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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 29, 2024
Equity [Abstract] |
Schedule of Net Changes in Accumulated OCI by Component, Net of Tax | Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended June 29, 2024:
(Amounts in millions) | Foreign Currency Translation |  | Cash Flow Hedges |  | Defined Benefit Pension and Postretirement Plans |  | Total
Balance as of March 30, 2024 | $ | (256.6) |  |  | $ | 5.3 |  |  | $ | (242.0) |  |  | $ | (493.3) |
Other comprehensive loss before reclassifications | (12.8) |  |  | — |  |  | — |  |  | (12.8) |
Amounts reclassified from Accumulated OCI | — |  |  | (0.4) |  |  | 1.7 |  |  | 1.3 |
Net other comprehensive income (loss) | (12.8) |  |  | (0.4) |  |  | 1.7 |  |  | (11.5) |
Balance as of June 29, 2024 | $ | (269.4) |  |  | $ | 4.9 |  |  | $ | (240.3) |  |  | $ | (504.8) |
Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 29, 2024:
(Amounts in millions) | Foreign Currency Translation |  | Cash Flow Hedges |  | Defined Benefit Pension and Postretirement Plans |  | Total
Balance as of December 30, 2023 | $ | (211.8) |  |  | $ | 5.7 |  |  | $ | (243.4) |  |  | $ | (449.5) |
Other comprehensive loss before reclassifications | (57.6) |  |  | — |  |  | — |  |  | (57.6) |
Amounts reclassified from Accumulated OCI | — |  |  | (0.8) |  |  | 3.1 |  |  | 2.3 |
Net other comprehensive income (loss) | (57.6) |  |  | (0.8) |  |  | 3.1 |  |  | (55.3) |
Balance as of June 29, 2024 | $ | (269.4) |  |  | $ | 4.9 |  |  | $ | (240.3) |  |  | $ | (504.8) |
Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 1, 2023:
(Amounts in millions) | Foreign Currency Translation |  | Cash Flow Hedges |  | Defined Benefit Pension and Postretirement Plans |  | Total
Balance as of April 1, 2023 | $ | (254.4) |  |  | $ | 6.9 |  |  | $ | (263.1) |  |  | $ | (510.6) |
Other comprehensive income before reclassifications | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Amounts reclassified from Accumulated OCI | — |  |  | (0.4) |  |  | 0.1 |  |  | (0.3) |
Net other comprehensive income (loss) | 0.2 |  |  | (0.4) |  |  | 0.1 |  |  | (0.1) |
Balance as of July 1, 2023 | $ | (254.2) |  |  | $ | 6.5 |  |  | $ | (263.0) |  |  | $ | (510.7) |
Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2023:
(Amounts in millions) | Foreign Currency Translation |  | Cash Flow Hedges |  | Defined Benefit Pension and Postretirement Plans |  | Total
Balance as of December 31, 2022 | $ | (272.5) |  |  | $ | 7.3 |  |  | $ | (263.1) |  |  | $ | (528.3) |
Other comprehensive income before reclassifications | 18.3 |  |  | — |  |  | — |  |  | 18.3 |
Amounts reclassified from Accumulated OCI | — |  |  | (0.8) |  |  | 0.1 |  |  | (0.7) |
Net other comprehensive income (loss) | 18.3 |  |  | (0.8) |  |  | 0.1 |  |  | 17.6 |
Balance as of July 1, 2023 | $ | (254.2) |  |  | $ | 6.5 |  |  | $ | (263.0) |  |  | $ | (510.7) |
Schedule of Reclassifications Out of Accumulated OCI | The reclassifications out of Accumulated OCI for the three and six month periods ended June 29, 2024, and July 1, 2023, are as follows:
| Amount Reclassified from Accumulated OCI |  |
| Three Months Ended |  | Six Months Ended |  |
(Amounts in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  | Statement of Earnings Presentation
Gains on cash flow hedges: |  |  |  |  |  |  |  |  |
Treasury locks | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.8 |  |  | Interest expense
Income tax expense | — |  |  | — |  |  | — |  |  | — |  |  | Income tax expense
Net of tax | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  | 0.8 |  |  |
Amortization of net unrecognized losses | $ | (2.2) |  |  | $ | (0.1) |  |  | $ | (4.0) |  |  | $ | (0.1) |  |  | See footnote below*
Income tax benefit | 0.5 |  |  | — |  |  | 0.9 |  |  | — |  |  | Income tax expense
Net of tax | (1.7) |  |  | (0.1) |  |  | (3.1) |  |  | (0.1) |  |  |
Total reclassifications for the period, net of tax | $ | (1.3) |  |  | $ | 0.3 |  |  | $ | (2.3) |  |  | $ | 0.7 |  |  |
* | These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 10 and Note 11 for additional information.

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