Tootsie Roll Industries (TR) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
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 $0.694 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	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	41,146,432
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	30,298,695

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 91,711	$ 75,915	$ 47,320
Restricted cash	378	375	360
Investments	71,500	95,507	88,080
Accounts receivable trade, less allowances of $2,913 $2,245 and $3,302	72,519	55,568	80,118
Other receivables	5,386	9,165	5,563
Inventories:
Finished goods and work-in-process	54,411	51,240	61,876
Raw materials and supplies	40,182	43,681	45,716
Prepaid expenses	7,317	9,200	7,027
Total current assets	343,404	340,651	336,060
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	21,647	21,862	21,758
Buildings	144,856	144,949	143,013
Machinery and equipment	484,119	485,265	468,292
Construction in progress	23,812	11,277	21,163
Operating lease right-of-use assets	6,313	7,145	5,991
Property, plant and equipment, gross	680,747	670,498	660,217
Less - accumulated depreciation	459,617	447,520	442,796
Net property, plant and equipment	221,130	222,978	217,421
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	318,344	255,606	243,205
Prepaid expenses and other assets	13,647	15,189	19,344
Deferred income taxes	1,431	1,706	1,617
Total other assets	581,683	520,762	512,427
Total assets	1,146,217	1,084,391	1,065,908
CURRENT LIABILITIES:
Accounts payable	20,572	15,816	22,696
Bank loans	1,078	1,088	1,018
Dividends payable	6,426	6,250	6,261
Accrued liabilities	65,044	61,690	72,329
Postretirement health care benefits	665	665	658
Operating lease liabilities	1,382	1,289	1,073
Income taxes payable	552	8,090	1,599
Total current liabilities	95,719	94,888	105,634
NONCURRENT LIABILITIES:
Deferred income taxes	46,754	45,477	46,021
Postretirement health care benefits	9,644	9,653	9,321
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	2,595	2,777	3,818
Operating lease liabilities	5,240	6,018	5,002
Deferred compensation and other liabilities	108,935	94,971	85,045
Total noncurrent liabilities	180,668	166,396	156,707
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	800,087	737,453	742,948
Retained earnings	41,787	62,949	39,786
Accumulated other comprehensive loss	(19,336)	(23,213)	(25,218)
Treasury stock (at cost) - 105, 102 and 102 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	870,161	823,422	803,874
Noncontrolling interests	(331)	(315)	(307)
Total equity	869,830	823,107	803,567
Total liabilities and shareholders' equity	1,146,217	1,084,391	1,065,908
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	28,574	27,777	27,897
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	$ 21,041	$ 20,448	$ 20,453

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Trade accounts receivable, allowances	$ 2,913	$ 2,245	$ 3,302
Treasury stock, shares	105	102	102
Common Stock
Common stock, par value (in dollars per share)	$ 0.694	$ 0.694	$ 0.694
Common stock, shares authorized	120,000	120,000	120,000
Common stock, shares issued	41,146	39,999	40,172
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.694	$ 0.694	$ 0.694
Common stock, shares authorized	40,000	40,000	40,000
Common stock, shares issued	30,299	29,445	29,452

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue		$ 225,934	$ 249,852	$ 529,845	$ 572,089
Total costs		148,865	164,652	352,273	383,984
Total gross margin		77,069	85,200	177,572	188,105
Selling, marketing and administrative expenses		41,825	39,300	115,783	114,656
Earnings from operations		35,244	45,900	61,789	73,449
Other income, net		7,188	(718)	21,120	8,866
Earnings before income taxes		42,432	45,182	82,909	82,315
Provision for income taxes		9,599	10,805	18,607	19,824
Net earnings		32,833	34,377	64,302	62,491
Less: net income (loss) attributable to noncontrolling interests		(11)	(5)	(16)	(18)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 32,844	$ 34,382	$ 64,318	$ 62,509
Net earnings attributable to Tootsie Roll Industries, Inc. per share		$ 0.46	$ 0.48	$ 0.90	$ 0.87
Dividends per share	[1]	$ 0.09	$ 0.09	$ 0.27	$ 0.27
Average number of shares outstanding (in shares)		71,379	71,696	71,402	72,049
Product
Total revenue		$ 223,891	$ 248,336	$ 524,174	$ 567,884
Total costs		148,266	164,163	350,730	382,644
Total gross margin		75,625	84,173	173,444	185,240
Rental and Royalty
Total revenue		2,043	1,516	5,671	4,205
Total costs		599	489	1,543	1,340
Total gross margin		$ 1,444	$ 1,027	$ 4,128	$ 2,865

[1]Does not include 3% stock dividend to shareholders of record on 3/6/24 and 3/6/23.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Retained earnings at beginning of period	$ 15,359	$ 11,656	$ 62,949	$ 48,276
Net earnings attributable to Tootsie Roll Industries, Inc.	32,844	34,382	64,318	62,509
Cash dividends	(6,416)	(6,252)	(19,085)	(18,682)
Stock dividends			(66,395)	(52,317)
Retained earnings at end of period	$ 41,787	$ 39,786	$ 41,787	$ 39,786
Stock dividends (as a percent)	3%	3%	3%	3%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS
Net earnings	$ 32,833	$ 34,377	$ 64,302	$ 62,491
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(1,370)	(543)	(3,059)	1,895
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(160)	(188)	(479)	(567)
Unrealized gains (losses) on postretirement and pension benefits	(160)	(188)	(479)	(567)
Investments:
Unrealized gains (losses) for the period on investments	6,470	746	7,453	2,915
Less: reclassification adjustment for (gains) losses to net earnings	(8)		(10)	(1)
Unrealized gains (losses) on investments	6,462	746	7,443	2,914
Derivatives:
Unrealized gains (losses) for the period on derivatives	1,010	2,078	490	1,608
Less: reclassification adjustment for (gains) losses to net earnings	481	33	1,694	76
Unrealized gains (losses) on derivatives	1,491	2,111	2,184	1,684
Total other comprehensive income (loss), before tax	6,423	2,126	6,089	5,926
Income tax benefit (expense) related to items of other comprehensive income	(1,885)	(646)	(2,212)	(975)
Total comprehensive earnings	37,371	35,857	68,179	67,442
Comprehensive earnings (loss) attributable to noncontrolling interests	(11)	(5)	(16)	(18)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 37,382	$ 35,862	$ 68,195	$ 67,460

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 64,302	$ 62,491
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	13,717	13,783
Deferred income taxes	(883)	21
Amortization of marketable security premiums	1,560	3,188
Changes in operating assets and liabilities:
Accounts receivable	(18,459)	(20,580)
Other receivables	4,118	20
Inventories	(1,132)	(22,437)
Prepaid expenses and other assets	3,581	(15,472)
Accounts payable and accrued liabilities	10,256	14,023
Income taxes payable	(7,719)	4,134
Postretirement health care benefits	(488)	(551)
Deferred compensation and other liabilities	1,249	986
Net cash provided by operating activities	70,102	39,606
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(13,911)	(19,458)
Purchases of trading securities	(1,934)	(1,526)
Sales of trading securities	482	574
Purchase of available for sale securities	(82,391)	(65,616)
Sale and maturity of available for sale securities	65,578	86,259
Net cash (used in) provided by investing activities	(32,176)	233
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(2,196)	(27,550)
Dividends paid in cash	(19,062)	(18,825)
Proceeds from bank loans	2,885	2,922
Repayment of bank loans	(2,908)	(2,939)
Net cash used in financing activities	(21,281)	(46,392)
Effect of exchange rate changes on cash	(846)	598
Increase (decrease) in cash and cash equivalents	15,799	(5,955)
Cash, cash equivalents and restricted cash at beginning of year	76,290	53,635
Cash, cash equivalents and restricted cash at end of quarter	92,089	47,680
Supplemental cash flow information:
Income taxes paid, net	26,861	15,524
Interest paid	204	187
Stock dividend issued	$ 66,243	$ 86,433

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
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, 2023 (the “2023 Form 10-K”). Results of operations for the period ended September 30, 2024 are not necessarily indicative of results to be expected for the year to end December 31, 2024 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. The Company identified changes in business conditions that changed Management’s estimated current and future liabilities and resulted in reducing Accrued liabilities. The change increased Net product sales by $3,725 and $5,965 in third quarter 2024 and nine months 2024, respectively. 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 $15,442 and $17,997 in third quarter 2024 and 2023, respectively, and $42,897 and $49,662 in nine months 2024 and 2023, 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 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures". The amendments in this update affect reportable segment disclosure requirements and apply whether an entity presents one or more reportable segments in accordance with Topic 280. The amendments in this update are effective for annual periods and interim periods beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures". The amendments in this update affect income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the income statement within continuing operations of public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential effects of these amendments on its Consolidated Financial Statements and believes the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.

Average Shares Outstanding

Average Shares Outstanding	9 Months Ended
Average Shares Outstanding	Sep. 30, 2024
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for nine months 2024 reflects aggregate stock purchases of 77 shares for $2,196, excluding excise taxes, and a 3% stock dividend of 2,075 shares distributed on April 5, 2024. The average number of shares outstanding for nine months 2023 reflects aggregate stock purchases of 747 shares for $27,550, excluding excise taxes, and a 3% stock dividend of 2,040 shares distributed on April 7, 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
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 2021 through 2023. The Company’s consolidated effective income tax rate was 22.6% and 23.9% in third quarter 2024 and 2023, respectively, and 22.4% and 24.1% in nine months 2024 and 2023, respectively.

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value	9 Months Ended
Share Capital and Capital In Excess of Par Value	Sep. 30, 2024
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 June 30, 2024 41,213 $ 28,620 30,309 $ 21,048 105 $ (1,992) $ 802,253 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 10 7 (10) (7) — — — Purchase and retirement of common shares and other (77) (53) — — — — (2,166) Balance at September 30, 2024 41,146 $ 28,574 30,299 $ 21,041 105 $ (1,992) $ 800,087 Balance at June 30, 2023 40,490 $ 28,118 29,452 $ 20,453 102 $ (1,992) $ 753,839 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares — — — — — — — Purchase and retirement of common shares and other (318) (221) — — — — (10,891) Balance at September 30, 2023 40,172 $ 27,897 29,452 $ 20,453 102 $ (1,992) $ 742,948 Balance at December 31, 2023 39,999 $ 27,777 29,445 $ 20,448 102 $ (1,992) $ 737,453 Issuance of 3% stock dividend 1,196 830 882 613 3 — 64,800 Conversion of Class B common shares to common shares 28 20 (28) (20) — — — Purchase and retirement of common shares and other (77) (53) — — — — (2,166) Balance at September 30, 2024 41,146 $ 28,574 30,299 $ 21,041 105 $ (1,992) $ 800,087 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 13 9 (13) (9) — — — Purchase and retirement of common shares and other (747) (519) — — — — (27,306) Balance at September 30, 2023 40,172 $ 27,897 29,452 $ 20,453 102 $ (1,992) $ 742,948

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
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 September 30, 2024, December 31, 2023 and September 30, 2023 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 government bonds. 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 September 30, 2024, December 31, 2023 and September 30, 2023 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 September 30, 2024, December 31, 2023 and September 30, 2023 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value September 30, 2024 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 91,711 $ 91,711 $ — $ — Available for sale securities 285,968 4,135 281,833 — Foreign currency derivatives 187 — 187 — Commodity derivatives (227) (227) — — Trading securities 103,876 85,877 17,999 — Total assets measured at fair value $ 481,515 $ 181,496 $ 300,019 $ — Estimated Fair Value December 31, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 75,915 $ 75,915 $ — $ — Available for sale securities 263,313 4,084 259,229 — Foreign currency derivatives 302 — 302 — Commodity derivatives (2,526) (2,526) — — Trading securities 87,800 70,681 17,119 — Total assets measured at fair value $ 424,804 $ 148,154 $ 276,650 $ — Estimated Fair Value September 30, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 47,320 $ 47,320 $ — $ — Available for sale securities 251,531 4,479 247,052 — Foreign currency derivatives (141) — (141) — Commodity derivatives 1,554 1,554 — — Trading securities 79,754 63,350 16,404 — Total assets measured at fair value $ 380,018 $ 116,703 $ 263,315 $ —

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2024
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 $153 and $74 of this accumulated comprehensive loss is expected to be reclassified to earnings in 2025 and 2026, respectively. Approximately $10 and $177 reported in accumulated other comprehensive gain for foreign currency derivatives is expected to be reclassified to other income, net in 2024 and 2025, respectively. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at September 30, 2024, December 31, 2023 and September 30, 2023: September 30, 2024 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 10,951 $ 187 $ - Commodity derivatives 18,682 489 (716) Total derivatives $ 676 $ (716) December 31, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 16,337 $ 302 $ — Commodity derivatives 28,247 16 (2,542) Total derivatives $ 318 $ (2,542) September 30, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 10,498 $ 1 $ (142) Commodity derivatives 19,063 1,554 — Total derivatives $ 1,555 $ (142) 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 September 30, 2024 and September 30, 2023 are as follows: For Quarter Ended September 30, 2024 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 $ 207 $ (25) $ — Commodity derivatives 803 (456) — Total $ 1,010 $ (481) $ — For Quarter Ended September 30, 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 $ (276) $ (27) $ — Commodity derivatives 2,354 (6) — Total $ 2,078 $ (33) $ — For Year to Date Ended September 30, 2024 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 $ (265) $ (151) $ — Commodity derivatives 755 (1,543) — Total $ 490 $ (1,694) $ — For Year to Date Ended September 30, 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 $ (23) $ (163) $ — Commodity derivatives 1,631 87 — Total $ 1,608 $ (76) $ —

Pension Plans

Pension Plans	9 Months Ended
Pension Plans	Sep. 30, 2024
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’s status was changed to “critical and declining status”, as defined by the PPA and PBGC, for the plan year beginning January 1, 2015, and this status has continued. 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 2024 have continued to classify the Plan in the “critical and declining status” category. That determination is based on certain assumptions including an assumption that all employers that negotiated a rehabilitation plan schedule remain on that schedule. The Company has been advised that its withdrawal liability would have been $102,200, $96,000 and $104,300 if it had withdrawn from the Plan during 2023, 2022 and 2021, respectively. 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 nine months 2024 and 2023 was $2,579 and $2,785, respectively. The aforementioned expense includes surcharges of $909 and $982 for nine months 2024 and 2023, respectively, as required under the amended plan of rehabilitation. The Company’s twelve months pension expense for this Plan for 2023 and 2022 was $3,516 and $3,510, respectively, which includes surcharges of $1,239 and $1,237, 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. In June 2024, the PBGC announced that it has approved the Plan’s application for Special Financial Assistance under the American Rescue Plan Act of 2021. The Plan was granted approximately $3.4 billion in Special Financial Assistance funds and received those funds in July 2024. The Company’s actuary believes that it still remains unclear if the Plan can remain solvent through the targeted date of 2051 although as a requirement of the American Rescue Plan Act of 2021, the Plan must remain in “critical status” through 2051 regardless of solvency. The regulations under the aforementioned PBGC financial assistance could result in a higher withdrawal liability even with PBGC financial assistance since those regulations require use of settlement interest rates and a phase-in of the Special Financial Assistance in determining the Company’s withdrawal liability. 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)	9 Months Ended
Accumulated Other Comprehensive Earnings (Loss)	Sep. 30, 2024
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 June 30, 2024 $ (22,739) $ (1,615) $ (34) $ (1,127) $ 1,641 $ (23,874) Other comprehensive earnings (loss) before reclassifications (1,370) 4,904 156 609 — 4,299 Reclassifications from accumulated other comprehensive loss — (4) 19 346 (122) 239 Other comprehensive earnings (loss) net of tax (1,370) 4,900 175 955 (122) 4,538 Balance at September 30, 2024 $ (24,109) $ 3,285 $ 141 $ (172) $ 1,519 $ (19,336) Balance at June 30, 2023 $ (21,357) $ (7,166) $ 79 $ (609) $ 2,355 $ (26,698) Other comprehensive earnings (loss) before reclassifications (543) 567 (209) 1,783 — 1,598 Reclassifications from accumulated other comprehensive loss — — 22 4 (144) (118) Other comprehensive earnings (loss) net of tax (543) 567 (187) 1,787 (144) 1,480 Balance at September 30, 2023 $ (21,900) $ (6,599) $ (108) $ 1,178 $ 2,211 $ (25,218) Balance at December 31, 2023 $ (21,050) $ (2,359) $ 228 $ (1,915) $ 1,883 $ (23,213) Other comprehensive earnings (loss) before reclassifications (3,059) 5,650 (201) 574 — 2,964 Reclassifications from accumulated other comprehensive loss — (6) 114 1,169 (364) 913 Other comprehensive earnings (loss) net of tax (3,059) 5,644 (87) 1,743 (364) 3,877 Balance at September 30, 2024 $ (24,109) $ 3,285 $ 141 $ (172) $ 1,519 $ (19,336) Balance at December 31, 2022 $ (23,795) $ (8,809) $ (215) $ 8 $ 2,642 $ (30,169) Other comprehensive earnings (loss) before reclassifications 1,895 2,210 (17) 1,236 — 5,324 Reclassifications from accumulated other comprehensive loss — — 124 (66) (431) (373) Other comprehensive earnings (loss) net of tax 1,895 2,210 107 1,170 (431) 4,951 Balance at September 30, 2023 $ (21,900) $ (6,599) $ (108) $ 1,178 $ 2,211 $ (25,218) The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Recognized in Earnings Investments $ (8) $ — $ (10) $ (1) Other income, net Foreign currency derivatives 25 27 151 163 Other income, net Commodity derivatives 456 6 1,543 (87) Product cost of goods sold Postretirement and pension benefits (160) (188) (479) (567) Other income, net Total before tax 313 (155) 1,205 (492) Tax (expense) benefit (74) 37 (292) 119 Net of tax $ 239 $ (118) $ 913 $ (373)

Restricted Cash

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2024
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	9 Months Ended
Bank Loans	Sep. 30, 2024
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 September 30, 2024 and 2023 was 6.1% and 6.8%, respectively.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
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 17 years. Operating lease cost totaled $362 and $372 in the third quarter of 2024 and 2023, respectively, and $1,086 and $971 for the nine months of 2024 and 2023, respectively. Cash paid for operating lease liabilities totaled $349 and $354 in the third quarter of 2024 and 2023, respectively, and $939 and $918 for the nine months of 2024 and 2023, respectively. As of September 30, 2024 and 2023, operating lease right-of-use assets were $6,313 and $5,991, respectively, and operating lease liabilities were $6,622 and $6,075, respectively. The weighted-average remaining lease term related to these operating leases was 11.0 years and 12.9 years as of September 30, 2024 and 2023, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.6% and 3.4% as of September 30, 2024 and 2023, respectively. Maturities of the Company’s operating lease liabilities at September 30, 2024 are as follows: $291 in 2024 (rest of year), $1,148 in 2025, $777 in 2026, $709 in 2027, $316 in 2028 and $3,381 thereafter. The Company, as lessor, rents certain commercial real estate to third-party lessees. The September 30, 2024 and 2023 cost related to these leased properties was $51,370 and $51,370, respectively, and the accumulated depreciation related to these leased properties was $18,756 and $17,697, respectively. Terms of such leases, including renewal options, may be extended for up to fifty-six 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 third quarter and nine months 2024 and 2023 was $1,843 and $1,341, respectively, and $5,268 and $3,784, respectively, and is classified in cash flows from operating activities. A lease with the Company as lessor commenced in the third quarter of 2024 when the tenant took occupancy as previously planned under an existing agreement. The lease has an initial term of 15 years and allows for the tenant to extend for up to 10 years. The deferred impact of initial direct costs and any deferred rent adjustments, as they are recorded, are included in long term Prepaid expense and other assets on the Consolidated Statements of Financial Position.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
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, 2023 (the “2023 Form 10-K”). Results of operations for the period ended September 30, 2024 are not necessarily indicative of results to be expected for the year to end December 31, 2024 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. The Company identified changes in business conditions that changed Management’s estimated current and future liabilities and resulted in reducing Accrued liabilities. The change increased Net product sales by $3,725 and $5,965 in third quarter 2024 and nine months 2024, respectively. 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 $15,442 and $17,997 in third quarter 2024 and 2023, respectively, and $42,897 and $49,662 in nine months 2024 and 2023, 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 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.
Recent accounting pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures". The amendments in this update affect reportable segment disclosure requirements and apply whether an entity presents one or more reportable segments in accordance with Topic 280. The amendments in this update are effective for annual periods and interim periods beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures". The amendments in this update affect income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the income statement within continuing operations of public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential effects of these amendments on its Consolidated Financial Statements and believes the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.

Share Capital and Capital In _2

Share Capital and Capital In Excess of Par Value (Tables)	9 Months Ended
Share Capital and Capital In Excess of Par Value (Tables)	Sep. 30, 2024
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 June 30, 2024 41,213 $ 28,620 30,309 $ 21,048 105 $ (1,992) $ 802,253 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 10 7 (10) (7) — — — Purchase and retirement of common shares and other (77) (53) — — — — (2,166) Balance at September 30, 2024 41,146 $ 28,574 30,299 $ 21,041 105 $ (1,992) $ 800,087 Balance at June 30, 2023 40,490 $ 28,118 29,452 $ 20,453 102 $ (1,992) $ 753,839 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares — — — — — — — Purchase and retirement of common shares and other (318) (221) — — — — (10,891) Balance at September 30, 2023 40,172 $ 27,897 29,452 $ 20,453 102 $ (1,992) $ 742,948 Balance at December 31, 2023 39,999 $ 27,777 29,445 $ 20,448 102 $ (1,992) $ 737,453 Issuance of 3% stock dividend 1,196 830 882 613 3 — 64,800 Conversion of Class B common shares to common shares 28 20 (28) (20) — — — Purchase and retirement of common shares and other (77) (53) — — — — (2,166) Balance at September 30, 2024 41,146 $ 28,574 30,299 $ 21,041 105 $ (1,992) $ 800,087 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 13 9 (13) (9) — — — Purchase and retirement of common shares and other (747) (519) — — — — (27,306) Balance at September 30, 2023 40,172 $ 27,897 29,452 $ 20,453 102 $ (1,992) $ 742,948

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value September 30, 2024 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 91,711 $ 91,711 $ — $ — Available for sale securities 285,968 4,135 281,833 — Foreign currency derivatives 187 — 187 — Commodity derivatives (227) (227) — — Trading securities 103,876 85,877 17,999 — Total assets measured at fair value $ 481,515 $ 181,496 $ 300,019 $ — Estimated Fair Value December 31, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 75,915 $ 75,915 $ — $ — Available for sale securities 263,313 4,084 259,229 — Foreign currency derivatives 302 — 302 — Commodity derivatives (2,526) (2,526) — — Trading securities 87,800 70,681 17,119 — Total assets measured at fair value $ 424,804 $ 148,154 $ 276,650 $ — Estimated Fair Value September 30, 2023 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 47,320 $ 47,320 $ — $ — Available for sale securities 251,531 4,479 247,052 — Foreign currency derivatives (141) — (141) — Commodity derivatives 1,554 1,554 — — Trading securities 79,754 63,350 16,404 — Total assets measured at fair value $ 380,018 $ 116,703 $ 263,315 $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities
Summary of the company's outstanding derivative contracts and their effects on its condensed consolidated statements of financial position	September 30, 2024 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 10,951 $ 187 $ - Commodity derivatives 18,682 489 (716) Total derivatives $ 676 $ (716) December 31, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 16,337 $ 302 $ — Commodity derivatives 28,247 16 (2,542) Total derivatives $ 318 $ (2,542) September 30, 2023 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency derivatives $ 10,498 $ 1 $ (142) Commodity derivatives 19,063 1,554 — Total derivatives $ 1,555 $ (142)
Summary of the effects of derivative instruments on the consolidated statement of earnings and retained earnings, and the condensed consolidated statement of comprehensive earnings	For Quarter Ended September 30, 2024 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 $ 207 $ (25) $ — Commodity derivatives 803 (456) — Total $ 1,010 $ (481) $ — For Quarter Ended September 30, 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 $ (276) $ (27) $ — Commodity derivatives 2,354 (6) — Total $ 2,078 $ (33) $ — For Year to Date Ended September 30, 2024 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 $ (265) $ (151) $ — Commodity derivatives 755 (1,543) — Total $ 490 $ (1,694) $ — For Year to Date Ended September 30, 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 $ (23) $ (163) $ — Commodity derivatives 1,631 87 — Total $ 1,608 $ (76) $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Earnings (Loss) (Tables)	Sep. 30, 2024
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 June 30, 2024 $ (22,739) $ (1,615) $ (34) $ (1,127) $ 1,641 $ (23,874) Other comprehensive earnings (loss) before reclassifications (1,370) 4,904 156 609 — 4,299 Reclassifications from accumulated other comprehensive loss — (4) 19 346 (122) 239 Other comprehensive earnings (loss) net of tax (1,370) 4,900 175 955 (122) 4,538 Balance at September 30, 2024 $ (24,109) $ 3,285 $ 141 $ (172) $ 1,519 $ (19,336) Balance at June 30, 2023 $ (21,357) $ (7,166) $ 79 $ (609) $ 2,355 $ (26,698) Other comprehensive earnings (loss) before reclassifications (543) 567 (209) 1,783 — 1,598 Reclassifications from accumulated other comprehensive loss — — 22 4 (144) (118) Other comprehensive earnings (loss) net of tax (543) 567 (187) 1,787 (144) 1,480 Balance at September 30, 2023 $ (21,900) $ (6,599) $ (108) $ 1,178 $ 2,211 $ (25,218) Balance at December 31, 2023 $ (21,050) $ (2,359) $ 228 $ (1,915) $ 1,883 $ (23,213) Other comprehensive earnings (loss) before reclassifications (3,059) 5,650 (201) 574 — 2,964 Reclassifications from accumulated other comprehensive loss — (6) 114 1,169 (364) 913 Other comprehensive earnings (loss) net of tax (3,059) 5,644 (87) 1,743 (364) 3,877 Balance at September 30, 2024 $ (24,109) $ 3,285 $ 141 $ (172) $ 1,519 $ (19,336) Balance at December 31, 2022 $ (23,795) $ (8,809) $ (215) $ 8 $ 2,642 $ (30,169) Other comprehensive earnings (loss) before reclassifications 1,895 2,210 (17) 1,236 — 5,324 Reclassifications from accumulated other comprehensive loss — — 124 (66) (431) (373) Other comprehensive earnings (loss) net of tax 1,895 2,210 107 1,170 (431) 4,951 Balance at September 30, 2023 $ (21,900) $ (6,599) $ (108) $ 1,178 $ 2,211 $ (25,218)
Amount reclassified from accumulated other comprehensive income (loss)	Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Recognized in Earnings Investments $ (8) $ — $ (10) $ (1) Other income, net Foreign currency derivatives 25 27 151 163 Other income, net Commodity derivatives 456 6 1,543 (87) Product cost of goods sold Postretirement and pension benefits (160) (188) (479) (567) Other income, net Total before tax 313 (155) 1,205 (492) Tax (expense) benefit (74) 37 (292) 119 Net of tax $ 239 $ (118) $ 913 $ (373)

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Increase in Net product sales	$ 3,725		$ 5,965
Selling, marketing and administrative expenses	41,825	$ 39,300	115,783	$ 114,656
Shipping and Handling
Revenue Recognition
Selling, marketing and administrative expenses	$ 15,442	$ 17,997	$ 42,897	$ 49,662

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 05, 2024	Apr. 07, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Average Shares Outstanding
Stock purchases (in shares)					77	747
Purchase of common shares					$ 2,196	$ 27,550
Stock dividends (as a percent)	3%	3%	3%	3%	3%	3%
Stock dividend shares distributed	2,075	2,040

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Effective income tax rate (as a percent)	22.60%	23.90%	22.40%	24.10%

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		9 Months Ended
	Apr. 05, 2024	Apr. 07, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in share capital and capital in excess of par value
Balance at the beginning of the period					$ 823,107
Balance at the beginning of the period (in shares)					102
Purchase and retirement of common shares and other					$ (2,196)	$ (27,550)
Purchase and retirement of common shares and other (in shares)					(77)	(747)
Balance at the end of the period			$ 869,830	$ 803,567	$ 869,830	$ 803,567
Balance at the end of the period (in shares)			105	102	105	102
Stock dividends (as a percent)	3%	3%	3%	3%	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)	$ (1,992)	$ (1,992)
Balance at the beginning of the period (in shares)			105	102	102	99
Issuance of 3% stock dividend (in shares)					3	3
Balance at the end of the period			$ (1,992)	$ (1,992)	$ (1,992)	$ (1,992)
Balance at the end of the period (in shares)			105	102	105	102
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period			$ 802,253	$ 753,839	$ 737,453	$ 719,606
Issuance of 3% stock dividend					64,800	50,648
Purchase and retirement of common shares and other			(2,166)	(10,891)	(2,166)	(27,306)
Balance at the end of the period			800,087	742,948	800,087	742,948
Class B Common Stock \| Common Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period			$ 21,048	$ 20,453	$ 20,448	$ 19,866
Balance at the beginning of the period (in shares)			30,309	29,452	29,445	28,607
Issuance of 3% stock dividend					$ 613	$ 596
Issuance of 3% stock dividend (in shares)					882	858
Conversion of Class B common shares to common shares			$ (7)		$ (20)	$ (9)
Conversion of Class B common shares to common shares (in shares)			(10)		(28)	(13)
Balance at the end of the period			$ 21,041	$ 20,453	$ 21,041	$ 20,453
Balance at the end of the period (in shares)			30,299	29,452	30,299	29,452
Common Stock \| Common Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period			$ 28,620	$ 28,118	$ 27,777	$ 27,584
Balance at the beginning of the period (in shares)			41,213	40,490	39,999	39,721
Issuance of 3% stock dividend					$ 830	$ 823
Issuance of 3% stock dividend (in shares)					1,196	1,185
Conversion of Class B common shares to common shares			$ 7		$ 20	$ 9
Conversion of Class B common shares to common shares (in shares)			10		28	13
Purchase and retirement of common shares and other			$ (53)	$ (221)	$ (53)	$ (519)
Purchase and retirement of common shares and other (in shares)			(77)	(318)	(77)	(747)
Balance at the end of the period			$ 28,574	$ 27,897	$ 28,574	$ 27,897
Balance at the end of the period (in shares)			41,146	40,172	41,146	40,172

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value Measurements
Industrial revenue development bonds, carrying amount, approximates fair value	$ 7,500	$ 7,500	$ 7,500
Cost Basis \| Level 2
Fair Value Measurements
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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value Measurements
Cash and cash equivalents	$ 91,711	$ 75,915	$ 47,320
Fair value measured on a recurring basis
Fair Value Measurements
Cash and cash equivalents	91,711	75,915	47,320
Available for sale securities	285,968	263,313	251,531
Trading securities	103,876	87,800	79,754
Total assets measured at fair value	481,515	424,804	380,018
Fair value measured on a recurring basis \| Foreign currency derivatives
Fair Value Measurements
Derivative instruments, net	187	302	(141)
Fair value measured on a recurring basis \| Commodity derivatives
Fair Value Measurements
Derivative instruments, net	(227)	(2,526)	1,554
Fair value measured on a recurring basis \| Level 1
Fair Value Measurements
Cash and cash equivalents	91,711	75,915	47,320
Available for sale securities	4,135	4,084	4,479
Trading securities	85,877	70,681	63,350
Total assets measured at fair value	181,496	148,154	116,703
Fair value measured on a recurring basis \| Level 1 \| Commodity derivatives
Fair Value Measurements
Derivative instruments, net	(227)	(2,526)	1,554
Fair value measured on a recurring basis \| Level 2
Fair Value Measurements
Available for sale securities	281,833	259,229	247,052
Trading securities	17,999	17,119	16,404
Total assets measured at fair value	300,019	276,650	263,315
Fair value measured on a recurring basis \| Level 2 \| Foreign currency derivatives
Fair Value Measurements
Derivative instruments, net	$ 187	$ 302	$ (141)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Derivative Instruments and Hedging Activities
Assets				$ 676	$ 318	$ 1,555
Liabilities				(716)	(2,542)	(142)
Derivatives designated as hedging instruments: \| Foreign currency derivatives
Derivative Instruments and Hedging Activities
Notional Amounts				10,951	16,337	10,498
Assets				187	302	1
Liabilities						(142)
Derivatives designated as hedging instruments: \| Commodity derivatives
Derivative Instruments and Hedging Activities
Notional Amounts				18,682	28,247	19,063
Assets				489	16	$ 1,554
Liabilities				$ (716)	$ (2,542)
Forecast
Derivative Instruments and Hedging Activities
Accumulated comprehensive loss to be reclassified	$ (74)	$ (153)
Forecast \| Foreign currency derivatives
Derivative Instruments and Hedging Activities
Accumulated other comprehensive gain (loss) to be reclassified		$ 177	$ 10

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	$ 1,010	$ 2,078	$ 490	$ 1,608
Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(481)	(33)	(1,694)	(76)
Foreign currency derivatives
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	207	(276)	(265)	(23)
Foreign currency derivatives \| Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(25)	(27)	(151)	(163)
Commodity derivatives
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	803	2,354	755	1,631
Commodity derivatives \| Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (456)	$ (6)	$ (1,543)	$ 87

Pension Plans (Details)

Pension Plans (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
Pension Plans (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plans
Granted special financial assistance funds		$ 3,400,000
Received special financial assistance funds	$ 3,400,000
Multi-employer defined benefit pension plan \| Consenting agreement entered with local bargaining union
Pension Plans
Estimated liability upon withdrawal from plan					$ 102,200	$ 96,000	$ 104,300
Pension expense			$ 2,579	$ 2,785	3,516	3,510
Surcharges			$ 909	$ 982	$ 1,239	$ 1,237
Percentage of annual compounded surcharge for rehabilitation during year 2012 to 2020			5%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period			$ 823,422
Balance at the end of the period	$ 870,161	$ 803,874	870,161	$ 803,874
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(22,739)	(21,357)	(21,050)	(23,795)
Other comprehensive earnings (loss) before reclassifications	(1,370)	(543)	(3,059)	1,895
Other comprehensive earnings (loss) net of tax	(1,370)	(543)	3,059	(1,895)
Balance at the end of the period	(24,109)	(21,900)	(24,109)	(21,900)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(1,615)	(7,166)	(2,359)	(8,809)
Other comprehensive earnings (loss) before reclassifications	4,904	567	5,650	2,210
Reclassifications from accumulated other comprehensive loss	(4)		(6)
Other comprehensive earnings (loss) net of tax	4,900	567	(5,644)	(2,210)
Balance at the end of the period	3,285	(6,599)	3,285	(6,599)
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(34)	79	228	(215)
Other comprehensive earnings (loss) before reclassifications	156	(209)	(201)	(17)
Reclassifications from accumulated other comprehensive loss	19	22	114	124
Other comprehensive earnings (loss) net of tax	175	(187)	87	(107)
Balance at the end of the period	141	(108)	141	(108)
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(1,127)	(609)	(1,915)	8
Other comprehensive earnings (loss) before reclassifications	609	1,783	574	1,236
Reclassifications from accumulated other comprehensive loss	346	4	1,169	(66)
Other comprehensive earnings (loss) net of tax	955	1,787	(1,743)	(1,170)
Balance at the end of the period	(172)	1,178	(172)	1,178
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	1,641	2,355	1,883	2,642
Reclassifications from accumulated other comprehensive loss	(122)	(144)	(364)	(431)
Other comprehensive earnings (loss) net of tax	(122)	(144)	364	431
Balance at the end of the period	1,519	2,211	1,519	2,211
Accumulated Other Comprehensive Earnings (Loss)
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(23,874)	(26,698)	(23,213)	(30,169)
Other comprehensive earnings (loss) before reclassifications	4,299	1,598	2,964	5,324
Reclassifications from accumulated other comprehensive loss	239	(118)	913	(373)
Other comprehensive earnings (loss) net of tax	4,538	1,480	(3,877)	(4,951)
Balance at the end of the period	$ (19,336)	$ (25,218)	$ (19,336)	$ (25,218)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (7,188)	$ 718	$ (21,120)	$ (8,866)
Cost of goods sold	148,865	164,652	352,273	383,984
Total before tax	(42,432)	(45,182)	(82,909)	(82,315)
Tax (expense) benefit	9,599	10,805	18,607	19,824
Net of tax	(32,833)	(34,377)	(64,302)	(62,491)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	313	(155)	1,205	(492)
Tax (expense) benefit	(74)	37	(292)	119
Net of tax	239	(118)	913	(373)
Investments \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	(8)		(10)	(1)
Foreign Currency Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	25	27	151	163
Commodity Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ 456	$ 6	$ 1,543	$ (87)
Type of Cost, Good or Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Postretirement and Pension Benefits \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (160)	$ (188)	$ (479)	$ (567)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies	9 Months Ended
Bank Loans (Details) - Spanish Companies	Sep. 30, 2024	Sep. 30, 2023
Bank Loans
Weighted interest rate (as a percent)	6.10%	6.80%
Maximum
Bank Loans
Maturity period	120 days

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases
Operating lease cost	$ 362	$ 372	$ 1,086	$ 971
Operating lease payments	349	354	939	918
Operating lease right-of-use assets	6,313	5,991	6,313	5,991	$ 7,145
Operating lease liabilities	$ 6,622	$ 6,075	$ 6,622	$ 6,075
Weighted average remaining lease term	11 years	12 years 10 months 24 days	11 years	12 years 10 months 24 days
Weighted average discount rate	3.60%	3.40%	3.60%	3.40%
2024 (rest of year)	$ 291		$ 291
2025	1,148		1,148
2026	777		777
2027	709		709
2028	316		316
Thereafter	3,381		$ 3,381
Lessor, Operating Lease, Existence of Option to Extend [true false]			true
Property, plant and equipment, gross	680,747	$ 660,217	$ 680,747	$ 660,217	$ 670,498
Lease income	$ 1,843	1,341	$ 5,268	3,784
Maximum
Leases
Remaining lease term	17 years		17 years
Commercial real estate leased to third parties
Leases
Property, plant and equipment, gross	$ 51,370	$ 51,370	$ 51,370	51,370
Depreciation			$ 18,756	$ 17,697
Commercial real estate leased to third parties \| Maximum
Leases
Lessor, renewal term	56 years		56 years
Industrial building in Canada leased to new tenant
Leases
Amended lease term	15 years		15 years
Industrial building in Canada leased to new tenant \| Maximum
Leases
Lessor, renewal term	10 years		10 years