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Other Comprehensive Earnings (Loss) | 3 Months Ended
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Mar. 30, 2025
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):
| Three Months Ended |  |
| March 30, 2025 |  | March 31, 2024 |  |  |  |
Other comprehensive earnings (loss), tax effect: |  |  |  |  |  |  |
Tax benefit (expense) on cash flow hedging activities | $ | 1.4 |  |  | $ | — |  |  |  |  |
Reclassifications to earnings (loss), tax effect: |  |  |  |  |  |  |
Tax benefit (expense) on cash flow hedging activities | 0.2 |  |  | (0.2) |  |  |  |  |
Total tax effect on other comprehensive earnings (loss) | $ | 1.6 |  |  | $ | (0.2) |  |  |  |  |
Changes in the components of Accumulated other comprehensive earnings (loss), net of tax 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
2025 |  |  |  |  |  |  |  |  |
Balance at December 29, 2024 | $ | (8.0) |  |  | $ | (9.1) |  |  | $ | (0.1) |  |  | $ | (229.2) |  |  | $ | (246.4) |
Current period other comprehensive earnings (loss) | — |  |  | (3.4) |  |  | — |  |  | 10.2 |  |  | 6.8 |
Balance at March 30, 2025 | $ | (8.0) |  |  | $ | (12.5) |  |  | $ | (0.1) |  |  | $ | (219.0) |  |  | $ | (239.6) |
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) |
Gains (Losses) on Derivative Instruments At March 30, 2025, the Company had remaining deferred gains on foreign currency forward contracts, net of tax, of $0.8 million in Accumulated other comprehensive earnings (loss) ("AOCE"). These instruments hedge payments related to inventory purchased in the three months ended March 30, 2025 or forecasted to be purchased during the remainder of 2025, intercompany expenses expected to be paid or received during 2025 and cash receipts for sales made at the end of the first quarter of 2025 or forecasted to be made in the remainder of 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 or expenses. In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to 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 30, 2025, deferred losses, net of tax of $13.3 million related to these instruments remained in AOCE. For each of the three months ended March 30, 2025 and March 31, 2024, previously deferred losses, net of tax, of $0.2 million related to these instruments were reclassified from AOCE to net earnings. Of the amounts included in AOCE at March 30, 2025, the Company expects net gains of approximately $2.3 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, Derivative Financial Instruments, for additional discussion on reclassifications from AOCE to earnings.

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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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