XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Reclassifications Out of Accumulated Other Comprehensive Loss

Note 12 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and six months ended June 30, 2023 and 2022 were as follows:

 

 

Defined
Benefit
Pension
Plans

 

 

Foreign
Currency
Translation
Adjustments

 

 

Foreign
Currency
Hedge
Derivatives

 

 

Commodity Hedge
Derivatives

 

 

Total

 

Balance at March 31, 2023

 

$

(1,063

)

 

$

(40,014

)

 

$

4,976

 

 

$

 

 

$

(36,101

)

Other comprehensive (loss) income before reclassifications

 

 

 

 

 

(3,611

)

 

 

4,889

 

 

 

 

 

 

1,278

 

Income tax effect of other comprehensive (loss) income before reclassifications

 

 

 

 

 

23

 

 

 

(1,065

)

 

 

 

 

 

(1,042

)

Amounts reclassified from accumulated other comprehensive loss into net (loss) income

 

 

6

 

 

 

 

 

 

(1,984

)

 a

 

 

 a

 

(1,978

)

Income taxes reclassified into net (loss) income

 

 

(2

)

 

 

 

 

 

432

 

 

 

 

 

 

430

 

Net current period other comprehensive income (loss)

 

 

4

 

 

 

(3,588

)

 

 

2,272

 

 

 

 

 

 

(1,312

)

Balance at June 30, 2023

 

$

(1,059

)

 

$

(43,602

)

 

$

7,248

 

 

$

 

 

$

(37,413

)

(a)
The amounts reclassified from Accumulated other comprehensive loss were included in Cost of sales.

 

 

Defined
Benefit
Pension
Plans

 

 

Foreign
Currency
Translation
Adjustments

 

 

Foreign
Currency
Hedge
Derivatives

 

 

Commodity Hedge
Derivatives

 

 

Total

 

Balance at March 31, 2022

 

$

(2,864

)

 

$

(43,482

)

 

$

618

 

 

$

 

 

$

(45,728

)

Other comprehensive (loss) income before reclassifications

 

 

 

 

 

(22,458

)

 

 

17

 

 

 

 

 

 

(22,441

)

Income tax effect of other comprehensive (loss) income before reclassifications

 

 

 

 

 

(242

)

 

 

(4

)

 

 

 

 

 

(246

)

Amounts reclassified from accumulated other comprehensive loss into net income

 

 

35

 

 

 

 

 

 

(333

)

 a

 

 

 a

 

(298

)

Income taxes reclassified into net income

 

 

(8

)

 

 

 

 

 

73

 

 

 

 

 

 

65

 

Net current period other comprehensive income (loss)

 

 

27

 

 

 

(22,700

)

 

 

(247

)

 

 

 

 

 

(22,920

)

Balance at June 30, 2022

 

$

(2,837

)

 

$

(66,182

)

 

$

371

 

 

$

 

 

$

(68,648

)

(a)
The amounts reclassified from Accumulated other comprehensive loss were included in Cost of sales.

 

 

 

Defined
Benefit
Pension
Plans

 

 

Foreign
Currency
Translation
Adjustments

 

 

Foreign
Currency
Hedge
Derivatives

 

 

Commodity Hedge
Derivatives

 

 

Total

 

Balance at December 31, 2022

 

$

(1,067

)

 

$

(48,269

)

 

$

2,847

 

 

$

 

 

$

(46,489

)

Other comprehensive income before reclassifications

 

 

 

 

 

4,580

 

 

 

8,631

 

 

 

 

 

 

13,211

 

Income tax effect of other comprehensive income before reclassifications

 

 

 

 

 

87

 

 

 

(1,880

)

 

 

 

 

 

(1,793

)

Amounts reclassified from accumulated other comprehensive loss into net income

 

 

12

 

 

 

 

 

 

(3,043

)

 a

 

 

 a

 

(3,031

)

Income taxes reclassified into net income

 

 

(4

)

 

 

 

 

 

693

 

 

 

 

 

 

689

 

Net current period other comprehensive income

 

 

8

 

 

 

4,667

 

 

 

4,401

 

 

 

 

 

 

9,076

 

Balance at June 30, 2023

 

$

(1,059

)

 

$

(43,602

)

 

$

7,248

 

 

$

 

 

$

(37,413

)

(a)
The amounts reclassified from Accumulated other comprehensive loss were included in Cost of sales.

 

 

Defined
Benefit
Pension
Plans

 

 

Foreign
Currency
Translation
Adjustments

 

 

Foreign
Currency
Hedge
Derivatives

 

 

Commodity Hedge
Derivatives

 

 

Total

 

Balance at December 31, 2021

 

$

(2,893

)

 

$

(34,188

)

 

$

154

 

 

$

5

 

 

$

(36,922

)

Other comprehensive (loss) income before reclassifications

 

 

 

 

 

(31,612

)

 

 

780

 

 

 

13

 

 

 

(30,819

)

Income tax effect of other comprehensive loss before reclassifications

 

 

 

 

 

(382

)

 

 

(183

)

 

 

(3

)

 

 

(568

)

Amounts reclassified from accumulated other comprehensive loss into net income

 

 

70

 

 

 

 

 

 

(486

)

 a

 

(19

)

 a

 

(435

)

Income taxes reclassified into net income

 

 

(14

)

 

 

 

 

 

106

 

 

 

4

 

 

 

96

 

Net current period other comprehensive income (loss)

 

 

56

 

 

 

(31,994

)

 

 

217

 

 

 

(5

)

 

 

(31,726

)

Balance at June 30, 2022

 

$

(2,837

)

 

$

(66,182

)

 

$

371

 

 

$

 

 

$

(68,648

)

(a)
The amounts reclassified from Accumulated other comprehensive loss were included in Cost of sales.

The Company expects all of the existing gains and losses related to foreign currency derivatives reported in Accumulated other comprehensive loss as of June 30, 2023 to be reclassified into earnings during the next twelve months. See Note 9 for additional information about derivative financial instruments and the effects from reclassification to Net (loss) income.