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TR Tootsie Roll Industries

Document and Entity Information

Document and Entity Information3 Months Ended
Mar. 31, 2021shares
Document Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateMar. 31,
2021
Entity File Number1-1361
Entity Registrant NameTOOTSIE ROLL INDUSTRIES INC
Entity Incorporation, State or Country CodeVA
Entity Tax Identification Number22-1318955
Entity Address, Address Line One7401 South Cicero Avenue
Entity Address, City or TownChicago
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60629
City Area Code773
Local Phone Number838-3400
Title of 12(b) SecurityCommon Stock, par value $0.69-4/9 per share
Trading SymbolTR
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0000098677
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding40,002,011
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding27,821,488

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents $ 136,291 $ 166,841 $ 139,067
Restricted cash399 415 373
Investments42,396 42,090 77,510
Accounts receivable trade, less allowances of $1,672, $1,694 and $1,88734,620 41,209 36,006
Other receivables3,183 3,894 3,446
Inventories:
Finished goods and work-in-process42,166 35,583 46,683
Raw materials and supplies26,111 23,996 24,974
Prepaid expenses7,166 6,844 6,231
Total current assets292,332 320,872 334,290
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land21,711 21,738 21,627
Buildings123,836 123,883 122,598
Machinery and equipment421,364 422,506 414,526
Construction in progress19,575 14,347 7,669
Operating lease right-of-use assets653 858 1,388
Property, plant and equipment, gross587,139 583,332 567,808
Less - accumulated depreciation399,566 396,004 381,850
Net property, plant and equipment187,573 187,328 185,958
OTHER ASSETS:
Goodwill73,237 73,237 73,237
Trademarks175,024 175,024 175,024
Investments243,749 220,020 153,287
Split dollar officer life insurance2,514 2,514 26,042
Prepaid expenses and other assets3,557 4,525 7,555
Deferred income taxes1,005 1,038 534
Total other assets499,086 476,358 435,679
Total assets978,991 984,558 955,927
CURRENT LIABILITIES:
Accounts payable14,275 13,025 15,991
Bank loans965 832 781
Dividends payable168 5,948 160
Accrued liabilities43,421 45,099 38,424
Postretirement health care benefits544 544 598
Operating lease liabilities611 780 1,063
Deferred compensation16,751
Income taxes payable5,957 3,793 3,418
Total current liabilities65,941 70,021 77,186
NONCURRENT LIABILITIES:
Deferred income taxes47,636 47,900 45,755
Postretirement health care benefits12,947 12,943 13,206
Industrial development bonds7,500 7,500 7,500
Liability for uncertain tax positions3,483 3,351 3,697
Operating lease liabilities42 78 325
Deferred compensation and other liabilities82,856 79,665 56,737
Total noncurrent liabilities154,464 151,437 127,220
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value732,165 706,930 729,673
Retained earnings3,121 32,312 3,197
Accumulated other comprehensive loss(21,577)(19,815)(25,539)
Treasury stock (at cost) - 96, 93 and 93 shares, respectively(1,992)(1,992)(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity758,816 763,327 751,732
Noncontrolling interests(230)(227)(211)
Total equity758,586 763,100 751,521
Total liabilities and shareholders' equity978,991 984,558 955,927
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized - 40,002, 39,073 and 39,769, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized - 27,821, 27,012 and 27,037, respectively, issued27,779 27,134 27,617
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized - 40,002, 39,073 and 39,769, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized - 27,821, 27,012 and 27,037, respectively, issued $ 19,320 $ 18,758 $ 18,776

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Thousands, $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Trade accounts receivable, allowances $ 1,672 $ 1,694 $ 1,887
Treasury stock, shares96 93 93
Common Stock
Common stock, par value (in dollars per share) $ 0.6944 $ 0.6944 $ 0.6944
Common stock, shares authorized120,000 120,000 120,000
Common stock, shares issued40,002 39,073 39,769
Class B Common Stock
Common stock, par value (in dollars per share) $ 0.6944 $ 0.6944 $ 0.6944
Common stock, shares authorized40,000 40,000 40,000
Common stock, shares issued27,821 27,012 27,037

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue $ 103,229 $ 103,761
Costs66,010 66,745
Gross Margin37,219 37,016
Selling, marketing and administrative expenses26,809 16,272
Earnings from operations10,410 20,744
Other income (loss), net3,816 (5,494)
Earnings before income taxes14,226 15,250
Provision for income taxes3,463 3,274
Net earnings10,763 11,976
Less: net earnings (loss) attributable to noncontrolling interests(4)(6)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 10,767 $ 11,982
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.16 $ 0.17
Dividends per share (in dollars per share)[1] $ 0.09 $ 0.09
Average number of shares outstanding (in shares)67,852 68,845
Product
Revenue $ 101,795 $ 102,803
Costs65,565 66,443
Gross Margin36,230 36,360
Rental and Royalty
Revenue1,434 958
Costs445 302
Gross Margin $ 989 $ 656
[1]Does not include 3% stock dividend to shareholders of record on 3/5/21 and 3/3/20.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Retained earnings at beginning of period $ 32,312 $ 40,809
Net earnings attributable to Tootsie Roll Industries, Inc.10,767 11,982
Cash dividends(5,925)(5,841)
Stock dividends(34,033)(43,753)
Retained earnings at end of period $ 3,121 $ 3,197

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Net earnings $ 10,763 $ 11,976
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments(397)(3,674)
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings(351)(338)
Unrealized gains (losses) on postretirement and pension benefits(351)(338)
Investments:
Unrealized gains (losses) for the period on investments(1,155)(1,091)
Unrealized gains (losses) on investments(1,155)(1,091)
Derivatives:
Unrealized gains (losses) for the period on derivatives476 (961)
Less: reclassification adjustment for (gains) losses to net earnings(771)253
Unrealized gains (losses) on derivatives(295)(708)
Total other comprehensive income (loss), before tax(2,198)(5,811)
Income tax benefit (expense) related to items of other comprehensive income436 517
Total comprehensive earnings9,001 6,682
Comprehensive earnings (loss) attributable to noncontrolling interests(4)(6)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc. $ 9,005 $ 6,688

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 10,763 $ 11,976
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation4,365 4,647
Deferred income taxes174 (1,013)
Amortization of marketable security premiums739 217
Changes in operating assets and liabilities:
Accounts receivable6,326 8,205
Other receivables487 (197)
Inventories(8,883)(13,676)
Prepaid expenses and other assets572 172
Accounts payable and accrued liabilities(1,204)1,422
Income taxes payable2,295 2,983
Postretirement health care benefits(347)(276)
Deferred compensation and other liabilities50 121
Net cash provided by operating activities15,337 14,581
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(3,787)(3,737)
Purchases of trading securities(1,835)(2,287)
Sales of trading securities582 380
Purchase of available for sale securities(30,031)(21,312)
Sale and maturity of available for sale securities8,543 35,217
Net cash from (used in) investing activities(26,528)8,261
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired(7,423)(8,809)
Dividends paid in cash(11,874)(11,703)
Proceeds from bank loans1,070 928
Repayment of bank loans(896)(880)
Net cash used in financing activities(19,123)(20,464)
Effect of exchange rate changes on cash(252)(2,278)
Increase (Decrease) in cash and cash equivalents(30,566)100
Cash, cash equivalents and restricted cash at beginning of year167,256 139,340
Cash, cash equivalents and restricted cash at end of quarter136,690 139,440
Supplemental cash flow information:
Income taxes paid/(received), net1,233 794
Interest paid2 23
Stock dividend issued $ 64,667 $ 63,402

Significant Accounting Policies

Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Significant Accounting Policies
Significant Accounting PoliciesNote 1 — Significant Accounting Policies ​ General Information ​ Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the “Company”) and in the opinion of Management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). ​ Results of operations for the period ended March 31, 2021 are not necessarily indicative of results to be expected for the year to end December 31, 2021 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. ​ On March 11, 2020, the World Health Organization designated the recent novel coronavirus ("COVID-19") as a global pandemic. The Company continues to actively monitor COVID-19 and its potential impact on our operations and financial results. The impact that COVID-19 will have on our consolidated financial statements throughout 2021 and beyond remains uncertain and ultimately will be dictated by the length and severity of the pandemic and Covid-19 variants, the pace of the “reopening” of the economy and economic recovery, and federal, state, local and foreign government actions taken in response. The effects of Covid-19 pandemic are unprecedented, and therefore the Company is unable to determine its effects on its net product sales and net earnings for the balance of 2021 and beyond. ​ Revenue Recognition ​ The Company’s revenues, primarily net product sales, principally result from the sale of goods, reflect the consideration to which the Company expects to be entitled generally based on customer purchase orders. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") Topic 606 which became effective January 1, 2018. Adjustments for estimated customer cash discounts upon payment, discounts for price adjustments, product returns, allowances, and certain advertising and promotional costs, including consumer coupons, are variable consideration and are recorded as a reduction of 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, 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 $10,139 and $10,672 in first quarter 2021 and 2020, respectively, are included in selling, marketing and administrative expenses. A minor amount of royalty income (less than 0.2% of our consolidated net product sales) is also recognized from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Rental income (approximately 1% of our consolidated net product sales) is not considered revenue from contracts from customers. ​ 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 capitalize the present value of the minimum lease payments over the lease term as a right-of-use asset with an offsetting lease liability. 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. 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 ​ In March 2020, the FASB issued ASU 2020-04 which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-1 which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company adopted ASU 2020-04 and ASU 2021-1in first quarter 2021. The adoption of these ASU’s did not have a material impact on the Company’s consolidated financial statements. ​ In December 2019, the FASB issued ASU No. 2019-12 which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2019-12 in first quarter 2021. The adoption of the ASU did not have a material impact on the Company’s consolidated financial statements. ​

Average Shares Outstanding

Average Shares Outstanding3 Months Ended
Mar. 31, 2021
Average Shares Outstanding
Average Shares OutstandingNote 2 — Average Shares Outstanding ​ The average number of shares outstanding for first quarter 2021 reflects aggregate stock purchases of 234 shares for $7,423 and a 3% stock dividend of 1,970 shares distributed on April 2, 2021. The average number of shares outstanding for first quarter 2020 reflects aggregate stock purchases of 260 shares for $8,809 and a 3% stock dividend of 1,942 shares distributed on April 3, 2020.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Taxes
Income TaxesNote 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 2017 through 2019.

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value3 Months Ended
Mar. 31, 2021
Share Capital and Capital In Excess of Par Value
Share Capital and Capital In Excess of Par ValueNOTE 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, 2020 ​ 39,073 ​ $ 27,134 27,012 ​ $ 18,758 93 ​ $ (1,992) ​ $ 706,930 ​ Issuance of 3% stock dividend 1,163 ​ ​ 808 809 ​ ​ 562 3 ​ ​ — ​ ​ 32,495 ​ Conversion of Class B common shares to common shares — ​ — — ​ — — ​ — ​ — ​ Purchase and retirement of common shares and other (234) ​ (163) — ​ — — ​ — ​ (7,260) ​ Balance at March 31, 2021 40,002 ​ $ 27,779 27,821 ​ $ 19,320 96 ​ $ (1,992) ​ $ 732,165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 ​ 38,836 ​ $ 26,969 26,287 ​ $ 18,254 90 ​ $ (1,992) ​ $ 696,059 ​ Issuance of 3% stock dividend 1,157 ​ ​ 803 786 ​ ​ 547 3 ​ ​ — ​ ​ 42,243 ​ Conversion of Class B common shares to common shares 36 ​ 25 (36) ​ (25) — ​ — ​ — ​ Purchase and retirement of common shares and other (260) ​ (180) — ​ — — ​ — ​ (8,629) ​ Balance at March 31, 2020 39,769 ​ $ 27,617 27,037 ​ $ 18,776 93 ​ $ (1,992) ​ $ 729,673 ​ ​

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Measurements
Fair Value MeasurementsNote 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 are reflected in the hierarchy assessment disclosed in the table below. ​ As of March 31, 2021, December 31, 2020 and March 31, 2020, 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. ​ ​ The following table presents information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2021, December 31, 2020 and March 31, 2020 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2021 ​ ​ Total ​ Input Levels Used ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents $ 136,291 $ 136,291 $ - $ - Available for sale securities ​ ​ 207,874 ​ ​ 3,144 ​ ​ 204,730 ​ ​ - Foreign currency forward contracts ​ ​ 755 ​ ​ - ​ ​ 755 ​ ​ - Commodity futures contracts ​ ​ 670 ​ ​ 670 ​ ​ - ​ ​ - Trading securities ​ ​ 78,271 ​ ​ 65,532 ​ ​ 12,739 ​ ​ - Total assets measured at fair value ​ $ 423,861 ​ $ 205,637 ​ $ 218,224 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value December 31, 2020 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 166,841 $ 166,841 $ - $ - Available for sale securities ​ ​ 188,282 ​ ​ 3,149 ​ ​ 185,133 ​ ​ - Foreign currency forward contracts ​ ​ 778 ​ ​ - ​ ​ 778 ​ ​ - Commodity futures contracts, net ​ ​ 941 ​ ​ 941 ​ ​ - ​ ​ - Trading securities ​ ​ 73,828 ​ ​ 61,431 ​ 12,397 ​ ​ - Total assets measured at fair value ​ $ 430,670 ​ $ 232,362 ​ $ 198,308 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2020 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 139,067 $ 139,067 $ - $ - Available for sale securities ​ ​ 162,080 ​ ​ 3,441 ​ ​ 158,639 ​ ​ - Foreign currency forward contracts ​ ​ (93) ​ ​ - ​ ​ (93) ​ ​ - Commodity futures contracts ​ ​ (480) ​ ​ (480) ​ ​ - ​ ​ - Trading securities ​ ​ 68,717 ​ ​ 41,692 ​ ​ 27,025 ​ ​ - Total assets measured at fair value ​ $ 369,291 ​ $ 183,720 ​ $ 185,571 ​ $ - ​ The fair value of the Company’s industrial revenue development bonds at March 31, 2021, December 31, 2020 and March 31, 2020 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective periods. Interest rates on these bonds are reset weekly based on current market conditions.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging ActivitiesNote 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 $670 of this accumulated comprehensive gain is expected to be reclassified to earnings in 2021. Approximately $324 and $431 reported in accumulated other comprehensive gain for foreign currency derivatives are expected to be reclassified to other income, net in 2021and 2022, 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, 2021, December 31, 2020 and March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 5,593 ​ $ 755 ​ $ - Commodity futures contracts ​ ​ 4,362 ​ ​ 675 ​ ​ (5) Total derivatives ​ ​ ​ ​ $ 1,430 ​ $ (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 6,391 ​ $ 778 ​ $ — Commodity futures contracts ​ ​ 4,010 ​ 941 ​ — Total derivatives ​ ​ ​ ​ $ 1,719 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,342 ​ $ 117 ​ $ (210) Commodity futures contracts ​ ​ 3,955 ​ ​ 1 ​ ​ (481) Total derivatives ​ ​ ​ ​ $ 118 ​ $ (691) ​ 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, 2021 and March 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2021 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 79 ​ $ 103 ​ $ - Commodity futures contracts ​ ​ 397 ​ ​ 668 ​ ​ - Total ​ $ 476 ​ $ 771 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2020 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ (205) ​ $ (98) ​ $ - Commodity futures contracts ​ ​ (756) ​ ​ (155) ​ ​ - Total ​ $ (961) ​ $ (253) ​ $ - ​

Pension Plans

Pension Plans3 Months Ended
Mar. 31, 2021
Pension Plans
Pension PlansNote 7 — Pension Plans ​ Beginning in 2012, the Company received periodic notices from the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union Pension Plan (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. Beginning in 2015, the Company received new annual notices that 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 to date 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 $99,300, $99,800 and $81,600 if it had withdrawn from the Plan during 2020, 2019 and 2018, respectively. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amounts, could be payable to the Plan. ​ The amended rehabilitation plan, which continues, requires that employer contributions include 5% compounded annual surcharge increases each year for an unspecified period of time beginning January 2013 (in addition to the 5% interim surcharge initiated in 2012) as well as certain plan benefit reductions. In fourth quarter 2020, the Plan Trustees advised the Company that the surcharges would no longer increase and therefore be “frozen” at the rates and amounts in effect as of December 31, 2020 provided that the local bargaining union and the Company executed a formal consenting agreement by March 31, 2021. During first quarter 2021, the local bargaining union and the Company executed this agreement which resulted in the “freezing” of such surcharges as of December 31, 2020. The Company’s pension expense for this Plan for first quarter 2021 and 2020 was $604 and $685, respectively ($2,866 and $2,961 for twelve months 2020 and 2019, respectively). The aforementioned expense includes surcharges of $213 and $241 for first quarter 2021 and 2020, respectively ($1,010 and $948 for twelve months 2020 and 2019, respectively), as required under the amended plan of rehabilitation. ​ The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore is unable to determine the effects on its consolidated financial statements, but the ultimate outcome or the effects of any modifications to the current amended rehabilitation plan could be material to its consolidated results of operations or cash flows in one or more future periods. ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Loss)3 Months Ended
Mar. 31, 2021
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, 2020 $ (24,581) ​ $ 1,992 ​ $ 589 ​ $ 713 ​ $ 1,472 ​ $ (19,815) Other comprehensive earnings (loss) before reclassifications ​ ​ (397) ​ ​ (876) ​ ​ 61 ​ ​ 301 ​ ​ - ​ ​ (911) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ (78) ​ ​ (506) ​ ​ (267) ​ ​ (851) Other comprehensive earnings (loss) net of tax ​ ​ (397) ​ ​ (876) ​ ​ (17) ​ ​ (205) ​ ​ (267) ​ ​ (1,762) Balance at March 31, 2021 ​ $ (24,978) ​ $ 1,116 ​ $ 572 ​ $ 508 ​ $ 1,205 ​ $ (21,577) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 ​ $ (23,368) ​ $ 882 ​ $ 10 ​ $ 92 ​ $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications ​ ​ (3,674) ​ ​ (827) ​ ​ (155) ​ ​ (574) ​ ​ - ​ ​ (5,230) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ 74 ​ ​ 118 ​ ​ (256) ​ ​ (64) Other comprehensive earnings (loss) net of tax ​ ​ (3,674) ​ ​ (827) ​ ​ (81) ​ ​ (456) ​ ​ (256) ​ ​ (5,294) Balance at March 31, 2020 ​ $ (27,042) ​ $ 55 ​ $ (71) ​ $ (364) ​ $ 1,883 ​ $ (25,539) ​ 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, 2021 ​ March 31, 2020 ​ Recognized in Earnings Investments ​ $ - ​ $ - ​ Other income, net Foreign currency derivatives ​ ​ (103) ​ ​ 98 ​ Other income, net Commodity derivatives ​ ​ (668) ​ ​ 155 ​ Product cost of goods sold Postretirement and pension benefits ​ ​ (351) ​ ​ (338) ​ Other income, net Total before tax ​ ​ (1,122) ​ ​ (85) ​ ​ Tax (expense) benefit ​ ​ 271 ​ ​ 21 ​ ​ Net of tax ​ $ (851) ​ $ (64) ​ ​ ​

Restricted Cash

Restricted Cash3 Months Ended
Mar. 31, 2021
Restricted Cash
Restricted CashNote 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 Loans3 Months Ended
Mar. 31, 2021
Bank Loans
Bank LoansNote 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, 2021 and 2020 was 3.1% and 3.0% , respectively.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases
LeasesNote 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 3 years . In the first quarter of 2021 and 2020 , operating lease cost and cash paid for operating lease liabilities totaled $258 and $236 , respectively, which is classified in cash flows from operating activities. As of March 31, 2021 and 2020, operating lease right-of-use assets and operating lease liabilities were $653 and $1,388 , respectively. The weighted-average remaining lease term related to these operating leases was 1.0 years and 1.6 years as of March 31, 2021 and 2020, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.1% and 3.1% as of March 31, 2021 and 2020, respectively. Maturities of the Company’s operating lease liabilities at March 31, 2021 are as follows: $511 in 2021, $138 in 2022 and $4 in 2023. ​ The Company, as lessor, rents certain commercial real estate to third-party lessees. The March 31, 2021 and 2020 cost related to these leased properties was $51,402 and $36,368 , respectively, and the accumulated depreciation related to these leased properties was $15,001 and $10,433 , respectively. Terms of such leases, including renewal options, may be extended for up to sixty 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 2021 and 2020 was $1,230 and $737 , respectively, and is classified in cash flows from operating activities. ​

Contingencies

Contingencies3 Months Ended
Mar. 31, 2021
Contingencies
ContingenciesNote 12 — Contingencies ​ In the ordinary course of business, the Company is, from time to time, subject to a variety of active or threatened legal proceedings and claims. There are also potential claims and employer liability which could result in litigation, including defense costs, relating to the Covid-19 pandemic. While it is not possible to predict the outcome of such matters with certainty, in the Company’s opinion, both individually and in the aggregate, they are not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. ​

Share Capital and Capital In _2

Share Capital and Capital In Excess of Par Value (Tables)3 Months Ended
Mar. 31, 2021
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, 2020 ​ 39,073 ​ $ 27,134 27,012 ​ $ 18,758 93 ​ $ (1,992) ​ $ 706,930 ​ Issuance of 3% stock dividend 1,163 ​ ​ 808 809 ​ ​ 562 3 ​ ​ — ​ ​ 32,495 ​ Conversion of Class B common shares to common shares — ​ — — ​ — — ​ — ​ — ​ Purchase and retirement of common shares and other (234) ​ (163) — ​ — — ​ — ​ (7,260) ​ Balance at March 31, 2021 40,002 ​ $ 27,779 27,821 ​ $ 19,320 96 ​ $ (1,992) ​ $ 732,165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 ​ 38,836 ​ $ 26,969 26,287 ​ $ 18,254 90 ​ $ (1,992) ​ $ 696,059 ​ Issuance of 3% stock dividend 1,157 ​ ​ 803 786 ​ ​ 547 3 ​ ​ — ​ ​ 42,243 ​ Conversion of Class B common shares to common shares 36 ​ 25 (36) ​ (25) — ​ — ​ — ​ Purchase and retirement of common shares and other (260) ​ (180) — ​ — — ​ — ​ (8,629) ​ Balance at March 31, 2020 39,769 ​ $ 27,617 27,037 ​ $ 18,776 93 ​ $ (1,992) ​ $ 729,673 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2021 ​ ​ Total ​ Input Levels Used ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents $ 136,291 $ 136,291 $ - $ - Available for sale securities ​ ​ 207,874 ​ ​ 3,144 ​ ​ 204,730 ​ ​ - Foreign currency forward contracts ​ ​ 755 ​ ​ - ​ ​ 755 ​ ​ - Commodity futures contracts ​ ​ 670 ​ ​ 670 ​ ​ - ​ ​ - Trading securities ​ ​ 78,271 ​ ​ 65,532 ​ ​ 12,739 ​ ​ - Total assets measured at fair value ​ $ 423,861 ​ $ 205,637 ​ $ 218,224 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value December 31, 2020 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 166,841 $ 166,841 $ - $ - Available for sale securities ​ ​ 188,282 ​ ​ 3,149 ​ ​ 185,133 ​ ​ - Foreign currency forward contracts ​ ​ 778 ​ ​ - ​ ​ 778 ​ ​ - Commodity futures contracts, net ​ ​ 941 ​ ​ 941 ​ ​ - ​ ​ - Trading securities ​ ​ 73,828 ​ ​ 61,431 ​ 12,397 ​ ​ - Total assets measured at fair value ​ $ 430,670 ​ $ 232,362 ​ $ 198,308 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2020 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 139,067 $ 139,067 $ - $ - Available for sale securities ​ ​ 162,080 ​ ​ 3,441 ​ ​ 158,639 ​ ​ - Foreign currency forward contracts ​ ​ (93) ​ ​ - ​ ​ (93) ​ ​ - Commodity futures contracts ​ ​ (480) ​ ​ (480) ​ ​ - ​ ​ - Trading securities ​ ​ 68,717 ​ ​ 41,692 ​ ​ 27,025 ​ ​ - Total assets measured at fair value ​ $ 369,291 ​ $ 183,720 ​ $ 185,571 ​ $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)3 Months Ended
Mar. 31, 2021
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, 2021 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 5,593 ​ $ 755 ​ $ - Commodity futures contracts ​ ​ 4,362 ​ ​ 675 ​ ​ (5) Total derivatives ​ ​ ​ ​ $ 1,430 ​ $ (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 6,391 ​ $ 778 ​ $ — Commodity futures contracts ​ ​ 4,010 ​ 941 ​ — Total derivatives ​ ​ ​ ​ $ 1,719 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,342 ​ $ 117 ​ $ (210) Commodity futures contracts ​ ​ 3,955 ​ ​ 1 ​ ​ (481) Total derivatives ​ ​ ​ ​ $ 118 ​ $ (691)
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, 2021 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 79 ​ $ 103 ​ $ - Commodity futures contracts ​ ​ 397 ​ ​ 668 ​ ​ - Total ​ $ 476 ​ $ 771 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2020 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ (205) ​ $ (98) ​ $ - Commodity futures contracts ​ ​ (756) ​ ​ (155) ​ ​ - Total ​ $ (961) ​ $ (253) ​ $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)3 Months Ended
Mar. 31, 2021
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, 2020 $ (24,581) ​ $ 1,992 ​ $ 589 ​ $ 713 ​ $ 1,472 ​ $ (19,815) Other comprehensive earnings (loss) before reclassifications ​ ​ (397) ​ ​ (876) ​ ​ 61 ​ ​ 301 ​ ​ - ​ ​ (911) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ (78) ​ ​ (506) ​ ​ (267) ​ ​ (851) Other comprehensive earnings (loss) net of tax ​ ​ (397) ​ ​ (876) ​ ​ (17) ​ ​ (205) ​ ​ (267) ​ ​ (1,762) Balance at March 31, 2021 ​ $ (24,978) ​ $ 1,116 ​ $ 572 ​ $ 508 ​ $ 1,205 ​ $ (21,577) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 ​ $ (23,368) ​ $ 882 ​ $ 10 ​ $ 92 ​ $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications ​ ​ (3,674) ​ ​ (827) ​ ​ (155) ​ ​ (574) ​ ​ - ​ ​ (5,230) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ 74 ​ ​ 118 ​ ​ (256) ​ ​ (64) Other comprehensive earnings (loss) net of tax ​ ​ (3,674) ​ ​ (827) ​ ​ (81) ​ ​ (456) ​ ​ (256) ​ ​ (5,294) Balance at March 31, 2020 ​ $ (27,042) ​ $ 55 ​ $ (71) ​ $ (364) ​ $ 1,883 ​ $ (25,539)
Amount reclassified from accumulated other comprehensive income (loss)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details about Accumulated Other ​ Quarter Ended ​ Location of (Gain) Loss Comprehensive Income Components ​ March 31, 2021 ​ March 31, 2020 ​ Recognized in Earnings Investments ​ $ - ​ $ - ​ Other income, net Foreign currency derivatives ​ ​ (103) ​ ​ 98 ​ Other income, net Commodity derivatives ​ ​ (668) ​ ​ 155 ​ Product cost of goods sold Postretirement and pension benefits ​ ​ (351) ​ ​ (338) ​ Other income, net Total before tax ​ ​ (1,122) ​ ​ (85) ​ ​ Tax (expense) benefit ​ ​ 271 ​ ​ 21 ​ ​ Net of tax ​ $ (851) ​ $ (64) ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue Recognition
Selling, marketing and administrative expenses $ 26,809 $ 16,272
Royalty income (as a percent)0.20%
Rental income (as a percent)1.00%
Shipping and Handling
Revenue Recognition
Selling, marketing and administrative expenses $ 10,139 $ 10,672

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in ThousandsApr. 02, 2021Apr. 03, 2020Mar. 31, 2021Mar. 31, 2020
Average Shares Outstanding
Stock purchases (in shares)234 260
Purchase of common shares $ 7,423 $ 8,809
Stock dividends (as a percent)3.00%3.00%
Stock dividend shares distributed1,970 1,942

Income Taxes - Effective tax ra

Income Taxes - Effective tax rate - (Details)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)24.30%21.50%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 763,100
Balance at the beginning of the period (in shares)93
Purchase and retirement of common shares and other $ (7,423) $ (8,809)
Purchase and retirement of common shares and other (in shares)(234)(260)
Balance at the end of the period $ 758,586 $ 751,521
Balance at the end of the period (in shares)96 93
Stock dividends (as a percent)3.00%3.00%
Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 27,134 $ 26,969
Balance at the beginning of the period (in shares)39,073 38,836
Issuance of 3% stock dividend $ 808 $ 803
Issuance of 3% stock dividend (in shares)1,163 1,157
Conversion of Class B common shares to common shares $ 25
Conversion of Class B common shares to common shares (in shares)36
Purchase and retirement of common shares and other $ (163) $ (180)
Purchase and retirement of common shares and other (in shares)(234)(260)
Balance at the end of the period $ 27,779 $ 27,617
Balance at the end of the period (in shares)40,002 39,769
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)93 90
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)96 93
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 706,930 $ 696,059
Issuance of 3% stock dividend32,495 42,243
Purchase and retirement of common shares and other(7,260)(8,629)
Balance at the end of the period732,165 729,673
Class B Common Stock | Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 18,758 $ 18,254
Balance at the beginning of the period (in shares)27,012 26,287
Issuance of 3% stock dividend $ 562 $ 547
Issuance of 3% stock dividend (in shares)809 786
Conversion of Class B common shares to common shares $ (25)
Conversion of Class B common shares to common shares (in shares)(36)
Balance at the end of the period $ 19,320 $ 18,776
Balance at the end of the period (in shares)27,821 27,037

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Fair value measurements
Cash and cash equivalents $ 136,291 $ 166,841 $ 139,067
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents136,291 166,841 139,067
Available for sale securities207,874 188,282 162,080
Trading securities78,271 73,828 68,717
Total assets measured at fair value423,861 430,670 369,291
Fair value measured on a recurring basis | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net755 778 (93)
Fair value measured on a recurring basis | Commodity futures contracts
Fair value measurements
Derivative instruments, net670 941 (480)
Fair value measured on a recurring basis | Level 1
Fair value measurements
Cash and cash equivalents136,291 166,841 139,067
Available for sale securities3,144 3,149 3,441
Trading securities65,532 61,431 41,692
Total assets measured at fair value205,637 232,362 183,720
Fair value measured on a recurring basis | Level 1 | Commodity futures contracts
Fair value measurements
Derivative instruments, net670 941 (480)
Fair value measured on a recurring basis | Level 2
Fair value measurements
Available for sale securities204,730 185,133 158,639
Trading securities12,739 12,397 27,025
Total assets measured at fair value218,224 198,308 185,571
Fair value measured on a recurring basis | Level 2 | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net $ 755 $ 778 $ (93)

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value $ 7,500 $ 7,500 $ 7,500
Cost Basis | Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value $ 7,500 $ 7,500 $ 7,500

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2022Dec. 31, 2021Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Derivative contracts
Assets $ 1,430 $ 1,719 $ 118
Liabilities(5)(691)
Derivatives designated as hedging instruments: | Foreign currency forward contracts
Derivative contracts
Notional Amounts5,593 6,391 11,342
Assets755 778 117
Liabilities(210)
Derivatives designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts4,362 4,010 3,955
Assets675 $ 941 1
Liabilities $ (5) $ (481)
Forecast
Derivative contracts
Accumulated comprehensive gain to be reclassified $ 670
Forecast | Foreign currency forward contracts
Derivative contracts
Accumulated other comprehensive gain to be reclassified $ 431 $ 324

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI $ 476 $ (961)
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings771 (253)
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI79 (205)
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings103 (98)
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI397 (756)
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings $ 668 $ (155)

Pension Plans (Details)

Pension Plans (Details) - Pension Plan - Consenting agreement entered with local bargaining union - USD ($) $ in ThousandsJun. 12, 2012Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Pension Plans
Insolvent period20 years
Estimated liability upon withdrawal from plan $ 99,300 $ 99,800 $ 81,600
Percentage of annual compounded surcharge for rehabilitation5.00%
Percentage of interim surcharge5.00%
Pension expense $ 604 $ 685 2,866 2,961
Surcharges $ 213 $ 241 $ 1,010 $ 948

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period $ 763,327
Balance at the end of the period758,816 $ 751,732
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period(24,581)(23,368)
Other comprehensive earnings (loss) before reclassifications(397)(3,674)
Other comprehensive earnings (loss) net of tax(397)(3,674)
Balance at the end of the period(24,978)(27,042)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period1,992 882
Other comprehensive earnings (loss) before reclassifications(876)(827)
Other comprehensive earnings (loss) net of tax(876)(827)
Balance at the end of the period1,116 55
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period589 10
Other comprehensive earnings (loss) before reclassifications61 (155)
Reclassifications from accumulated other comprehensive loss(78)74
Other comprehensive earnings (loss) net of tax(17)(81)
Balance at the end of the period572 (71)
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period713 92
Other comprehensive earnings (loss) before reclassifications301 (574)
Reclassifications from accumulated other comprehensive loss(506)118
Other comprehensive earnings (loss) net of tax(205)(456)
Balance at the end of the period508 (364)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period1,472 2,139
Reclassifications from accumulated other comprehensive loss(267)(256)
Other comprehensive earnings (loss) net of tax(267)(256)
Balance at the end of the period1,205 1,883
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period(19,815)(20,245)
Other comprehensive earnings (loss) before reclassifications(911)(5,230)
Reclassifications from accumulated other comprehensive loss(851)(64)
Other comprehensive earnings (loss) net of tax(1,762)(5,294)
Balance at the end of the period $ (21,577) $ (25,539)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net $ (3,816) $ 5,494
Cost of goods sold66,010 66,745
Total before tax(14,226)(15,250)
Tax expense (benefit)3,463 3,274
Net of tax(10,763)(11,976)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax(1,122)(85)
Tax expense (benefit)271 21
Net of tax(851)(64)
Foreign Currency Derivatives | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net(103)98
Commodity Derivatives | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold $ (668) $ 155
Type of Cost, Good or Service [Extensible List]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 $ (351) $ (338)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Bank Loans
Weighted interest rate (as a percent)3.10%3.00%
Maximum
Bank Loans
Maturity period120 days

Leases (Details)

Leases (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost $ 258 $ 236
Operating lease payments258 236
Operating lease right-of-use assets653 1,388 $ 858
Operating lease liabilities $ 653 $ 1,388
Weighted average remaining lease term1 year1 year 7 months 6 days
Weighted average discount rate3.10%3.10%
2021 $ 511
2022138
2023 $ 4
Lessor, Operating Lease, Existence of Option to Extend [true false]true
Property, plant and equipment, gross $ 587,139 $ 567,808 $ 583,332
Lease income $ 1,230 737
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term3 years
Commercial real estate leased to third parties
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross $ 51,402 36,368
Depreciation $ 15,001 $ 10,433
Commercial real estate leased to third parties | Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term60 years