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Accumulated Other Comprehensive Loss | 9 Months Ended
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Oct. 01, 2023
Equity [Abstract] |
Accumulated Other Comprehensive Loss | 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 nine-month periods ended October 1, 2023 and October 2, 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 |  | 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) |
Balance at December 31, 2021 |  | $ | (269,076) |  |  | $ | (91,397) |  |  | $ | 1,048 |  |  | $ | (359,425) |
Other comprehensive (loss)/income before reclassifications |  | (155,179) |  |  | (3,948) |  |  | 4,136 |  |  | (154,991) |
Amounts reclassified from accumulated other comprehensive loss to net income |  | 3,747 |  |  | 3,072 |  |  | (4,286) |  |  | 2,533 |
Amounts reclassified from accumulated other comprehensive loss to property, plant, and equipment |  | — |  |  | — |  |  | (642) |  |  | (642) |
Other comprehensive loss |  | (151,432) |  |  | (876) |  |  | (792) |  |  | (153,100) |
Balance at October 2, 2022 |  | $ | (420,508) |  |  | $ | (92,273) |  |  | $ | 256 |  |  | $ | (512,525) |
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 October 1, 2023 and October 2, 2022:
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  |
|  | Three Months Ended | Nine Months Ended |  |
Details about Accumulated Other Comprehensive Loss Components |  | October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 |  | Affected Line Item in the Condensed Consolidated Statements of Income
Foreign currency items |  |  |  |  |  |  |
Loss on Russia exit(a) |  | $ | — |  | $ | — |  | $ | — |  | $ | (3,747) |  |  | Restructuring/Asset impairment charges
Loss on RTS Packaging investment(b) |  | (2,033) |  | — |  | (2,033) |  | — |  |  | Other income, net
|  | (2,033) |  | — |  | (2,033) |  | (3,747) |  |  |
Gains/(losses) on cash flow hedges |  |  |  |  |
Foreign exchange contracts(c) |  | 3,195 |  | 559 |  | 6,772 |  | 2,425 |  |  | Net sales
Foreign exchange contracts(c) |  | (1,180) |  | (433) |  | (2,552) |  | (2,139) |  |  | Cost of sales
Commodity contracts(c) |  | — |  | 2,434 |  | (32) |  | 5,371 |  |  | Cost of sales
|  | 2,015 |  | 2,560 |  | 4,188 |  | 5,657 |  |  | Income before income taxes
Income tax impact |  | (558) |  | (473) |  | (995) |  | (1,371) |  |  | Provision for income taxes
|  | 1,457 |  | 2,087 |  | 3,193 |  | 4,286 |  |  | Net income
Defined benefit pension items |  |  |  |  |  |  |
Pension-related loss upon purchase of remaining interest in RTS Packaging joint venture(b) |  | (4,756) |  | — |  | (4,756) |  | — |  |  | Other income, net
Effect of settlement loss(d) |  | (16) |  | — |  | (765) |  | (430) |  |  | Non-operating pension costs
Amortization of defined benefit pension items(d) |  | (1,103) |  | (1,229) |  | (3,306) |  | (3,655) |  |  | Non-operating pension costs
|  | (5,875) |  | (1,229) |  | (8,827) |  | (4,085) |  |  | Income before income taxes
Income tax impact |  | 1,478 |  | 313 |  | 2,228 |  | 1,013 |  |  | Provision for income taxes
|  | (4,397) |  | (916) |  | (6,599) |  | (3,072) |  |  | Net income
Total reclassifications for the period |  | $ | (4,973) |  | $ | 1,171 |  | $ | (5,439) |  | $ | (2,533) |  |  | Net income
(a) See Note 5 for additional details. (b) See Note 3 for additional details. (c) See Note 10 for additional details. (d) 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 three-month periods ended October 1, 2023 and October 2, 2022:
|  |  | Three Months Ended October 1, 2023 |  | Three Months Ended October 2, 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 loss from foreign currency items |  | $ | (50,389) |  | $ | — |  | $ | (50,389) |  |  | $ | (81,457) |  | $ | — |  | $ | (81,457) |
| Amounts reclassified from accumulated other comprehensive loss to net income(a) |  | 2,033 |  | — |  | 2,033 |  |  | — |  | — |  | — |
| Net other comprehensive loss from foreign currency items |  | (48,356) |  | — |  | (48,356) |  |  | (81,457) |  | — |  | (81,457) |
Defined benefit pension items: |  |  |  |  |  |  |  |
| Other comprehensive (loss)/income before reclassifications |  | (1,137) |  | 141 |  | (996) |  |  | (74) |  | 19 |  | (55) |
| Amounts reclassified from accumulated other comprehensive loss to net income(a)(b) |  | 5,875 |  | (1,478) |  | 4,397 |  |  | 1,229 |  | (313) |  | 916 |
| Net other comprehensive income/(loss) from defined benefit pension items |  | 4,738 |  | (1,337) |  | 3,401 |  |  | 1,155 |  | (294) |  | 861 |
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |
| Other comprehensive (loss)/income before reclassifications |  | (369) |  | 102 |  | (267) |  |  | 1,336 |  | (247) |  | 1,089 |
| Amounts reclassified from accumulated other comprehensive loss to net income(c) |  | (2,015) |  | 558 |  | (1,457) |  |  | (2,560) |  | 473 |  | (2,087) |
| Amounts reclassified from accumulated other comprehensive loss to property, plant and equipment |  | — |  | — |  | — |  |  | (312) |  | 58 |  | (254) |
| Net other comprehensive (loss)/income from cash flow hedges |  | (2,384) |  | 660 |  | (1,724) |  |  | (1,536) |  | 284 |  | (1,252) |
Other comprehensive loss |  | $ | (46,002) |  | $ | (677) |  | $ | (46,679) |  |  | $ | (81,838) |  | $ | (10) |  | $ | (81,848) |
(a) See Note 3 for more information on the acquisition of the remaining 65% interest in the RTS Packaging joint venture. (b) See Note 12 for additional details. (c) See Note 10 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 October 1, 2023 and October 2, 2022:
|  |  | Nine Months Ended October 1, 2023 |  | Nine Months Ended October 2, 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 |  | $ | 3,168 |  | $ | — |  | $ | 3,168 |  |  | $ | (155,179) |  | $ | — |  | $ | (155,179) |
| Amounts reclassified from accumulated other comprehensive loss to net income(a)(b) |  | 2,033 |  | — |  | 2,033 |  |  | 3,747 |  | — |  | 3,747 |
| Net other comprehensive income/(loss) from foreign currency items |  | 5,201 |  | — |  | 5,201 |  |  | (151,432) |  | — |  | (151,432) |
Defined benefit pension items: |  |  |  |  |  |  |  |
| Other comprehensive (loss)/income before reclassifications |  | (5,586) |  | 1,541 |  | (4,045) |  |  | (5,257) |  | 1,309 |  | (3,948) |
| Amounts reclassified from accumulated other comprehensive loss to net income(a)(c) |  | 8,827 |  | (2,228) |  | 6,599 |  |  | 4,085 |  | (1,013) |  | 3,072 |
| Net other comprehensive income/(loss) from defined benefit pension items |  | 3,241 |  | (687) |  | 2,554 |  |  | (1,172) |  | 296 |  | (876) |
Gains and losses on cash flow hedges: |  |  |  |  |  |  |  |
| Other comprehensive income/(loss) before reclassifications |  | 6,511 |  | (1,400) |  | 5,111 |  |  | 5,607 |  | (1,471) |  | 4,136 |
| Amounts reclassified from accumulated other comprehensive loss to net income(d) |  | (4,188) |  | 995 |  | (3,193) |  |  | (5,657) |  | 1,371 |  | (4,286) |
| Amounts reclassified from accumulated other comprehensive loss to property, plant and equipment |  | 401 |  | (101) |  | 300 |  |  | (864) |  | 222 |  | (642) |
| Net other comprehensive income/(loss) from cash flow hedges |  | 2,724 |  | (506) |  | 2,218 |  |  | (914) |  | 122 |  | (792) |
Other comprehensive income/(loss) |  | $ | 11,166 |  | $ | (1,193) |  | $ | 9,973 |  |  | $ | (153,518) |  | $ | 418 |  | $ | (153,100) |
(a) See Note 3 for more information on the 2023 acquisition of the remaining 65% interest in the RTS Packaging joint venture. (b) See Note 5 for more information on the 2022 loss on the exit from Russia. (c) See Note 12 for additional details. (d) See Note 10 for additional details.

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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//1943274/2147483586/944-220-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//1943274/2147483589/942-220-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 + Details
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