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Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Reclassification Adjustments and Other Activities Impacting Accumulated Other Comprehensive Income (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.