Reclassifications Out of Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 16 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021 are as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Commodity Hedge Derivatives		Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2022	$	(1,067	)	$	(48,269	)	$	—	$	2,847			$	(46,489	)
Other comprehensive income before reclassifications		54			13,125			—		13,086				26,265
Income tax effect of other comprehensive income before reclassifications		(15	)		314			—		(2,770	)			(2,471	)
Amounts reclassified from accumulated other comprehensive loss into net income		23			—			—		(9,603	)	a		(9,580	)
Income taxes reclassified into net income		(6	)		—			—		2,121				2,115
Net current period other comprehensive income		56			13,439			—		2,834				16,329
Balance at December 31, 2023	$	(1,011	)	$	(34,830	)	$	—	$	5,681			$	(30,160	)

(a)The amounts reclassified from Accumulated other comprehensive loss are included in Cost of sales. See Note 13 for information related to the effect of commodity and foreign currency derivative instruments on our consolidated statements of income.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Commodity Hedge Derivatives				Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	5			$	154			$	(36,922	)
Other comprehensive income (loss) before reclassifications		2,341			(13,786	)		13				4,954				(6,478	)
Income tax effect of other comprehensive income (loss) before reclassifications		(621	)		(295	)		(3	)			(1,092	)			(2,011	)
Amounts reclassified from accumulated other comprehensive loss into net income		137			—			(19	)	a		(1,458	)	a		(1,340	)
Income taxes reclassified into net income		(31	)		—			4				289				262
Net current period other comprehensive income (loss)		1,826			(14,081	)		(5	)			2,693				(9,567	)
Balance at December 31, 2022	$	(1,067	)	$	(48,269	)	$	—			$	2,847			$	(46,489	)

(a)The amounts reclassified from Accumulated other comprehensive loss are included in Cost of sales. See Note 13 for information related to the effect of commodity and foreign currency derivative instruments on our consolidated statements of income.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Commodity Hedge Derivatives				Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	—			$	1,106			$	(14,982	)
Other comprehensive income (loss) before reclassifications		512			(21,274	)		20				392				(20,350	)
Income tax effect of other comprehensive income (loss) before reclassifications		(71	)		(277	)		(4	)			(85	)			(437	)
Amounts reclassified from accumulated other comprehensive loss into net income	$	159			—			(14	)	a		(1,609	)	a		(1,464	)
Income taxes reclassified into net income	$	(42	)		—			3				350				311
Net current period other comprehensive income (loss)		558			(21,551	)		5				(952	)			(21,940	)
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	5			$	154			$	(36,922	)

(a)The amounts reclassified from Accumulated other comprehensive loss are included in Cost of sales. See Note 13 for information related to the effect of commodity and foreign currency derivative instruments on our consolidated statements of income.

The Company expects all of the existing gains and losses related to foreign currency derivatives reported in Accumulated other comprehensive loss as of December 31, 2023 to be reclassified into earnings during the next twelve months. See Note 13, "Financial Instruments," for additional information about derivative financial instruments and the effects from reclassification to net income.