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Accumulated Other Comprehensive Income (Loss) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Accumulated Other Comprehensive Income (Loss) | 9. Accumulated Other Comprehensive Income (Loss) Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. In order to mitigate interest rate risk associated with forecasted debt issuances, we entered into a total of $600 million of interest rate hedges during the fourth quarter of 2021 and first quarter of 2022. These hedges were terminated during the second quarter of 2023 in parallel with the issuance of $600 million of long-term debt. Terminating the hedges resulted in a pre-tax gain of $84.2 million which was recorded in accumulated other comprehensive income and will be reclassified to earnings over the 10-year maturity associated with the new long-term debt. The after-tax components of and changes in accumulated other comprehensive (loss) income for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 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 |  |  | (70.5 | ) |  |  | 97.3 |  |  |  | (1.6 | ) |  |  | 25.2 |
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (3.1 | ) |  |  | 0.3 |  |  |  | (2.8 | )
Net current-period other comprehensive (loss) income |  |  | (70.5 | ) |  |  | 94.2 |  |  |  | (1.3 | ) |  |  | 22.4 |
Balance at September 30, 2022 |  | $ | (67.2 | ) |  | $ | 97.1 |  |  | $ | (32.1 | ) |  | $ | (2.2 | )
Balance at December 31, 2022 |  | $ | (12.1 | ) |  | $ | 93.5 |  |  | $ | (44.0 | ) |  | $ | 37.4 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (3.6 | ) |  |  | 5.2 |  |  |  | 1.5 |  |  |  | 3.1 |
Other |  |  | - |  |  |  | - |  |  |  | 5.9 |  |  |  | 5.9 |
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (8.0 | ) |  |  | (1.8 | ) |  |  | (9.8 | )
Net current-period other comprehensive (loss) income |  |  | (3.6 | ) |  |  | (2.8 | ) |  |  | 5.6 |  |  |  | (0.8 | )
Balance at September 30, 2023 |  | $ | (15.7 | ) |  | $ | 90.7 |  |  | $ | (38.4 | ) |  | $ | 36.6 |
(In millions) |  | Foreign Currency Adjustments |  |  | Derivative Hedging Gain (Loss) |  |  | Defined Benefit Plan Adjustments |  |  | Accumulated Other Comprehensive Loss |
Balance at June 30, 2022 |  | $ | (12.8 | ) |  | $ | 71.5 |  |  | $ | (30.9 | ) |  | $ | 27.8 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (54.4 | ) |  |  | 24.9 |  |  |  | (1.5 | ) |  |  | (31.0 | )
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 1.0 |
Net current-period other comprehensive (loss) income |  |  | (54.4 | ) |  |  | 25.6 |  |  |  | (1.2 | ) |  |  | (30.0 | )
Balance at September 30, 2022 |  | $ | (67.2 | ) |  | $ | 97.1 |  |  | $ | (32.1 | ) |  | $ | (2.2 | )
Balance at July 1, 2023 |  | $ | 0.9 |  |  | $ | 92.4 |  |  | $ | (38.0 | ) |  | $ | 55.3 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (16.6 | ) |  |  | 0.8 |  |  |  | 1.7 |  |  |  | (14.1 | )
Other |  |  | - |  |  |  | - |  |  |  | (0.3 | ) |  |  | (0.3 | )
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (2.5 | ) |  |  | (1.8 | ) |  |  | (4.3 | )
Net current-period other comprehensive (loss) income |  |  | (16.6 | ) |  |  | (1.7 | ) |  |  | (0.4 | ) |  |  | (18.7 | )
Balance at September 30, 2023 |  | $ | (15.7 | ) |  | $ | 90.7 |  |  | $ | (38.4 | ) |  | $ | 36.6 |
The reclassifications out of accumulated other comprehensive loss for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 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
|  | Thirty-Nine Weeks Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 4.1 |  |  | $ | 2.1 |  |  | Cost of products sold
Commodity contracts |  |  | (0.2 | ) |  |  | (4.2 | ) |  | Cost of products sold
Interest rate contracts |  |  | 5.8 |  |  |  | 2.5 |  |  | Interest expense
|  |  | 9.7 |  |  |  | 0.4 |  |  | Total before tax
|  |  | (1.7 | ) |  |  | 0.5 |  |  | Tax expense
|  | $ | 8.0 |  |  | $ | 0.9 |  |  | Net of tax
Defined benefit plan items |  |  |  |  |  |  |  |
Recognition of actuarial losses |  |  | 2.4 |  |  | $ | (0.3 | ) |  | Other (income) expense, net
|  |  | 2.4 |  |  |  | (0.3 | ) |  | Total before tax
|  |  | (0.6 | ) |  |  | - |  |  | Tax expense
|  | $ | 1.8 |  |  | $ | (0.3 | ) |  | Net of tax
Total reclassifications for the period |  | $ | 9.8 |  |  | $ | 0.6 |  |  | 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 September 30, 2023 |  |  | Three Months Ended September 30, 2022 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.1 |  |  | $ | 0.8 |  |  | Cost of products sold
Commodity contracts |  |  | (0.1 | ) |  |  | (3.9 | ) |  | Cost of products sold
Interest rate contracts |  |  | 3.2 |  |  |  | 1.1 |  |  | Interest expense
|  |  | 3.2 |  |  |  | (2.0 | ) |  | Total before tax
|  |  | (0.7 | ) |  |  | 0.8 |  |  | Tax expense
|  | $ | 2.5 |  |  | $ | (1.2 | ) |  | Net of tax
Defined benefit plan items |  |  |  |  |  |  |  |
Recognition of actuarial gains (losses) |  | $ | 2.4 |  |  | $ | (0.3 | ) |  | Other (income) expense, net
|  |  | 2.4 |  |  |  | (0.3 | ) |  | Total before tax
|  |  | (0.6 | ) |  |  | - |  |  | Tax expense
|  | $ | 1.8 |  |  | $ | (0.3 | ) |  | Net of tax
Total reclassifications for the period |  | $ | 4.3 |  |  | $ | (1.5 | ) |  | Net of tax
The amounts in the table above reflect continuing operations, and exclude income amounts, net of tax, related to discontinued operatio ns of $2.2 million and $0.5 mil lion in the nine months and three months ended, September 30, 2022, respectively.

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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//1943274/2147483586/944-220-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
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