Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Components of Accumulated Other Comprehensive Loss

The 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)

Schedule of Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss

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.

Schedule of Before and After Tax Amounts for Comprehensive Income (Loss) Components

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.

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.