Accumulated Other Comprehensive Loss

6 Months Ended

Jul. 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- and six-month periods ended July 2, 2023 and July 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	53,557		(3,049)		5,369		55,877
Amounts reclassified from accumulated other comprehensive loss to net income	—		2,202		(1,736)		466
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		309		309
Other comprehensive income/(loss)	53,557		(847)		3,942		56,652

Balance at July 2, 2023	$	(284,759)	$	(91,820)	$	3,148	$	(373,431)

Balance at December 31, 2021	$	(269,076)	$	(91,397)	$	1,048	$	(359,425)
Other comprehensive (loss)/income before reclassifications	(73,722)		(3,893)		3,047		(74,568)
Amounts reclassified from accumulated other comprehensive loss to net income	3,747		2,156		(2,199)		3,704
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(388)		(388)
Other comprehensive (loss)/income	(69,975)		(1,737)		460		(71,252)

Balance at July 3, 2022	$	(339,051)	$	(93,134)	$	1,508	$	(430,677)

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


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended				Six Months Ended
Details about Accumulated Other Comprehensive Loss Components	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022		Affected Line Item in the Condensed Consolidated Statements of Income
Foreign currency items
Loss on Russia exit(a)	$	—	$	(3,747)	$	—	$	(3,747)	Restructuring/Asset impairment charges
Gains/(losses) on cash flow hedges
Foreign exchange contracts(b)	2,515		843		3,577		1,866		Net sales
Foreign exchange contracts(b)	(918)		(1,011)		(1,372)		(1,706)		Cost of sales
Commodity contracts(b)	—		1,979		(32)		2,937		Cost of sales
	1,597		1,811		2,173		3,097		Income before income taxes
Income tax impact	(292)		(529)		(437)		(898)		Provision for income taxes
	1,305		1,282		1,736		2,199		Net income
Defined benefit pension items

Effect of settlement loss(c)	(63)		(74)		(749)		(430)		Non-operating pension costs
Amortization of defined benefit pension items(c)	(1,132)		(1,255)		(2,203)		(2,426)		Non-operating pension costs
	(1,195)		(1,329)		(2,952)		(2,856)		Income before income taxes
Income tax impact	302		335		750		700		Provision for income taxes
	(893)		(994)		(2,202)		(2,156)		Net income
Total reclassifications for the period	$	412	$	(3,459)	$	(466)	$	(3,704)	Net income

(a) See Note 5 for additional details.

(b) See Note 9 for additional details.

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


		Three Months Ended July 2, 2023						Three Months Ended July 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	$	21,988	$	—	$	21,988	$	(73,537)	$	—	$	(73,537)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	—		—		—		3,747		—		3,747
	Net other comprehensive loss/(income) from foreign currency items	21,988		—		21,988		(69,790)		—		(69,790)
Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(3,689)		1,033		(2,656)		(3,907)		985		(2,922)
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	1,195		(302)		893		1,329		(335)		994
	Net other comprehensive (loss)/income from defined benefit pension items	(2,494)		731		(1,763)		(2,578)		650		(1,928)
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	3,344		(611)		2,733		(474)		139		(335)
	Amounts reclassified from accumulated other comprehensive loss to net income(c)	(1,597)		292		(1,305)		(1,811)		529		(1,282)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		—		(668)		195		(473)
	Net other comprehensive income/(loss) from cash flow hedges	1,747		(319)		1,428		(2,953)		863		(2,090)
Other comprehensive income/ (loss)		$	21,241	$	412	$	21,653	$	(75,321)	$	1,513	$	(73,808)

(a) See Note 5 for additional details.

(b) See Note 11 for additional details.

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


		Six Months Ended July 2, 2023						Six Months Ended July 3, 2022
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Other comprehensive income/(loss) before reclassifications	$	53,557	$	—	$	53,557	$	(73,722)	$	—	$	(73,722)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	—		—		—		3,747		—		3,747
	Net other comprehensive income/(loss) from foreign currency items	53,557		—		53,557		(69,975)		—		(69,975)
Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(4,449)		1,400		(3,049)		(5,183)		1,290		(3,893)
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	2,952		(750)		2,202		2,856		(700)		2,156
	Net other comprehensive (loss)/income from defined benefit pension items	(1,497)		650		(847)		(2,327)		590		(1,737)
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	6,880		(1,502)		5,378		4,271		(1,224)		3,047
	Amounts reclassified from accumulated other comprehensive loss to net income(c)	(2,173)		437		(1,736)		(3,097)		898		(2,199)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	401		(101)		300		(552)		164		(388)
	Net other comprehensive income/(loss) from cash flow hedges	5,108		(1,166)		3,942		622		(162)		460
Other comprehensive income/(loss)		$	57,168	$	(516)	$	56,652	$	(71,680)	$	428	$	(71,252)

(a) See Note 5 for additional details.

(b) See Note 11 for additional details.