XML 28 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

Other Comprehensive Earnings (Loss) | 12 Months Ended
--- | ---
Dec. 25, 2022
Equity [Abstract] |
Other Comprehensive Earnings (Loss) | Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for each of the three fiscal years ended December 25, 2022.
(In millions) | 2022 |  | 2021 |  | 2020
Other comprehensive earnings (loss), tax effect: |  |  |  |  |
Tax benefit (expense) on unrealized holding gains (losses) | $ | 0.1 |  |  | $ | — |  |  | (0.2) |
Tax expense on cash flow hedging activities | (1.3) |  |  | (1.0) |  |  | (3.4) |
Tax (expense) benefit on foreign currency translation amounts | — |  |  | (7.2) |  |  | 2.1 |
Tax (expense) benefit on changes in unrecognized pension amounts | (5.9) |  |  | (1.5) |  |  | 2.6 |
Reclassifications to earnings, tax effect: |  |  |  |  |
Tax expense (benefit) on cash flow hedging activities | 1.6 |  |  | (0.5) |  |  | 4.3 |
Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations | (0.3) |  |  | (0.6) |  |  | (0.8) |
Total tax effect on other comprehensive earnings (loss) | $ | (5.8) |  |  | (10.8) |  |  | 4.6 |
Changes in the components of accumulated other comprehensive loss, net of tax for each of the three fiscal years ended December 25, 2022 are as follows:
(In millions) | Pension and Postretirement Amounts |  | Gains (Losses) on Derivative Instruments |  | Unrealized Holding Gains (Losses) on Available for-Sale Securities |  | Foreign Currency Translation Adjustments |  | Total Accumulated Other Comprehensive Earnings (Loss)
2022 |  |  |  |  |  |  |  |  |
Balance at December 26, 2021 | $ | (35.1) |  |  | (6.0) |  |  | 0.2 |  |  | (194.4) |  |  | (235.3) |
Current period other comprehensive earnings (loss) | 30.8 |  |  | 10.2 |  |  | (0.3) |  |  | (45.4) |  |  | (4.7) |
Reclassifications from AOCE to earnings | 1.3 |  |  | (16.2) |  |  | — |  |  | — |  |  | (14.9) |
Balance at December 25, 2022 | $ | (3.0) |  |  | (12.0) |  |  | (0.1) |  |  | (239.8) |  |  | (254.9) |
2021 |  |  |  |  |  |  |  |  |
Balance at December 27, 2020 | $ | (40.7) |  |  | (22.1) |  |  | 0.3 |  |  | (132.5) |  |  | (195.0) |
Current period other comprehensive earnings (loss) | 3.4 |  |  | 13.5 |  |  | (0.1) |  |  | (61.9) |  |  | (45.1) |
Reclassifications from AOCE to earnings | 2.2 |  |  | 2.6 |  |  | — |  |  | — |  |  | 4.8 |
Balance at December 26, 2021 | $ | (35.1) |  |  | (6.0) |  |  | 0.2 |  |  | (194.4) |  |  | (235.3) |
2020 |  |  |  |  |  |  |  |  |
Balance at December 29, 2019 | $ | (36.1) |  |  | (5.2) |  |  | (0.3) |  |  | (142.6) |  |  | (184.2) |
Current period other comprehensive earnings (loss) | (6.6) |  |  | 2.4 |  |  | 0.5 |  |  | 10.1 |  |  | 6.4 |
Reclassifications from AOCE to earnings | 2.0 |  |  | (19.3) |  |  | — |  |  | — |  |  | (17.2) |
Balance at December 27, 2020 | $ | (40.7) |  |  | (22.1) |  |  | 0.3 |  |  | (132.5) |  |  | (195.0) |
Gains (Losses) on Derivative Instruments At December 25, 2022, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $3.0 million in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2022 or forecasted to be purchased in 2023, intercompany expenses expected to be paid or received during 2023, television and movie production costs paid in 2022 or expected to be paid in 2023 or 2024, and cash receipts for sales made at the end of the fourth quarter of 2022 or forecasted to be made in 2023. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales expenses. In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the 3.15% Notes, that were repaid in full in the aggregate principal amount of $300.0 million during the first quarter of 2021 (See note 11), and the 5.10% Notes due 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At December 25, 2022, deferred losses, net of tax, of $14.9 million related to these instruments remained in AOCE. For the year ended December 25, 2022, losses, net of tax of $0.7 million related to these hedging instruments were reclassified from AOCE to net earnings. For the years ended December 26, 2021 and December 27, 2020, losses, net of tax of $1.0 million and $1.4 million, respectively, related to these hedging instruments were reclassified from AOCE to net earnings. Of the net deferred gains included in AOCE at December 25, 2022, the Company expects net gains of approximately $1.3 million to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates. See notes 16 and 18 for additional discussion on reclassifications from AOCE to earnings.

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration