XML 44 R33.htm IDEA: XBRL DOCUMENT v3.23.2
Accumulated Other Comrehensive Income (Loss) (Tables)
3 Months Ended
Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents OCI activity, net of tax, accumulated in equity:
Foreign Currency Translation Gains (Losses)(a)
Net Unrealized Gains (Losses) on Cash Flow Hedges(b)
Net Unrealized Gains (Losses) on Defined Benefit Plans(c)
Total Accumulated Other Comprehensive Income (Loss)
(millions)
Balance at April 1, 2023$(203.8)$4.1 $3.7 $(196.0)
Other comprehensive income (loss), net of tax:
OCI before reclassifications
(37.5)5.1 — (32.4)
Amounts reclassified from AOCI to earnings
— (4.3)(0.1)(4.4)
Other comprehensive income (loss), net of tax
(37.5)0.8 (0.1)(36.8)
Balance at July 1, 2023$(241.3)$4.9 $3.6 $(232.8)
Balance at April 2, 2022$(189.7)$9.0 $0.4 $(180.3)
Other comprehensive income (loss), net of tax:
OCI before reclassifications
(39.3)14.0 — (25.3)
Amounts reclassified from AOCI to earnings
— (2.4)(0.1)(2.5)
Other comprehensive income (loss), net of tax
(39.3)11.6 (0.1)(27.8)
Balance at July 2, 2022$(229.0)$20.6 $0.3 $(208.1)
(a)OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax benefit of $0.9 million and income tax provision of $17.5 million for the three-month periods ended July 1, 2023 and July 2, 2022, respectively. OCI before reclassifications to earnings for the three-month periods ended July 1, 2023 and July 2, 2022 includes losses of $9.7 million (net of a $3.1 million income tax benefit) and gains of $39.1 million (net of a $12.4 million income tax provision), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 11).
(b)OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of income tax provisions of $0.8 million and $2.3 million for the three-month periods ended July 1, 2023 and July 2, 2022, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.
(c)Activity is presented net of taxes, which were immaterial for both periods presented.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:
Three Months EndedLocation of
Gains (Losses)
Reclassified from AOCI
to Earnings
July 1,
2023
July 2,
2022
(millions)
Gains (losses) on cash flow hedges(a):
    FC — Cash flow hedges$4.9 $2.8 Cost of goods sold
    Tax effect(0.6)(0.4)Income tax provision
        Net of tax$4.3 $2.4 
(a)FC = Forward foreign currency exchange contracts.