XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Other Comprehensive Earnings (Loss) | 12 Months Ended
--- | ---
Dec. 29, 2024
Equity [Abstract] |
Other Comprehensive (Loss) Earnings | Other Comprehensive Earnings (Loss) Components of other comprehensive (loss) earnings are presented within the Consolidated Statements of Comprehensive Earnings (Loss), net of tax. Income tax effects are released from accumulated other comprehensive earnings (loss) at the effective tax rate during the period in which the components within accumulated other comprehensive earnings (loss) are released. The following table presents the related tax effects on changes in other comprehensive (loss) earnings.
(In millions) | 2024 |  | 2023 |  | 2022
Other comprehensive (loss) earnings, tax effect: |  |  |  |  |
Tax benefit on unrealized holding gains | $ | — |  |  | — |  |  | 0.1 |
Tax (expense) benefit on cash flow hedging activities | (3.8) |  |  | 2.8 |  |  | (1.3) |
Tax benefit (expense) on changes in unrecognized pension amounts | 0.5 |  |  | — |  |  | (5.9) |
Reclassifications to earnings, tax effect: |  |  |  |  |
Tax (expense) benefit on hedging activities | (0.3) |  |  | (1.9) |  |  | 1.6 |
Tax benefit (expense) on amortization of unrecognized pension and postretirement amounts | 0.1 |  |  | 0.1 |  |  | (0.3) |
Total tax (expense) benefit on other comprehensive (loss) earnings | $ | (3.5) |  |  | 1.0 |  |  | (5.8) |
Changes in the components of accumulated other comprehensive earnings (loss), net of tax 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)
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) |
Current period other comprehensive earnings (loss) | (0.3) |  |  | (8.6) |  |  | — |  |  | 59.4 |  |  | 50.5 |
Reclassifications from AOCE to earnings | (0.9) |  |  | 3.8 |  |  | — |  |  | — |  |  | 2.9 |
Balance at December 31, 2023 | $ | (4.2) |  |  | $ | (16.8) |  |  | $ | (0.1) |  |  | $ | (180.4) |  |  | $ | (201.5) |
Current period other comprehensive earnings (loss) | (2.9) |  |  | 7.3 |  |  | — |  |  | (48.8) |  |  | (44.4) |
Reclassifications from AOCE to earnings | (0.9) |  |  | 0.4 |  |  | — |  |  | — |  |  | (0.5) |
Balance at December 29, 2024 | $ | (8.0) |  |  | (9.1) |  |  | (0.1) |  |  | (229.2) |  |  | (246.4) |
Gains (Losses) on Derivative Instruments As of December 29, 2024, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $4.4 million in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2024 or forecasted to be purchased in 2025, intercompany expenses expected to be paid or received during 2025 and cash receipts for sales made at the end of the fourth quarter of 2024 or forecasted to be made in 2025. 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, which were repaid in full in the aggregate principal amount of $300.0 million during 2021, and the 5.10% Notes due 2044 (see Note 11). 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. As of December 29, 2024, deferred losses, net of tax, of $13.5 million related to these instruments remained in AOCE. As of December 29, 2024, December 31, 2023, and December 25, 2022, losses, net of tax, of $0.7 million related to these hedging instruments were reclassified from AOCE to net earnings. Of the amounts included in AOCE as of December 29, 2024, the Company expects net gains of approximately $4.4 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 Note 14, Fair Value of Financial Instruments and Note 18, Derivative Financial Instruments, 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://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
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