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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Apr. 04, 2021

Equity [Abstract]

Components of accumulated other comprehensive loss

The following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the three months ended April 4, 2021 and March 29, 2020:

						Foreign Currency Items						Defined Benefit Pension Items						Cash Flow Hedges						Accumulated Other Comprehensive Loss
Balance at December 31, 2020						$	(194,024)					$	(562,747)					$	(71)					$	(756,842)
Other comprehensive (loss)/income before reclassifications						(32,021)						115						998						(30,908)
Amounts reclassified from accumulated other comprehensive loss to net income						—						5,270						(30)						5,240
Amounts reclassified from accumulated other comprehensive loss to fixed assets						—						—						(10)						(10)
Other comprehensive (loss)/income						(32,021)						5,385						958						(25,678)
Balance at April 4, 2021						$	(226,045)					$	(557,362)					$	887					$	(782,520)
Balance at December 31, 2019						$	(241,994)					$	(574,413)					$	(396)					$	(816,803)
Other comprehensive (loss)/income before reclassifications						(93,575)						197						(5,620)						(98,998)
Amounts reclassified from accumulated other comprehensive loss to net income						—						5,583						1,065						6,648
Other comprehensive (loss)/income						(93,575)						5,780						(4,555)						(92,350)
Balance at March 29, 2020						$	(335,569)					$	(568,633)					$	(4,951)					$	(909,153)

Effects on net income of significant amounts reclassified from accumulated other comprehensive loss

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three-month periods ended April 4, 2021 and March 29, 2020:

												Amount Reclassified from Accumulated Other Comprehensive Loss
									Three Months Ended
Details about Accumulated Other Comprehensive Loss Components												April 4, 2021			March 29, 2020						Affected Line Item in the Condensed Consolidated Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts												$	340		$	(1,138)					Net sales
Foreign exchange contracts												(228)			827						Cost of sales
Commodity contracts												(71)			(1,079)						Cost of sales
												41			(1,390)						Income before income taxes
												(11)			325						Provision for income taxes
												30			(1,065)						Net income
Defined benefit pension items
Effect of settlement loss(a)												—			(623)						Non-operating pension costs
Amortization of defined    benefit pension items(a)												(6,901)			(6,861)						Non-operating pension costs
												(6,901)			(7,484)						Income before income taxes
												1,631			1,901						Provision for income taxes
												(5,270)			(5,583)						Net income
Total reclassifications for the period												$	(5,240)		$	(6,648)					Net income

(a) See Note 10 for additional details.

Before and after tax amounts for comprehensive income (loss) components

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the three-month periods ended April 4, 2021 and March 29, 2020:

									Three months ended April 4, 2021												Three months ended March 29, 2020
									Before Tax Amount			Tax (Expense) Benefit			After Tax Amount						Before Tax Amount			Tax (Expense) Benefit			After Tax Amount
Foreign currency items:
			Net other comprehensive loss from foreign currency items(a)						$	(32,021)		$	—		$	(32,021)					$	(85,994)		$	(7,581)		$	(93,575)
Defined benefit pension items:
			Other comprehensive income/(loss) before reclassifications						151			(36)			115						264			(67)			197
			Amounts reclassified from accumulated other comprehensive loss to net income						6,901			(1,631)			5,270						7,484			(1,901)			5,583
			Net other comprehensive income/(loss) from defined benefit pension items						7,052			(1,667)			5,385						7,748			(1,968)			5,780
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						1,338			(340)			998						(7,333)			1,713			(5,620)
			Amounts reclassified from accumulated other comprehensive loss to net income						(41)			11			(30)						1,390			(325)			1,065
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(13)			3			(10)						—			—			—
			Net other comprehensive income/(loss) from cash flow hedges						1,284			(326)			958						(5,943)			1,388			(4,555)
Other comprehensive loss									$	(23,685)		$	(1,993)		$	(25,678)					$	(84,189)		$	(8,161)		$	(92,350)

(a)Other comprehensive loss from foreign currency items for the three months ended March 29, 2020, includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 8 for more information.

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

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