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Accumulated other comprehensive loss | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Accumulated other comprehensive loss | Accumulated other comprehensive loss 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, 2024 and 2023:
| Foreign Currency Items |  | Defined Benefit Pension Items |  | Gains and Losses on 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 | 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) |
Other comprehensive (loss)/income before reclassifications | (146,856) |  |  | 4,636 |  |  | (3,213) |  |  | (145,433) |
Amounts reclassified from accumulated other comprehensive loss to net income | 3,503 |  |  | 4,378 |  |  | 1,080 |  |  | 8,961 |
Other comprehensive (loss)/income | (143,353) |  |  | 9,014 |  |  | (2,133) |  |  | (136,472) |
Balance at December 31, 2024 | $ | (410,931) |  |  | $ | (90,613) |  |  | $ | (1,190) |  |  | $ | (502,734) |
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, 2024 and 2023:
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components | Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Affected Line Item in the Consolidated Statements of Net Income
Foreign currency items |  |  |  |  |
Loss on Protexic and China divestitures | $ | (3,503) |  |  | $ | — |  |  | (Loss)/Gain on divestiture of business and other assets
Loss on RTS Packaging investment (see Note 4) | — |  |  | (2,033) |  |  | Other (expenses)/income, net
| (3,503) |  |  | (2,033) |  |  | Net income
Defined benefit pension items (see Note 15) |  |  |  |  |
Pension-related loss upon purchase of remaining interest in RTS Packaging joint venture | — |  |  | (4,756) |  |  | Other (expenses)/income, net
Effect of settlement loss | (530) |  |  | (1,010) |  |  | Non-operating pension costs
Amortization of defined benefit pension items | (4,822) |  |  | (4,458) |  |  | Non-operating pension costs
| (5,352) |  |  | (10,224) |  |  | Income from continuing operations before income taxes
| 974 |  |  | 2,573 |  |  | Provision for income taxes
| (4,378) |  |  | (7,651) |  |  | Net income
Gains and losses on cash flow hedges (see Note 12) |  |  |  |
Foreign exchange contracts | (1,174) |  |  | 10,860 |  |  | Net Sales
Foreign exchange contracts | (253) |  |  | (3,728) |  |  | Cost of sales
Commodity contracts | (28) |  |  | (32) |  |  | Cost of sales
| (1,455) |  |  | 7,100 |  |  | Income from continuing operations before income taxes
| 375 |  |  | (1,923) |  |  | Provision for income taxes
| (1,080) |  |  | 5,177 |  |  | Net income
Amounts reclassified to net income from accumulated other comprehensive loss | $ | (8,961) |  |  | $ | (4,507) |  |  | Net income
The following table summarizes the tax expense/(benefit) for the components of other comprehensive income/(loss):
|  | For the year ended December 31, 2024 |  | For the year ended December 31, 2023
|  | Before Tax Amount | Tax | After Tax Amount |  | Before Tax Amount | Tax | After Tax Amount
Foreign currency items: |  |  |  |  |  |  |  |
Other comprehensive (loss)/income before reclassifications |  | $ | (140,210) |  | $ | (6,646) |  | $ | (146,856) |  |  | $ | 67,411 |  | $ | 1,294 |  | $ | 68,705 |
Amounts reclassified from accumulated other comprehensive loss to net income |  | 3,503 |  | — |  | 3,503 |  |  | 2,033 |  | — |  | 2,033 |
Net other comprehensive (loss)/income from foreign currency items |  | (136,707) |  | (6,646) |  | (143,353) |  |  | 69,444 |  | 1,294 |  | 70,738 |
Defined benefit pension items: |  |  |  |  |  |  |  |
Other comprehensive income/(loss) before reclassifications |  | 2,395 |  | 2,241 |  | 4,636 |  |  | (21,815) |  | 5,510 |  | (16,305) |
Amounts reclassified from accumulated other comprehensive income/(loss) to net income |  | 5,352 |  | (974) |  | 4,378 |  |  | 10,224 |  | (2,573) |  | 7,651 |
Net other comprehensive income/(loss) from defined benefit pension items |  | 7,747 |  | 1,267 |  | 9,014 |  |  | (11,591) |  | 2,937 |  | (8,654) |
Cash flow hedges: |  |  |  |  |  |  |  |
Other comprehensive (loss)/income before reclassifications |  | (4,329) |  | 1,116 |  | (3,213) |  |  | 9,081 |  | (2,459) |  | 6,622 |
Amounts reclassified from accumulated other comprehensive income/(loss) to net income |  | 1,455 |  | (375) |  | 1,080 |  |  | (7,100) |  | 1,923 |  | (5,177) |
Amounts reclassified from accumulated other comprehensive loss to fixed assets |  | — |  | — |  | — |  |  | 401 |  | (109) |  | 292 |
Net other comprehensive (loss)/income from cash flow hedges |  | (2,874) |  | 741 |  | (2,133) |  |  | 2,382 |  | (645) |  | 1,737 |
Other comprehensive (loss)/income |  | $ | (131,834) |  | $ | (4,638) |  | $ | (136,472) |  |  | $ | 60,235 |  | $ | 3,586 |  | $ | 63,821 |

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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/1943274/2147477250/944-220-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/1943274/2147478524/942-220-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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