ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jul. 01, 2023

The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss:


(Millions of Dollars)	Currency translation adjustment and other		(Losses) gains on cash flow hedges, net of tax		Gains (losses) on net investment hedges, net of tax		Pension (losses) gains, net of tax		Total
Balance - December 31, 2022	$	(1,907.4)	$	(44.5)	$	73.8	$	(241.4)	$	(2,119.5)
Other comprehensive income (loss) before reclassifications	32.8		(2.7)		(7.3)		(5.4)		17.4

Reclassification adjustments to earnings	—		1.9		—		4.4		6.3
Net other comprehensive income (loss)	32.8		(0.8)		(7.3)		(1.0)		23.7
Balance - July 1, 2023	$	(1,874.6)	$	(45.3)	$	66.5	$	(242.4)	$	(2,095.8)


(Millions of Dollars)	Currency translation adjustment and other		(Losses) gains on cash flow hedges, net of tax		Gains (losses) on net investment hedges, net of tax		Pension (losses) gains, net of tax		Total
Balance - January 1, 2022	$	(1,543.0)	$	(49.8)	$	71.8	$	(324.6)	$	(1,845.6)
Other comprehensive (loss) income before reclassifications	(359.3)		32.5		3.0		19.2		(304.6)
Reclassification adjustments to earnings	—		(4.7)		(1.7)		5.6		(0.8)
Net other comprehensive (loss) income	(359.3)		27.8		1.3		24.8		(305.4)
Balance - July 2, 2022	$	(1,902.3)	$	(22.0)	$	73.1	$	(299.8)	$	(2,151.0)

The reclassifications out of Accumulated other comprehensive loss for the six months ended July 1, 2023 and July 2, 2022 were as follows:


(Millions of Dollars)	2023		2022		Affected line item in Consolidated Statements of Operations And Comprehensive Income (Loss)
Realized (losses) gains on cash flow hedges	$	(0.4)	$	13.3	Cost of sales
Realized losses on cash flow hedges	(3.1)		(2.7)		Interest expense
Total before taxes	$	(3.5)	$	10.6
Tax effect	1.6		(5.9)		Income taxes
Realized (losses) gains on cash flow hedges, net of tax	$	(1.9)	$	4.7

Realized gains on net investment hedges	$	—	$	2.2	Other, net
Tax effect	—		(0.5)		Income taxes
Realized gains on net investment hedges, net of tax	$	—	$	1.7

Amortization of defined benefit pension items:
Actuarial losses and prior service costs / credits	$	(5.6)	$	(7.2)	Other, net
Settlement loss	(0.1)		(0.2)		Other, net
Total before taxes	$	(5.7)	$	(7.4)
Tax effect	1.3		1.8		Income taxes
Amortization of defined benefit pension items, net of tax	$	(4.4)	$	(5.6)