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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 29, 2024
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 June 29, 2024 and July 1, 2023 were as follows:
(In millions) |  | Foreign Currency Adjustments |  |  | Derivative Hedging Gain (Loss) |  |  | Defined Benefit Plan Adjustments |  |  | Accumulated Other Comprehensive Loss |
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 |
Balance at December 30, 2023 |  | $ | 5.3 |  |  | $ | 86.0 |  |  | $ | (28.0 | ) |  | $ | 63.3 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (16.8 | ) |  |  | 1.7 |  |  |  | (0.1 | ) |  |  | (15.2 | )
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (5.1 | ) |  |  | - |  |  |  | (5.1 | )
Net current-period other comprehensive (loss) income |  |  | (16.8 | ) |  |  | (3.4 | ) |  |  | (0.1 | ) |  |  | (20.3 | )
Balance at June 29, 2024 |  | $ | (11.5 | ) |  | $ | 82.6 |  |  | $ | (28.1 | ) |  | $ | 43.0 |
(In millions) |  | Foreign Currency Adjustments |  |  | Derivative Hedging Gain (Loss) |  |  | Defined Benefit Plan Adjustments |  |  | Accumulated Other Comprehensive Loss |
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 |
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 |
Balance at March 30, 2024 |  | $ | (5.0 | ) |  | $ | 84.5 |  |  | $ | (28.2 | ) |  | $ | 51.3 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (6.5 | ) |  |  | 0.7 |  |  |  | 0.1 |  |  |  | (5.7 | )
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (2.6 | ) |  |  | - |  |  |  | (2.6 | )
Net current-period other comprehensive (loss) income |  |  | (6.5 | ) |  |  | (1.9 | ) |  |  | 0.1 |  |  |  | (8.3 | )
Balance at June 29, 2024 |  | $ | (11.5 | ) |  | $ | 82.6 |  |  | $ | (28.1 | ) |  | $ | 43.0 |
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended June 29, 2024 and July 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
|  | Twenty-Six Weeks Ended June 29, 2024 |  |  | Twenty-Six Weeks Ended July 1, 2023 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.4 |  |  | $ | 4.0 |  |  | Cost of products sold
Commodity contracts |  |  | - |  |  |  | (0.1 | ) |  | Cost of products sold
Interest rate contracts |  |  | 6.3 |  |  |  | 2.6 |  |  | Interest expense
|  |  | 6.7 |  |  |  | 6.5 |  |  | Total before tax
|  |  | (1.6 | ) |  |  | (1.0 | ) |  | Tax expense
Total reclassifications for the period |  | $ | 5.1 |  |  | $ | 5.5 |  |  | 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 June 29, 2024 |  |  | Thirteen Weeks Ended July 1, 2023 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.3 |  |  | $ | 2.0 |  |  | Cost of products sold
Commodity contracts |  |  | - |  |  |  | (0.3 | ) |  | Cost of products sold
Interest rate contracts |  |  | 3.1 |  |  |  | 1.5 |  |  | Interest expense
|  |  | 3.4 |  |  |  | 3.2 |  |  | Total before tax
|  |  | (0.8 | ) |  |  | (0.4 | ) |  | Tax expense
Total reclassifications for the period |  | $ | 2.6 |  |  | $ | 2.8 |  |  | Net of tax

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