| CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the three months ended June 2019, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by 大象传媒鈥檚 Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of June 2019, March 2019 or June 2018. The excess of
the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Prior to March 2019, 大象传媒 Common Stock was also held by the Company鈥檚 deferred compensation plans and was treated as treasury shares for financial reporting purposes. As of June 2019, there were no shares held in the Company's deferred compensation plans.
Balances related to shares held for deferred compensation plans were as follows:
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(In thousands, except share amounts) |
听 |
June 2019 |
听 |
听 |
March 2019 |
听 |
June 2018 |
Shares held for deferred compensation plans |
听 |
鈥 |
|
听 |
听 |
鈥 |
|
听 |
210,124 |
|
Cost of shares held for deferred compensation plans |
听 |
$ |
鈥 |
|
听 |
听 |
$ |
鈥 |
|
听 |
$ |
2,663 |
|
Accumulated Other Comprehensive Income (Loss)
Comprehensive income consists of net income and specified components of other comprehensive income (鈥淥CI鈥), which relates to changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders鈥 equity in the balance sheet. 大象传媒鈥檚 comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders鈥 equity, as follows:
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|
(In thousands) |
听 |
June 2019 |
听 |
听 |
March 2019 |
听 |
June 2018 |
Foreign currency translation and other |
听 |
$ |
(635,901 |
) |
听 |
听 |
$ |
(725,679 |
) |
听 |
$ |
(651,739 |
) |
Defined benefit pension plans |
听 |
(290,468 |
) |
听 |
听 |
(243,184 |
) |
听 |
(230,517 |
) |
Derivative financial instruments |
听 |
58,983 |
|
听 |
听 |
66,788 |
|
听 |
178 |
|
Accumulated other comprehensive income (loss) |
听 |
$ |
(867,386 |
) |
听 |
听 |
$ |
(902,075 |
) |
听 |
$ |
(882,078 |
) |
The changes in accumulated OCI, net of related taxes, were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
听 |
Three Months Ended June 2019 |
听 |
(In thousands) |
Foreign Currency Translation and Other |
听 |
Defined Benefit Pension听Plans |
听 |
Derivative Financial Instruments |
听 |
Total |
听 |
Balance, March 2019 |
$ |
(725,679 |
) |
听 |
$ |
(243,184 |
) |
听 |
$ |
66,788 |
|
听 |
$ |
(902,075 |
) |
听 |
Adoption of new accounting standard, ASU 2018-02 |
(9,088 |
) |
听 |
(50,402 |
) |
听 |
(2,371 |
) |
听 |
(61,861 |
) |
听 |
Other comprehensive income (loss) before reclassifications |
15,772 |
|
听 |
(823 |
) |
听 |
10,900 |
|
听 |
25,849 |
|
听 |
Amounts reclassified from accumulated other comprehensive income (loss) |
鈥 |
|
听 |
3,147 |
|
听 |
(7,739 |
) |
听 |
(4,592 |
) |
听 |
Spin-off of Jeans Business |
83,094 |
|
听 |
794 |
|
听 |
(8,595 |
) |
听 |
75,293 |
|
听 |
Net other comprehensive income (loss) |
89,778 |
|
听 |
(47,284 |
) |
听 |
(7,805 |
) |
听 |
34,689 |
|
听 |
Balance, June 2019 |
$ |
(635,901 |
) |
听 |
$ |
(290,468 |
) |
听 |
$ |
58,983 |
|
听 |
$ |
(867,386 |
) |
听 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
听 |
Three Months Ended June 2018 |
(In thousands) |
Foreign Currency Translation and Other |
听 |
Defined Benefit Pension听Plans |
听 |
Derivative Financial Instruments |
听 |
Total |
Balance, March 2018 |
$ |
(476,869 |
) |
听 |
$ |
(289,618 |
) |
听 |
$ |
(97,543 |
) |
听 |
$ |
(864,030 |
) |
Other comprehensive income (loss) before reclassifications |
(174,870 |
) |
听 |
40,228 |
|
听 |
83,271 |
|
听 |
(51,371 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) |
鈥 |
|
听 |
18,873 |
|
听 |
14,450 |
|
听 |
33,323 |
|
Net other comprehensive income (loss) |
(174,870 |
) |
听 |
59,101 |
|
听 |
97,721 |
|
听 |
(18,048 |
) |
Balance, June 2018 |
$ |
(651,739 |
) |
听 |
$ |
(230,517 |
) |
听 |
$ |
178 |
|
听 |
$ |
(882,078 |
) |
Reclassifications out of accumulated OCI were as follows:
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| 听 |
(In thousands)
Details About Accumulated Other Comprehensive Income (Loss) Components
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Affected听Line听Item听in听the Consolidated Statements of Income |
听 |
听 |
Three Months Ended June |
| 听 |
| 听 |
听 |
听 |
听 |
听 |
听 |
听 |
| 听 |
听 |
听 |
2019 |
听 |
听 |
2018 |
| 听 |
Amortization of defined benefit pension plans: |
听 |
听 |
听 |
听 |
听 |
听 |
| 听 |
Net deferred actuarial losses |
Other income (expense), net |
听 |
听 |
$ |
(4,019 |
) |
听 |
听 |
$ |
(8,822 |
) |
| 听 |
Deferred prior service costs |
Other income (expense), net |
听 |
听 |
(13 |
) |
听 |
听 |
(669 |
) |
| 听 |
Pension curtailment losses and settlement charges |
Other income (expense), net |
听 |
听 |
鈥 |
|
听 |
听 |
(16,325 |
) |
| 听 |
Total听before听tax |
听 |
听 |
听 |
(4,032 |
) |
听 |
听 |
(25,816 |
) |
| 听 |
Tax听benefit |
听 |
听 |
听 |
885 |
|
听 |
听 |
6,943 |
|
| 听 |
Net of tax |
听 |
听 |
听 |
(3,147 |
) |
听 |
听 |
(18,873 |
) |
| 听 |
Gains (losses) on derivative financial instruments: |
听 |
听 |
听 |
听 |
听 |
听 |
| 听 |
Foreign exchange contracts |
Net sales |
听 |
听 |
(2,905 |
) |
听 |
听 |
945 |
|
| 听 |
Foreign exchange contracts |
Cost听of听goods听sold |
听 |
听 |
11,105 |
|
听 |
听 |
(11,938 |
) |
| 听 |
Foreign exchange contracts |
Selling, general and administrative expenses |
听 |
听 |
716 |
|
听 |
听 |
(2,698 |
) |
| 听 |
Foreign exchange contracts |
Other听income听(expense),听net |
听 |
听 |
2,872 |
|
听 |
听 |
(1,393 |
) |
| 听 |
Interest rate contracts |
Interest expense |
听 |
听 |
(1,293 |
) |
听 |
听 |
(1,233 |
) |
| 听 |
Total before tax |
听 |
听 |
听 |
10,495 |
|
听 |
听 |
(16,317 |
) |
| 听 |
Tax听(expense) benefit |
听 |
听 |
听 |
(2,756 |
) |
听 |
听 |
1,867 |
|
| 听 |
Net of tax |
听 |
听 |
听 |
7,739 |
|
听 |
听 |
(14,450 |
) |
| 听 |
Total reclassifications for the period, net of tax |
听 |
听 |
$ |
4,592 |
|
听 |
听 |
$ |
(33,323 |
) |
|