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Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 28, 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 thirty-nine and thirteen weeks ended September 28, 2024 and September 30, 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 |  |  | (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 |
Balance at December 30, 2023 |  | $ | 5.3 |  |  | $ | 86.0 |  |  | $ | (28.0 | ) |  | $ | 63.3 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | (0.4 | ) |  |  | (0.2 | ) |  |  | (0.7 | ) |  |  | (1.3 | )
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (7.5 | ) |  |  | (0.2 | ) |  |  | (7.7 | )
Net current-period other comprehensive (loss) income |  |  | (0.4 | ) |  |  | (7.7 | ) |  |  | (0.9 | ) |  |  | (9.0 | )
Balance at September 28, 2024 |  | $ | 4.9 |  |  | $ | 78.3 |  |  | $ | (28.9 | ) |  | $ | 54.3 |
(In millions) |  | Foreign Currency Adjustments |  |  | Derivative Hedging Gain (Loss) |  |  | Defined Benefit Plan Adjustments |  |  | Accumulated Other Comprehensive Loss |
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 |
Balance at June 29, 2024 |  | $ | (11.5 | ) |  | $ | 82.6 |  |  | $ | (28.1 | ) |  | $ | 43.0 |
Amounts classified into accumulated other comprehensive (loss) income |  |  | 16.4 |  |  |  | (1.9 | ) |  |  | (0.6 | ) |  |  | 13.9 |
Amounts reclassified from accumulated other comprehensive (loss) income |  |  | - |  |  |  | (2.4 | ) |  |  | (0.2 | ) |  |  | (2.6 | )
Net current-period other comprehensive (loss) income |  |  | 16.4 |  |  |  | (4.3 | ) |  |  | (0.8 | ) |  |  | 11.3 |
Balance at September 28, 2024 |  | $ | 4.9 |  |  | $ | 78.3 |  |  | $ | (28.9 | ) |  | $ | 54.3 |
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 28, 2024 and September 30, 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
|  | Thirty-Nine Weeks Ended September 28, 2024 |  |  | Thirty-Nine Weeks Ended September 30, 2023 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.4 |  |  | $ | 4.1 |  |  | Cost of products sold
Commodity contracts |  |  | - |  |  |  | (0.2 | ) |  | Cost of products sold
Interest rate contracts |  |  | 9.4 |  |  |  | 5.8 |  |  | Interest expense
|  |  | 9.8 |  |  |  | 9.7 |  |  | Total before tax
|  |  | (2.3 | ) |  |  | (1.7 | ) |  | Tax expense
|  | $ | 7.5 |  |  | $ | 8.0 |  |  | Net of tax
Defined benefit plan items |  |  |  |  |  |  |  |
Recognition of actuarial gains |  | $ | 0.3 |  |  | $ | 2.4 |  |  | Other income, net
|  |  | 0.3 |  |  |  | 2.4 |  |  | Total before tax
|  |  | (0.1 | ) |  |  | (0.6 | ) |  | Tax expense
|  | $ | 0.2 |  |  | $ | 1.8 |  |  | Net of tax
Total reclassifications for the period |  | $ | 7.7 |  |  | $ | 9.8 |  |  | 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 28, 2024 |  |  | Thirteen Weeks Ended September 30, 2023 |  |  |
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | - |  |  | $ | 0.1 |  |  | Cost of products sold
Commodity contracts |  |  | - |  |  |  | (0.1 | ) |  | Cost of products sold
Interest rate contracts |  |  | 3.1 |  |  |  | 3.2 |  |  | Interest expense
|  |  | 3.1 |  |  |  | 3.2 |  |  | Total before tax
|  |  | (0.7 | ) |  |  | (0.7 | ) |  | Tax expense
|  | $ | 2.4 |  |  | $ | 2.5 |  |  | Net of tax
Defined benefit plan items |  |  |  |  |  |  |  |
Recognition of actuarial gains |  | $ | 0.3 |  |  | $ | 2.4 |  |  | Other income, net
|  |  | 0.3 |  |  |  | 2.4 |  |  | Total before tax
|  |  | (0.1 | ) |  |  | (0.6 | ) |  | Tax expense
|  | $ | 0.2 |  |  | $ | 1.8 |  |  | Net of tax
Total reclassifications for the period |  | $ | 2.6 |  |  | $ | 4.3 |  |  | Net of tax

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