Accumulated other comprehensive loss

12 Months Ended

Dec. 31, 2024

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