Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Assets and liabilities measured on recurring basis

The following tables set forth information regarding the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis:


Description	December 31, 2021		Assets measured at NAV (g)		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	1,491	$	—	$	—	$	1,491	$	—
Foreign exchange contracts	(121)		—		—		(121)		—
Non-hedge derivatives, net:
Commodity contracts	683						683
Foreign exchange contracts	(41)		—		—		(41)		—
Interest rate lock contract	(550)				—		(550)		—

Postretirement benefit plan assets:
Common Collective(a)	$	8,882	$	8,882	$	—	$	—	$	—
Mutual funds(b)	118,559		—		—		118,559		—
Fixed income securities(c)	292,883		41,120		—		251,763		—

Short-term investments(d)	1,211		—		—		1,211		—

Real estate funds(f)	592		592		—		—		—
Cash and accrued income	8,920		—		8,920		—		—

Total postretirement benefit plan assets	$	431,047	$	50,594	$	8,920	$	371,533	$	—
Description	December 31, 2020		Assets measured at NAV (g)		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	(647)	$	—	$	—	$	(647)	$	—
Foreign exchange contracts	602		—		—		602		—
Non-hedge derivatives, net:
Commodity contracts	484						484
Foreign exchange contracts	115		—		—		115		—



Postretirement benefit plan assets:
Common Collective(a)	$	7,750	$	7,750	$	—	$	—	$	—
Mutual funds(b)	152,756		—		—		152,756		—
Fixed income securities(c)	1,533,149		1,297,826		17		235,306		—

Short-term investments(d)	1,223		—		—		1,223		—
Hedge fund of funds(e)	67		67		—		—		—
Real estate funds(f)	552		552		—		—		—
Cash and accrued income	117,638		—		117,638		—		—

Total postretirement benefit plan assets	$	1,813,135	$	1,306,195	$	117,655	$	389,285	$	—

a.Common collective trust investments consist of domestic and international large and mid capitalization equities, including emerging markets and funds invested in both short-term and long-term bonds. Underlying investments are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers.

b.Mutual fund investments are comprised of equity securities of corporations with large capitalizations and also include funds invested in corporate equities in international and emerging markets and funds invested in long-term bonds, which are valued at closing prices from national exchanges.

c.Fixed income securities include funds that invest primarily in government securities and long-term bonds. Underlying investments are generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts. Fixed income commingled funds are valued at unit values provided by the investment managers.

d.Short-term investments include several money market funds used for managing overall liquidity. Underlying investments are generally valued at closing prices from national exchanges. Commingled funds are valued at unit values provided by the investment managers.

e.The hedge fund of funds category includes investments in funds representing a variety of strategies intended to diversify risks and reduce volatility. It includes event-driven credit and equity investments targeted at economic policy decisions, long and short positions in U.S. and international equities, arbitrage investments and emerging market equity investments. Investments are valued at unit values or net asset values provided by the investment managers.

f.This category includes investments in real estate funds (including office, industrial, residential and retail). Underlying real estate securities are generally valued at closing prices from national exchanges.

g.Certain assets that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.