ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 29, 2024

Accumulated Other Comprehensive Income [Abstract]

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 on net investment hedges, net of tax		Pension (losses) gains, net of tax		Total
Balance - December 30, 2023	$	(1,832.3)	$	(42.5)	$	64.9	$	(259.2)	$	(2,069.1)
Other comprehensive (loss) income before reclassifications	(178.6)		6.4		7.9		1.8		(162.5)
Adjustments related to sales of businesses	(6.0)		—		—		—		(6.0)
Reclassification adjustments to earnings	—		0.8		—		4.3		5.1
Net other comprehensive (loss) income	(184.6)		7.2		7.9		6.1		(163.4)
Balance - June 29, 2024	$	(2,016.9)	$	(35.3)	$	72.8	$	(253.1)	$	(2,232.5)


(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)

The Company uses the portfolio method for releasing the stranded tax effects from Accumulated other comprehensive loss. The reclassifications out of Accumulated other comprehensive loss for the six months ended June 29, 2024 and July 1, 2023 were as follows:


(Millions of Dollars)	2024		2023		Affected line item in Consolidated Statements of Operations And Comprehensive (Loss) Income
Realized gains (losses) on cash flow hedges	$	1.6	$	(0.4)	Cost of sales
Realized losses on cash flow hedges	(3.1)		(3.1)		Interest expense
Total before taxes	$	(1.5)	$	(3.5)
Tax effect	0.7		1.6		Income taxes
Realized losses on cash flow hedges, net of tax	$	(0.8)	$	(1.9)





Amortization of defined benefit pension items:
Actuarial losses and prior service costs / credits	$	(5.6)	$	(5.6)	Other, net
Settlement loss	(0.1)		(0.1)		Other, net
Total before taxes	$	(5.7)	$	(5.7)
Tax effect	1.4		1.3		Income taxes
Amortization of defined benefit pension items, net of tax	$	(4.3)	$	(4.4)