XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Other Comprehensive Earnings (Loss) | 3 Months Ended
--- | ---
Mar. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Other Comprehensive Earnings (Loss) | Other Comprehensive Earnings (Loss) Components of Other comprehensive earnings (loss) are presented within the Consolidated Statements of Comprehensive Earnings (Loss). The following table presents the related tax effects on changes in Other comprehensive earnings (loss) for the quarters ended March 31, 2024 and April 2, 2023.
| Quarter Ended |  |
| March 31, 2024 |  | April 2, 2023 |  |  |  |
Other comprehensive earnings (loss), tax effect: |  |  |  |  |  |  |
Tax benefit on cash flow hedging activities | $ | — |  |  | $ | 1.2 |  |  |  |  |
Reclassifications to earnings, tax effect: |  |  |  |  |  |  |
Tax (benefit) expense on cash flow hedging activities | (0.2) |  |  | 0.1 |  |  |  |  |
Total tax effect on other comprehensive earnings (loss) | $ | (0.2) |  |  | $ | 1.3 |  |  |  |  |
Changes in the components of Accumulated other comprehensive earnings (loss), net of tax for the quarters ended March 31, 2024 and April 2, 2023 are as follows:
| 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 Loss
2024 |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (4.2) |  |  | $ | (16.8) |  |  | $ | (0.1) |  |  | $ | (180.4) |  |  | $ | (201.5) |
Current period other comprehensive earnings (loss) | — |  |  | 2.2 |  |  | — |  |  | (4.0) |  |  | (1.8) |
Balance at March 31, 2024 | $ | (4.2) |  |  | $ | (14.6) |  |  | $ | (0.1) |  |  | $ | (184.4) |  |  | $ | (203.3) |
2023 |  |  |  |  |  |  |  |  |
Balance at December 25, 2022 | $ | (3.0) |  |  | $ | (12.0) |  |  | $ | (0.1) |  |  | $ | (239.8) |  |  | $ | (254.9) |
Current period other comprehensive earnings (loss) | (0.1) |  |  | (6.7) |  |  | — |  |  | 24.3 |  |  | 17.5 |
Balance at April 2, 2023 | $ | (3.1) |  |  | $ | (18.7) |  |  | $ | (0.1) |  |  | $ | (215.5) |  |  | $ | (237.4) |
Gains (Losses) on Derivative Instruments At March 31, 2024, the Company had remaining net deferred losses on foreign currency forward contracts, net of tax, of $0.6 million in Accumulated other comprehensive earnings (loss) ("AOCE"). These instruments hedge payments related to inventory purchased in the first quarter of 2024 or forecasted to be purchased during the remainder of 2024, intercompany expenses expected to be paid or received during 2024 and cash receipts for sales made at the end of the first quarter of 2024 or forecasted to be made in the remainder of 2024. 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 in 2021, 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 March 31, 2024, deferred losses, net of tax of $13.8 million related to these instruments remained in AOCE. For the quarters ended March 31, 2024 and April 2, 2023, previously deferred losses of $0.2 million related to these instruments were reclassified from AOCE to net earnings. Of the net deferred losses included in AOCE at March 31, 2024, the Company expects net losses of approximately $0.9 million to be reclassified to the Consolidated Statements of Operations within the next twelve months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates. See note 12 for additional discussion on reclassifications from AOCE to earnings.

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

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://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//1943274/2147483586/944-220-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//1943274/2147483589/942-220-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
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration