| Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive LossThe following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the six-month periods ended June 30, 2024 and July 2, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Items | | Defined Benefit Pension Items | | Cash Flow Hedges | | Accumulated Other Comprehensive Loss | | | | | | | | | | Balance at December 31, 2023 | | $ | (267,578) | | | $ | (99,627) | | | $ | 943 | | | $ | (366,262) | | Other comprehensive (loss) before reclassifications | | (55,598) | | | (181) | | | (1,124) | | | (56,903) | | | Amounts reclassified from accumulated other comprehensive loss to net income | | 2,913 | | | 2,303 | | | (368) | | | 4,848 | | | | | | | | | | | | Other comprehensive (loss)/income | | (52,685) | | | 2,122 | | | (1,492) | | | (52,055) | | | | | | | | | | | Balance at June 30, 2024 | | $ | (320,263) | | | $ | (97,505) | | | $ | (549) | | | $ | (418,317) | | | | | | | | | | | Balance at December 31, 2022 | | $ | (338,316) | | | $ | (90,973) | | | $ | (794) | | | $ | (430,083) | | | Other comprehensive income/(loss) before reclassifications | | 53,557 | | | (3,049) | | | 5,369 | | | 55,877 | | | Amounts reclassified from accumulated other comprehensive loss to net income | | — | | | 2,202 | | | (1,736) | | | 466 | | | Amounts reclassified from accumulated other comprehensive loss to property, plant, and equipment | | — | | | — | | | 309 | | | 309 | | | Other comprehensive income/(loss) | | 53,557 | | | (847) | | | 3,942 | | | 56,652 | | | | | | | | | | | Balance at July 2, 2023 | | $ | (284,759) | | | $ | (91,820) | | | $ | 3,148 | | | $ | (373,431) | | | | | | | | | | | | | | | | | | | |
The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three- and six-month periods ended June 30, 2024 and July 2, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount Reclassified from Accumulated Other Comprehensive Loss | | | | | Three Months Ended | | Six Months Ended | | | Details about Accumulated Other Comprehensive Loss Components | | June 30, 2024 | July 2, 2023 | | June 30, 2024 | July 2, 2023 | | Affected Line Item in the Condensed Consolidated Statements of Income | | Foreign currency items | | | | | | | | | | | | | | | | | | Currency translation adjustment loss on Protexic sale(a) | | $ | (2,913) | | $ | — | | | $ | (2,913) | | $ | — | | | Gain on divestiture of business and other assets | | | (2,913) | | — | | | (2,913) | | — | | | | | Gains/(losses) on cash flow hedges | | | | | | | Foreign exchange contracts(b) | | 230 | | 2,515 | | | 666 | | 3,577 | | | Net sales | Foreign exchange contracts(b) | | (64) | | (918) | | | (139) | | (1,372) | | | Cost of sales | Commodity contracts(b) | | — | | — | | | — | | (32) | | | Cost of sales | | | 166 | | 1,597 | | | 527 | | 2,173 | | | Income before income taxes | | Income tax impact | | (147) | | (292) | | | (159) | | (437) | | | Provision for income taxes | | | 19 | | 1,305 | | | 368 | | 1,736 | | | Net income | | Defined benefit pension items | | | | | | | | | | | | | | | | | | | | | | | | | | | Effect of settlement loss(c) | | (511) | | (63) | | | (511) | | (749) | | | Non-operating pension costs | Amortization of defined benefit pension items(c) | | (1,199) | | (1,132) | | | (2,429) | | (2,203) | | | Non-operating pension costs | | | (1,710) | | (1,195) | | | (2,940) | | (2,952) | | | Income before income taxes | | Income tax impact | | 382 | | 302 | | | 637 | | 750 | | | Provision for income taxes | | | (1,328) | | (893) | | | (2,303) | | (2,202) | | | Net income | | Total reclassifications for the period | | $ | (4,222) | | $ | 412 | | | $ | (4,848) | | $ | (466) | | | Net income |
(a) See Note 3 for additional details. (b) See Note 10 for additional details. (c) See Note 12 for additional details. The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the three-month periods ended June 30, 2024 and July 2, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended July 2, 2023 | | | | Before Tax Amount | Tax (Expense) Benefit | After Tax Amount | | Before Tax Amount | Tax (Expense) Benefit | After Tax Amount | | Foreign currency items: | | | | | | | | | | Net other comprehensive (loss)/income from foreign currency items | | $ | (35,280) | | $ | (999) | | $ | (36,279) | | | $ | 21,988 | | $ | — | | $ | 21,988 | | | Amounts reclassified from accumulated other comprehensive loss to net income(a) | | 2,913 | | — | | 2,913 | | | — | | — | | — | | | Net other comprehensive loss from foreign currency items | | (32,367) | | (999) | | (33,366) | | | 21,988 | | — | | 21,988 | | | Defined benefit pension items: | | | | | | | | | | Other comprehensive income/(loss) before reclassifications | | 671 | | 80 | | 751 | | | (3,689) | | 1,033 | | (2,656) | | | Amounts reclassified from accumulated other comprehensive loss to net income(b) | | 1,710 | | (382) | | 1,328 | | | 1,195 | | (302) | | 893 | | | Net other comprehensive income/(loss) from defined benefit pension items | | 2,381 | | (302) | | 2,079 | | | (2,494) | | 731 | | (1,763) | | | Gains and losses on cash flow hedges: | | | | | | | | | | Other comprehensive (loss)/income before reclassifications(c) | | (2,144) | | 502 | | (1,642) | | | 3,344 | | (611) | | 2,733 | | | Amounts reclassified from accumulated other comprehensive loss to net income(c) | | (166) | | 147 | | (19) | | | (1,597) | | 292 | | (1,305) | | | | | | | | | | | | | Net other comprehensive (loss)/income from cash flow hedges | | (2,310) | | 649 | | (1,661) | | | 1,747 | | (319) | | 1,428 | | | Other comprehensive (loss)/income | | $ | (32,296) | | $ | (652) | | $ | (32,948) | | | $ | 21,241 | | $ | 412 | | $ | 21,653 | |
(a) See Note 3 for additional details. (b) See Note 12 for additional details. (c) See Note 10 for additional details. The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the six-month periods ended June 30, 2024 and July 2, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended July 2, 2023 | | | | Before Tax Amount | Tax (Expense) Benefit | After Tax Amount | | Before Tax Amount | Tax (Expense) Benefit | After Tax Amount | | Foreign currency items: | | | | | | | | | | Net other comprehensive (loss)/income from foreign currency items | | $ | (52,068) | | $ | (3,530) | | $ | (55,598) | | | $ | 53,557 | | $ | — | | $ | 53,557 | | | Amounts reclassified from accumulated other comprehensive loss to net income(a) | | 2,913 | | — | | 2,913 | | | — | | — | | — | | | Net other comprehensive (loss)/income from foreign currency items | | (49,155) | | (3,530) | | (52,685) | | | 53,557 | | — | | 53,557 | | | Defined benefit pension items: | | | | | | | | | | Other comprehensive (loss)/income before reclassifications | | (205) | | 24 | | (181) | | | (4,449) | | 1,400 | | (3,049) | | | Amounts reclassified from accumulated other comprehensive loss to net income(b) | | 2,940 | | (637) | | 2,303 | | | 2,952 | | (750) | | 2,202 | | | Net other comprehensive income/(loss) from defined benefit pension items | | 2,735 | | (613) | | 2,122 | | | (1,497) | | 650 | | (847) | | | Gains and losses on cash flow hedges: | | | | | | | | | | Other comprehensive (loss)/income before reclassifications(c) | | (1,608) | | 484 | | (1,124) | | | 6,880 | | (1,502) | | 5,378 | | | Amounts reclassified from accumulated other comprehensive loss to net income(c) | | (527) | | 159 | | (368) | | | (2,173) | | 437 | | (1,736) | | | Amounts reclassified from accumulated other comprehensive loss to property, plant and equipment(c) | | — | | — | | — | | | 401 | | (101) | | 300 | | | Net other comprehensive (loss)/income from cash flow hedges | | (2,135) | | 643 | | (1,492) | | | 5,108 | | (1,166) | | 3,942 | | | Other comprehensive (loss)/income | | $ | (48,555) | | $ | (3,500) | | $ | (52,055) | | | $ | 57,168 | | $ | (516) | | $ | 56,652 | | | | | | | | | | | |
(a) See Note 3 for additional details. (b) See Note 12 for additional details. (c) See Note 10 for additional details.
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