Tootsie Roll Industries (TR) 10-Q10 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	1-1361
Entity Registrant Name	TOOTSIE ROLL INDUSTRIES INC
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	22-1318955
Entity Address, Address Line One	7401 South Cicero Avenue
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60629
City Area Code	773
Local Phone Number	838-3400
Title of 12(b) Security	Common Stock, par value $0.69-4/9 per share
Trading Symbol	TR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000098677
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	40,871,456
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	29,462,777

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 37,992	$ 53,270	$ 86,800
Restricted cash	369	365	377
Investments	85,880	96,128	58,727
Accounts receivable trade, less allowances of $2,546, $2,335 and $2,378	59,392	58,556	51,954
Other receivables	3,707	4,299	4,137
Inventories:
Finished goods and work-in-process	63,610	43,595	40,592
Raw materials and supplies	45,637	40,671	27,127
Prepaid expenses	7,909	12,144	5,947
Total current assets	304,496	309,028	275,661
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	21,752	21,715	21,712
Buildings	142,542	142,462	130,184
Machinery and equipment	468,202	467,977	447,060
Construction in progress	8,535	4,325	20,796
Operating lease right-of-use assets	4,631	4,703	7,220
Property, plant and equipment, gross	645,662	641,182	626,972
Less - accumulated depreciation	433,718	429,139	416,839
Net property, plant and equipment	211,944	212,043	210,133
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	252,888	247,528	276,780
Prepaid expenses and other assets	450	465	602
Deferred income taxes	1,574	1,454	1,417
Total other assets	503,173	497,708	527,060
Total assets	1,019,613	1,018,779	1,012,854
CURRENT LIABILITIES:
Accounts payable	21,706	25,246	21,676
Bank loans	1,060	1,051	1,075
Dividends payable	250	6,154	171
Accrued liabilities	52,928	54,444	51,134
Postretirement health care benefits	658	658	616
Operating lease liabilities	726	791	1,037
Income taxes payable		1,790	4,550
Total current liabilities	77,328	90,134	80,259
NONCURRENT LIABILITIES:
Deferred income taxes	45,612	45,005	44,225
Postretirement health care benefits	9,292	9,303	12,617
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	3,825	3,747	3,512
Operating lease liabilities	3,962	3,952	6,183
Deferred compensation and other liabilities	80,699	76,256	89,052
Total noncurrent liabilities	150,890	145,763	163,089
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	768,676	719,606	749,819
Retained earnings	3,223	48,276	2,904
Accumulated other comprehensive loss	(27,059)	(30,169)	(28,967)
Treasury stock (at cost) - 102, 99 and 99 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	791,691	783,171	769,759
Noncontrolling interests	(296)	(289)	(253)
Total equity	791,395	782,882	769,506
Total liabilities and shareholders' equity	1,019,613	1,018,779	1,012,854
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	28,383	27,584	28,116
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	$ 20,460	$ 19,866	$ 19,879

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Trade accounts receivable, allowances	$ 2,546	$ 2,335	$ 2,378
Treasury stock, shares	102	99	99
Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	120,000	120,000	120,000
Common stock, shares issued	40,871	39,721	40,487
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	40,000	40,000	40,000
Common stock, shares issued	29,463	28,607	28,626

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenue		$ 162,092	$ 140,637
Costs		111,797	92,729
Gross Margin		50,295	47,908
Selling, marketing and administrative expenses		37,499	27,073
Earnings from operations		12,796	20,835
Other income (loss), net		4,780	(5,016)
Earnings before income taxes		17,576	15,819
Provision for income taxes		4,182	3,800
Net earnings		13,394	12,019
Less: net loss attributable to noncontrolling interests		(7)	(8)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 13,401	$ 12,027
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.19	$ 0.17
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09
Average number of shares outstanding (in shares)		70,242	71,079
Product
Revenue		$ 160,711	$ 139,291
Costs		111,406	92,350
Gross Margin		49,305	46,941
Rental and Royalty
Revenue		1,381	1,346
Costs		391	379
Gross Margin		$ 990	$ 967

[1]Does not include 3% stock dividend to shareholders of record on 3/6/23 and 3/7/22.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Retained earnings at beginning of period	$ 48,276	$ 39,545
Net earnings attributable to Tootsie Roll Industries, Inc.	13,401	12,027
Cash dividends	(6,137)	(6,034)
Stock dividends	(52,317)	(42,634)
Retained earnings at end of period	$ 3,223	$ 2,904
Stock dividends (as a percent)	3%	3%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS
Net earnings	$ 13,394	$ 12,019
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	1,296	569
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(190)	(207)
Unrealized gains (losses) on postretirement and pension benefits	(190)	(207)
Investments:
Unrealized gains (losses) for the period on investments	2,494	(5,847)
Less: reclassification adjustment for (gains) losses to net earnings	(1)	(5)
Unrealized gains (losses) on investments	2,493	(5,852)
Derivatives:
Unrealized gains (losses) for the period on derivatives	95	221
Less: reclassification adjustment for (gains) losses to net earnings	(5)	(129)
Unrealized gains (losses) on derivatives	90	92
Total other comprehensive income (loss), before tax	3,689	(5,398)
Income tax benefit (expense) related to items of other comprehensive income	(579)	1,444
Total comprehensive earnings	16,504	8,065
Comprehensive earnings (loss) attributable to noncontrolling interests	(7)	(8)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 16,511	$ 8,073

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 13,394	$ 12,019
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	4,599	4,216
Deferred income taxes	10	208
Amortization of marketable security premiums	1,185	1,334
Changes in operating assets and liabilities:
Accounts receivable	(360)	3,092
Other receivables	645	(239)
Inventories	(24,432)	(12,051)
Prepaid expenses and other assets	1,033	1,829
Accounts payable and accrued liabilities	(4,845)	4,296
Income taxes payable	1,536	2,213
Postretirement health care benefits	(201)	(209)
Deferred compensation and other liabilities	(46)	99
Net cash (used in) provided by operating activities	(7,482)	16,807
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(5,049)	(5,948)
Purchases of trading securities	(1,010)	(737)
Sales of trading securities	528	205
Purchase of available for sale securities	(14,848)	(25,148)
Sale and maturity of available for sale securities	25,874	8,524
Net cash provided by (used in) investing activities	5,495	(23,104)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(1,604)	(1,152)
Dividends paid in cash	(12,291)	(12,075)
Proceeds from bank loans	1,110	1,178
Repayment of bank loans	(1,115)	(1,016)
Net cash used in financing activities	(13,900)	(13,065)
Effect of exchange rate changes on cash	613	313
Decrease in cash and cash equivalents	(15,274)	(19,049)
Cash, cash equivalents and restricted cash at beginning of year	53,635	106,226
Cash, cash equivalents and restricted cash at end of quarter	38,361	87,177
Supplemental cash flow information:
Income taxes paid/(received), net	2,303	1,571
Interest paid	58	2
Stock dividend issued	$ 86,433	$ 70,242

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Significant Accounting Policies
Significant Accounting Policies	Note 1 — Significant Accounting Policies General Information The foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the “Company”). In the opinion of Management, all adjustments, which are of a normal recurring nature, and 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. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. 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, 2022 (the “2022 Form 10-K”). Results of operations for the period ended March 31, 2023 are not necessarily indicative of results to be expected for the year to end December 31, 2023 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest net product sales quarter due to pre-Halloween net product sales. Revenue Recognition The Company’s revenues, primarily net product sales resulting 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. 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 net product sales revenue in the same period the related net 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, when the customer picks up the goods at the Company’s distribution center and thereby obtains control of such product. Amounts billed and due from our customers are classified as accounts receivable trade on the balance sheet and require payment on a short-term basis. Accounts receivable trade are unsecured. Shipping and handling costs of $16,233 and $16,538 in first quarter 2023 and 2022, respectively, are included in selling, marketing and administrative expenses. Royalty income from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur, and rental income are not considered revenue from contracts from customers and are presented separately from net product revenue as rental and royalty revenue. Leases The Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified as either operating or finance leases at the commencement date. For these leases, we record the present value of the minimum lease payments over the lease term as a lease liability with an offsetting right-of-use asset that is then presented net of any deferred rent or lease incentives. The discount rate used to calculate the present value of the minimum lease payments is typically our incremental borrowing rate, as the rate implicit in the lease is generally not known or determinable. The lease term includes any noncancelable period for which the Company has the right to use the asset as well as any future periods to which the Company has the right and intent to extend the lease under the terms of the lease agreement. Currently, all capitalized leases are classified as operating leases and the Company records rental expense on a straight-line basis over the term of the lease. Recently Adopted Accounting Pronouncements As of the date of this report, there are no recent accounting pronouncements that have been adopted in the period nor any that have not yet been adopted that Management believes would have a material impact on the Company’s consolidated financial statements.

Average Shares Outstanding

Average Shares Outstanding	3 Months Ended
Average Shares Outstanding	Mar. 31, 2023
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for first quarter 2023 reflects aggregate stock purchases of 37 shares for $1,604 and a 3% stock dividend of 2,040 shares distributed on April 7, 2023. The average number of shares outstanding for first quarter 2022 reflects aggregate stock purchases of 33 shares for $1,152 and a 3% stock dividend of 2,006 shares distributed on April 8, 2022.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
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 2019 through 2021. The Company’s consolidated effective income tax rate was 23.8% and 24.0% in first quarter 2023 and 2022, respectively.

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value	3 Months Ended
Share Capital and Capital In Excess of Par Value	Mar. 31, 2023
Share Capital and Capital In Excess of Par Value
Share Capital and Capital In Excess of Par Value	NOTE 4—Share Capital and Capital In Excess of Par Value: Capital in Class B Excess Common Stock Common Stock Treasury Stock of Par Shares Amount Shares Amount Shares Amount Value (000’s) (000’s) (000’s) Balance at December 31, 2022 39,721 $ 27,584 28,607 $ 19,866 99 $ (1,992) $ 719,606 Issuance of 3% stock dividend 1,185 823 858 596 3 — 50,648 Conversion of Class B common shares to common shares 2 2 (2) (2) — — — Purchase and retirement of common shares and other (37) (26) — — — — (1,578) Balance at March 31, 2023 40,871 $ 28,383 29,463 $ 20,460 102 $ (1,992) $ 768,676 Balance at December 31, 2021 39,344 $ 27,322 27,793 $ 19,300 96 $ (1,992) $ 709,880 Issuance of 3% stock dividend 1,176 817 833 579 3 — 41,068 Conversion of Class B common shares to common shares — — — — — — — Purchase and retirement of common shares and other (33) (23) — — — — (1,129) Balance at March 31, 2022 40,487 $ 28,116 28,626 $ 19,879 99 $ (1,992) $ 749,819

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 5 — 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, 2023, December 31, 2022 and March 31, 2022, 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 bonds but also include variable rate demand notes. While the Company generally holds its available for sale investments to maturity, the Company would sell prior to maturity if it was considered beneficial to do so for tax-planning strategies or if the Company required the funds to finance a significant reinvestment in the Company, including an acquisition. As such, the Company does not classify any investments as held to maturity which is restrictive under GAAP because the use of amortized cost must be justified for each security. The fair value of the Company’s industrial revenue development bonds at March 31, 2023, December 31, 2022 and March 31, 2022 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. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2023, December 31, 2022 and March 31, 2022 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value March 31, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 37,992 $ 37,992 $ — $ — Available for sale securities 262,729 4,583 258,146 — Foreign currency derivatives (233) — (233) — Commodity derivatives 51 51 — — Trading securities 76,039 59,952 16,087 — Total assets measured at fair value $ 376,578 $ 102,578 $ 274,000 $ — Estimated Fair Value December 31, 2022 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 53,270 $ 53,270 $ - $ — Available for sale securities 272,448 1,889 270,559 — Foreign currency derivatives (282) — (282) — Commodity derivatives 10 10 — — Trading securities 71,208 56,049 15,159 — Total assets measured at fair value $ 396,654 $ 111,218 $ 285,436 $ — Estimated Fair Value March 31, 2022 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 86,800 $ 86,800 $ - $ — Available for sale securities 250,845 1,264 249,581 — Foreign currency derivatives 400 - 400 — Commodity derivatives 242 242 - — Trading securities 84,662 69,076 15,586 — Total assets measured at fair value $ 422,949 $ 157,382 $ 265,567 $ —

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 31, 2023
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 6 — Derivative Instruments and Hedging Activities From time to time, the Company uses derivative instruments, including foreign currency forward contracts and commodity futures contracts to manage its exposures to foreign exchange and commodity prices. Commodity futures 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, and periodic equipment purchases from foreign suppliers denominated in a foreign currency. 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 $51 of this accumulated comprehensive loss is expected to be reclassified to earnings in 2023. Approximately $173 and $60 reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net in 2023 and 2024, respectively. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at March 31, 2023, December 31, 2022 and March 31, 2022: March 31, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 17,260 $ 13 $ (246) Commodity derivatives 189 51 - Total derivatives $ 64 $ (246) December 31, 2022 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 7,264 $ — $ (282) Commodity derivatives 189 10 — Total derivatives $ 10 $ (282) March 31, 2022 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 5,340 $ 400 $ — Commodity derivatives 2,861 242 — Total derivatives $ 642 $ — 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, 2023 and March 31, 2022 are as follows: For Quarter Ended March 31, 2023 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 derivatives $ (39) $ (88) $ — Commodity derivatives 134 93 — Total $ 95 $ 5 $ — For Quarter Ended March 31, 2022 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 derivatives $ 76 $ 102 $ — Commodity derivatives 145 27 — Total $ 221 $ 129 $ —

Pension Plans

Pension Plans	3 Months Ended
Pension Plans	Mar. 31, 2023
Pension Plans
Pension Plans	Note 7 — Pension Plans Beginning in 2012, the Company received periodic notices from the Bakery and Confectionery Union and Industry International Pension Fund (Plan), a multi-employer defined benefit pension plan for certain Company union employees, that the Plan’s actuary certified the Plan to be in “critical status”, as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC); and that a plan of rehabilitation was adopted by the trustees of the Plan in 2012. The Plan was reclassified to “critical and declining status”, as defined by the PPA and PBGC, for the plan year beginning January 1, 2015. A designation of “critical and declining status” implies that the Plan is expected to become insolvent in the next 20 years. In 2016, the Company received new notices that the Plan’s trustees adopted an updated Rehabilitation Plan effective January 1, 2016, and all annual notices through 2022 have continued to classify the Plan in the “critical and declining status” category. The Company has been advised that its withdrawal liability would have been $104,300, $99,300 and $99,800 if it had withdrawn from the Plan during 2021, 2020 and 2019, respectively. The Plan is expected to have updated actuarial and withdrawal liability information by the end of second quarter 2023. Should the Company actually withdraw from the Plan at a future date, its withdrawal liability payable under the Plan could be higher than the above discussed amounts. The Company’s pension expense for this Plan for first quarter 2023 and 2022 was $865 and $763, respectively. The aforementioned expense includes surcharges of $305 and $269 for first quarter 2023 and 2022, respectively, as required under the amended plan of rehabilitation. The Company’s twelve months pension expense for this Plan for 2022 and 2021 was $3,510 and $3,156, respectively, which includes surcharges of $1,237 and $1,112, respectively. From 2012 through 2020, the Company’s employer contributions were subject to annual 5% compounded surcharge increases. Beginning in 2021, the Plan ceased additional surcharges, but the prior surcharges remain in effect indefinitely. During first quarter 2023, the Plan applied to the PBGC for Special Financial Assistance under the American Rescue Plan Act of 2021. If the application is approved, the Special Financial Assistance funds the plan would receive are expected to have a material effect on the Plan’s assets. The Company’s actuary believes that it still remains unclear if the Plan can remain solvent through the targeted date of 2051 and that the regulations under the aforementioned PBGC financial assistance could result in a higher withdrawal liability even with PBGC financial assistance. The Company is currently unable to determine the ultimate outcome of the above discussed multi-employer union pension matters and therefore is unable to determine the effects on its consolidated financial statements, but the ultimate outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows in one or more future periods.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Loss)	3 Months Ended
Accumulated Other Comprehensive Earnings (Loss)	Mar. 31, 2023
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Earnings (Loss)	Note 8 — 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, 2022 $ (23,795) $ (8,809) $ (215) $ 8 $ 2,642 $ (30,169) Other comprehensive earnings (loss) before reclassifications 1,296 1,890 (29) 101 — 3,258 Reclassifications from accumulated other comprehensive loss - - 66 (70) (144) (148) Other comprehensive earnings (loss) net of tax 1,296 1,890 37 31 (144) 3,110 Balance at March 31, 2023 $ (22,499) $ (6,919) $ (178) $ 39 $ 2,498 $ (27,059) Balance at December 31, 2021 $ (24,882) $ (1,286) $ 322 $ 94 $ 739 $ (25,013) Other comprehensive earnings (loss) before reclassifications 569 (4,432) 57 111 - (3,695) Reclassifications from accumulated other comprehensive loss - (4) (77) (21) (157) (259) Other comprehensive earnings (loss) net of tax 569 (4,436) (20) 90 (157) (3,954) Balance at March 31, 2022 $ (24,313) $ (5,722) $ 302 $ 184 $ 582 $ (28,967) 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, 2023 March 31, 2022 Recognized in Earnings Investments $ (1) $ (5) Other income, net Foreign currency derivatives 88 (102) Other income, net Commodity derivatives (93) (27) Product cost of goods sold Postretirement and pension benefits (190) (207) Other income, net Total before tax (196) (341) Tax (expense) benefit 48 82 Net of tax $ (148) $ (259)

Restricted Cash

Restricted Cash	3 Months Ended
Restricted Cash	Mar. 31, 2023
Restricted Cash
Restricted Cash	Note 9 — Restricted Cash Restricted cash comprises certain cash deposits of the Company’s Spanish subsidiary with international banks that are pledged as collateral for letters of credit and bank borrowings.

Bank Loans

Bank Loans	3 Months Ended
Bank Loans	Mar. 31, 2023
Bank Loans
Bank Loans	Note 10 — Bank Loans Bank loans consist of short term (less than 120 days) borrowings by the Company’s Spanish subsidiary that are held by international banks. The weighted-average interest rate as of March 31, 2023 and 2022 was 3.5% and 3.1%, respectively.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases
Leases	Note 11 — Leases The Company leases certain buildings, land and equipment that are classified as operating leases. These leases have remaining lease terms of up to approximately 18 years. Operating lease cost totaled $235 and $279 in the first quarter of 2023 and 2022, respectively. Cash paid for operating lease liabilities is substantially the same as operating lease cost and is presented in cash flows from operating activities. As of March 31, 2023 and 2022, operating lease right-of-use assets were $4,631 and $7,220, respectively, and operating lease liabilities were $4,689 and $7,220, respectively. The weighted-average remaining lease term related to these operating leases was 15.8 years and 8.1 years as of March 31, 2023 and 2022, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.4% and 2.0% as of March 31, 2023 and 2022, respectively. Maturities of the Company’s operating lease liabilities at March 31, 2023 are as follows: $540 in 2023 (rest of year), $180 in 2024, $186 in 2025, $160 in 2026, $128 in 2027 and $3,495 thereafter. The Company, as lessor, rents certain commercial real estate to third-party lessees. The March 31, 2023 and 2022 cost related to these leased properties was $51,370 and $51,370, respectively, and the accumulated depreciation related to these leased properties was $17,168 and $16,108, respectively. Terms of such leases, including renewal options, may be extended for up to fifty-seven years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Lease income in first quarter 2023 and 2022 was $1,221 and $1,213, respectively, and is classified in cash flows from operating activities. In addition to the leases discussed above, the Company entered into two new lease agreements in the first quarter of 2023 representing a combined lease obligation of $1,856 as measured at the commencement dates of the respective leases. The leases grant the Company the right to use warehouse space for 3

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Significant Accounting Policies
General Information	General Information The foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the “Company”). In the opinion of Management, all adjustments, which are of a normal recurring nature, and 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. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. 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, 2022 (the “2022 Form 10-K”). Results of operations for the period ended March 31, 2023 are not necessarily indicative of results to be expected for the year to end December 31, 2023 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest net product sales quarter due to pre-Halloween net product sales.
Revenue Recognition	Revenue Recognition The Company’s revenues, primarily net product sales resulting 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. 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 net product sales revenue in the same period the related net 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, when the customer picks up the goods at the Company’s distribution center and thereby obtains control of such product. Amounts billed and due from our customers are classified as accounts receivable trade on the balance sheet and require payment on a short-term basis. Accounts receivable trade are unsecured. Shipping and handling costs of $16,233 and $16,538 in first quarter 2023 and 2022, respectively, are included in selling, marketing and administrative expenses. Royalty income from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur, and rental income are not considered revenue from contracts from customers and are presented separately from net product revenue as rental and royalty revenue.
Leases	Leases The Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified as either operating or finance leases at the commencement date. For these leases, we record the present value of the minimum lease payments over the lease term as a lease liability with an offsetting right-of-use asset that is then presented net of any deferred rent or lease incentives. The discount rate used to calculate the present value of the minimum lease payments is typically our incremental borrowing rate, as the rate implicit in the lease is generally not known or determinable. The lease term includes any noncancelable period for which the Company has the right to use the asset as well as any future periods to which the Company has the right and intent to extend the lease under the terms of the lease agreement. Currently, all capitalized leases are classified as operating leases and the Company records rental expense on a straight-line basis over the term of the lease.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of the date of this report, there are no recent accounting pronouncements that have been adopted in the period nor any that have not yet been adopted that Management believes would have a material impact on the Company’s consolidated financial statements.

Share Capital and Capital In _2

Share Capital and Capital In Excess of Par Value (Tables)	3 Months Ended
Share Capital and Capital In Excess of Par Value (Tables)	Mar. 31, 2023
Share Capital and Capital In Excess of Par Value
Schedule of changes in share capital and capital in excess of par value	Capital in Class B Excess Common Stock Common Stock Treasury Stock of Par Shares Amount Shares Amount Shares Amount Value (000’s) (000’s) (000’s) Balance at December 31, 2022 39,721 $ 27,584 28,607 $ 19,866 99 $ (1,992) $ 719,606 Issuance of 3% stock dividend 1,185 823 858 596 3 — 50,648 Conversion of Class B common shares to common shares 2 2 (2) (2) — — — Purchase and retirement of common shares and other (37) (26) — — — — (1,578) Balance at March 31, 2023 40,871 $ 28,383 29,463 $ 20,460 102 $ (1,992) $ 768,676 Balance at December 31, 2021 39,344 $ 27,322 27,793 $ 19,300 96 $ (1,992) $ 709,880 Issuance of 3% stock dividend 1,176 817 833 579 3 — 41,068 Conversion of Class B common shares to common shares — — — — — — — Purchase and retirement of common shares and other (33) (23) — — — — (1,129) Balance at March 31, 2022 40,487 $ 28,116 28,626 $ 19,879 99 $ (1,992) $ 749,819

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value March 31, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 37,992 $ 37,992 $ — $ — Available for sale securities 262,729 4,583 258,146 — Foreign currency derivatives (233) — (233) — Commodity derivatives 51 51 — — Trading securities 76,039 59,952 16,087 — Total assets measured at fair value $ 376,578 $ 102,578 $ 274,000 $ — Estimated Fair Value December 31, 2022 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 53,270 $ 53,270 $ - $ — Available for sale securities 272,448 1,889 270,559 — Foreign currency derivatives (282) — (282) — Commodity derivatives 10 10 — — Trading securities 71,208 56,049 15,159 — Total assets measured at fair value $ 396,654 $ 111,218 $ 285,436 $ — Estimated Fair Value March 31, 2022 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 86,800 $ 86,800 $ - $ — Available for sale securities 250,845 1,264 249,581 — Foreign currency derivatives 400 - 400 — Commodity derivatives 242 242 - — Trading securities 84,662 69,076 15,586 — Total assets measured at fair value $ 422,949 $ 157,382 $ 265,567 $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities
Summary of the Company's outstanding derivative contracts and their effects on the Consolidated Statements of Financial Position	March 31, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 17,260 $ 13 $ (246) Commodity derivatives 189 51 - Total derivatives $ 64 $ (246) December 31, 2022 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 7,264 $ — $ (282) Commodity derivatives 189 10 — Total derivatives $ 10 $ (282) March 31, 2022 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 5,340 $ 400 $ — Commodity derivatives 2,861 242 — Total derivatives $ 642 $ —
Effects of derivative instruments on the Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings	For Quarter Ended March 31, 2023 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 derivatives $ (39) $ (88) $ — Commodity derivatives 134 93 — Total $ 95 $ 5 $ — For Quarter Ended March 31, 2022 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 derivatives $ 76 $ 102 $ — Commodity derivatives 145 27 — Total $ 221 $ 129 $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Earnings (Loss) (Tables)	Mar. 31, 2023
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, 2022 $ (23,795) $ (8,809) $ (215) $ 8 $ 2,642 $ (30,169) Other comprehensive earnings (loss) before reclassifications 1,296 1,890 (29) 101 — 3,258 Reclassifications from accumulated other comprehensive loss - - 66 (70) (144) (148) Other comprehensive earnings (loss) net of tax 1,296 1,890 37 31 (144) 3,110 Balance at March 31, 2023 $ (22,499) $ (6,919) $ (178) $ 39 $ 2,498 $ (27,059) Balance at December 31, 2021 $ (24,882) $ (1,286) $ 322 $ 94 $ 739 $ (25,013) Other comprehensive earnings (loss) before reclassifications 569 (4,432) 57 111 - (3,695) Reclassifications from accumulated other comprehensive loss - (4) (77) (21) (157) (259) Other comprehensive earnings (loss) net of tax 569 (4,436) (20) 90 (157) (3,954) Balance at March 31, 2022 $ (24,313) $ (5,722) $ 302 $ 184 $ 582 $ (28,967)
Amount reclassified from accumulated other comprehensive income (loss)	Details about Accumulated Other Quarter Ended Location of (Gain) Loss Comprehensive Income Components March 31, 2023 March 31, 2022 Recognized in Earnings Investments $ (1) $ (5) Other income, net Foreign currency derivatives 88 (102) Other income, net Commodity derivatives (93) (27) Product cost of goods sold Postretirement and pension benefits (190) (207) Other income, net Total before tax (196) (341) Tax (expense) benefit 48 82 Net of tax $ (148) $ (259)

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Selling, marketing and administrative expenses	$ 37,499	$ 27,073
Shipping and Handling
Revenue Recognition
Selling, marketing and administrative expenses	$ 16,233	$ 16,538

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands			3 Months Ended
	Apr. 07, 2023	Apr. 08, 2022	Mar. 31, 2023	Mar. 31, 2022
Stock purchases (in shares)			37	33
Purchase of common shares			$ 1,604	$ 1,152
Stock dividends (as a percent)			3%	3%
Stock dividend shares distributed		2,006
Forecast
Stock dividend shares distributed	2,040

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Effective income tax rate (as a percent)	23.80%	24%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 782,882
Balance at the beginning of the period (in shares)	99
Purchase and retirement of common shares and other	$ (1,604)	$ (1,152)
Purchase and retirement of common shares and other (in shares)	(37)	(33)
Balance at the end of the period	$ 791,395	$ 769,506
Balance at the end of the period (in shares)	102	99
Stock dividends (as a percent)	3%	3%
Treasury Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ (1,992)	$ (1,992)
Balance at the beginning of the period (in shares)	99	96
Issuance of 3% stock dividend (in shares)	3	3
Balance at the end of the period	$ (1,992)	$ (1,992)
Balance at the end of the period (in shares)	102	99
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 719,606	$ 709,880
Issuance of 3% stock dividend	50,648	41,068
Purchase and retirement of common shares and other	(1,578)	(1,129)
Balance at the end of the period	768,676	749,819
Class B Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 19,866	$ 19,300
Balance at the beginning of the period (in shares)	28,607	27,793
Issuance of 3% stock dividend	$ 596	$ 579
Issuance of 3% stock dividend (in shares)	858	833
Conversion of Class B common shares to common shares	$ (2)
Conversion of Class B common shares to common shares (in shares)	(2)
Balance at the end of the period	$ 20,460	$ 19,879
Balance at the end of the period (in shares)	29,463	28,626
Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 27,584	$ 27,322
Balance at the beginning of the period (in shares)	39,721	39,344
Issuance of 3% stock dividend	$ 823	$ 817
Issuance of 3% stock dividend (in shares)	1,185	1,176
Conversion of Class B common shares to common shares	$ 2
Conversion of Class B common shares to common shares (in shares)	2
Purchase and retirement of common shares and other	$ (26)	$ (23)
Purchase and retirement of common shares and other (in shares)	(37)	(33)
Balance at the end of the period	$ 28,383	$ 28,116
Balance at the end of the period (in shares)	40,871	40,487

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
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

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair value measurements
Cash and cash equivalents	$ 37,992	$ 53,270	$ 86,800
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents	37,992	53,270	86,800
Available for sale securities	262,729	272,448	250,845
Trading securities	76,039	71,208	84,662
Total assets measured at fair value	376,578	396,654	422,949
Fair value measured on a recurring basis \| Foreign currency derivatives.
Fair value measurements
Derivative instruments, net	(233)	(282)	400
Fair value measured on a recurring basis \| Commodity derivatives
Fair value measurements
Derivative instruments, net	51	10	242
Fair value measured on a recurring basis \| Level 1
Fair value measurements
Cash and cash equivalents	37,992	53,270	86,800
Available for sale securities	4,583	1,889	1,264
Trading securities	59,952	56,049	69,076
Total assets measured at fair value	102,578	111,218	157,382
Fair value measured on a recurring basis \| Level 1 \| Commodity derivatives
Fair value measurements
Derivative instruments, net	51	10	242
Fair value measured on a recurring basis \| Level 2
Fair value measurements
Available for sale securities	258,146	270,559	249,581
Trading securities	16,087	15,159	15,586
Total assets measured at fair value	274,000	285,436	265,567
Fair value measured on a recurring basis \| Level 2 \| Foreign currency derivatives.
Fair value measurements
Derivative instruments, net	$ (233)	$ (282)	$ 400

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Derivative contracts
Assets			$ 64	$ 10	$ 642
Liabilities			(246)	(282)
Derivatives designated as hedging instruments: \| Foreign currency derivatives.
Derivative contracts
Notional Amounts			17,260	7,264	5,340
Assets			13		400
Liabilities			(246)	(282)
Derivatives designated as hedging instruments: \| Commodity derivatives
Derivative contracts
Notional Amounts			189	189	2,861
Assets			$ 51	$ 10	$ 242
Forecast
Derivative contracts
Accumulated comprehensive loss to be reclassified		$ (51)
Forecast \| Foreign currency derivatives.
Derivative contracts
Accumulated other comprehensive loss to be reclassified	$ (60)	$ (173)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ 95	$ 221
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	5	129
Foreign currency derivatives.
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(39)	76
Foreign currency derivatives. \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(88)	102
Commodity derivatives
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	134	145
Commodity derivatives \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ 93	$ 27

Pension Plans (Details)

Pension Plans (Details) - Multi-employer defined benefit pension plan - Consenting agreement entered with local bargaining union - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plans
Insolvent period	20 years
Estimated liability upon withdrawal from plan				$ 104,300	$ 99,300	$ 99,800
Percentage of annual compounded surcharge for rehabilitation	5%
Pension expense	$ 865	$ 763	$ 3,510	3,156
Surcharges	$ 305	$ 269	$ 1,237	$ 1,112

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	$ 783,171
Balance at the end of the period	791,691	$ 769,759
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(23,795)	(24,882)
Other comprehensive earnings (loss) before reclassifications	1,296	569
Other comprehensive earnings (loss) net of tax	1,296	569
Balance at the end of the period	(22,499)	(24,313)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(8,809)	(1,286)
Other comprehensive earnings (loss) before reclassifications	1,890	(4,432)
Reclassifications from accumulated other comprehensive loss		(4)
Other comprehensive earnings (loss) net of tax	1,890	(4,436)
Balance at the end of the period	(6,919)	(5,722)
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(215)	322
Other comprehensive earnings (loss) before reclassifications	(29)	57
Reclassifications from accumulated other comprehensive loss	66	(77)
Other comprehensive earnings (loss) net of tax	37	(20)
Balance at the end of the period	(178)	302
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	8	94
Other comprehensive earnings (loss) before reclassifications	101	111
Reclassifications from accumulated other comprehensive loss	(70)	(21)
Other comprehensive earnings (loss) net of tax	31	90
Balance at the end of the period	39	184
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	2,642	739
Reclassifications from accumulated other comprehensive loss	(144)	(157)
Other comprehensive earnings (loss) net of tax	(144)	(157)
Balance at the end of the period	2,498	582
Accumulated Other Comprehensive Earnings (Loss).
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(30,169)	(25,013)
Other comprehensive earnings (loss) before reclassifications	3,258	(3,695)
Reclassifications from accumulated other comprehensive loss	(148)	(259)
Other comprehensive earnings (loss) net of tax	3,110	(3,954)
Balance at the end of the period	$ (27,059)	$ (28,967)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (4,780)	$ 5,016
Cost of goods sold	111,797	92,729
Total before tax	(17,576)	(15,819)
Tax (expense) benefit	4,182	3,800
Net of tax	(13,394)	(12,019)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	(196)	(341)
Tax (expense) benefit	48	82
Net of tax	(148)	(259)
Investments \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	(1)	(5)
Foreign Currency Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	88	(102)
Commodity Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ (93)	$ (27)
Type of Cost, Good or Service [Extensible List]	Product	Product
Postretirement and Pension Benefits \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (190)	$ (207)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies	3 Months Ended
Bank Loans (Details) - Spanish Companies	Mar. 31, 2023	Mar. 31, 2022
Bank Loans
Weighted interest rate (as a percent)	3.50%	3.10%
Maximum
Bank Loans
Maturity period	120 days

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($) agreement	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 235	$ 279
Operating lease right-of-use assets	4,631	7,220	$ 4,703
Operating lease liabilities	$ 4,689	$ 7,220
Weighted average remaining lease term	15 years 9 months 18 days	8 years 1 month 6 days
Weighted average discount rate	3.40%	2%
2023 (rest of year)	$ 540
2024	180
2025	186
2026	160
2027	128
Thereafter	$ 3,495
Lessor, Operating Lease, Existence of Option to Extend [true false]	true
Property, plant and equipment, gross	$ 645,662	$ 626,972	$ 641,182
Lease income	$ 1,221	1,213
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	18 years
Commercial real estate leased to third parties
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	$ 51,370	51,370
Depreciation	$ 17,168	$ 16,108
Commercial real estate leased to third parties \| Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term	57 years
Warehouse space
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 1,856
Number of new lease agreements \| agreement	2
Warehouse space \| Minimum
Lessee, Lease, Description [Line Items]
Warehouse space usage term	3 years
Warehouse space \| Maximum
Lessee, Lease, Description [Line Items]
Warehouse space usage term	5 years