Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER 1-1361

Tootsie Roll Industries, Inc.

(Exact Name of Registrant as Specified in its Charter)


Virginia		22-1318955
(State of Incorporation)		(I.R.S. Employer Identification No.)


7401 South Cicero Avenue, Chicago, Illinois		60629
(Address of Principal Executive Offices)		(Zip Code)

773-838-3400

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Stock, par value $0.694 per share	TR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date (June 30, 2024).


Class		Outstanding

Common Stock, $0.694 par value		41,212,986
Class B Common Stock, $0.694 par value		30,309,118

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TOOTSIE ROLL INDUSTRIES, INC.

JUNE 30, 2024

INDEX


		Page No.

Part I —	Financial Information

Item 1.	Financial Statements꞉

	Condensed Consolidated Statements of Financial Position	3-4

	Condensed Consolidated Statements of Earnings and Retained Earnings	5

	Condensed Consolidated Statements of Comprehensive Earnings	6

	Condensed Consolidated Statements of Cash Flows	7

	Notes to Condensed Consolidated Financial Statements	8-16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17-23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	23

Part II —	Other Information

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 6.	Exhibits	25

Signatures		25

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. See “Forward-Looking Statements” under Part I — Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TOOTSIE ROLL INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands) (Unaudited)



	June 30, 2024		December 31, 2023		June 30, 2023

ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	45,623	$	75,915	$	26,047
Restricted cash		364		375		371
Investments		85,548		95,507		83,165
Accounts receivable trade, less allowances of $2,494 $2,245 and $2,488		45,565		55,568		49,802
Other receivables		7,049		9,165		7,174
Inventories:
Finished goods and work-in-process		84,410		51,240		92,370
Raw materials and supplies		44,889		43,681		47,557
Prepaid expenses		10,429		9,200		8,105
Total current assets		323,877		340,651		314,591

PROPERTY, PLANT AND EQUIPMENT, at cost:
Land		21,669		21,862		21,782
Buildings		144,802		144,949		142,613
Machinery and equipment		484,409		485,265		468,721
Construction in progress		18,803		11,277		13,370
Operating lease right-of-use assets		6,607		7,145		6,291
		676,290		670,498		652,777
Less - accumulated depreciation		455,555		447,520		438,456
Net property, plant and equipment		220,735		222,978		214,321

OTHER ASSETS:
Goodwill		73,237		73,237		73,237
Trademarks		175,024		175,024		175,024
Investments		292,723		255,606		252,459
Prepaid expenses and other assets		15,474		15,189		2,693
Deferred income taxes		1,531		1,706		1,664
Total other assets		557,989		520,762		505,077
Total assets	$	1,102,601	$	1,084,391	$	1,033,989

(The accompanying notes are an integral part of these statements.)

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(in thousands except per share data) (Unaudited)



	June 30, 2024		December 31, 2023		June 30, 2023

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	20,009	$	15,816	$	22,156
Bank loans		1,046		1,088		1,051
Dividends payable		6,437		6,250		6,303
Accrued liabilities		57,206		61,690		59,655
Postretirement health care benefits		665		665		658
Operating lease liabilities		1,400		1,289		1,172
Income taxes payable		—		8,090		—
Total current liabilities		86,763		94,888		90,995

NONCURRENT LIABILITIES:
Deferred income taxes		45,277		45,477		45,662
Postretirement health care benefits		9,638		9,653		9,304
Industrial development bonds		7,500		7,500		7,500
Liability for uncertain tax positions		2,981		2,777		3,913
Operating lease liabilities		5,499		6,018		5,182
Deferred compensation and other liabilities		103,849		94,971		86,359
Total noncurrent liabilities		174,744		166,396		157,920

TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS’ EQUITY:
Common stock, $0.694 par value - 120,000 shares authorized; 41,213, 39,999 and 40,490, respectively, issued		28,620		27,777		28,118
Class B common stock, $0.694 par value - 40,000 shares authorized; 30,309, 29,445 and 29,452, respectively, issued		21,048		20,448		20,453
Capital in excess of par value		802,253		737,453		753,839
Retained earnings		15,359		62,949		11,656
Accumulated other comprehensive loss		(23,874)		(23,213)		(26,698)
Treasury stock (at cost) - 105, 102 and 102 shares, respectively		(1,992)		(1,992)		(1,992)
Total Tootsie Roll Industries, Inc. shareholders’ equity		841,414		823,422		785,376
Noncontrolling interests		(320)		(315)		(302)
Total equity		841,094		823,107		785,074
Total liabilities and shareholders’ equity	$	1,102,601	$	1,084,391	$	1,033,989

(The accompanying notes are an integral part of these statements.)

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TOOTSIE ROLL INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

EARNINGS AND RETAINED EARNINGS

(in thousands except per share amounts) (Unaudited)



	Quarter Ended				Year to Date Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Net product sales	$	148,819	$	158,837	$	300,283	$	319,548
Rental and royalty revenue		1,917		1,308		3,628		2,689
Total revenue		150,736		160,145		303,911		322,237
Product cost of goods sold		99,732		107,075		202,464		218,481
Rental and royalty cost		529		460		944		851
Total costs		100,261		107,535		203,408		219,332
Product gross margin		49,087		51,762		97,819		101,067
Rental and royalty gross margin		1,388		848		2,684		1,838
Total gross margin		50,475		52,610		100,503		102,905
Selling, marketing and administrative expenses		35,040		37,857		73,958		75,356
Earnings from operations		15,435		14,753		26,545		27,549
Other income, net		4,900		4,804		13,932		9,584
Earnings before income taxes		20,335		19,557		40,477		37,133
Provision for income taxes		4,701		4,837		9,008		9,019
Net earnings		15,634		14,720		31,469		28,114
Less: net income (loss) attributable to noncontrolling interests		(6)		(6)		(5)		(13)
Net earnings attributable to Tootsie Roll Industries, Inc.	$	15,640	$	14,726	$	31,474	$	28,127

Net earnings attributable to Tootsie Roll Industries, Inc. per share	$	0.22	$	0.20	$	0.44	$	0.39
Dividends per share *	$	0.09	$	0.09	$	0.18	$	0.18

Average number of shares outstanding		71,417		72,164		71,417		72,231

Retained earnings at beginning of period	$	6,147	$	3,223	$	62,949	$	48,276
Net earnings attributable to Tootsie Roll Industries, Inc.		15,640		14,726		31,474		28,127
Cash dividends		(6,428)		(6,293)		(12,669)		(12,430)
Stock dividends		—		—		(66,395)		(52,317)
Retained earnings at end of period	$	15,359	$	11,656	$	15,359	$	11,656

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

(The accompanying notes are an integral part of these statements.)

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TOOTSIE ROLL INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS

(in thousands except per share amounts) (Unaudited)



	Quarter Ended				Year to Date Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Net earnings	$	15,634	$	14,720	$	31,469	$	28,114

Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(2,009)		1,142		(1,689)		2,438

Pension and postretirement reclassification adjustments:
Unrealized gains (losses) for the period on postretirement and pension benefits		—		—		—		—
Less: reclassification adjustment for (gains) losses to net earnings		(159)		(189)		(319)		(379)
Unrealized gains (losses) on postretirement and pension benefits		(159)		(189)		(319)		(379)

Investments:
Unrealized gains (losses) for the period on investments		826		(325)		983		2,169
Less: reclassification adjustment for (gains) losses to net earnings		(2)		—		(2)		(1)
Unrealized gains (losses) on investments		824		(325)		981		2,168

Derivatives:
Unrealized gains (losses) for the period on derivatives		(1,720)		(565)		(520)		(470)
Less: reclassification adjustment for (gains) losses to net earnings		778		48		1,213		43
Unrealized gains (losses) on derivatives		(942)		(517)		693		(427)

Total other comprehensive income (loss), before tax		(2,286)		111		(334)		3,800
Income tax benefit (expense) related to items of other comprehensive income		68		250		(327)		(329)
Total comprehensive earnings		13,416		15,081		30,808		31,585
Comprehensive earnings (loss) attributable to noncontrolling interests		(6)		(6)		(5)		(13)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$	13,422	$	15,087	$	30,813	$	31,598

(The accompanying notes are an integral part of these statements.)

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TOOTSIE ROLL INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (Unaudited)



	Year to Date Ended
	June 30, 2024		June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	31,469	$	28,114
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation		9,162		9,205
Deferred income taxes		(486)		313
Amortization of marketable security premiums		1,103		2,325
Changes in operating assets and liabilities:
Accounts receivable		9,438		9,601
Other receivables		1,823		(3,338)
Inventories		(35,338)		(54,304)
Prepaid expenses and other assets		(657)		3,233
Accounts payable and accrued liabilities		798		353
Income taxes payable		(8,643)		(769)
Postretirement health care benefits		(334)		(378)
Deferred compensation and other liabilities		442		503
Net cash provided by (used in) operating activities		8,777		(5,142)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(8,421)		(10,723)
Purchases of trading securities		(1,587)		(1,358)
Sales of trading securities		442		528
Purchase of available for sale securities		(55,131)		(48,522)
Sale and maturity of available for sale securities		38,779		66,507
Net cash (used in) provided by investing activities		(25,918)		6,432
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired		—		(16,548)
Dividends paid in cash		(12,634)		(12,531)
Proceeds from bank loans		1,039		1,997
Repayment of bank loans		(1,051)		(2,013)
Net cash used in financing activities		(12,646)		(29,095)
Effect of exchange rate changes on cash		(516)		588
Decrease in cash and cash equivalents		(30,303)		(27,217)
Cash, cash equivalents and restricted cash at beginning of year		76,290		53,635
Cash, cash equivalents and restricted cash at end of quarter	$	45,987	$	26,418
Supplemental cash flow information:
Income taxes paid/(received), net	$	17,728	$	9,521
Interest paid	$	137	$	120
Stock dividend issued	$	66,243	$	86,433

(The accompanying notes are an integral part of these statements.)

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TOOTSIE ROLL INDUSTRIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2024

(in thousands except per share amounts) (Unaudited)

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 June 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 arising in the second quarter 2024 that changed Management’s estimated current and future liabilities resulting in a $2,070 reduction in Accrued liabilities and an increase in Net product sales in second quarter 2024. 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 $13,839 and $15,432 in second quarter 2024 and 2023, respectively, and $27,455 and $31,665 in first half 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.

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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.

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.

Note 2 — Average Shares Outstanding

The average number of shares outstanding for six months 2024 reflects a 3% stock dividend of 2,075 shares distributed on April 5, 2024. The average number of shares outstanding for six months 2023 reflects aggregate stock purchases of 429 shares for $16,548, excluding excise taxes, and a 3% stock dividend of 2,040 shares distributed on April 7, 2023. There were no stock purchases during six months 2024.

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 2020 through 2022. The Company’s consolidated effective income tax rate was 23.1% and 24.7% in second quarter 2024 and 2023, respectively, and 22.3% and 24.3% in first half 2024 and 2023, respectively.

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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 March 31, 2024	41,211	$	28,619	30,311	$	21,049	105	$	(1,992)	$	802,253
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	2		1	(2)		(1)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

Balance at March 31, 2023	40,871	$	28,383	29,463	$	20,460	102	$	(1,992)	$	768,676
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	11		7	(11)		(7)	—		—		—
Purchase and retirement of common shares and other	(392)		(272)	—		—	—		—		(14,837)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

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	18		13	(18)		(13)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

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	(429)		(298)	—		—	—		—		(16,415)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

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 June 30, 2024, December 31, 2023 and June 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

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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 June 30, 2024, December 31, 2023 and June 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 June 30, 2024, December 31, 2023 and June 30, 2023 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:



	Estimated Fair Value June 30, 2024
	Total		Input Levels Used
	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	45,623	$	45,623	$	—	$	—
Available for sale securities		279,543		4,049		275,494		—
Foreign currency derivatives		(43)		—		(43)		—
Commodity derivatives		(1,487)		(1,487)		—		—
Trading securities		98,728		81,058		17,670		—
Total assets measured at fair value	$	422,364	$	129,243	$	293,121	$	—


	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 June 30, 2023
		Total	Input Levels Used
		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	26,047	$	26,047	$	—	$	—
Available for sale securities		254,305		4,510		249,795		—
Foreign currency derivatives		108		—		108		—
Commodity derivatives		(806)		(806)		—		—
Trading securities		81,319		65,065		16,254		—
Total assets measured at fair value	$	360,973	$	94,816	$	266,157	$	—

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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 $264, $1,033 and $190 of this accumulated comprehensive loss is expected to be reclassified to earnings in 2024, 2025 and 2026, respectively. Approximately $43 reported in accumulated other comprehensive loss for foreign currency derivatives is expected to be reclassified to other income, net in 2024.

The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at June 30, 2024, December 31, 2023 and June 30, 2023:



	June 30, 2024
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	5,168	$	—	$	(43)
Commodity derivatives		22,055		9		(1,496)
Total derivatives			$	9	$	(1,539)

	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)

	June 30, 2023
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	12,021	$	154	$	(46)
Commodity derivatives		16,496		75		(881)
Total derivatives			$	229	$	(927)

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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 June 30, 2024 and June 30, 2023 are as follows:



	For Quarter Ended June 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	$	(114)	$	(100)	$	—
Commodity derivatives		(1,606)		(678)		—
Total	$	(1,720)	$	(778)	$	—

	For Quarter Ended June 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	$	292	$	(48)	$	—
Commodity derivatives		(857)		—		—
Total	$	(565)	$	(48)	$	—

	For Year to Date Ended June 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	$	(472)	$	(126)	$	—
Commodity derivatives		(48)		(1,087)		—
Total	$	(520)	$	(1,213)	$	—

	For Year to Date Ended June 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	$	253	$	(136)	$	—
Commodity derivatives		(723)		93		—
Total	$	(470)	$	(43)	$	—

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

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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 first half 2024 and 2023 was $1,770 and $1,951, respectively. The aforementioned expense includes surcharges of $624 and $688 for first half 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.

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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 March 31, 2024	$	(20,730)	$	(2,240)	$	(23)	$	(425)	$	1,762	$	(21,656)
Other comprehensive earnings (loss) before reclassifications		(2,009)		627		(86)		(1,214)		—		(2,682)
Reclassifications from accumulated other comprehensive loss		—		(2)		75		512		(121)		464
Other comprehensive earnings (loss) net of tax		(2,009)		625		(11)		(702)		(121)		(2,218)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at March 31, 2023	$	(22,499)	$	(6,919)	$	(178)	$	39	$	2,498	$	(27,059)
Other comprehensive earnings (loss) before reclassifications		1,142		(247)		221		(648)		—		468
Reclassifications from accumulated other comprehensive loss		—		—		36		—		(143)		(107)
Other comprehensive earnings (loss) net of tax		1,142		(247)		257		(648)		(143)		361
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

Balance at December 31, 2023	$	(21,050)	$	(2,359)	$	228	$	(1,915)	$	1,883	$	(23,213)
Other comprehensive earnings (loss) before reclassifications		(1,689)		746		(357)		(35)		—		(1,335)
Reclassifications from accumulated other comprehensive loss		—		(2)		95		823		(242)		674
Other comprehensive earnings (loss) net of tax		(1,689)		744		(262)		788		(242)		(661)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at December 31, 2022	$	(23,795)	$	(8,809)	$	(215)	$	8	$	2,642	$	(30,169)
Other comprehensive earnings (loss) before reclassifications		2,438		1,643		192		(547)		—		3,726
Reclassifications from accumulated other comprehensive loss		—		—		102		(70)		(287)		(255)
Other comprehensive earnings (loss) net of tax		2,438		1,643		294		(617)		(287)		3,471
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

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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	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023		Recognized in Earnings
Investments	$	(2)	$	—	$	(2)	$	(1)	Other income, net
Foreign currency derivatives		100		48		126		136	Other income, net
Commodity derivatives		678		—		1,087		(93)	Product cost of goods sold
Postretirement and pension benefits		(159)		(189)		(319)		(379)	Other income, net
Total before tax		617		(141)		892		(337)
Tax (expense) benefit		(153)		34		(218)		82
Net of tax	$	464	$	(107)	$	674	$	(255)

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.

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 June 30, 2024 and 2023 was 6.4% and 5.9%, respectively.

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 $368 and $367 in the second quarter of 2024 and 2023, respectively, and $735 and $602 for the first half of 2024 and 2023, respectively. Cash paid for operating lease liabilities totaled $342 and $349 in the second quarter of 2024 and 2023, respectively, and $601 and $567 for the first half of 2024 and 2023, respectively. As of June 30, 2024 and 2023, operating lease right-of-use assets were $6,607 and $6,291, respectively, and operating lease liabilities were $6,899 and $6,354, respectively. The weighted-average remaining lease term related to these operating leases was 10.9 years and 12.5 years as of June 30, 2024 and 2023, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.7% and 3.4% as of June 30, 2024 and 2023, respectively. Maturities of the Company’s operating lease liabilities at June 30, 2024 are as follows: $590 in 2024 (rest of year), $1,120 in 2025, $783 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 June 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 $18,492 and $17,432, 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 second quarter and first half 2024 and 2023 was $1,835 and $1,222, respectively, and $3,422 and $2,443, respectively, and is classified in cash flows from operating activities.

A lease with the Company as lessor commenced in the second 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.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This financial review discusses the Company’s financial condition, results of operations, liquidity and capital resources and other matters. Dollars are presented in thousands, except per share amounts. This review should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related notes included in this Form 10-Q and with the Company’s Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).

Net product sales were $148,819 in second quarter 2024 compared to $158,837 in second quarter 2023, a decrease of $10,018 or 6.3%. First half 2024 net product sales were $300,283 compared to $319,548 in first half 2023, a decrease of $19,265 or 6.0%. Domestic (U.S.) net product sales in second quarter and first half 2024 decreased 4.8% and 6.0%, respectively, compared to the corresponding period in the prior year, and, foreign net product sales, including exports to foreign markets, decreased 21.4% and 6.2%, respectively, compared to the corresponding period in the prior year. For the second quarter and first half 2024, domestic sales represented 92.3% and 91.2%, respectively, of total consolidated net product sales. The Company faced a more challenging market in second quarter and first half 2024 as customers and consumers became more resistant to higher price realization which was necessary to restore our margins. The Company expects this adverse sales trend to continue through the second half of 2024. Second quarter and first half 2024 sales were also adversely affected by the timing of seasonal sales, primarily for Easter, between first quarter 2024 and fourth quarter 2023 when compared to the prior year comparative quarterly periods. In addition, second quarter and first half 2024 sales were impacted by customer inventory adjustments, which adversely affected customer orders and sales in second quarter and first half 2024.

Product cost of goods sold was $99,732 in second quarter 2024 compared to $107,075 in second quarter 2023, and first half 2024 product cost of goods sold was $202,464 compared to $218,481 in first half 2023. Product cost of goods sold includes $122 and $256 of certain deferred compensation expenses in second quarter 2024 and 2023, respectively, and $487 and $486 of certain deferred compensation expenses in first half 2024 and 2023, respectively. These deferred compensation expenses principally resulted from the changes in the market value of investments and investment income from trading securities relating to compensation deferred in previous years and are not reflective of current operating results. Adjusting for the aforementioned, product cost of goods sold decreased from $106,819 in second quarter 2023 to $99,610 in second quarter 2024, a decrease of $7,209 or 6.7%; and decreased from $217,995 in first half 2023 to $201,977 in first half 2024, a decrease of $16,018 or 7.3%. As a percentage of net product sales, adjusted product cost of goods sold was 66.9% and 67.3% in second quarter 2024 and 2023, respectively, a favorable decrease of 0.4 percentage points; and adjusted product cost of goods sold was 67.3% and 68.2% in first half 2024 and 2023, respectively, a favorable decrease of 0.9 percentage points. Second quarter and first half 2024 gross profit margins benefited from higher price realization, improvements in plant manufacturing operating efficiencies, and more favorable packaging material unit costs. Although we did achieve improvement in gross profit margin, higher overall ingredient costs, and increases in labor, employee benefits, and certain plant manufacturing costs offset some of these benefits in second quarter and first half 2024.

In response to increases in input costs in recent years, many companies in the consumer products industry have increased selling prices. We have implemented price increases as well during this period with the objective of improving sales price realization in order to recover our margin declines. We made progress in restoring our margins in 2023 and continue to do so in 2024. However, cocoa and chocolate costs have been moving significantly higher in the market during 2024, and we expect that these increases will have some adverse effects on our input costs and margins in 2024 and 2025. The Company uses the Last-In-First-Out (LIFO) method of accounting for inventory and costs of goods sold which results in lower current income taxes during such periods of increasing costs and higher inflation, but this method does charge the most current costs to cost of goods sold and thereby accelerates the realization of these higher costs. Although the Company continues to monitor its input costs, we are mindful of the effects and limits when passing on the above-discussed higher input costs to our customers as well as the final consumers of our products.

Selling, marketing and administrative expenses were $35,040 in second quarter 2024 compared to $37,857 in second quarter 2023, and first half 2024 selling, marketing and administrative expenses were $73,958 compared to $75,356 in first half 2023. Selling, marketing and administrative expenses include $2,370 and $4,675 of certain deferred

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compensation expenses in second quarter 2024 and 2023, respectively; and $9,295 and $8,792 of certain deferred compensation expenses in first half 2024 and 2023, respectively. As discussed above, these expenses principally result from changes in the market value of investments and investment income from trading securities relating to compensation deferred in previous years and are not reflective of current operating results. Adjusting for the aforementioned deferred compensation expenses, selling, marketing and administrative expenses decreased from $33,182 in second quarter 2023 to $32,670 in second quarter 2024, a decrease of $512 or 1.5%; and selling, marketing and administrative expenses decreased from $66,564 in first half 2023 to $64,663 in first half 2024 a decrease of $1,901 or 2.9%. As a percentage of net product sales, adjusted selling, marketing and administrative expenses increased from 20.9% in second quarter 2023 to 22.0% in second quarter 2024, an unfavorable increase of 1.1 percentage points as a percent of net product sales; and adjusted selling, marketing and administrative expenses increased from 20.8% in first half 2023 to 21.5% in first half 2024, an unfavorable increase of 0.7 percentage points as a percent of net sales. These higher expenses as a percentage of sales reflect the adverse effects of lower sales as certain expenses are generally fixed and do not change significantly with changes in sales.

Selling, marketing and administrative expenses include $13,839 and $15,432 for customer freight, delivery and warehousing expenses in second quarter 2024 and 2023, respectively, a decrease of $1,593 or 10.3%; and $27,455 and $31,665 in first half 2024 and 2023, respectively, a decrease of $4,210 or 13.3%. These expenses were 9.3% and 9.7% of net product sales in second quarter 2024 and 2023, respectively; and were 9.1% and 9.9% of net product sales in first half 2024 and 2023, respectively. Customer freight and delivery unit costs, including the cost per pound shipped, was more favorable in second quarter and first half 2024 compared to the corresponding periods in 2023. Increased over-the-road truck availability in 2024 relative to tight freight markets over the past few years has resulted in a more competitive market and resulting lower costs.

As outlined in Note 1 to the consolidated financial statements, the Company records revenue from net product sales based on accounting guidance. 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. These 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 arising in the second quarter 2024 that changed Management’s estimated current and future liabilities resulting in a $2,070 reduction in accrued liabilities and an increase in net product sales in second quarter 2024.

Earnings from operations were $15,435 in second quarter 2024 compared to $14,753 in second quarter 2023; and were $26,545 in first half 2024 compared to $27,549 in first half 2023. Earnings from operations include $2,492 and $4,931 of certain deferred compensation expenses in second quarter 2024 and 2023, respectively; and include $9,782 and $9,278 of certain deferred compensation expenses in first half 2024 and 2023, respectively, which is discussed above. Adjusting for these deferred compensation costs and expenses, adjusted earnings from operations were $17,927 and $19,684 in second quarter 2024 and 2023, respectively, a decrease of $1,757 or 8.9%; and adjusted operating earnings were $36,327 and $36,827 in first half 2024 and 2023, respectively, a decrease of $500 or 1.4%. As a percentage of net product sales, these adjusted operating earnings were 12.0% and 12.4% in second quarter 2024 and 2023, respectively, an unfavorable decrease of 0.4 percentage points; and as a percentage of net product sales, these adjusted operating earnings were 12.1% and 11.5% in first half 2024 and 2023, respectively, a favorable increase of 0.6 percentage points. Unfavorable results relating to our Mexican subsidiary had some adverse effect on our consolidated earnings from operations for second quarter and first half 2024. Higher price realization, as well as a decrease in certain costs as discussed above, mitigated much of the adverse effects of lower sales volumes relating to second quarter and first half 2024 adjusted operating earnings.

Other income, net was $4,900 in second quarter 2024 compared to $4,804 in second quarter 2023; and $13,932 in first half 2024 compared to $9,584 in first half 2023. Other income, net for second quarter 2024 and 2023 includes net gains and investment income of $2,492 and $4,931, respectively, on trading securities which provide an economic hedge of the Company’s deferred compensation liabilities on trading securities; and other income, net for first half 2024 and 2023 includes net gains and investment income of $9,782 and $9,278, respectively, on trading securities which provide an economic hedge of the Company’s deferred compensation liabilities on trading securities. The investment gains on trading securities in second quarter and first half 2024 and 2023 reflect the overall changes in the equity markets during these periods. These changes in market values were substantially offset by a like amount of

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deferred compensation expense included in product cost of goods sold and selling, marketing, and administrative expenses in the respective periods as discussed above.

Management believes the comparisons presented in the preceding paragraphs, after adjusting for changes in deferred compensation, are useful to our investors and other users of our financial information in assessing the operations of the Company.

Other income, net for second quarter 2024 and 2023 includes investment income on available for sale securities of $2,114 and $1,145 in 2024 and 2023, respectively; and other income, net for first half 2024 and 2023 includes investment income on available for sale securities of $3,977 and $2,308 in 2024 and 2023, respectively. The aforementioned increases in 2024 investment income on available for sale securities reflects the higher interest rate environment in 2024 as well as a higher average balance in the investment portfolio of available for sale securities in second quarter and first half 2024 compared to the corresponding periods in the prior year. Other income, net also includes pre-tax gains (loss) on foreign exchange of $140 and $(1,315) in second quarter 2024 and 2023, respectively; and $120 and $(2,060) in first half 2024 and 2023, respectively which contributed to improved net earnings in second quarter and first half 2024 when compared to second quarter and first half 2023. In addition, higher leasing revenue from the leasing of certain real estate to third parties contributed to higher net earnings in second quarter and first half 2024.

The consolidated effective tax rates were 23.1% and 24.7% in second quarter 2024 and 2023, respectively; and 22.3% and 24.3% in first half 2024 and 2023, respectively. The lower effective income tax rate in second quarter and first half 2024 reflects a reduction in state income taxes and increases in federal income tax credits, which contributed to higher net earnings in second quarter and first half 2024 compared to the corresponding periods in the prior year.

Net earnings attributable to Tootsie Roll Industries, Inc. were $15,640 (after $6 net loss attributed to non-controlling interests) in second quarter 2024 compared to $14,726 (after $6 net loss attributed to non-controlling interests) in second quarter 2023, and earnings per share were $0.22 and $0.20 in second quarter 2024 and 2023, respectively, an increase of $0.02 per share, or 10.0%. First half 2024 net earnings attributable to Tootsie Roll Industries, Inc. were $31,474 (after $5 net loss attributed to non-controlling interests) compared to first half 2023 net earnings of $28,127 (after $13 net loss attributed to non-controlling interests), and net earnings per share were $0.44 and $0.39 in first half 2024 and first half 2023, respectively, an increase of $0.05 per share or 12.8%. Earnings per share attributable to Tootsie Roll Industries, Inc. for second quarter and first half 2024 benefited from the reduction in average shares outstanding resulting from purchases in the open market by the Company of its common stock during the preceding twelve months. Average shares outstanding decreased from 72,164 at second quarter 2023 to 71,417 at second quarter 2024, and from 72,231 in first half 2023 to 71,417 in first half 2024.

Goodwill and intangibles, principally trademarks, are assessed annually as of December 31 or whenever events or circumstances indicate that the carrying values may not be recoverable from future cash flows. The Company has not identified any triggering events, as defined, or other adverse information that would indicate a material impairment of its goodwill or intangibles in first half 2024. Although Company management has not identified any trigging events at this time relating to its intangibles, factors outlined in the Company’s risk factors discussed on Form 10-K for the year ended December 31, 2023, could change this assessment in the future.

Based on these updated notices, the Plan’s funded percentage (plan investment assets as a percentage of plan liabilities), as defined, were 47.0%, 49.3%, and 48.5% as of January 1, 2023, 2022, and 2021, respectively (these

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valuation dates are as of the beginning of each Plan year). These funded percentages are based on actuarial values, as defined, and do not reflect the actual market value of Plan investments as of these dates. If the market value of investments had been used as of January 1, 2023, the funded percentage would be 43.6% (not 47.0%). As of the January 1, 2023 valuation date (most recent valuation available), only 14% of Plan participants were current active employees, 55% were retired or separated from service and receiving benefits, and 31% were retired or separated from service and entitled to future benefits. The number of current active employee Plan participants as of January 1, 2023 fell 1% from the previous year and 6% over the past two years. When compared to the Plan valuation date of January 1, 2011 (just prior to the Plan being certified to be in “critical status”), current active employee participants have declined 55%, whereas participants who were retired or separated from service and receiving benefits increased 3% and participants who were retired or separated from service and entitled to future benefits increased 6%.

The Company has been advised by the Plan 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 (most recent information provided by the Plan). The aforementioned most recent increase in the withdrawal liability as advised by the Plan was primarily driven by The Plan’s unfavorable investment performance in 2022, which was partially offset by an increase in the PBGC interest rates used to value a portion of the liability. The Company’s relative share of the Plan’s contribution base, driven by employer withdrawals, has increased in the last several years, and management believes that this trend could continue indefinitely and add upward pressure on the Company’s withdrawal liability. Based on the above, management believes that the Company’s withdrawal liability will likely increase further in future years.

Based on the Company’s most recent actuarial estimates using the information provided by the Plan with respect to its 2023 withdrawal liability (based on most recent information provided to the Company) and certain provisions in ERISA and laws relating to withdrawal liability payments, management believes that the Company’s liability had the Company withdrawn in 2023 would likely be limited to twenty annual payments of $2,654 which have a present value in the range of $31,142 to $37,808 depending on the interest rate used to discount these payments. While the Company’s actuarial consultant did not believe that the Plan will suffer a future mass withdrawal (as defined) of participating employers, in the event of a mass withdrawal, the Company’s annual withdrawal payments would theoretically be payable in perpetuity. Based on the same actuarial estimates, had a mass withdrawal occurred in 2023, the present value of such perpetuities is in the range of $43,483 to $70,702 and would apply in the unlikely event that substantially all employers withdraw from the Plan. The aforementioned is based on a range of valuations and interest rates which the Company’s actuary has advised is provided under the statute. 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.

In fourth quarter 2020, the Plan Trustees advised the Company that the surcharges would no longer increase annually 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 consent agreement by March 31, 2021. The Trustees advised that they have concluded that continuing increases in surcharges would likely have a long-term adverse effect on the solvency of the Plan. The Trustees concluded that further increases would result in increasing financial hardships and withdrawals of participating employers, and that this change will not have a material effect on the Plan’s insolvency date. In 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 half 2024 and 2023 was $1,770 and $1,951, respectively. The aforementioned expense includes surcharges of $624 and $688 for first half 2024 and 2023, respectively, as required under the amended plan of rehabilitation. The decrease in the first half 2024 expense compared to first half 2023 reflects the effects of lower sales volumes in first half 2024, and corresponding reductions in lower production and labor hours worked. 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.

In June 2024, the PBGC announced that it had approved the Plan’s application for Special Financial Assistance under the American Rescue Plan Act of 2021. Company management understands that this legislation would provide financial assistance from the PBGC to shore up financially distressed multi-employer plans to ensure that they can remain solvent and continue to pay benefits to retirees through 2051 without any reduction in retiree benefits. 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

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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, as defined, and a phase-in of the Special Financial Assistance in determining the Company’s withdrawal liability. While it is uncertain how the requirements imposed by the Special Financial Assistance will impact the Company’s withdrawal liability in the future, the Company’s actuary believes any withdrawal will continue to be limited to the twenty annual payments previously discussed and that those payments will not be affected by Special Financial Assistance regulation.

During second quarter 2023, the Company and the union concluded negotiations and entered into a new labor contract which expires in September 2027. Under terms of the union contract the Company is obligated to continue its participation in the Plan during the contract period. The Company is unable to determine the ultimate outcome of the above discussed multi-employer union pension matter 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. See also Note 7 of the Company’s Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2023.

The Company is focused on the longer term and therefore is continuing to make investments in plant manufacturing operations to meet new consumer and customer product demands, achieve product quality improvements, expand capacity in certain product lines, and increase operational efficiencies in order to provide genuine value to consumers.

LIQUIDITY AND CAPITAL RESOURCES

Net cash flows provided by (used in) operating activities were $8,777 and $(5,142) in first half 2024 and 2023, respectively, a favorable increase of $13,919. The $13,919 increase in cash flows from operating activities from 2024 to 2023 principally reflects higher net earnings as discussed above and benefits from changes in working capital, primarily more favorable changes in inventories and the timing of income tax payments during first half 2024 compared to first half 2023. The more favorable changes in inventories reflects changes in the Company’s production plan in 2024 for seasonal Halloween sales (principally in third quarter 2024), as well as the effects of lower sales demand for the second half 2024, which trend is generally in line with the first half 2024 sales results when compared to first half 2023.

Net cash (used in) provided by investing activities was $(25,918) in first half 2024 compared to $6,432 in first half 2023. Cash flows used in investing activities reflect $55,131 and $48,522 of purchases of available for sale securities during first half 2024 and 2023, respectively, and $38,779 and $66,507 of sales and maturities of available for sale securities during first half 2024 and 2023, respectively. First half 2024 and 2023 investing activities include capital expenditures of $8,421 and $10,723, respectively. The Company is evaluating a plant expansion, including both the addition and replacement of certain processing and packaging lines, to better meet its higher level of projected demand for certain products on a timelier and more cost effective basis. The Company believes that this plant expansion would take place over the next five years, but most of the actual expenditures would likely occur during the next three years. Company management believes that the total cost of this expansion, including new machinery, equipment and food processing infrastructure, will approximate $70,000 to $80,000. All capital expenditures have been and are expected to be funded from the Company’s cash flow from operations and internal sources including available for sale securities.

The Company’s consolidated financial statements include bank borrowings of $1,046 and $1,051 at June 30, 2024 and 2023, respectively, all of which relate to its Spanish subsidiary. The Company had no other outstanding bank borrowings at June 30, 2024.

Financing activities include Company common stock purchases and retirements of $0 and $16,548 in first half 2024 and 2023, respectively. Cash dividends of $12,634 and $12,531 were paid in first half 2024 and 2023, respectively.

The Company’s current ratio (current assets divided by current liabilities) was 3.7 to 1 at June 30, 2024 compared to 3.6 to 1 at December 31, 2023 and 3.5 to 1 at June 30, 2023. Net working capital was $237,114 at June 30, 2024 compared to $245,763 and $223,596 at December 31, 2023 and June 30, 2023, respectively. Included in net working capital is cash and cash equivalents and short-term investments totaling $131,171 at June 30, 2024 compared to

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$171,422 and $109,212 at December 31, 2023 and June 30, 2023, respectively. In addition, long term investments, principally debt securities comprising corporate bonds, were $292,723 at June 30, 2024, as compared to $255,606 and $252,459 at December 31, 2023 and June 30, 2023, respectively. Aggregate cash and cash equivalents and short and long-term investments were $423,894, $427,028, and $361,671, at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, including $98,728, $87,800, and $81,319 at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, relating to trading securities which are used as an economic hedge for the Company’s deferred compensation liabilities.

Investments in available for sale securities, primarily high quality corporate bonds, that matured during second quarter 2024 and 2023 were generally used in working capital or were replaced with debt securities of similar maturities. The net unrealized loss on available for sale investments was approximately $1,600 and $7,200 at June 30, 2024 and 2023, respectively, which principally reflects the increase in market interest rates since such securities were purchased. The Company expects to hold most of these securities to maturity and therefore does not expect to ultimately realize a substantial portion of the aforementioned unrealized losses (see also Item 3 below, QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK).

The Company periodically contributes to a VEBA trust, managed and controlled by the Company, to fund the estimated future costs of certain employee health, welfare and other benefits. The Company added $20,000 in additional funding to the VEBA trust in 2023. No contribution was made during first half 2024. The Company expects to use these VEBA funds to pay the actual cost of such benefits through part or all of 2027. The VEBA trust held $19,436, $19,126 and $1,942 of aggregate cash and cash equivalents at June 30, 2024, December 31, 2023 and June 30, 2023, respectively. This asset value is included in prepaid expenses and long-term other assets in the Company’s Consolidated Statement of Financial Position. These assets are categorized as Level 2 within the fair value hierarchy.

ACCOUNTING PRONOUNCEMENTS

See Note 1 of the Company’s Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

See Note 1 of the Company’s Condensed Consolidated Financial Statements for more information related to our use of estimates in the preparation of financial statements as well as information related to material changes in our significant accounting policies that were included in our 2023 Form 10-K.

FORWARD-LOOKING STATEMENTS

This discussion and certain other sections contain forward-looking statements that are based largely on the Company’s current expectations and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “anticipated,” “believe,” “expect,” “intend,” “estimate,” “project,” “plan” and other words of similar meaning in connection with a discussion of future operating or financial performance and are subject to certain factors, risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in the forward-looking statements. Such factors, risks, trends and uncertainties, which in some instances are beyond the Company’s control, include the ability to recover increases in input costs through price increases and restoring margins, the overall competitive environment in the Company’s industry, successful distribution and sell-through during Halloween and other seasons, the availability of cocoa and chocolate at reasonable prices given that these markets are significantly elevated and volatile, and changes in assumptions, judgments and risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023.

The risk factors referred to above are believed to be significant factors, but not necessarily all of the significant factors that could cause actual results to differ from those expressed in any forward-looking statement. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made only as of the date of this report. The Company undertakes no obligation to update such forward-looking statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Company is exposed to various market risks, including fluctuations in and sufficient availability of sugar, corn syrup, edible oils, including palm oils, cocoa, chocolate, dextrose, milk and whey, gum-base input ingredients, packaging, and fuel costs principally relating to freight and delivery fuel surcharges. The Company generally enters into annual supply contracts and hedges certain commodities (primarily sugar) to control and plan for such cost changes. The Company has experienced significant increases in its ingredient and packaging costs in 2022 and 2023, and more recently, the cocoa and chocolate markets have moved to unprecedented highs. The Company has entered into longer-range supply contracts for its cocoa and chocolate needs in 2024 and much of 2025 in order to insure supply and reduce the risk of further increases in these ingredients. Nonetheless, the cocoa market is experiencing unprecedented volatility and highs, and remains a risk for the intermediate term and possibly for a longer term.

The Company is exposed to exchange rate fluctuations in the Canadian dollar which is the currency used for a portion of the raw material and packaging material costs and all labor, benefits and local plant operating costs at its Canadian plants. The Company is exposed to exchange rate fluctuations in Mexico, Canada, and Spain where its subsidiaries sell products in their local currencies. The Company invests principally in corporate bonds (available for sale securities) with an average maturity of three to five years, to manage its interest rate risk. While the Company generally holds these 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.

The Company believes that the above discussed policies and programs limit the Company’s exposure to significant interest rate fluctuations. Other than the cocoa and chocolate market as discussed above, there have been no material changes in the Company’s market risks that would significantly affect the disclosures made in the Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of Management, the Chief Executive Officer and Chief Financial Officer of the Company have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2024 and, based on their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective. Disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to ensure that information is accumulated and communicated to Management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in the Company’s internal control over financial reporting that occurred during the Company’s fiscal quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table summarizes the Company’s purchases of its common stock during the quarter ended June 30, 2024:



					(d) Approximate Dollar
	(a) Total			(c) Total Number of Shares	Value of Shares that
	Number of	(b) Average		Purchased as Part of	May Yet Be Purchased
	Shares	Price Paid per		Publicly Announced Plans	Under the Plans
Period	Purchased	Share		Or Programs	or Programs

Apr 1 to Apr 30	—	$	—	Not Applicable	Not Applicable

May 1 to May 31	—		—	Not Applicable	Not Applicable

Jun 1 to Jun 30	—		—	Not Applicable	Not Applicable

Total	—	$	—	Not Applicable	Not Applicable

While the Company does not have a formal or publicly announced stock purchase program, the Company’s board of directors periodically authorizes a dollar amount for share purchases. The treasurer executes share purchase transactions according to these guidelines. There were no stock purchases during second quarter 2024.

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ITEM 6. EXHIBITS

Exhibit 31.1 — Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 — Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32 — Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101.INS - XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Exhibit 101.SCH - XBRL Taxonomy Extension Schema Document.

Exhibit 101.CAL - XBRL Taxonomy Extension Calculation Linkbase Document.

Exhibit 101.LAB - XBRL Taxonomy Extension Label Linkbase Document.

Exhibit 101.PRE - XBRL Taxonomy Extension Presentation Linkbase Document.

Exhibit 101.DEF - XBRL Taxonomy Extension Definition Linkbase Document.

Exhibit 104 - Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		TOOTSIE ROLL INDUSTRIES, INC.

Date:	August 8, 2024	BY:	/S/ ELLEN R. GORDON

			Ellen R. Gordon
			Chairman and Chief
			Executive Officer

Date:	August 8, 2024	BY:	/S/ G. HOWARD EMBER, JR.

			G. Howard Ember, Jr.
			Vice President Finance and
			Chief Financial Officer

Exhibit 31.1

CERTIFICATION

I, Ellen R. Gordon, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tootsie Roll Industries, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	Date:	August 8, 2024

	By:	/S/ELLEN R. GORDON
		Ellen R. Gordon
		Chairman and Chief
		Executive Officer

Exhibit 31.2

CERTIFICATION

I, G. Howard Ember, Jr. certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tootsie Roll Industries, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	Date:	August 8, 2024

	By:	/S/G. HOWARD EMBER, JR.
		G. Howard Ember, Jr.
		Vice President Finance and
		Chief Financial Officer

Exhibit 32

Certificate Pursuant to Section 1350 of Chapter 63

Of Title 18 of the United States Code

Each of the undersigned officers of Tootsie Roll Industries, Inc. certifies that (i) the Quarterly Report on Form 10-Q of Tootsie Roll Industries, Inc. for the quarterly period ended June 30, 2024 (the Form 10-Q) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Tootsie Roll Industries, Inc.


Dated:	August 8, 2024	/S/ELLEN R. GORDON
		Ellen R. Gordon
		Chairman and Chief
		Executive Officer


Dated:	August 8, 2024	/S/G. HOWARD EMBER, JR.
		G. Howard Ember, Jr.
		Vice President Finance and
		Chief Financial Officer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 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	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	41,212,986
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	30,309,118

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 45,623	$ 75,915	$ 26,047
Restricted cash	364	375	371
Investments	85,548	95,507	83,165
Accounts receivable trade, less allowances of $2,494 $2,245 and $2,488	45,565	55,568	49,802
Other receivables	7,049	9,165	7,174
Inventories:
Finished goods and work-in-process	84,410	51,240	92,370
Raw materials and supplies	44,889	43,681	47,557
Prepaid expenses	10,429	9,200	8,105
Total current assets	323,877	340,651	314,591
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	21,669	21,862	21,782
Buildings	144,802	144,949	142,613
Machinery and equipment	484,409	485,265	468,721
Construction in progress	18,803	11,277	13,370
Operating lease right-of-use assets	6,607	7,145	6,291
Property, plant and equipment, gross	676,290	670,498	652,777
Less - accumulated depreciation	455,555	447,520	438,456
Net property, plant and equipment	220,735	222,978	214,321
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	292,723	255,606	252,459
Prepaid expenses and other assets	15,474	15,189	2,693
Deferred income taxes	1,531	1,706	1,664
Total other assets	557,989	520,762	505,077
Total assets	1,102,601	1,084,391	1,033,989
CURRENT LIABILITIES:
Accounts payable	20,009	15,816	22,156
Bank loans	1,046	1,088	1,051
Dividends payable	6,437	6,250	6,303
Accrued liabilities	57,206	61,690	59,655
Postretirement health care benefits	665	665	658
Operating lease liabilities	1,400	1,289	1,172
Income taxes payable		8,090
Total current liabilities	86,763	94,888	90,995
NONCURRENT LIABILITIES:
Deferred income taxes	45,277	45,477	45,662
Postretirement health care benefits	9,638	9,653	9,304
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	2,981	2,777	3,913
Operating lease liabilities	5,499	6,018	5,182
Deferred compensation and other liabilities	103,849	94,971	86,359
Total noncurrent liabilities	174,744	166,396	157,920
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	802,253	737,453	753,839
Retained earnings	15,359	62,949	11,656
Accumulated other comprehensive loss	(23,874)	(23,213)	(26,698)
Treasury stock (at cost) - 105, 102 and 102 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	841,414	823,422	785,376
Noncontrolling interests	(320)	(315)	(302)
Total equity	841,094	823,107	785,074
Total liabilities and shareholders' equity	1,102,601	1,084,391	1,033,989
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	28,620	27,777	28,118
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, value	$ 21,048	$ 20,448	$ 20,453

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Trade accounts receivable, allowances	$ 2,494	$ 2,245	$ 2,488
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	41,213	39,999	40,490
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	30,309	29,445	29,452

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Total revenue

$ 150,736

$ 160,145

$ 303,911

$ 322,237

Total costs

100,261

107,535

203,408

219,332

Total gross margin

50,475

52,610

100,503

102,905

Selling, marketing and administrative expenses

35,040

37,857

73,958

75,356

Earnings from operations

15,435

14,753

26,545

27,549

Other income, net

4,900

4,804

13,932

9,584

Earnings before income taxes

20,335

19,557

40,477

37,133

Provision for income taxes

4,701

4,837

9,008

9,019

Net earnings

15,634

14,720

31,469

28,114

Less: net income (loss) attributable to noncontrolling interests

(6)

(5)

(13)

Net earnings attributable to Tootsie Roll Industries, Inc.

$ 15,640

$ 14,726

$ 31,474

$ 28,127

Net earnings attributable to Tootsie Roll Industries, Inc. per share

$ 0.22

$ 0.20

$ 0.44

$ 0.39

Dividends per share

^[1]

$ 0.09

$ 0.18

Average number of shares outstanding (in shares)

71,417

72,164

71,417

72,231

Product

Total revenue

$ 148,819

$ 158,837

$ 300,283

$ 319,548

Total costs

99,732

107,075

202,464

218,481

Total gross margin

49,087

51,762

97,819

101,067

Rental and Royalty

Total revenue

1,917

1,308

3,628

2,689

Total costs

529

460

944

851

Total gross margin

$ 1,388

$ 848

$ 2,684

$ 1,838

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Retained earnings at beginning of period	$ 6,147	$ 3,223	$ 62,949	$ 48,276
Net earnings attributable to Tootsie Roll Industries, Inc.	15,640	14,726	31,474	28,127
Cash dividends	(6,428)	(6,293)	(12,669)	(12,430)
Stock dividends			(66,395)	(52,317)
Retained earnings at end of period	$ 15,359	$ 11,656	$ 15,359	$ 11,656
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS
Net earnings	$ 15,634	$ 14,720	$ 31,469	$ 28,114
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(2,009)	1,142	(1,689)	2,438
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(159)	(189)	(319)	(379)
Unrealized gains (losses) on postretirement and pension benefits	(159)	(189)	(319)	(379)
Investments:
Unrealized gains (losses) for the period on investments	826	(325)	983	2,169
Less: reclassification adjustment for (gains) losses to net earnings	(2)		(2)	(1)
Unrealized gains (losses) on investments	824	(325)	981	2,168
Derivatives:
Unrealized gains (losses) for the period on derivatives	(1,720)	(565)	(520)	(470)
Less: reclassification adjustment for (gains) losses to net earnings	778	48	1,213	43
Unrealized gains (losses) on derivatives	(942)	(517)	693	(427)
Total other comprehensive income (loss), before tax	(2,286)	111	(334)	3,800
Income tax benefit (expense) related to items of other comprehensive income	68	250	(327)	(329)
Total comprehensive earnings	13,416	15,081	30,808	31,585
Comprehensive earnings (loss) attributable to noncontrolling interests	(6)	(6)	(5)	(13)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 13,422	$ 15,087	$ 30,813	$ 31,598

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 31,469	$ 28,114
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	9,162	9,205
Deferred income taxes	(486)	313
Amortization of marketable security premiums	1,103	2,325
Changes in operating assets and liabilities:
Accounts receivable	9,438	9,601
Other receivables	1,823	(3,338)
Inventories	(35,338)	(54,304)
Prepaid expenses and other assets	(657)	3,233
Accounts payable and accrued liabilities	798	353
Income taxes payable	(8,643)	(769)
Postretirement health care benefits	(334)	(378)
Deferred compensation and other liabilities	442	503
Net cash provided by (used in) operating activities	8,777	(5,142)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(8,421)	(10,723)
Purchases of trading securities	(1,587)	(1,358)
Sales of trading securities	442	528
Purchase of available for sale securities	(55,131)	(48,522)
Sale and maturity of available for sale securities	38,779	66,507
Net cash (used in) provided by investing activities	(25,918)	6,432
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired		(16,548)
Dividends paid in cash	(12,634)	(12,531)
Proceeds from bank loans	1,039	1,997
Repayment of bank loans	(1,051)	(2,013)
Net cash used in financing activities	(12,646)	(29,095)
Effect of exchange rate changes on cash	(516)	588
Decrease in cash and cash equivalents	(30,303)	(27,217)
Cash, cash equivalents and restricted cash at beginning of year	76,290	53,635
Cash, cash equivalents and restricted cash at end of quarter	45,987	26,418
Supplemental cash flow information:
Income taxes paid/(received), net	17,728	9,521
Interest paid	137	120
Stock dividend issued	$ 66,243	$ 86,433

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Significant Accounting Policies

Note 1 — Significant Accounting Policies

General Information

Revenue Recognition

Leases

Recent Accounting Pronouncements

Average Shares Outstanding

6 Months Ended

Jun. 30, 2024

Average Shares Outstanding

Average Shares Outstanding

Note 2 — Average Shares Outstanding

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

Note 3 — Income Taxes

Share Capital and Capital In Excess of Par Value

6 Months Ended

Jun. 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 March 31, 2024	41,211	$	28,619	30,311	$	21,049	105	$	(1,992)	$	802,253
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	2		1	(2)		(1)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

Balance at March 31, 2023	40,871	$	28,383	29,463	$	20,460	102	$	(1,992)	$	768,676
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	11		7	(11)		(7)	—		—		—
Purchase and retirement of common shares and other	(392)		(272)	—		—	—		—		(14,837)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

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	18		13	(18)		(13)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

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	(429)		(298)	—		—	—		—		(16,415)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Fair Value Measurements

Note 5 — Fair Value Measurements



	Estimated Fair Value June 30, 2024
	Total		Input Levels Used
	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	45,623	$	45,623	$	—	$	—
Available for sale securities		279,543		4,049		275,494		—
Foreign currency derivatives		(43)		—		(43)		—
Commodity derivatives		(1,487)		(1,487)		—		—
Trading securities		98,728		81,058		17,670		—
Total assets measured at fair value	$	422,364	$	129,243	$	293,121	$	—


	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 June 30, 2023
		Total	Input Levels Used
		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	26,047	$	26,047	$	—	$	—
Available for sale securities		254,305		4,510		249,795		—
Foreign currency derivatives		108		—		108		—
Commodity derivatives		(806)		(806)		—		—
Trading securities		81,319		65,065		16,254		—
Total assets measured at fair value	$	360,973	$	94,816	$	266,157	$	—

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Note 6 — Derivative Instruments and Hedging Activities



	June 30, 2024
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	5,168	$	—	$	(43)
Commodity derivatives		22,055		9		(1,496)
Total derivatives			$	9	$	(1,539)

	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)

	June 30, 2023
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	12,021	$	154	$	(46)
Commodity derivatives		16,496		75		(881)
Total derivatives			$	229	$	(927)



	For Quarter Ended June 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	$	(114)	$	(100)	$	—
Commodity derivatives		(1,606)		(678)		—
Total	$	(1,720)	$	(778)	$	—

	For Quarter Ended June 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	$	292	$	(48)	$	—
Commodity derivatives		(857)		—		—
Total	$	(565)	$	(48)	$	—

	For Year to Date Ended June 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	$	(472)	$	(126)	$	—
Commodity derivatives		(48)		(1,087)		—
Total	$	(520)	$	(1,213)	$	—

	For Year to Date Ended June 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	$	253	$	(136)	$	—
Commodity derivatives		(723)		93		—
Total	$	(470)	$	(43)	$	—

Pension Plans

6 Months Ended

Jun. 30, 2024

Pension Plans

Pension Plans

Note 7 — Pension Plans

Accumulated Other Comprehensive Earnings (Loss)

6 Months Ended

Jun. 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 March 31, 2024	$	(20,730)	$	(2,240)	$	(23)	$	(425)	$	1,762	$	(21,656)
Other comprehensive earnings (loss) before reclassifications		(2,009)		627		(86)		(1,214)		—		(2,682)
Reclassifications from accumulated other comprehensive loss		—		(2)		75		512		(121)		464
Other comprehensive earnings (loss) net of tax		(2,009)		625		(11)		(702)		(121)		(2,218)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at March 31, 2023	$	(22,499)	$	(6,919)	$	(178)	$	39	$	2,498	$	(27,059)
Other comprehensive earnings (loss) before reclassifications		1,142		(247)		221		(648)		—		468
Reclassifications from accumulated other comprehensive loss		—		—		36		—		(143)		(107)
Other comprehensive earnings (loss) net of tax		1,142		(247)		257		(648)		(143)		361
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

Balance at December 31, 2023	$	(21,050)	$	(2,359)	$	228	$	(1,915)	$	1,883	$	(23,213)
Other comprehensive earnings (loss) before reclassifications		(1,689)		746		(357)		(35)		—		(1,335)
Reclassifications from accumulated other comprehensive loss		—		(2)		95		823		(242)		674
Other comprehensive earnings (loss) net of tax		(1,689)		744		(262)		788		(242)		(661)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at December 31, 2022	$	(23,795)	$	(8,809)	$	(215)	$	8	$	2,642	$	(30,169)
Other comprehensive earnings (loss) before reclassifications		2,438		1,643		192		(547)		—		3,726
Reclassifications from accumulated other comprehensive loss		—		—		102		(70)		(287)		(255)
Other comprehensive earnings (loss) net of tax		2,438		1,643		294		(617)		(287)		3,471
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

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	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023		Recognized in Earnings
Investments	$	(2)	$	—	$	(2)	$	(1)	Other income, net
Foreign currency derivatives		100		48		126		136	Other income, net
Commodity derivatives		678		—		1,087		(93)	Product cost of goods sold
Postretirement and pension benefits		(159)		(189)		(319)		(379)	Other income, net
Total before tax		617		(141)		892		(337)
Tax (expense) benefit		(153)		34		(218)		82
Net of tax	$	464	$	(107)	$	674	$	(255)

Restricted Cash

6 Months Ended

Jun. 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

6 Months Ended

Jun. 30, 2024

Bank Loans

Bank Loans

Note 10 — Bank Loans

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

Note 11 — Leases

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 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 June 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 arising in the second quarter 2024 that changed Management’s estimated current and future liabilities resulting in a $2,070 reduction in Accrued liabilities and an increase in Net product sales in second quarter 2024. 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 $13,839 and $15,432 in second quarter 2024 and 2023, respectively, and $27,455 and $31,665 in first half 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. 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 Excess of Par Value (Tables)

6 Months Ended

Jun. 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 March 31, 2024	41,211	$	28,619	30,311	$	21,049	105	$	(1,992)	$	802,253
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	2		1	(2)		(1)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

Balance at March 31, 2023	40,871	$	28,383	29,463	$	20,460	102	$	(1,992)	$	768,676
Issuance of 3% stock dividend	—		—	—		—	—		—		—
Conversion of Class B common shares to common shares	11		7	(11)		(7)	—		—		—
Purchase and retirement of common shares and other	(392)		(272)	—		—	—		—		(14,837)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

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	18		13	(18)		(13)	—		—		—
Purchase and retirement of common shares and other	—		—	—		—	—		—		—
Balance at June 30, 2024	41,213	$	28,620	30,309	$	21,048	105	$	(1,992)	$	802,253

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	(429)		(298)	—		—	—		—		(16,415)
Balance at June 30, 2023	40,490	$	28,118	29,452	$	20,453	102	$	(1,992)	$	753,839

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Schedule of financial assets and liabilities measured at fair value



	Estimated Fair Value June 30, 2024
	Total		Input Levels Used
	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	45,623	$	45,623	$	—	$	—
Available for sale securities		279,543		4,049		275,494		—
Foreign currency derivatives		(43)		—		(43)		—
Commodity derivatives		(1,487)		(1,487)		—		—
Trading securities		98,728		81,058		17,670		—
Total assets measured at fair value	$	422,364	$	129,243	$	293,121	$	—


	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 June 30, 2023
		Total	Input Levels Used
		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	26,047	$	26,047	$	—	$	—
Available for sale securities		254,305		4,510		249,795		—
Foreign currency derivatives		108		—		108		—
Commodity derivatives		(806)		(806)		—		—
Trading securities		81,319		65,065		16,254		—
Total assets measured at fair value	$	360,973	$	94,816	$	266,157	$	—

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 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



	June 30, 2024
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	5,168	$	—	$	(43)
Commodity derivatives		22,055		9		(1,496)
Total derivatives			$	9	$	(1,539)

	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)

	June 30, 2023
	Notional
	Amounts		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign currency derivatives	$	12,021	$	154	$	(46)
Commodity derivatives		16,496		75		(881)
Total derivatives			$	229	$	(927)

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 June 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	$	(114)	$	(100)	$	—
Commodity derivatives		(1,606)		(678)		—
Total	$	(1,720)	$	(778)	$	—

	For Quarter Ended June 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	$	292	$	(48)	$	—
Commodity derivatives		(857)		—		—
Total	$	(565)	$	(48)	$	—

	For Year to Date Ended June 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	$	(472)	$	(126)	$	—
Commodity derivatives		(48)		(1,087)		—
Total	$	(520)	$	(1,213)	$	—

	For Year to Date Ended June 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	$	253	$	(136)	$	—
Commodity derivatives		(723)		93		—
Total	$	(470)	$	(43)	$	—

Accumulated Other Comprehensive Earnings (Loss) (Tables)

6 Months Ended

Jun. 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 March 31, 2024	$	(20,730)	$	(2,240)	$	(23)	$	(425)	$	1,762	$	(21,656)
Other comprehensive earnings (loss) before reclassifications		(2,009)		627		(86)		(1,214)		—		(2,682)
Reclassifications from accumulated other comprehensive loss		—		(2)		75		512		(121)		464
Other comprehensive earnings (loss) net of tax		(2,009)		625		(11)		(702)		(121)		(2,218)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at March 31, 2023	$	(22,499)	$	(6,919)	$	(178)	$	39	$	2,498	$	(27,059)
Other comprehensive earnings (loss) before reclassifications		1,142		(247)		221		(648)		—		468
Reclassifications from accumulated other comprehensive loss		—		—		36		—		(143)		(107)
Other comprehensive earnings (loss) net of tax		1,142		(247)		257		(648)		(143)		361
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

Balance at December 31, 2023	$	(21,050)	$	(2,359)	$	228	$	(1,915)	$	1,883	$	(23,213)
Other comprehensive earnings (loss) before reclassifications		(1,689)		746		(357)		(35)		—		(1,335)
Reclassifications from accumulated other comprehensive loss		—		(2)		95		823		(242)		674
Other comprehensive earnings (loss) net of tax		(1,689)		744		(262)		788		(242)		(661)
Balance at June 30, 2024	$	(22,739)	$	(1,615)	$	(34)	$	(1,127)	$	1,641	$	(23,874)

Balance at December 31, 2022	$	(23,795)	$	(8,809)	$	(215)	$	8	$	2,642	$	(30,169)
Other comprehensive earnings (loss) before reclassifications		2,438		1,643		192		(547)		—		3,726
Reclassifications from accumulated other comprehensive loss		—		—		102		(70)		(287)		(255)
Other comprehensive earnings (loss) net of tax		2,438		1,643		294		(617)		(287)		3,471
Balance at June 30, 2023	$	(21,357)	$	(7,166)	$	79	$	(609)	$	2,355	$	(26,698)

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	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023		Recognized in Earnings
Investments	$	(2)	$	—	$	(2)	$	(1)	Other income, net
Foreign currency derivatives		100		48		126		136	Other income, net
Commodity derivatives		678		—		1,087		(93)	Product cost of goods sold
Postretirement and pension benefits		(159)		(189)		(319)		(379)	Other income, net
Total before tax		617		(141)		892		(337)
Tax (expense) benefit		(153)		34		(218)		82
Net of tax	$	464	$	(107)	$	674	$	(255)

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Reduction in accrued liabilities	$ (2,070)
Selling, marketing and administrative expenses	35,040	$ 37,857	$ 73,958	$ 75,356
Shipping and Handling
Revenue Recognition
Selling, marketing and administrative expenses	$ 13,839	$ 15,432	$ 27,455	$ 31,665

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 05, 2024	Apr. 07, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Average Shares Outstanding
Stock purchases (in shares)					0	429
Purchase of common shares						$ 16,548
Stock dividends (as a percent)			3.00%	3.00%	3.00%	3.00%
Stock dividend shares distributed	2,075	2,040

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Effective income tax rate (as a percent)	23.10%	24.70%	22.30%	24.30%

Share Capital and Capital In Excess of Par Value (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 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				$ (16,548)
Purchase and retirement of common shares and other (in shares)			0	(429)
Balance at the end of the period	$ 841,094	$ 785,074	$ 841,094	$ 785,074
Balance at the end of the period (in shares)	105	102	105	102
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%
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	$ 768,676	$ 737,453	$ 719,606
Issuance of 3% stock dividend			64,800	50,648
Purchase and retirement of common shares and other		(14,837)		(16,415)
Balance at the end of the period	802,253	753,839	802,253	753,839
Class B Common Stock \| Common Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 21,049	$ 20,460	$ 20,448	$ 19,866
Balance at the beginning of the period (in shares)	30,311	29,463	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	$ (1)	$ (7)	$ (13)	$ (9)
Conversion of Class B common shares to common shares (in shares)	(2)	(11)	(18)	(13)
Balance at the end of the period	$ 21,048	$ 20,453	$ 21,048	$ 20,453
Balance at the end of the period (in shares)	30,309	29,452	30,309	29,452
Common Stock \| Common Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 28,619	$ 28,383	$ 27,777	$ 27,584
Balance at the beginning of the period (in shares)	41,211	40,871	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	$ 1	$ 7	$ 13	$ 9
Conversion of Class B common shares to common shares (in shares)	2	11	18	13
Purchase and retirement of common shares and other		$ (272)		$ (298)
Purchase and retirement of common shares and other (in shares)		(392)		(429)
Balance at the end of the period	$ 28,620	$ 28,118	$ 28,620	$ 28,118
Balance at the end of the period (in shares)	41,213	40,490	41,213	40,490

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 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 (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value Measurements
Cash and cash equivalents	$ 45,623	$ 75,915	$ 26,047
Fair value measured on a recurring basis
Fair Value Measurements
Cash and cash equivalents	45,623	75,915	26,047
Available for sale securities	279,543	263,313	254,305
Trading securities	98,728	87,800	81,319
Total assets measured at fair value	422,364	424,804	360,973
Fair value measured on a recurring basis \| Foreign currency derivatives
Fair Value Measurements
Derivative instruments, net	(43)	302	108
Fair value measured on a recurring basis \| Commodity derivatives
Fair Value Measurements
Derivative instruments, net	(1,487)	(2,526)	(806)
Fair value measured on a recurring basis \| Level 1
Fair Value Measurements
Cash and cash equivalents	45,623	75,915	26,047
Available for sale securities	4,049	4,084	4,510
Trading securities	81,058	70,681	65,065
Total assets measured at fair value	129,243	148,154	94,816
Fair value measured on a recurring basis \| Level 1 \| Commodity derivatives
Fair Value Measurements
Derivative instruments, net	(1,487)	(2,526)	(806)
Fair value measured on a recurring basis \| Level 2
Fair Value Measurements
Available for sale securities	275,494	259,229	249,795
Trading securities	17,670	17,119	16,254
Total assets measured at fair value	293,121	276,650	266,157
Fair value measured on a recurring basis \| Level 2 \| Foreign currency derivatives
Fair Value Measurements
Derivative instruments, net	$ (43)	$ 302	$ 108

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Derivative Instruments and Hedging Activities
Assets				$ 9	$ 318	$ 229
Liabilities				(1,539)	(2,542)	(927)
Derivatives designated as hedging instruments: \| Foreign currency derivatives
Derivative Instruments and Hedging Activities
Notional Amounts				5,168	16,337	12,021
Assets					302	154
Liabilities				(43)		(46)
Derivatives designated as hedging instruments: \| Commodity derivatives
Derivative Instruments and Hedging Activities
Notional Amounts				22,055	28,247	16,496
Assets				9	16	75
Liabilities				$ (1,496)	$ (2,542)	$ (881)
Forecast
Derivative Instruments and Hedging Activities
Accumulated comprehensive loss to be reclassified	$ (190)	$ (1,033)	$ (264)
Forecast \| Foreign currency derivatives
Derivative Instruments and Hedging Activities
Accumulated other comprehensive gain (loss) to be reclassified			$ (43)

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	$ (1,720)	$ (565)	$ (520)	$ (470)
Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(778)	(48)	(1,213)	(43)
Foreign currency derivatives
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	(114)	292	(472)	253
Foreign currency derivatives \| Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(100)	(48)	(126)	(136)
Commodity derivatives
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI	(1,606)	$ (857)	(48)	(723)
Commodity derivatives \| Reclassified from Accumulated OCI into Earnings
Derivative Instruments and Hedging Activities
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (678)		$ (1,087)	$ 93

Pension Plans (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
Pension Plans (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 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			$ 1,770	$ 1,951	3,516	3,510
Surcharges			$ 624	$ 688	$ 1,239	$ 1,237
Percentage of annual compounded surcharge for rehabilitation			5.00%

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 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	$ 841,414	$ 785,376	841,414	$ 785,376
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(20,730)	(22,499)	(21,050)	(23,795)
Other comprehensive earnings (loss) before reclassifications	(2,009)	1,142	(1,689)	2,438
Other comprehensive earnings (loss) net of tax	(2,009)	1,142	1,689	(2,438)
Balance at the end of the period	(22,739)	(21,357)	(22,739)	(21,357)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(2,240)	(6,919)	(2,359)	(8,809)
Other comprehensive earnings (loss) before reclassifications	627	(247)	746	1,643
Reclassifications from accumulated other comprehensive loss	(2)		(2)
Other comprehensive earnings (loss) net of tax	625	(247)	(744)	(1,643)
Balance at the end of the period	(1,615)	(7,166)	(1,615)	(7,166)
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(23)	(178)	228	(215)
Other comprehensive earnings (loss) before reclassifications	(86)	221	(357)	192
Reclassifications from accumulated other comprehensive loss	75	36	95	102
Other comprehensive earnings (loss) net of tax	(11)	257	262	(294)
Balance at the end of the period	(34)	79	(34)	79
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(425)	39	(1,915)	8
Other comprehensive earnings (loss) before reclassifications	(1,214)	(648)	(35)	(547)
Reclassifications from accumulated other comprehensive loss	512		823	(70)
Other comprehensive earnings (loss) net of tax	(702)	(648)	(788)	617
Balance at the end of the period	(1,127)	(609)	(1,127)	(609)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	1,762	2,498	1,883	2,642
Reclassifications from accumulated other comprehensive loss	(121)	(143)	(242)	(287)
Other comprehensive earnings (loss) net of tax	(121)	(143)	242	287
Balance at the end of the period	1,641	2,355	1,641	2,355
Accumulated Other Comprehensive Earnings (Loss)
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(21,656)	(27,059)	(23,213)	(30,169)
Other comprehensive earnings (loss) before reclassifications	(2,682)	468	(1,335)	3,726
Reclassifications from accumulated other comprehensive loss	464	(107)	674	(255)
Other comprehensive earnings (loss) net of tax	(2,218)	361	661	(3,471)
Balance at the end of the period	$ (23,874)	$ (26,698)	$ (23,874)	$ (26,698)

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (4,900)	$ (4,804)	$ (13,932)	$ (9,584)
Cost of goods sold	100,261	107,535	203,408	219,332
Total before tax	(20,335)	(19,557)	(40,477)	(37,133)
Tax (expense) benefit	4,701	4,837	9,008	9,019
Net of tax	(15,634)	(14,720)	(31,469)	(28,114)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	617	(141)	892	(337)
Tax (expense) benefit	(153)	34	(218)	82
Net of tax	464	(107)	674	(255)
Investments \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	(2)		(2)	(1)
Foreign Currency Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	100	$ 48	126	136
Commodity Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ 678		$ 1,087	$ (93)
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	$ (159)	$ (189)	$ (319)	$ (379)

Bank Loans (Details) - Spanish Companies	6 Months Ended
Bank Loans (Details) - Spanish Companies	Jun. 30, 2024	Jun. 30, 2023
Bank Loans
Weighted interest rate (as a percent)	6.40%	5.90%
Maximum
Bank Loans
Maturity period	120 days

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases
Operating lease cost	$ 368	$ 367	$ 735	$ 602
Operating lease payments	342	349	601	567
Operating lease right-of-use assets	6,607	6,291	6,607	6,291	$ 7,145
Operating lease liabilities	$ 6,899	$ 6,354	$ 6,899	$ 6,354
Weighted average remaining lease term	10 years 10 months 24 days	12 years 6 months	10 years 10 months 24 days	12 years 6 months
Weighted average discount rate	3.70%	3.40%	3.70%	3.40%
2024 (rest of year)	$ 590		$ 590
2025	1,120		1,120
2026	783		783
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	676,290	$ 652,777	$ 676,290	$ 652,777	$ 670,498
Lease income	$ 1,835	1,222	$ 3,422	2,443
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			$ 18,492	$ 17,432
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

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