Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 30, 2024

Accumulated Other Comprehensive Income (Loss)

AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and OPEB liabilities, and other comprehensive income attributable to unconsolidated affiliates.

The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI):


	For the Quarter Ended March 30, 2024
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total

Balance as of December 30, 2023	$	(48,076)	$	213	$	(2,630)	$	3,272	$	(47,221)

Other comprehensive (loss) income before reclassifications	(3,534)		700		82		(1,362)		(4,114)
Amounts reclassified from AOCI	—		(373)		(46)		—		(419)

Net current-period other comprehensive (loss) income	(3,534)		327		36		(1,362)		(4,533)


Balance as of March 30, 2024	$	(51,610)	$	540	$	(2,594)	$	1,910	$	(51,754)


	For the Quarter Ended April 1, 2023
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total

Balance as of December 31, 2022	$	(69,238)	$	1,486	$	1,222	$	2,355	$	(64,175)

Other comprehensive income before reclassifications	9,993		2,943		65		1,285		14,286
Amounts reclassified from AOCI	—		(1,989)		(73)		—		(2,062)

Net current-period other comprehensive income (loss)	9,993		954		(8)		1,285		12,224


Balance as of April 1, 2023	$	(59,245)	$	2,440	$	1,214	$	3,640	$	(51,951)

Reclassification adjustments out of AOCI were as follows:


		Amount reclassified from AOCI
	For the Quarter Ended
(In thousands)			March 30, 2024		April 1, 2023		Affected line item

Unrealized gains on derivative commodity contracts			$	(393)	$	(2,551)	Cost of goods sold

			20		562		Income tax expense

			$	(373)	$	(1,989)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans			$	(65)	$	(98)	Other income, net
			19		25		Income tax expense

			$	(46)	$	(73)	Net of tax and noncontrolling interests