Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of 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, 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.