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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jan. 01, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI for the fiscal years ended January 1, 2023, and January 2, 2022:

(in millions)			Foreign Currency Translation												Cash Flow Hedges						Pension and Postretirement Benefits						Total
Balance as of January 3, 2021			$	(84.6)											$	2.3					$	(347.8)					$	(430.1)
Other comprehensive income (loss) before reclassifications			(44.4)												18.0						—						(26.4)
Amounts reclassified from AOCI			—												(23.7)						50.2						26.5
Net other comprehensive income (loss)			(44.4)												(5.7)						50.2						0.1
Balance as of January 2, 2022			(129.0)												(3.4)						(297.6)						(430.0)
Other comprehensive income (loss) before reclassifications			(343.3)												16.4						—						(326.9)
Amounts reclassified from AOCI			—												(11.7)						42.1						30.4
Net other comprehensive income (loss)			(343.3)												4.7						42.1						(296.5)
Balance as of January 1, 2023			$	(472.3)											$	1.3					$	(255.5)					$	(726.5)

The reclassification out of AOCI for the fiscal years ended January 1, 2023, and January 2, 2022, are as follows:

			2022						2021
(in millions)			Amount reclassified from AOCI						Amount reclassified from AOCI			Financial Statement Presentation
Gain (loss) on cash flow hedges:
Gain (loss) recognized in income on derivatives			$	(15.7)					$	(31.7)		See Note 14
Income tax impact			4.0						8.0			Provision for income taxes
Total			$	(11.7)					$	(23.7)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost			$	(1.8)					$	(3.5)		See Note 10
Amortization of net actuarial loss			22.7						26.8			See Note 10
Pension adjustments			45.2						36.6			See Note 10
Total before tax			66.1						59.9
Income tax impact			(24.0)						(9.7)
Net of tax			$	42.1					$	50.2

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI https://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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