Accumulated other comprehensive loss

12 Months Ended

Dec. 31, 2022

Accumulated other comprehensive lossThe following table summarizes the components of accumulated other comprehensive loss and the changes in accumulated other comprehensive loss, net of tax as applicable, for the years ended December 31, 2022 and 2021:


	Foreign Currency Items		Defined Benefit Pension Items		Gains and Losses on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	(194,024)	$	(562,747)	$	(71)	$	(756,842)
Other comprehensive (loss)/income before reclassifications	(75,052)		49,145		7,589		(18,318)
Amounts reclassified from accumulated other comprehensive loss to net loss	—		422,205		(6,258)		415,947
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(212)		(212)
Other comprehensive income/(loss)	(75,052)		471,350		1,119		397,417

Balance at December 31, 2021	$	(269,076)	$	(91,397)	$	1,048	$	(359,425)
Other comprehensive (loss)/income before reclassifications	(72,987)		(3,471)		3,244		(73,214)
Amounts reclassified from accumulated other comprehensive loss to net income	3,747		3,895		(5,593)		2,049
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		507		507
Other comprehensive (loss)/income	(69,240)		424		(1,842)		(70,658)

Balance at December 31, 2022	$	(338,316)	$	(90,973)	$	(794)	$	(430,083)

The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the affected line items in the consolidated statements of net income for the years ended December 31, 2022 and 2021:


Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2022		Year Ended December 31, 2021		Affected Line Item in the Consolidated Statements of Net Income
Foreign currency items
Loss on Russia restructuring (see Note 4)	$	(3,747)	$	—	Restructuring/Asset impairment charges
	(3,747)		—		Net income/(loss)

Defined benefit pension items (see Note 13)
Effect of settlement loss	(479)		(550,706)		Non-operating pension cost
Effect of curtailment loss	(43)		—		Non-operating pension cost
Amortization of defined benefit pension items	(6,472)		(16,659)		Non-operating pension cost
	(6,994)		(567,365)		Income/(loss) before income taxes
	3,099		145,160		Provision for/(Benefit from) income taxes
	(3,895)		(422,205)		Net income/ (loss)

Gains and losses on cash flow hedges (see Note 10)
Foreign exchange contracts	3,460		3,212		Net Sales
Foreign exchange contracts	(2,852)		(2,544)		Cost of sales
Commodity contracts	6,948		7,794		Cost of sales
	7,556		8,462		Income/(loss) before income taxes
	(1,963)		(2,204)		Provision for/(Benefit from) income taxes
	5,593		6,258		Net income/ (loss)
Amounts reclassified to net income/(loss) from accumulated other comprehensive loss	$	(2,049)	$	(415,947)	Net income/ (loss)

The following table summarizes the tax (expense) benefit amounts for the other comprehensive loss components for the years ended December 31, 2022 and 2021:


	For the year ended December 31, 2022						For the year ended December 31, 2021
	Before Tax Amount		Tax		After Tax Amount		Before Tax Amount		Tax		After Tax Amount
Foreign currency items:
Other comprehensive loss before reclassifications	$	(72,987)	$	—	$	(72,987)	$	(75,052)	$	—	$	(75,052)
Amounts reclassified from accumulated other comprehensive loss to net income/(loss)	3,747		—		3,747		—		—		—
Net other comprehensive loss from foreign currency items	(69,240)		—		(69,240)		(75,052)		—		(75,052)
Defined benefit pension items:
Other comprehensive (loss)/ income before reclassifications	(3,365)		(106)		(3,471)		63,559		(14,414)		49,145
Amounts reclassified from accumulated other comprehensive loss to net income/(loss)(a)	6,994		(3,099)		3,895		567,365		(145,160)		422,205
Net other comprehensive income/(loss) from defined benefit pension items(b)	3,629		(3,205)		424		630,924		(159,574)		471,350
Cash flow hedges:
Other comprehensive income/(loss) before reclassifications	4,312		(1,068)		3,244		10,249		(2,660)		7,589
Amounts reclassified from accumulated other comprehensive loss to net income/(loss)	(7,556)		1,963		(5,593)		(8,462)		2,204		(6,258)
Amounts reclassified from accumulated other comprehensive loss to fixed assets	805		(298)		507		(289)		77		(212)
Net other comprehensive (loss)/income from cash flow hedges	(2,439)		597		(1,842)		1,498		(379)		1,119
Other comprehensive (loss)/income	$	(68,050)	$	(2,608)	$	(70,658)	$	557,370	$	(159,953)	$	397,417

(a) See Note 13 for more information.

(b) The net other comprehensive income/(loss) from defined benefit pension items includes pretax changes of $1,391 and $(32) during the years ended December 31, 2022 and 2021, related to one of the Company’s equity method investments.