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Fair value measurements | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements | Fair value measurements Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:
Level 1 – | Observable inputs such as quoted market prices in active markets;
Level 2 – | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3 – | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
Assets that are calculated at net asset value (“NAV”) per share are not required to be categorized within the fair value hierarchy. 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, 2023 |  | Assets measured at NAV (f) |  | Level 1 |  | Level 2 |  | Level 3
Hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts | $ | (41) |  |  | $ | — |  |  | $ | — |  |  | $ | (41) |  |  | $ | — |
Foreign exchange contracts | 1,502 |  |  | — |  |  | — |  |  | 1,502 |  |  | — |
Net investment hedge | (5,073) |  |  | — |  |  | — |  |  | (5,073) |  |  | — |
Non-hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts | (6770) |  |  | — |  |  | — |  |  | (6770) |  |  | — |
Foreign exchange contracts | (29) |  |  | — |  |  | — |  |  | (29) |  |  | — |
Postretirement benefit plan assets: |  |  |  |  |  |  |  |  |
Common Collective(a) | 12,958 |  |  | 12,958 |  |  | — |  |  | — |  |  | — |
Mutual funds(b) | 45,931 |  |  | — |  |  | — |  |  | 45,931 |  |  | — |
Fixed income securities(c) | 242,702 |  |  | 63,849 |  |  | — |  |  | 178,853 |  |  | — |
Short-term investments(d) | 4,175 |  |  | — |  |  | — |  |  | 4,175 |  |  | — |
Real estate funds(e) | 400 |  |  | 400 |  |  | — |  |  | — |  |  | — |
Cash and accrued income | 2,634 |  |  | — |  |  | 2,634 |  |  | — |  |  | — |
Total postretirement benefit plan assets | $ | 308,800 |  |  | $ | 77,207 |  |  | $ | 2,634 |  |  | $ | 228,959 |  |  | $ | — |
Description | December 31, 2022 |  | Assets measured at NAV (f) |  | Level 1 |  | Level 2 |  | Level 3
Hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts | $ | (172) |  |  | $ | — |  |  | $ | — |  |  | $ | (172) |  |  | $ | — |
Foreign exchange contracts | (863) |  |  | — |  |  | — |  |  | (863) |  |  | — |
Non-hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts | (8,638) |  |  | — |  |  | — |  |  | (8,638) |  |  | — |
Foreign exchange contracts | (54) |  |  | — |  |  | — |  |  | (54) |  |  | — |
Postretirement benefit plan assets: |  |  |  |  |  |  |  |  |
Common Collective(a) | 6,497 |  |  | 6,497 |  |  | — |  |  | — |  |  | — |
Mutual funds(b) | 50,467 |  |  | — |  |  | — |  |  | 50,467 |  |  | — |
Fixed income securities(c) | 198,628 |  |  | 32,927 |  |  | — |  |  | 165,701 |  |  | — |
Short-term investments(d) | 1,099 |  |  | — |  |  | — |  |  | 1,099 |  |  | — |
Real estate funds(e) | 680 |  |  | 680 |  |  | — |  |  | — |  |  | — |
Cash and accrued income | 8,504 |  |  | — |  |  | 8,504 |  |  | — |  |  | — |
Total postretirement benefit plan assets | $ | 265,875 |  |  | $ | 40,104 |  |  | $ | 8,504 |  |  | $ | 217,267 |  |  | $ | — |
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 NAVs 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.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. f.Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The Company’s pension plan assets comprise more than 96% of its total postretirement benefit plan assets. Accordingly, the assets of the Company’s various pension plans and retiree health and life insurance plans are not shown separately, but are combined in the tables above. Postretirement benefit plan assets are netted against postretirement benefit obligations to determine the funded status of each plan. The funded status is recognized in the Company’s Consolidated Balance Sheets as shown in Note 14. As discussed i n Note 11, the Company uses derivatives to mitigate the effect of commodity fluctuations, foreign currency fluctuations and, from time to time, interest rate movements. Fair value measurements for the Company’s derivatives are classified under Level 2 because such measurements are estimated based on observable inputs such as interest rates, yield curves, spot and future commodity prices, and spot and future exchange rates. The Company does not currently have any nonfinancial assets or liabilities that are recognized or disclosed at fair value on a recurring basis. None of the Company’s financial assets or liabilities are measured at fair value using significant unobservable inputs. There were no transfers in or out of Level 1 or Level 2 fair value measurements during the years ended December 31, 2023 or 2022. For additional fair value information on the Company’s financial instruments, see Note 11.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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