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Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 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 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

 
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

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