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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and OPEB liabilities, and other comprehensive income attributable to unconsolidated affiliates.

The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI):

						For the Six Months Ended June 29, 2024
(In thousands)						Cumulative Translation Adjustment						Unrealized Gain (Loss) on Derivatives						Pension/OPEB Liability Adjustment						Attributable to Unconsol. Affiliates						Total
Balance as of December 30, 2023						$	(48,076)					$	213					$	(2,630)					$	3,272					$	(47,221)
Other comprehensive (loss) income before reclassifications						(10,882)						1,151						37						(1,583)						(11,277)
Amounts reclassified from AOCI						—						(1,570)						(94)						—						(1,664)
Net current-period other comprehensive loss						(10,882)						(419)						(57)						(1,583)						(12,941)
Balance as of June 29, 2024						$	(58,958)					$	(206)					$	(2,687)					$	1,689					$	(60,162)

						For the Six Months Ended July 1, 2023
(In thousands)						Cumulative Translation Adjustment						Unrealized Gain (Loss) on Derivatives						Pension/OPEB Liability Adjustment						Attributable to Unconsol. Affiliates						Total
Balance as of December 31, 2022						$	(69,238)					$	1,486					$	1,222					$	2,355					$	(64,175)
Other comprehensive income before reclassifications						18,012						1,006						148						1,638						20,804
Amounts reclassified from AOCI						—						(2,731)						(147)						—						(2,878)
Net current-period other comprehensive income (loss)						18,012						(1,725)						1						1,638						17,926
Balance as of July 1, 2023						$	(51,226)					$	(239)					$	1,223					$	3,993					$	(46,249)

Reclassification adjustments out of AOCI were as follows:

						Amount reclassified from AOCI
						For the Quarter Ended												For the Six Months Ended
(In thousands)						June 29, 2024						July 1, 2023						June 29, 2024						July 1, 2023						Affected line item
Unrealized gains on derivative commodity contracts						$	(1,531)					$	(960)					$	(2,014)					$	(3,511)					Cost of goods sold
						334						218						444						780						Income tax expense
						$	(1,197)					$	(742)					$	(1,570)					$	(2,731)					Net of tax and noncontrolling interests
Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans						$	(67)					$	(99)					$	(132)					$	(197)					Other (expense) income, net
						19						25						38						50						Income tax expense
						$	(48)					$	(74)					$	(94)					$	(147)					Net of tax and noncontrolling interests

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/220/tableOfContent

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X

- References

No definition available.

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