Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2018shares | |
Entity Registrant Name | TOOTSIE ROLL INDUSTRIES INC |
Entity Central Index Key | 98,677 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Common Stock | |
Entity Common Stock, Shares Outstanding | 38,723,788 |
Class B Common Stock | |
Entity Common Stock, Shares Outstanding | 25,637,487 |
CONSOLIDATED STATEMENTS OF Fina
CONSOLIDATED STATEMENTS OF Financial Position - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
CURRENT ASSETS: | |||
Cash & cash equivalents | $ 49,867 | $ 96,314 | $ 78,555 |
Restricted cash | 417 | 406 | 389 |
Investments | 60,321 | 41,606 | 67,002 |
Trade accounts receivable, less allowances of $1,914, $1,921 & $1,937 | 42,039 | 47,354 | 38,665 |
Other receivables | 7,857 | 5,425 | 3,596 |
Inventories: | |||
Finished goods & work-in-process | 41,090 | 31,922 | 40,585 |
Raw material & supplies | 26,904 | 22,905 | 27,196 |
Income taxes receivable | 10,257 | 12,974 | |
Prepaid expenses | 9,077 | 12,014 | 4,022 |
Total current assets | 247,829 | 270,920 | 260,010 |
PROPERTY, PLANT & EQUIPMENT, at cost: | |||
Land | 22,011 | 21,962 | 22,138 |
Buildings | 118,569 | 118,491 | 116,492 |
Machinery & equipment | 381,805 | 381,665 | 370,430 |
Construction in progress | 11,951 | 4,866 | 7,776 |
Property, plant and equipment, gross | 534,336 | 526,984 | 516,836 |
Less-accumulated depreciation | 352,597 | 348,012 | 336,074 |
Net property, plant and equipment | 181,739 | 178,972 | 180,762 |
OTHER ASSETS: | |||
Goodwill | 73,237 | 73,237 | 73,237 |
Trademarks | 175,024 | 175,024 | 175,024 |
Investments | 195,911 | 190,510 | 195,312 |
Split dollar officer life insurance | 26,042 | 26,042 | 26,042 |
Prepaid expenses and other assets | 14,731 | 15,817 | 344 |
Deferred income taxes | 457 | 424 | |
Total other assets | 485,402 | 481,054 | 469,959 |
Total assets | 914,970 | 930,946 | 910,731 |
CURRENT LIABILITIES: | |||
Accounts payable | 15,100 | 11,928 | 12,093 |
Bank loans | 425 | 440 | 133 |
Dividends payable | 161 | 5,660 | 162 |
Accrued liabilities | 37,622 | 45,157 | 42,337 |
Postretirement health care | 603 | 603 | 513 |
Income taxes payable | 2,023 | ||
Total current liabilities | 53,911 | 63,788 | 57,261 |
NONCURRENT LIABILITIES: | |||
Deferred income taxes | 41,431 | 41,457 | 44,330 |
Bank loans | 197 | ||
Postretirement health care | 12,992 | 12,894 | 11,726 |
Industrial development bonds | 7,500 | 7,500 | 7,500 |
Liability for uncertain tax positions | 4,861 | 4,817 | 5,263 |
Deferred compensation and other liabilities | 67,815 | 66,686 | 77,655 |
Total noncurrent liabilities | 134,599 | 133,354 | 146,671 |
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Capital in excess of par value | 703,194 | 656,752 | 680,440 |
Retained earnings | 2,306 | 57,225 | 3,405 |
Accumulated other comprehensive loss | (21,683) | (21,791) | (19,294) |
Treasury stock (at cost)- 88, 85 & 85 shares, respectively | (1,992) | (1,992) | (1,992) |
Total Tootsie Roll Industries, Inc. shareholders' equity | 726,520 | 733,840 | 706,665 |
Noncontrolling interests | (60) | (36) | 134 |
Total equity | 726,460 | 733,804 | 706,799 |
Total liabilities and shareholders' equity | 914,970 | 930,946 | 910,731 |
Common Stock | |||
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,724, 37,960 & 38,580, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,637, 24,891 & 24,932, respectively, issued | 26,891 | 26,361 | 26,792 |
Class B Common Stock | |||
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,724, 37,960 & 38,580, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,637, 24,891 & 24,932, respectively, issued | $ 17,804 | $ 17,285 | $ 17,314 |
CONSOLIDATED STATEMENTS OF Fin3
CONSOLIDATED STATEMENTS OF Financial Position (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Trade accounts receivable, allowances | $ 1,914 | $ 1,921 | $ 1,937 |
Treasury stock, shares | 88,000 | 85,000 | 85,000 |
Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.6944 | $ 0.6944 | $ 0.6944 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 38,724,000 | 37,960,000 | 38,580,000 |
Class B Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.6944 | $ 0.6944 | $ 0.6944 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 25,637,000 | 24,891,000 | 24,932,000 |
CONSOLIDATED STATEMENTS OF Earn
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenue | $ 101,800 | $ 104,455 | |
Costs | 66,101 | 65,804 | |
Total gross margin | 35,699 | 38,651 | |
Selling, marketing and administrative expenses | 25,857 | 26,725 | |
Earnings from operations | 9,842 | 11,926 | |
Other income (loss), net | 521 | 2,228 | |
Earnings before income taxes | 10,363 | 14,154 | |
Provision for income taxes | 2,262 | 4,143 | |
Net earnings | 8,101 | 10,011 | |
Less: Net earnings (loss) attributable to noncontrolling interests | (24) | (40) | |
Net earnings attributable to Tootsie Roll Industries, Inc. | $ 8,125 | $ 10,051 | |
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) | $ 0.13 | $ 0.15 | |
Dividends per share (in dollars per share) | [1] | $ 0.09 | $ 0.09 |
Average number of shares outstanding (in shares) | 64,434 | 65,474 | |
Retained earnings at beginning of period | $ 57,225 | $ 43,833 | |
Net earnings attributable to Tootsie Roll Industries, Inc. | 8,125 | 10,051 | |
Adopted ASU's (See Note 1) | 2,726 | ||
Cash dividends | (5,621) | (5,555) | |
Stock dividends | (60,149) | (44,924) | |
Retained earnings at end of period | 2,306 | 3,405 | |
Product | |||
Revenue | 100,859 | 103,425 | |
Costs | 65,834 | 65,538 | |
Total gross margin | 35,025 | 37,887 | |
Rental and Royalty | |||
Revenue | 941 | 1,030 | |
Costs | 267 | 266 | |
Total gross margin | $ 674 | $ 764 | |
[1] | Does not include 3% stock dividend to shareholders of record on 3/6/18 and 3/7/17. |
CONSOLIDATED STATEMENTS OF Ear5
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings (Parenthetical) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings | ||
Stock dividends (as a percent) | 3.00% | 3.00% |
CONSOLIDATED STATEMENTS OF Comp
CONSOLIDATED STATEMENTS OF Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CONSOLIDATED STATEMENTS OF Comprehensive Earnings | ||
Net earnings | $ 8,101 | $ 10,011 |
Other comprehensive income (loss), before tax: | ||
Foreign currency translation adjustments | 1,612 | 2,100 |
Pension and postretirement reclassification adjustment: | ||
Unrealized gains (losses) for the period on postretirement and pension benefits | 266 | |
Less: reclassification adjustment for (gains) losses to net earnings | (331) | (365) |
Unrealized gains (losses) on postretirement and pension benefits | (331) | (99) |
Investments: | ||
Unrealized gains (losses) for the period on investments | (1,250) | 230 |
Unrealized gains (losses) on investments | (1,250) | 230 |
Derivatives: | ||
Unrealized gains (losses) for the period on derivatives | (1,472) | (550) |
Less: reclassification adjustment for (gains) losses to net earnings | 287 | (1,122) |
Unrealized gains (losses) on derivatives | (1,185) | (1,672) |
Total other comprehensive income (loss), before tax | (1,154) | 559 |
Income tax benefit (expense) related to items of other comprehensive income | 669 | 393 |
Total comprehensive earnings | 7,616 | 10,963 |
Comprehensive earnings (loss) attributable to noncontrolling interests | (24) | (40) |
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc. | $ 7,640 | $ 11,003 |
CONSOLIDATED STATEMENTS OF Cash
CONSOLIDATED STATEMENTS OF Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 8,101 | $ 10,011 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 4,578 | 4,714 |
Deferred income taxes | (415) | (230) |
Amortization of marketable security premiums | 456 | 593 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,858 | 4,783 |
Other receivables | (2,729) | (1,297) |
Inventories | (12,845) | (9,926) |
Prepaid expenses and other assets | 4,052 | 1,758 |
Accounts payable and accrued liabilities | (501) | (2,384) |
Income taxes payable | 2,761 | 3,546 |
Postretirement health care benefits | (233) | 12 |
Deferred compensation and other liabilities | 584 | 282 |
Net cash from operating activities | 9,667 | 11,862 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (7,722) | (4,845) |
Purchases of trading securities | (3,258) | (2,584) |
Sales of trading securities | 239 | 435 |
Purchase of available for sale securities | (34,061) | (27,227) |
Sale and maturity of available for sale securities | 11,670 | 1,759 |
Net cash used in investing activities | (33,132) | (32,462) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares purchased and retired | (12,498) | (9,985) |
Dividends paid in cash | (11,282) | (11,128) |
Proceeds from bank loans | 641 | 324 |
Repayment of bank loans | (661) | (570) |
Net cash used in financing activities | (23,800) | (21,359) |
Effect of exchange rate changes on cash | 829 | 1,376 |
Decrease in cash and cash equivalents | (46,436) | (40,583) |
Cash, cash equivalents, and restricted cash at beginning of year | 96,720 | 119,527 |
Cash, cash equivalents, and restricted cash at end of quarter | 50,284 | 78,944 |
Supplemental cash flow information: | ||
Income taxes paid/(received), net | (206) | 784 |
Interest paid | 24 | 14 |
Stock dividend issued | $ 60,538 | $ 69,739 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies | |
Significant Accounting Policies | Note 1 — Significant Accounting Policies General Information Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the Company) and in the opinion of management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Results of operations for the period ended March 31, 2018 are not necessarily indicative of results to be expected for the year to end December 31, 2018 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to pre-Halloween sales. Revenue Recognition The Company’s revenues, primarily net product sales, principally result from the sale of goods, reflect the consideration to which the Company expects to be entitled generally based on customer purchase orders. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") Topic 606 which became effective January, 1, 2018. Adjustments for estimated customer cash discounts upon payment, discounts for price adjustments, product returns, allowances, and certain advertising and promotional costs, including consumer coupons, are variable consideration and are recorded as a reduction of product sales revenue in the same period the related product sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. A net product sale is recorded when the Company delivers the product to the customer, or in certain instances, the customer picks up the goods at the Company’s distribution center, and thereby obtains control of such product. Shipping and handling costs are included in selling, marketing and administrative expenses. Accounts receivable are unsecured. The Company does not have any significant licenses of intellectual property. See “Recently Adopted Accounting Pronouncements” for further discussion. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, (ASC Topic In February 2018, the FASB issued ASU 2018-02 which provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income (AOCI) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The guidance is effective for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The amendments should be applied either in the period adopted or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company early adopted ASU 2018-02 on January 1, 2018 with a $593 cumulative-effect adjustment from AOCI to decrease retained earnings related to certain tax effects of unrealized gains and losses on available-for-sale securities and other post-retirement benefits. No other income tax effects related to the application of the Tax Cuts and Jobs Act were reclassified from AOCI to retained earnings. In January 2016, the FASB issued ASU 2016-01, as amended by ASU 2018-03, issued in February 2018 , which among other changes in accounting and disclosure requirements, replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes, and also eliminates the available-for-sale classification for marketable equity securities. The Company adopted this guidance as of January 1, 2018. The Company does not have any non-marketable securities, and therefore, the adoption of this guidance did not have any impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company retrospectively adopted this guidance effective January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those years using a retrospective transition method to each period presented. The Company retrospectively adopted this guidance as of January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 which requires companies with other postretirement employee benefit plans to present the service cost component of net periodic benefit cost in the same income statement line item as other compensation costs. The other components of net periodic benefit cost will be presented separately and not included in operating income. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company retrospectively adopted this guidance effective January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating this new guidance to determine the impact it will have on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, guidance that amends hedge accounting. Under the new guidance, more hedging strategies will be eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements. |
Average Shares Outstanding
Average Shares Outstanding | 3 Months Ended |
Mar. 31, 2018 | |
Average Shares Outstanding | |
Average Shares Outstanding | Note 2 — Average Shares Outstanding The average number of shares outstanding for three months 2018 reflects stock purchases of 361 shares for $12,498 and a 3% stock dividend of 1,869 shares distributed on April 6, 2018. The average number of shares outstanding for three months 2017 reflects stock purchases of 260 shares for $9,985 and a 3% stock dividend of 1,847 shares distributed on April 17, 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes | |
Income Taxes | Note 3 — Income Taxes The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company remains subject to examination by U.S. federal and state and foreign tax authorities for the years 2014 through 2016. With few exceptions, the Company is no longer subject to examination by tax authorities for the year 2013 and prior. The consolidated effective tax rates were 21.8% and 29.3% in first quarter 2018 and 2017, respectively. The lower effective tax rate for first quarter 2018 compared to first quarter 2017 principally reflects the lower federal tax rate of 21% effective for 2018. The Company believes it has obtained and analyzed all reasonably available information necessary to record the effects of the change in tax law and considers its accounting for the effects of the 2017 Tax Reform Act to be provisional as of March 31, 2018. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional regulatory guidance that may be issued by the Internal Revenue Service, and actions the Company may take as a result of the Tax Reform Act. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | Note 4 — Fair Value Measurements Current accounting guidance defines fair value as the price that would be received on the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the table below. As of March 31, 2018, December 31, 2017 and March 31, 2017, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the purchase of certain raw materials and foreign currencies, investments in trading securities and available for sale securities. The Company’s available for sale securities principally consist of corporate and municipal bonds that are publicly traded and variable rate demand notes with interest rates that generally reset weekly and the security can be “put” back and sold weekly. Trading securities principally consist of equity mutual funds that are publicly traded. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2018, December 31, 2017 and March 31, 2017 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value March 31, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 49,867 $ 49,867 $ - $ - Available for sale securities 192,712 - 192,712 - Foreign currency forward contracts 21 - 21 - Commodity futures contracts (1,095) (1,095) - - Trading securities 63,520 63,520 - - Total assets measured at fair value $ 305,025 $ 112,292 $ 192,733 $ - Estimated Fair Value December 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,314 $ 96,314 $ - $ - Available for sale securities 171,596 1,200 170,396 - Foreign currency forward contracts 79 - 79 - Commodity futures contracts, net 32 32 - - Trading securities 60,520 60,520 - - Total assets measured at fair value $ 328,541 $ 158,066 $ 170,475 $ - Estimated Fair Value March 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 78,555 $ 78,555 $ - $ - Available for sale securities 189,289 2,412 186,877 - Foreign currency forward contracts (71) - (71) - Commodity futures contracts 26 26 - - Trading securities 73,025 73,025 - - Total assets measured at fair value $ 340,824 $ 154,018 $ 186,806 $ - The fair value of the Company’s industrial revenue development bonds at March 31, 2018, December 31, 2017 and March 31, 2017 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective periods. Interest rates on these bonds are reset weekly based on current market conditions. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities | |
Derivative Instruments and Hedging Activities | Note 5 — Derivative Instruments and Hedging Activities The Company uses derivative instruments, including foreign currency forward contracts, commodity futures contracts and commodity option contracts, to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts and most commodity option contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States. The Company does not engage in trading or other speculative use of derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments as discussed above. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Approximately $836 of this accumulated comprehensive loss is expected to be reclassified to earnings in 2018 and a $259 accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2019. Substantially all amounts reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net in 2018. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at March 31, 2018, December 31, 2017 and March 31, 2017: March 31, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 368 $ 21 $ - Commodity futures contracts 11,537 5 (1,100) Total derivatives $ 26 $ (1,100) December 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 919 $ 79 $ - Commodity futures contracts 13,840 284 (252) Total derivatives $ 363 $ (252) March 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 1,768 $ - $ (71) Commodity futures contracts 9,880 673 (647) Total derivatives $ 673 $ (718) The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended March 31, 2018 and March 31, 2017 are as follows: For Quarter Ended March 31, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 47 $ - Commodity futures contracts (1,461) (334) - Total $ (1,472) $ (287) $ - For Quarter Ended March 31, 2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 23 $ (25) $ - Commodity futures contracts (573) 1,147 - Total $ (550) $ 1,122 $ - |
Pension Plans
Pension Plans | 3 Months Ended |
Mar. 31, 2018 | |
Pension Plans | |
Pension Plans | Note 6 — Pension Plans During 2018 and 2017, the Company received updated notices that the Bakery and Confectionery Union and Industry International Pension Plan (Plan), a multi-employer defined benefit pension plan for certain Company union employees, is in “critical and declining status”, as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC), and that the Plan is projected to become insolvent in 2030. The Company has been advised that its withdrawal liability would have been $82,200 if it had withdrawn from the Plan during 2017. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amount, could be payable to the Plan. The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore, is unable to determine the effects on its consolidated financial statements, but the ultimate outcome or the effects of any modifications to the current rehabilitation plan and possible new “hybrid plan” option discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2) could be material to its consolidated results of operations or cash flows in one or more future periods. See also the Company’s Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations incorporated into the Company’s 2017 Form 10-K. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Earnings (Loss) | |
Accumulated Other Comprehensive Earnings (Loss) | Note 7 — Accumulated Other Comprehensive Earnings (Loss) Accumulated Other Comprehensive Earnings (Loss) consists of the following components: Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications 1,612 (948) (8) (1,107) - (451) Reclassifications from accumulated other comprehensive loss - - (36) 253 (251) (34) Other comprehensive earnings (loss) net of tax 1,612 (948) (44) (854) (251) (485) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at March 31, 2018 $ (22,650) $ (2,005) $ 16 $ (830) $ 3,786 $ (21,683) Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2016 $ (25,460) $ (697) $ (76) $ 1,114 $ 4,873 $ (20,246) Other comprehensive earnings (loss) before reclassifications 2,100 148 15 (366) 4 1,901 Reclassifications from accumulated other comprehensive loss - - 16 (732) (233) (949) Other comprehensive earnings (loss) net of tax 2,100 148 31 (1,098) (229) 952 Balance at March 31, 2017 $ (23,360) $ (549) $ (45) $ 16 $ 4,644 $ (19,294) The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Quarter Ended Location of (Gain) Loss Comprehensive Income Components March 31, 2018 March 31, 2017 Recognized in Earnings Foreign currency derivatives $ (47) $ 25 Other income, net Commodity derivatives 334 (1,147) Product cost of goods sold Postretirement and pension benefits (331) (365) Other income, net Total before tax (44) (1,487) Tax (expense) benefit 10 538 Net of tax $ (34) $ (949) |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Cash | |
Restricted Cash | Note 8 — Restricted Cash Restricted cash comprises certain cash deposits of the Company’s majority-owned Spanish companies with international banks that are pledged as collateral for letters of credit and bank borrowings. |
Bank Loans
Bank Loans | 3 Months Ended |
Mar. 31, 2018 | |
Bank Loans | |
Bank Loans | Note 9 — Bank Loans Bank loans comprise borrowings by the Company’s majority-owned Spanish companies which are held by international banks. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
FAIR VALUE MEASUREMENTS | |
Schedule of financial assets and liabilities measured at fair value | Estimated Fair Value March 31, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 49,867 $ 49,867 $ - $ - Available for sale securities 192,712 - 192,712 - Foreign currency forward contracts 21 - 21 - Commodity futures contracts (1,095) (1,095) - - Trading securities 63,520 63,520 - - Total assets measured at fair value $ 305,025 $ 112,292 $ 192,733 $ - Estimated Fair Value December 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,314 $ 96,314 $ - $ - Available for sale securities 171,596 1,200 170,396 - Foreign currency forward contracts 79 - 79 - Commodity futures contracts, net 32 32 - - Trading securities 60,520 60,520 - - Total assets measured at fair value $ 328,541 $ 158,066 $ 170,475 $ - Estimated Fair Value March 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 78,555 $ 78,555 $ - $ - Available for sale securities 189,289 2,412 186,877 - Foreign currency forward contracts (71) - (71) - Commodity futures contracts 26 26 - - Trading securities 73,025 73,025 - - Total assets measured at fair value $ 340,824 $ 154,018 $ 186,806 $ - |
Derivative Instruments and He18
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities | |
Summary of the Company's outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position | March 31, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 368 $ 21 $ - Commodity futures contracts 11,537 5 (1,100) Total derivatives $ 26 $ (1,100) December 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 919 $ 79 $ - Commodity futures contracts 13,840 284 (252) Total derivatives $ 363 $ (252) March 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 1,768 $ - $ (71) Commodity futures contracts 9,880 673 (647) Total derivatives $ 673 $ (718) |
Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings | For Quarter Ended March 31, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 47 $ - Commodity futures contracts (1,461) (334) - Total $ (1,472) $ (287) $ - For Quarter Ended March 31, 2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 23 $ (25) $ - Commodity futures contracts (573) 1,147 - Total $ (550) $ 1,122 $ - |
Accumulated Other Comprehensi19
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Earnings (Loss) | |
Schedule of accumulated other comprehensive earnings (loss): | Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications 1,612 (948) (8) (1,107) - (451) Reclassifications from accumulated other comprehensive loss - - (36) 253 (251) (34) Other comprehensive earnings (loss) net of tax 1,612 (948) (44) (854) (251) (485) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at March 31, 2018 $ (22,650) $ (2,005) $ 16 $ (830) $ 3,786 $ (21,683) Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2016 $ (25,460) $ (697) $ (76) $ 1,114 $ 4,873 $ (20,246) Other comprehensive earnings (loss) before reclassifications 2,100 148 15 (366) 4 1,901 Reclassifications from accumulated other comprehensive loss - - 16 (732) (233) (949) Other comprehensive earnings (loss) net of tax 2,100 148 31 (1,098) (229) 952 Balance at March 31, 2017 $ (23,360) $ (549) $ (45) $ 16 $ 4,644 $ (19,294) |
Amount reclassified from accumulated other comprehensive income (loss) | Details about Accumulated Other Quarter Ended Location of (Gain) Loss Comprehensive Income Components March 31, 2018 March 31, 2017 Recognized in Earnings Foreign currency derivatives $ (47) $ 25 Other income, net Commodity derivatives 334 (1,147) Product cost of goods sold Postretirement and pension benefits (331) (365) Other income, net Total before tax (44) (1,487) Tax (expense) benefit 10 538 Net of tax $ (34) $ (949) |
Significant Accounting Polici20
Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 2,306 | $ 57,225 | $ 3,405 | $ 43,833 | |
Accumulated other comprehensive loss | $ (21,683) | $ (21,791) | $ (19,294) | ||
ASU 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Pre-tax impact to retained earnings | $ 4,378 | ||||
Cumulative impact to retained earnings | 3,319 | ||||
ASU 2018-02 | New Accounting Pronouncement, Early Adoption, Effect | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | (593) | ||||
Accumulated other comprehensive loss | $ 593 |
Average Shares Outstanding (Det
Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands | Apr. 06, 2018 | Apr. 17, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Stock purchases (in shares) | 361 | 260 | ||
Purchase of common shares | $ 12,498 | $ 9,985 | ||
Stock dividends (as a percent) | 3.00% | 3.00% | ||
Stock dividend shares distributed | 1,847 | |||
Forecast | ||||
Stock dividend shares distributed | 1,869 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Effective income tax rate differs from the statutory rate | ||
Effective income tax rate (as a percent) | 21.80% | 29.30% |
U.S. statutory rate (as a percent) | 21.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair value measured on a recurring basis - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Fair value measurements | |||
Cash and cash equivalents | $ 49,867 | $ 96,314 | $ 78,555 |
Available for sale securities | 192,712 | 171,596 | 189,289 |
Trading securities | 63,520 | 60,520 | 73,025 |
Total assets measured at fair value | 305,025 | 328,541 | 340,824 |
Foreign currency forward contracts | |||
Fair value measurements | |||
Derivative instruments, net | 21 | 79 | (71) |
Commodity futures contracts | |||
Fair value measurements | |||
Derivative instruments, net | (1,095) | 32 | 26 |
Level 1 | |||
Fair value measurements | |||
Cash and cash equivalents | 49,867 | 96,314 | 78,555 |
Available for sale securities | 1,200 | 2,412 | |
Trading securities | 63,520 | 60,520 | 73,025 |
Total assets measured at fair value | 112,292 | 158,066 | 154,018 |
Level 1 | Commodity futures contracts | |||
Fair value measurements | |||
Derivative instruments, net | (1,095) | 32 | 26 |
Level 2 | |||
Fair value measurements | |||
Available for sale securities | 192,712 | 170,396 | 186,877 |
Total assets measured at fair value | 192,733 | 170,475 | 186,806 |
Level 2 | Foreign currency forward contracts | |||
Fair value measurements | |||
Derivative instruments, net | $ 21 | $ 79 | $ (71) |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Fair value on a recurring basis | |||
Industrial revenue development bonds, carrying amount, approximates fair value | $ 7,500 | $ 7,500 | $ 7,500 |
Cost Basis | Level 2 | |||
Fair value on a recurring basis | |||
Industrial revenue development bonds, carrying amount, approximates fair value | $ 7,500 | $ 7,500 | $ 7,500 |
Derivative Instruments and He25
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Derivatives designated as hedging instruments: | |||||
Derivative contracts | |||||
Assets | $ 26 | $ 363 | $ 673 | ||
Liabilities | (1,100) | (252) | (718) | ||
Derivatives designated as hedging instruments: | Foreign currency forward contracts | |||||
Derivative contracts | |||||
Notional Amounts | 368 | 919 | 1,768 | ||
Assets | 21 | 79 | |||
Liabilities | (71) | ||||
Derivatives designated as hedging instruments: | Commodity futures contracts | |||||
Derivative contracts | |||||
Notional Amounts | 11,537 | 13,840 | 9,880 | ||
Assets | 5 | 284 | 673 | ||
Liabilities | $ (1,100) | $ (252) | $ (647) | ||
Forecast | |||||
Derivative contracts | |||||
Gain (loss) to be reclassified | $ (259) | $ (836) |
Derivative Instruments and He26
Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Effect of derivative instruments on earnings | ||
Gain (Loss) Recognized in OCI | $ (1,472) | $ (550) |
Reclassified from Accumulated OCI into Earnings | ||
Effect of derivative instruments on earnings | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (287) | 1,122 |
Foreign currency forward contracts | ||
Effect of derivative instruments on earnings | ||
Gain (Loss) Recognized in OCI | (11) | 23 |
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ||
Effect of derivative instruments on earnings | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 47 | (25) |
Commodity futures contracts | ||
Effect of derivative instruments on earnings | ||
Gain (Loss) Recognized in OCI | (1,461) | (573) |
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ||
Effect of derivative instruments on earnings | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | $ (334) | $ 1,147 |
Pension Plans (Details)
Pension Plans (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Multi-employer defined benefit pension plan | |
Multiemployer Plans [Line Items] | |
Estimated liability upon withdrawal from plan | $ 82,200 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | $ 733,840 | |
Adoption of ASU 2018-02 (See Note 1) | 2,726 | |
Balance at the end of the period | 726,520 | $ 706,665 |
Foreign Currency Derivatives | Foreign currency forward contracts | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | 51 | (76) |
Other comprehensive earnings (loss) before reclassifications | (8) | 15 |
Reclassifications from accumulated other comprehensive loss | (36) | 16 |
Other comprehensive earnings (loss) net of tax | (44) | 31 |
Balance at the end of the period | 16 | (45) |
Foreign Currency Derivatives | Foreign currency forward contracts | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Adoption of ASU 2018-02 (See Note 1) | 9 | |
Foreign Currency Derivatives | Commodity futures contracts | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | 20 | 1,114 |
Other comprehensive earnings (loss) before reclassifications | (1,107) | (366) |
Reclassifications from accumulated other comprehensive loss | 253 | (732) |
Other comprehensive earnings (loss) net of tax | (854) | (1,098) |
Balance at the end of the period | (830) | 16 |
Foreign Currency Derivatives | Commodity futures contracts | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Adoption of ASU 2018-02 (See Note 1) | 4 | |
Investments | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (889) | (697) |
Other comprehensive earnings (loss) before reclassifications | (948) | 148 |
Other comprehensive earnings (loss) net of tax | (948) | 148 |
Balance at the end of the period | (2,005) | (549) |
Investments | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Adoption of ASU 2018-02 (See Note 1) | (168) | |
Postretirement and Pension Benefits | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | 3,289 | 4,873 |
Other comprehensive earnings (loss) before reclassifications | 4 | |
Reclassifications from accumulated other comprehensive loss | (251) | (233) |
Other comprehensive earnings (loss) net of tax | (251) | (229) |
Balance at the end of the period | 3,786 | 4,644 |
Postretirement and Pension Benefits | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Adoption of ASU 2018-02 (See Note 1) | 748 | |
Foreign Currency Translation Adjustment | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (24,262) | (25,460) |
Other comprehensive earnings (loss) before reclassifications | 1,612 | 2,100 |
Other comprehensive earnings (loss) net of tax | 1,612 | 2,100 |
Balance at the end of the period | (22,650) | (23,360) |
Accumulated Other Comprehensive Earnings ( Loss ) | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (21,791) | (20,246) |
Other comprehensive earnings (loss) before reclassifications | (451) | 1,901 |
Reclassifications from accumulated other comprehensive loss | (34) | (949) |
Other comprehensive earnings (loss) net of tax | (485) | 952 |
Balance at the end of the period | (21,683) | $ (19,294) |
Accumulated Other Comprehensive Earnings ( Loss ) | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02 | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Adoption of ASU 2018-02 (See Note 1) | $ 593 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other income, net | $ (521) | $ (2,228) |
Cost of goods sold | 66,101 | 65,804 |
Total before tax | (10,363) | (14,154) |
Tax (expense) benefit | 2,262 | 4,143 |
Net earnings | (8,101) | (10,011) |
Reclassified from Accumulated OCI into Earnings | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Total before tax | (44) | (1,487) |
Tax (expense) benefit | 10 | 538 |
Net earnings | (34) | (949) |
Foreign Currency Derivatives | Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other income, net | (47) | 25 |
Postretirement and Pension Benefits | Reclassified from Accumulated OCI into Earnings | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other income, net | (331) | (365) |
Product | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Cost of goods sold | 65,834 | 65,538 |
Product | Foreign Currency Derivatives | Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Cost of goods sold | $ 334 | $ (1,147) |