) |  |  | $ | (122,797) |
The following tables present changes in AOCL, net of related tax impact:
| Three Months Ended September 2021 |
| Foreign Currency Translation |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  |  |
(In thousands) |  |  |  | Total |
Balance, June 2021 | $ | (83,192) |  |  | $ | (1,826) |  |  | $ | (3,951) |  |  | $ | (88,969) |  |
Other comprehensive income (loss) due to gains (losses) arising before reclassifications | (6,572) |  |  | — |  |  | 434 |  |  | (6,138) |  |
Reclassifications to net income of previously deferred (gains) losses | — |  |  | 4 |  |  | 968 |  |  | 972 |  |
Net other comprehensive income (loss) | (6,572) |  |  | 4 |  |  | 1,402 |  |  | (5,166) |  |
Balance, September 2021 | $ | (89,764) |  |  | $ | (1,822) |  |  | $ | (2,549) |  |  | $ | (94,135) |  |
| Three Months Ended September 2020 |
| Foreign Currency Translation |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  |  |
(In thousands) |  |  |  | Total |
Balance, June 2020 | $ | (108,129) |  |  | $ | (2,289) |  |  | $ | (20,880) |  |  | $ | (131,298) |  |
Other comprehensive income (loss) due to gains (losses) arising before reclassifications | 7,072 |  |  | (77) |  |  | (469) |  |  | 6,526 |  |
Reclassifications to net income of previously deferred (gains) losses | — |  |  | 10 |  |  | 1,965 |  |  | 1,975 |  |
Net other comprehensive income (loss) | 7,072 |  |  | (67) |  |  | 1,496 |  |  | 8,501 |  |
Balance, September 2020 | $ | (101,057) |  |  | $ | (2,356) |  |  | $ | (19,384) |  |  | $ | (122,797) |  |
| Nine Months Ended September 2021 |
| Foreign Currency Translation |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  |  |
(In thousands) |  |  |  | Total
Balance, December 2020 | $ | (80,178) |  |  | $ | (1,889) |  |  | $ | (12,740) |  |  | $ | (94,807) |  |
Other comprehensive income (loss) before reclassifications | (9,586) |  |  | — |  |  | 4,631 |  |  | (4,955) |  |
Reclassifications to net income of previously deferred (gains) losses | — |  |  | 67 |  |  | 5,560 |  |  | 5,627 |  |
Net other comprehensive income (loss) | (9,586) |  |  | 67 |  |  | 10,191 |  |  | 672 |  |
Balance, September 2021 | $ | (89,764) |  |  | $ | (1,822) |  |  | $ | (2,549) |  |  | $ | (94,135) |  |
| Nine Months Ended September 2020 |
| Foreign Currency Translation |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  |  |
(In thousands) |  |  |  | Total |
Balance, December 2019 | $ | (84,118) |  |  | $ | (2,301) |  |  | $ | 6,721 |  |  | $ | (79,698) |  |
Other comprehensive income (loss) before reclassifications | (16,939) |  |  | (85) |  |  | (24,944) |  |  | (41,968) |  |
Reclassifications to net income of previously deferred (gains) losses | — |  |  | 30 |  |  | (1,161) |  |  | (1,131) |  |
Net other comprehensive income (loss) | (16,939) |  |  | (55) |  |  | (26,105) |  |  | (43,099) |  |
Balance, September 2020 | $ | (101,057) |  |  | $ | (2,356) |  |  | $ | (19,384) |  |  | $ | (122,797) |  |
The following table presents reclassifications out of AOCL:
(In thousands) |  |  |  | Three Months Ended September |  | Nine Months Ended September
Details About Accumulated Other Comprehensive Loss Reclassifications |  | Affected Line Item in the Financial Statements |  |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Defined benefit pension plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in deferred losses during the period |  | Selling, general and administrative expenses |  |  | $ | (4) |  |  |  | $ | (14) |  |  |  | $ | (89) |  |  |  | $ | (42) |
Total before tax |  |  |  |  | (4) |  |  |  | (14) |  |  |  | (89) |  |  |  | (42) |
Income taxes |  | Income taxes |  |  | — |  |  |  | 4 |  |  |  | 22 |  |  |  | 12 |
Net of tax |  |  |  |  | (4) |  |  |  | (10) |  |  |  | (67) |  |  |  | (30) |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Net revenues |  |  | $ | 47 |  |  |  | $ | (36) |  |  |  | $ | 247 |  |  |  | $ | (588) |
Foreign currency exchange contracts |  | Cost of goods sold |  |  | 58 |  |  |  | (578) |  |  |  | (2,775) |  |  |  | 4,778 |
Foreign currency exchange contracts |  | Other expense, net |  |  | (170) |  |  |  | 36 |  |  |  | (597) |  |  |  | 173 |
Interest rate swap agreements |  | Interest expense |  |  | (1,507) |  |  |  | (1,636) |  |  |  | (4,515) |  |  |  | (3,216) |
Total before tax |  |  |  |  | (1,572) |  |  |  | (2,214) |  |  |  | (7,640) |  |  |  | 1,147 |
Income taxes |  | Income taxes |  |  | 604 |  |  |  | 249 |  |  |  | 2,080 |  |  |  | 14 |
Net of tax |  |  |  |  | (968) |  |  |  | (1,965) |  |  |  | (5,560) |  |  |  | 1,161 |
Total reclassifications for the period, net of tax |  |  | $ | (972) |  |  |  | $ | (1,975) |  |  |  | $ | (5,627) |  |  |  | $ | 1,131 |

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