Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 02, 2023

Accumulated Other Comprehensive LossThe following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the three-month periods ended April 2, 2023 and April 3, 2022:


	Foreign Currency Items		Defined Benefit Pension Items		Cash Flow Hedges		Accumulated Other Comprehensive Loss

Balance at December 31, 2022	$	(338,316)	$	(90,973)	$	(794)	$	(430,083)
Other comprehensive income/(loss) before reclassifications	31,569		(393)		2,645		33,821
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,309		(431)		878
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		300		300
Other comprehensive income	31,569		916		2,514		34,999

Balance at April 2, 2023	$	(306,747)	$	(90,057)	$	1,720	$	(395,084)

Balance at December 31, 2021	$	(269,076)	$	(91,397)	$	1,048	$	(359,425)
Other comprehensive (loss)/income before reclassifications	(185)		(971)		5,119		3,963
Amounts reclassified from accumulated other comprehensive loss to net loss	—		1,162		(2,654)		(1,492)
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		85		85
Other comprehensive (loss)/income	(185)		191		2,550		2,556

Balance at April 3, 2022	$	(269,261)	$	(91,206)	$	3,598	$	(356,869)

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three-month periods ended April 2, 2023 and April 3, 2022:


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended
Details about Accumulated Other Comprehensive Loss Components	April 2, 2023		April 3, 2022		Affected Line Item in the Condensed Consolidated Statements of Income


Gains/(losses) on cash flow hedges
Foreign exchange contracts	$	1,062	$	566	Net sales
Foreign exchange contracts	(454)		(695)		Cost of sales
Commodity contracts	(32)		3,850		Cost of sales
	576		3,721		Income before income taxes
Income tax impact	(145)		(1,067)		Provision for income taxes
	431		2,654		Net income
Defined benefit pension items

Effect of settlement loss(a)	(686)		(356)		Non-operating pension costs
Amortization of defined benefit pension items(a)	(1,071)		(1,171)		Non-operating pension costs
	(1,757)		(1,527)		Income before income taxes
Income tax impact	448		365		Provision for income taxes
	(1,309)		(1,162)		Net income
Total reclassifications for the period	$	(878)	$	1,492	Net income

(a) See Note 11 for additional details.

The following table summarizes the before and after tax amounts for the various components of other comprehensive (loss)/income for the three-month periods ended April 2, 2023 and April 3, 2022:


		Three months ended April 2, 2023						Three months ended April 3, 2022
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive income/(loss) from foreign currency items	$	31,569	$	—	$	31,569	$	(185)	$	—	$	(185)


Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(760)		367		(393)		(1,276)		305		(971)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	1,757		(448)		1,309		1,527		(365)		1,162
	Net other comprehensive income/(loss) from defined benefit pension items	997		(81)		916		251		(60)		191
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	3,536		(891)		2,645		7,179		(2,060)		5,119
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	(576)		145		(431)		(3,721)		1,067		(2,654)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	401		(101)		300		117		(32)		85
	Net other comprehensive income/(loss) from cash flow hedges	3,361		(847)		2,514		3,575		(1,025)		2,550
Other comprehensive income/ (loss)		$	35,927	$	(928)	$	34,999	$	3,641	$	(1,085)	$	2,556

(a) See Note 11 for additional details.

(b) See Note 9 for additional details.