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ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended
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Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss for the three and six months ended June 28, 2025:
(Millions of Dollars) |  | Currency translation adjustment and other |  | Losses on cash flow hedges, net of tax |  | Gains (losses) on net investment hedges, net of tax |  | Pension (losses) gains, net of tax |  | Total
Balance - March 29, 2025 |  | $ | (2,033.7) |  |  | $ | (25.7) |  |  | $ | 80.4 |  |  | $ | (213.5) |  |  | $ | (2,192.5) |
Other comprehensive income (loss) before reclassifications |  | 288.4 |  |  | (31.0) |  |  | (36.6) |  |  | (5.6) |  |  | 215.2 |
Reclassification adjustments to earnings |  | — |  |  | (2.7) |  |  | — |  |  | 1.6 |  |  | (1.1) |
Net other comprehensive income (loss) |  | 288.4 |  |  | (33.7) |  |  | (36.6) |  |  | (4.0) |  |  | 214.1 |
Balance - June 28, 2025 |  | $ | (1,745.3) |  |  | $ | (59.4) |  |  | $ | 43.8 |  |  | $ | (217.5) |  |  | $ | (1,978.4) |
(Millions of Dollars) |  | Currency translation adjustment and other |  | Losses 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 28, 2024 |  | $ | (2,170.2) |  |  | $ | (16.7) |  |  | $ | 78.4 |  |  | $ | (212.4) |  |  | $ | (2,320.9) |
Other comprehensive income (loss) before reclassifications |  | 424.9 |  |  | (39.1) |  |  | (34.6) |  |  | (8.3) |  |  | 342.9 |
Reclassification adjustments to earnings |  | — |  |  | (3.6) |  |  | — |  |  | 3.2 |  |  | (0.4) |
Net other comprehensive income (loss) |  | 424.9 |  |  | (42.7) |  |  | (34.6) |  |  | (5.1) |  |  | 342.5 |
Balance - June 28, 2025 |  | $ | (1,745.3) |  |  | $ | (59.4) |  |  | $ | 43.8 |  |  | $ | (217.5) |  |  | $ | (1,978.4) |
The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss for the three and six months ended June 29, 2024:
(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 - March 30, 2024 |  | $ | (1,963.1) |  |  | $ | (37.5) |  |  | $ | 71.4 |  |  | $ | (256.1) |  |  | $ | (2,185.3) |
Other comprehensive (loss) income before reclassifications |  | (47.8) |  |  | 1.3 |  |  | 1.4 |  |  | 0.8 |  |  | (44.3) |
Adjustments related to sales of businesses |  | (6.0) |  |  | — |  |  | — |  |  | — |  |  | (6.0) |
Reclassification adjustments to earnings |  | — |  |  | 0.9 |  |  | — |  |  | 2.2 |  |  | 3.1 |
Net other comprehensive (loss) income |  | (53.8) |  |  | 2.2 |  |  | 1.4 |  |  | 3.0 |  |  | (47.2) |
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 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) |
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 three and six months ended June 28, 2025 and June 29, 2024 were as follows:
|  | Second Quarter |  | Year-to-Date |  | Affected line item in Consolidated Statements of Operations And Comprehensive Income (Loss)
(Millions of Dollars) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Realized gains (losses) on cash flow hedges |  | $ | 5.1 |  |  | $ | (0.1) |  |  | $ | 8.7 |  |  | $ | 1.6 |  |  | Cost of sales
Realized losses on cash flow hedges |  | (0.8) |  |  | (1.6) |  |  | (2.5) |  |  | (3.1) |  |  | Interest expense
Total before taxes |  | $ | 4.3 |  |  | $ | (1.7) |  |  | $ | 6.2 |  |  | $ | (1.5) |  |  |
Tax effect |  | (1.6) |  |  | 0.8 |  |  | (2.6) |  |  | 0.7 |  |  | Income taxes
Realized gains (losses) on cash flow hedges, net of tax |  | $ | 2.7 |  |  | $ | (0.9) |  |  | $ | 3.6 |  |  | $ | (0.8) |  |  |
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Actuarial losses and prior service costs / credits |  | $ | (2.1) |  |  | $ | (2.8) |  |  | $ | (4.2) |  |  | $ | (5.6) |  |  | Other, net
Settlement loss |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | Other, net
Total before taxes |  | $ | (2.1) |  |  | $ | (2.9) |  |  | $ | (4.2) |  |  | $ | (5.7) |  |  |
Tax effect |  | 0.5 |  |  | 0.7 |  |  | 1.0 |  |  | 1.4 |  |  | Income taxes
Amortization of defined benefit pension items, net of tax |  | $ | (1.6) |  |  | $ | (2.2) |  |  | $ | (3.2) |  |  | $ | (4.3) |  |  |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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