Accumulated other comprehensive loss

12 Months Ended

Dec. 31, 2023

The 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, 2023 and 2022:


	Foreign Currency Items		Defined Benefit Pension Items		Gains and Losses on Cash Flow Hedges		Accumulated Other Comprehensive Loss
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)
Other comprehensive income/(loss) before reclassifications	68,705		(16,305)		6,622		59,022
Amounts reclassified from accumulated other comprehensive loss to net income	2,033		7,651		(5,177)		4,507
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		292		292
Other comprehensive income/(loss)	70,738		(8,654)		1,737		63,821

Balance at December 31, 2023	$	(267,578)	$	(99,627)	$	943	$	(366,262)

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, 2023 and 2022:


Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2023		Year Ended December 31, 2022		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
Loss on RTS Packaging investment (see Note 3)	(2,033)		—		Other income, net
	(2,033)		(3,747)		Net income/(loss)

Defined benefit pension items (see Note 14)
Pension-related loss upon purchase of remaining interest in RTS Packaging joint venture	(4,756)		—		Other income, net
Effect of settlement loss	(1,010)		(479)		Non-operating pension cost
Effect of curtailment loss	—		(43)		Non-operating pension cost
Amortization of defined benefit pension items	(4,458)		(6,472)		Non-operating pension cost
	(10,224)		(6,994)		Income/(loss) before income taxes
	2,573		3,099		Provision for/(Benefit from) income taxes
	(7,651)		(3,895)		Net income/(loss)

Gains and losses on cash flow hedges (see Note 11)
Foreign exchange contracts	10,860		3,460		Net Sales
Foreign exchange contracts	(3,728)		(2,852)		Cost of sales
Commodity contracts	(32)		6,948		Cost of sales
	7,100		7,556		Income/(loss) before income taxes
	(1,923)		(1,963)		Provision for/(Benefit from) income taxes
	5,177		5,593		Net income/(loss)
Amounts reclassified to net income from accumulated other comprehensive loss	$	(4,507)	$	(2,049)	Net income/(loss)

The following table summarizes the tax expense/(benefit) for the components of other comprehensive income/(loss):


	For the year ended December 31, 2023						For the year ended December 31, 2022
	Before Tax Amount		Tax		After Tax Amount		Before Tax Amount		Tax		After Tax Amount
Foreign currency items:
Other comprehensive income/(loss) before reclassifications	$	67,411	$	1,294	$	68,705	$	(72,987)	$	—	$	(72,987)
Amounts reclassified from accumulated other comprehensive loss to net income	2,033		—		2,033		3,747		—		3,747
Net other comprehensive income/(loss) from foreign currency items	69,444		1,294		70,738		(69,240)		—		(69,240)
Defined benefit pension items:
Other comprehensive (loss)/ income before reclassifications	(21,815)		5,510		(16,305)		(3,365)		(106)		(3,471)
Amounts reclassified from accumulated other comprehensive loss to net income	10,224		(2,573)		7,651		6,994		(3,099)		3,895
Net other comprehensive (loss)/income from defined benefit pension items(a)	(11,591)		2,937		(8,654)		3,629		(3,205)		424
Cash flow hedges:
Other comprehensive income/(loss) before reclassifications	9,081		(2,459)		6,622		4,312		(1,068)		3,244
Amounts reclassified from accumulated other comprehensive loss to net income	(7,100)		1,923		(5,177)		(7,556)		1,963		(5,593)
Amounts reclassified from accumulated other comprehensive loss to fixed assets	401		(109)		292		805		(298)		507
Net other comprehensive (loss)/income from cash flow hedges	2,382		(645)		1,737		(2,439)		597		(1,842)
Other comprehensive income/(loss)	$	60,235	$	3,586	$	63,821	$	(68,050)	$	(2,608)	$	(70,658)

(a) The net other comprehensive (loss)/income from defined benefit pension items includes pretax changes of $1,391 during the year ended December 31, 2022 related to the Company’s former equity method investment in RTS Packaging.