Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in Accumulated OCI |
The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
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(In thousands) |
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September 2021 |
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March 2021 |
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September 2020 |
Foreign currency translation and other |
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$ |
(687,120) |
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$ |
(700,173) |
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$ |
(700,137) |
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Defined benefit pension plans |
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(255,635) |
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(257,747) |
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(264,304) |
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Derivative financial instruments |
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1,921Ìý |
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(51,080) |
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4,783Ìý |
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Accumulated other comprehensive income (loss) |
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$ |
(940,834) |
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$ |
(1,009,000) |
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$ |
(959,658) |
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The changes in accumulated OCI, net of related taxes, were as follows:
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Ìý |
Three Months Ended September 2021 |
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(In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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Derivative Financial Instruments |
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Total |
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Balance, June 2021 |
$ |
(663,120) |
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$ |
(257,431) |
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$ |
(45,335) |
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$ |
(965,886) |
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Other comprehensive income (loss) before reclassifications |
(24,000) |
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(327) |
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28,383Ìý |
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4,056Ìý |
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Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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2,123Ìý |
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18,873Ìý |
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20,996Ìý |
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Net other comprehensive income (loss) |
(24,000) |
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1,796Ìý |
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47,256Ìý |
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25,052Ìý |
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Balance, September 2021 |
$ |
(687,120) |
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$ |
(255,635) |
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$ |
1,921Ìý
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$ |
(940,834) |
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Ìý |
Three Months Ended September 2020 |
(In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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Derivative Financial Instruments |
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Total |
Balance, June 2020 |
$ |
(685,236) |
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$ |
(259,290) |
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$ |
46,985Ìý
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$ |
(897,541) |
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Other comprehensive income (loss) before reclassifications |
(14,901) |
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(7,629) |
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(32,534) |
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(55,064) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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2,615Ìý |
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(9,668) |
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(7,053) |
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Net other comprehensive income (loss) |
(14,901) |
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(5,014) |
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(42,202) |
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(62,117) |
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Balance, September 2020 |
$ |
(700,137) |
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$ |
(264,304) |
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$ |
4,783Ìý
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$ |
(959,658) |
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Six Months Ended September 2021 |
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(In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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Derivative Financial Instruments |
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Total |
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Balance, March 2021 |
$ |
(700,173) |
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$ |
(257,747) |
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$ |
(51,080) |
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$ |
(1,009,000) |
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Other comprehensive income (loss) before reclassifications |
13,053Ìý |
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(2,738) |
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24,012Ìý |
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34,327Ìý |
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Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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4,850Ìý |
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28,989Ìý |
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33,839Ìý |
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Net other comprehensive income (loss) |
13,053Ìý |
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2,112Ìý |
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53,001Ìý |
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68,166Ìý |
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Balance, September 2021 |
$ |
(687,120) |
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$ |
(255,635) |
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$ |
1,921Ìý
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$ |
(940,834) |
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Six Months Ended September 2020 |
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(In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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Derivative Financial Instruments |
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Total |
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Balance, March 2020 |
$ |
(737,709) |
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$ |
(262,472) |
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$ |
69,223Ìý
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$ |
(930,958) |
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Other comprehensive income (loss) before reclassifications |
(4,792) |
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(6,642) |
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(38,599) |
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(50,033) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
42,364Ìý |
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4,810Ìý |
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(25,841) |
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21,333Ìý |
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Net other comprehensive income (loss) |
37,572Ìý |
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(1,832) |
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(64,440) |
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(28,700) |
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Balance, September 2020 |
$ |
(700,137) |
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$ |
(264,304) |
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$ |
4,783Ìý
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$ |
(959,658) |
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Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCI were as follows:
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(In thousands) |
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Three Months Ended September |
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Six Months Ended September |
Details About Accumulated Other Comprehensive Income (Loss) Components |
AffectedÌýLineÌýItemÌýinÌýthe Consolidated Statements of Operations |
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2021 |
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2020 |
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2021 |
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2020 |
Losses on foreign currency translation and other: |
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Liquidation of foreign entities |
Other income (expense), net |
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$ |
—Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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$ |
(42,364) |
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Total before tax |
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—Ìý |
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—Ìý |
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—Ìý |
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(42,364) |
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Tax (expense) benefit |
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—Ìý |
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—Ìý |
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—Ìý |
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—Ìý |
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Net of tax |
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—Ìý |
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—Ìý |
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—Ìý |
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(42,364) |
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Amortization of defined benefit pension plans: |
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Net deferred actuarial losses |
Other income (expense), net |
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(2,871) |
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(2,898) |
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(5,711) |
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(5,761) |
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Deferred prior service credits |
Other income (expense), net |
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117Ìý |
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17Ìý |
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235Ìý |
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34Ìý |
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Pension settlement charges |
Other income (expense), net |
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(76) |
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(572) |
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(1,024) |
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(572) |
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TotalÌýbeforeÌýtax |
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(2,830) |
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(3,453) |
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(6,500) |
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(6,299) |
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TaxÌýbenefit |
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707Ìý |
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838Ìý |
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1,650Ìý |
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1,489Ìý |
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Net of tax |
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(2,123) |
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(2,615) |
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(4,850) |
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(4,810) |
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Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(4,963) |
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2,135Ìý |
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(6,761) |
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2,306Ìý |
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Foreign exchange contracts |
CostÌýofÌýgoodsÌýsold |
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(16,501) |
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8,443Ìý |
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(22,670) |
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25,148Ìý |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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(189) |
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741Ìý |
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(1,106) |
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2,348Ìý |
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Foreign exchange contracts |
OtherÌýincomeÌý(expense),Ìýnet |
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(1,360) |
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33Ìý |
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(3,062) |
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1,803Ìý |
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Interest rate contracts |
Interest expense |
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27Ìý |
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27Ìý |
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54Ìý |
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54Ìý |
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Total before tax |
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(22,986) |
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11,379Ìý |
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(33,545) |
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31,659Ìý |
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TaxÌý(expense) benefit |
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4,113Ìý |
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(1,711) |
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4,556Ìý |
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(5,818) |
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Net of tax |
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(18,873) |
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9,668Ìý |
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(28,989) |
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25,841Ìý |
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Total reclassifications for the period, net of tax |
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$ |
(20,996) |
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$ |
7,053Ìý |
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$ |
(33,839) |
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$ |
(21,333) |
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