STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in AOCL during 2023 and 2022:

	2023
	Losses Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)
Other comprehensive income (loss) before reclassifications	154,975		(2,579)		5,437		(124)		157,709
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,813		807		133		2,753
Currency translation	—		14		(511)		—		(497)
Net current year other comprehensive income (loss)	154,975		(752)		5,733		9		159,965
Balance, end of year	$	(114,850)	$	(1,914)	$	(59,714)	$	(5)	$	(176,483)

	2022
	Gains (Losses) Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)
Other comprehensive income (loss) before reclassifications	(297,066)		(1,718)		6,383		(1)		(292,402)
Amounts reclassified from accumulated other comprehensive loss to net income	—		4,118		1,043		(13)		5,148
Currency translation	—		(1,197)		—		—		(1,197)
Net current year other comprehensive income (loss)	(297,066)		1,203		7,426		(14)		(288,451)
Balance, end of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2023		2022
	(In thousands)
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	$	(1,816)	$	(3,193)	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedge	3		(851)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	—		(98)		Interest expense, net of capitalized interest
Realized gain (loss) on sale of securities	(175)		17		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,065)		(1,381)		Miscellaneous, net
Total before tax	(3,053)		(5,506)
Tax benefit	300		358
Total reclassification for the period	$	(2,753)	$	(5,148)

(a)Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations.

(b)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits.”

Preferred Stock

The Company has authorized 50,000,000 shares of $0.01 par value preferred stock, although no shares have been issued and no shares are outstanding.

Restrictions on Dividends