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Comprehensive Earnings (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following:
(In millions) | March 31, 2023 |  | December 31, 2022
Accumulated other comprehensive loss: |  |  |
Net unrealized loss on marketable securities, net of tax | $ | (1.6) |  |  | $ | (2.3) |
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax | 269.3 |  |  | 268.5 |
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | (16.8) |  |  | (18.5) |
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax | 325.1 |  |  | 377.0 |
Foreign currency translation adjustment | (3,340.6) |  |  | (3,385.9) |
| $ | (2,764.6) |  |  | $ | (2,761.2) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, 2023
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Marketable Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022, net of tax |  |  |  |  | $ | (18.5) |  |  | $ | 377.0 |  |  | $ | (2.3) |  |  | $ | 268.5 |  |  | $ | (3,385.9) |  |  | $ | (2,761.2) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 10.5 |  |  | (66.2) |  |  | 0.9 |  |  | 6.3 |  |  | 45.3 |  |  | (3.2) |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (8.9) |  |  |  |  | (8.9) |  |  |  |  |  |  |  |  |  |  | (8.9) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.2 |  |  | 1.2 |  |  |  |  |  |  |  |  |  |  | 1.2 |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | (5.0) |  |  |  |  | (5.0) |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 2.8 |  |  | (66.2) |  |  | 0.9 |  |  | 1.3 |  |  | 45.3 |  |  | (15.9) |
Income tax provision (benefit) |  |  |  |  | 1.1 |  |  | (14.3) |  |  | 0.2 |  |  | 0.5 |  |  | — |  |  | (12.5) |
Balance at March 31, 2023, net of tax |  |  |  |  | $ | (16.8) |  |  | $ | 325.1 |  |  | $ | (1.6) |  |  | $ | 269.3 |  |  | $ | (3,340.6) |  |  | $ | (2,764.6) |
| Three Months Ended March 31, 2022
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Marketable Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021, net of tax |  |  |  |  | $ | 9.2 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 32.2 |  |  | $ | (1,802.4) |  |  | $ | (1,744.3) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 13.3 |  |  | 201.3 |  |  | (1.7) |  |  | (2.7) |  |  | (469.2) |  |  | (259.0) |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (14.2) |  |  |  |  | (14.2) |  |  |  |  |  |  |  |  |  |  | (14.2) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.1 |  |  | 1.1 |  |  |  |  |  |  |  |  |  |  | 1.1 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | 0.1 |  |  |  |  | 0.1 |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 0.2 |  |  | 201.3 |  |  | (1.7) |  |  | (2.6) |  |  | (469.2) |  |  | (272.0) |
Income tax provision (benefit) |  |  |  |  | — |  |  | 44.9 |  |  | (0.4) |  |  | 0.2 |  |  | — |  |  | 44.7 |
Balance at March 31, 2022, net of tax |  |  |  |  | $ | 9.4 |  |  | $ | 173.1 |  |  | $ | (1.3) |  |  | $ | 29.4 |  |  | $ | (2,271.6) |  |  | $ | (2,061.0) |

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