Components of Accumulated Other Comprehensive Income (Loss) |
The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2024 and April 1, 2023 (in thousands):
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Three-Month (13-Week) Period Ended |
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March 30, 2024 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive income (loss) at December 31, 2023 |
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$ |
(13,900 |
) |
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$ |
(159,175 |
) |
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$ |
11,003 |
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$ |
(162,072 |
) |
Other comprehensive income (loss) before reclassifications |
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(5,241 |
) |
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(15,468 |
) |
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- |
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(20,709 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) |
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5,341 |
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- |
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- |
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5,341 |
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Net current-period other comprehensive income (loss) |
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100 |
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(15,468 |
) |
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- |
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(15,368 |
) |
Accumulated other comprehensive income (loss) at March 30, 2024 |
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$ |
(13,800 |
) |
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$ |
(174,643 |
) |
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$ |
11,003 |
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$ |
(177,440 |
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Three-Month (13-Week) Period Ended |
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April 1, 2023 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive income (loss) at December 31, 2022 |
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$ |
26,100 |
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$ |
(180,216 |
) |
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$ |
16,599 |
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$ |
(137,517 |
) |
Other comprehensive income (loss) before reclassifications |
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(24,575 |
) |
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(3,441 |
) |
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- |
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(28,016 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) |
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175 |
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- |
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- |
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175 |
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Net current-period other comprehensive income (loss) |
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(24,400 |
) |
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(3,441 |
) |
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- |
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(27,841 |
) |
Accumulated other comprehensive income (loss) at April 1, 2023 |
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$ |
1,700 |
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$ |
(183,657 |
) |
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$ |
16,599 |
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$ |
(165,358 |
) |
(1)Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
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