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Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jul. 01, 2023
Equity [Abstract]  
After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income

The after-tax components of and changes in accumulated other comprehensive (loss) income for the twenty-six and thirteen weeks ended July 1, 2023 and six and three months ended June 30, 2022 were as follows:

 

(In millions)

 

Foreign
Currency
Adjustments

 

 

Derivative
Hedging
Gain (Loss)

 

 

Defined
Benefit
Plan
Adjustments

 

 

Accumulated
Other
Comprehensive
Loss

 

Balance at December 31, 2021

 

$

3.3

 

 

$

2.9

 

 

$

(30.8

)

 

$

(24.6

)

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

(16.1

)

 

 

72.4

 

 

 

(0.1

)

 

 

56.2

 

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

-

 

 

 

(3.8

)

 

 

-

 

 

 

(3.8

)

Net current-period other comprehensive (loss) income

 

 

(16.1

)

 

 

68.6

 

 

 

(0.1

)

 

 

52.4

 

Balance at June 30, 2022

 

$

(12.8

)

 

$

71.5

 

 

$

(30.9

)

 

$

27.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

(12.1

)

 

$

93.5

 

 

$

(44.0

)

 

$

37.4

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

13.0

 

 

 

4.4

 

 

 

(0.2

)

 

 

17.2

 

Other

 

 

-

 

 

 

-

 

 

 

6.2

 

 

 

6.2

 

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

-

 

 

 

(5.5

)

 

 

-

 

 

 

(5.5

)

Net current-period other comprehensive (loss) income

 

 

13.0

 

 

 

(1.1

)

 

 

6.0

 

 

 

17.9

 

Balance at July 1, 2023

 

$

0.9

 

 

$

92.4

 

 

$

(38.0

)

 

$

55.3

 

 

 

(In millions)

 

Foreign
Currency
Adjustments

 

 

Derivative
Hedging
Gain (Loss)

 

 

Defined
Benefit
Plan
Adjustments

 

 

Accumulated
Other
Comprehensive
Loss

 

Balance at March 31, 2022

 

$

14.9

 

 

$

51.0

 

 

$

(30.6

)

 

$

35.3

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

(27.7

)

 

 

23.2

 

 

 

(0.3

)

 

 

(4.8

)

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

-

 

 

 

(2.7

)

 

 

-

 

 

 

(2.7

)

Net current-period other comprehensive (loss) income

 

 

(27.7

)

 

 

20.5

 

 

 

(0.3

)

 

 

(7.5

)

Balance at June 30, 2022

 

$

(12.8

)

 

$

71.5

 

 

$

(30.9

)

 

$

27.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 1, 2023

 

$

(4.1

)

 

$

85.0

 

 

$

(38.0

)

 

$

42.9

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

5.0

 

 

 

10.2

 

 

 

-

 

 

 

15.2

 

Other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

-

 

 

 

(2.8

)

 

 

-

 

 

 

(2.8

)

Net current-period other comprehensive (loss) income

 

 

5.0

 

 

 

7.4

 

 

 

-

 

 

 

12.4

 

Balance at July 1, 2023

 

$

0.9

 

 

$

92.4

 

 

$

(38.0

)

 

$

55.3

 
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended July 1, 2023 and six and three months ended June 30, 2022 were as follows:

 

(In millions)

Details about Accumulated Other
Comprehensive Loss Components

 

Amount Reclassified from
Accumulated Other Comprehensive Loss

 

 

Affected Line Item in
the Statement of
Comprehensive Income

 

 

Twenty-Six Weeks Ended July 1, 2023

 

 

Six Months Ended June 30, 2022

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

4.0

 

 

$

1.3

 

 

Cost of products sold

Commodity contracts

 

 

(0.1

)

 

 

(0.3

)

 

Cost of products sold

Interest rate contracts

 

 

2.6

 

 

 

1.4

 

 

Interest expense

 

 

6.5

 

 

 

2.4

 

 

Total before tax

 

 

(1.0

)

 

 

(0.3

)

 

Tax expense

Total reclassifications for the period

 

$

5.5

 

 

$

2.1

 

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Details about Accumulated Other
Comprehensive Loss Components

 

Amount Reclassified from
Accumulated Other Comprehensive Loss

 

 

Affected Line Item in
the Statement of
Comprehensive Income

 

 

Thirteen Weeks Ended July 1, 2023

 

 

Three Months Ended June 30, 2022

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

2.0

 

 

$

0.9

 

 

Cost of products sold

Commodity contracts

 

 

(0.3

)

 

 

(0.4

)

 

Cost of products sold

Interest rate contracts

 

 

1.5

 

 

 

1.2

 

 

Interest expense

 

 

3.2

 

 

 

1.7

 

 

Total before tax

 

 

 

(0.4

)

 

 

(0.2

)

 

Tax expense

Total reclassifications for the period

 

$

2.8

 

 

$

1.5

 

 

Net of tax