Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 29, 2024

Schedule of Components of Accumulated Other Comprehensive Loss

The 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 nine-month periods ended September 29, 2024 and October 1, 2023:


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

Balance at December 31, 2023	$	(267,578)	$	(99,627)	$	943	$	(366,262)
Other comprehensive (loss) before reclassifications	(20,387)		(253)		(1,499)		(22,139)
Amounts reclassified from accumulated other comprehensive loss to net income	2,913		3,411		67		6,391

Other comprehensive (loss)/income	(17,474)		3,158		(1,432)		(15,748)

Balance at September 29, 2024	$	(285,052)	$	(96,469)	$	(489)	$	(382,010)

Balance at December 31, 2022	$	(338,316)	$	(90,973)	$	(794)	$	(430,083)
Other comprehensive income/(loss) before reclassifications	3,168		(4,045)		5,111		4,234
Amounts reclassified from accumulated other comprehensive loss to net income	2,033		6,599		(3,193)		5,439
Amounts reclassified from accumulated other comprehensive loss to property, plant, and equipment	—		—		300		300
Other comprehensive income	5,201		2,554		2,218		9,973

Balance at October 1, 2023	$	(333,115)	$	(88,419)	$	1,424	$	(420,110)

Schedule of Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss

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 nine-month periods ended September 29, 2024 and October 1, 2023:


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended				Nine Months Ended
Details about Accumulated Other Comprehensive Loss Components	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023		Affected Line Item in the Condensed Consolidated Statements of Income
Foreign currency items
Loss on RTS Packaging investment(a)	$	—	$	(2,033)	$	—	$	(2,033)	Other income, net
Currency translation adjustment loss on Protexic sale(a)	—		—		(2,913)		—		(Loss)/Gain on divestiture of business and other assets
	—		(2,033)		(2,913)		(2,033)		Net income
Gains/(losses) on cash flow hedges
Foreign exchange contracts(b)	(513)		3,195		153		6,772		Net sales
Foreign exchange contracts(b)	(86)		(1,180)		(225)		(2,552)		Cost of sales
Commodity contracts(b)	(21)		—		(21)		(32)		Cost of sales
	(620)		2,015		(93)		4,188		Income before income taxes
Income tax impact	185		(558)		26		(995)		Provision for income taxes
	(435)		1,457		(67)		3,193		Net income
Defined benefit pension items
Pension-related loss upon purchase of remaining ownership interest in RTS Packaging joint venture(a)	—		(4,756)		—		(4,756)		Other income, net

Effect of settlement loss(c)	(18)		(16)		(529)		(765)		Non-operating pension costs
Amortization of defined benefit pension items(c)	(1,198)		(1,103)		(3,627)		(3,306)		Non-operating pension costs
	(1,216)		(5,875)		(4,156)		(8,827)		Income before income taxes
Income tax impact	108		1,478		745		2,228		Provision for income taxes
	(1,108)		(4,397)		(3,411)		(6,599)		Net income
Total reclassifications for the period	$	(1,543)	$	(4,973)	$	(6,391)	$	(5,439)	Net income

(a) See Note 3 for additional details.

(b) See Note 10 for additional details.

Schedule of Before and After Tax Amounts for Comprehensive Income (Loss) Components

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 September 29, 2024 and October 1, 2023:


		Three Months Ended September 29, 2024						Three Months Ended October 1, 2023
		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	$	30,458	$	4,753	$	35,211	$	(50,389)	$	—	$	(50,389)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	—		—		—		2,033		—		2,033
	Net other comprehensive income/(loss) from foreign currency items	30,458		4,753		35,211		(48,356)		—		(48,356)
Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(82)		10		(72)		(1,137)		141		(996)
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	1,216		(108)		1,108		5,875		(1,478)		4,397
	Net other comprehensive income/(loss) from defined benefit pension items	1,134		(98)		1,036		4,738		(1,337)		3,401
Gains and losses on cash flow hedges:
	Other comprehensive (loss)/income before reclassifications(c)	(465)		90		(375)		(369)		102		(267)
	Amounts reclassified from accumulated other comprehensive loss to net income(c)	620		(185)		435		(2,015)		558		(1,457)

	Net other comprehensive income/(loss) from cash flow hedges	155		(95)		60		(2,384)		660		(1,724)
Other comprehensive income/(loss)		$	31,747	$	4,560	$	36,307	$	(46,002)	$	(677)	$	(46,679)

(a) See Note 3 for additional details.

(b) See Note 12 for additional details.

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the nine-month periods ended September 29, 2024 and October 1, 2023:


		Nine Months Ended September 29, 2024						Nine Months Ended October 1, 2023
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive (loss)/income from foreign currency items	$	(21,610)	$	1,223	$	(20,387)	$	3,168	$	—	$	3,168
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	2,913		—		2,913		2,033		—		2,033
	Net other comprehensive (loss)/income from foreign currency items	(18,697)		1,223		(17,474)		5,201		—		5,201
Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(287)		34		(253)		(5,586)		1,541		(4,045)
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	4,156		(745)		3,411		8,827		(2,228)		6,599
	Net other comprehensive income/(loss) from defined benefit pension items	3,869		(711)		3,158		3,241		(687)		2,554
Gains and losses on cash flow hedges:
	Other comprehensive (loss)/income before reclassifications(c)	(2,073)		574		(1,499)		6,511		(1,400)		5,111
	Amounts reclassified from accumulated other comprehensive loss to net income(c)	93		(26)		67		(4,188)		995		(3,193)
	Amounts reclassified from accumulated other comprehensive loss to property, plant and equipment(c)	—		—		—		401		(101)		300
	Net other comprehensive (loss)/income from cash flow hedges	(1,980)		548		(1,432)		2,724		(506)		2,218
Other comprehensive (loss)/income		$	(16,808)	$	1,060	$	(15,748)	$	11,166	$	(1,193)	$	9,973

(a) See Note 3 for additional details.

(b) See Note 12 for additional details.