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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 30, 2024
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. The after-tax components of and changes in accumulated other comprehensive (loss) income for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows:

 

(In millions)

 

Foreign
Currency
Adjustments

 

 

Derivative
Hedging
Gain (Loss)

 

 

Defined
Benefit
Plan
Adjustments

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2022

 

$

(12.1

)

 

$

93.5

 

 

$

(44.0

)

 

$

37.4

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

8.0

 

 

 

(5.8

)

 

 

(0.2

)

 

 

2.0

 

Other

 

 

—

 

 

 

—

 

 

 

6.2

 

 

 

6.2

 

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

—

 

 

 

(2.7

)

 

 

—

 

 

 

(2.7

)

Net current-period other comprehensive (loss) income

 

 

8.0

 

 

 

(8.5

)

 

 

6.0

 

 

 

5.5

 

Balance at April 1, 2023

 

$

(4.1

)

 

$

85.0

 

 

$

(38.0

)

 

$

42.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 30, 2023

 

$

5.3

 

 

$

86.0

 

 

$

(28.0

)

 

$

63.3

 

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

(10.3

)

 

 

1.0

 

 

 

(0.2

)

 

 

(9.5

)

Amounts reclassified from accumulated other
   comprehensive (loss) income

 

 

—

 

 

 

(2.5

)

 

 

—

 

 

 

(2.5

)

Net current-period other comprehensive (loss) income

 

 

(10.3

)

 

 

(1.5

)

 

 

(0.2

)

 

 

(12.0

)

Balance at March 30, 2024

 

$

(5.0

)

 

$

84.5

 

 

$

(28.2

)

 

$

51.3

 

The reclassifications out of accumulated other comprehensive loss for the thirteen weeks ended March 30, 2024 and April 1, 2023 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

 

 

March 30, 2024

 

 

April 1, 2023

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

0.1

 

 

$

2.0

 

 

Cost of products sold

Commodity contracts

 

 

—

 

 

 

0.2

 

 

Cost of products sold

Interest rate contracts

 

 

3.2

 

 

 

1.1

 

 

Interest expense

 

 

3.3

 

 

 

3.3

 

 

Total before tax

 

 

(0.8

)

 

 

(0.6

)

 

Tax expense

Total reclassifications for the period

 

$

2.5

 

 

$

2.7

 

 

Net of tax