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Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The reclassifications out of accumulated other comprehensive income (loss) for the years ended December 30, 2023 and December 31, 2022 were as follows:

 

(In millions)

 

 

 

 

 

 

 

 

Details about Accumulated Other
Comprehensive Income (Loss) Components

 

Affected Line Item in the
Consolidated Statements of Income

 

 

2023

 

 

2022

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

5.2

 

 

$

4.8

 

 

Cost of products sold

Interest rate contracts

 

 

9.0

 

 

 

3.6

 

 

Interest expense

Commodity contracts

 

 

(0.2

)

 

 

(7.3

)

 

Cost of products sold

 

 

14.0

 

 

 

1.1

 

 

Total before tax

 

 

(2.8

)

 

 

0.6

 

 

Tax expense

 

$

11.2

 

 

$

1.7

 

 

Net of tax

Defined benefit plan items

 

 

 

 

 

 

 

 

Recognition of actuarial gains

 

$

0.5

 

 

$

1.3

 

 

Other (income) expense, net

 

 

5.5

 

 

 

0.4

 

 

Tax benefit

 

$

6.0

 

 

$

1.7

 

 

Net of tax

Total reclassifications for the period

 

$

17.2

 

 

$

3.4

 

 

Net of tax

 

(a)
These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost. Refer to Note 15, “Defined Benefit Plans,” for additional information.
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 were as follows:

 

(In millions)

Foreign
Currency
Adjustments

 

Derivative
Hedging
 Gain (Loss)

 

Defined Benefit
Plan
Adjustments

 

Accumulated
Other
Comprehensive
(Loss) Income

 

Balance at December 31, 2020

$

7.2

 

$

4.2

 

$

(66.5

)

$

(55.1

)

Amounts classified into accumulated other
   comprehensive (loss) income

 

(3.9

)

 

1.1

 

 

35.1

 

 

32.3

 

Amounts reclassified into earnings

 

—

 

 

(2.4

)

 

0.6

 

 

(1.8

)

Net current period other comprehensive (loss) income

 

(3.9

)

 

(1.3

)

 

35.7

 

 

30.5

 

Balance at December 31, 2021

$

3.3

 

$

2.9

 

$

(30.8

)

$

(24.6

)

Amounts classified into accumulated other
   comprehensive (loss) income

 

(23.4

)

 

99.6

 

 

(14.6

)

 

61.6

 

Amounts reclassified into earnings

 

—

 

 

(6.2

)

 

(1.7

)

 

(7.9

)

Net current period other comprehensive (loss) income

 

(23.4

)

 

93.4

 

 

(16.3

)

 

53.7

 

Distribution of Masterbrand

 

8.0

 

 

(2.8

)

 

3.1

 

 

8.3

 

Balance at December 31, 2022

$

(12.1

)

$

93.5

 

$

(44.0

)

$

37.4

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

17.4

 

 

3.7

 

 

15.8

 

 

36.9

 

Other

 

—

 

 

—

 

 

6.2

 

 

6.2

 

Amounts reclassified into earnings

 

—

 

 

(11.2

)

 

(6.0

)

 

(17.2

)

Net current period other comprehensive (loss) income

 

17.4

 

 

(7.5

)

 

16.0

 

 

25.9

 

Balance at December 30, 2023

$

5.3

 

$

86.0

 

$

(28.0

)

$

63.3