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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jul. 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 six months ended July 4, 2021 and June 28, 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						(20,184)						10,888						5,219						(4,077)
Amounts reclassified from accumulated other comprehensive loss to net loss						—						417,242						(733)						416,509
Amounts reclassified from accumulated other comprehensive loss to fixed assets						—						—						(46)						(46)
Other comprehensive (loss)/income						(20,184)						428,130						4,440						412,386
Balance at July 4, 2021						$	(214,208)					$	(134,617)					$	4,369					$	(344,456)
Balance at December 31, 2019						$	(241,994)					$	(574,413)					$	(396)					$	(816,803)
Other comprehensive (loss)/income before reclassifications						(60,121)						(862)						(4,402)						(65,385)
Amounts reclassified from accumulated other comprehensive loss to net income						—						11,058						1,677						12,735
Other comprehensive (loss)/income						(60,121)						10,196						(2,725)						(52,650)
Balance at June 28, 2020						$	(302,115)					$	(564,217)					$	(3,121)					$	(869,453)

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- and six-month periods ended July 4, 2021 and June 28, 2020:

						Amount Reclassified from Accumulated Other Comprehensive Loss
						Three Months Ended						Six Months Ended
Details about Accumulated Other Comprehensive Loss Components						July 4, 2021			June 28, 2020			July 4, 2021			June 28, 2020						Affected Line Item in the Condensed Consolidated Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts						$	1,489		$	(3,384)		$	1,829		$	(4,522)					Net sales
Foreign exchange contracts						(1,190)			2,050			(1,418)			2,877						Cost of sales
Commodity contracts						646			525			575			(554)						Cost of sales
						$	945		$	(809)		$	986		(2,199)						(Loss)/Income before income taxes
						(241)			197			(253)			522						Benefit from /(Provision for) income taxes
						$	704		$	(612)		$	733		(1,677)						Net (loss)/income
Defined benefit pension items
Effect of curtailment loss(a)						—			(31)			—			(31)						Non-operating pension costs
Effect of settlement loss(a)						(547,631)			(38)			(547,631)			(661)						Non-operating pension costs
Amortization of defined    benefit pension items(a)						(6,432)			(7,221)			(13,333)			(14,082)						Non-operating pension costs
						$	(554,063)		$	(7,290)		$	(560,964)		(14,774)						(Loss)/Income before income taxes
						142,090			1,815			143,722			3,716						Benefit from /(Provision for) income taxes
						$	(411,973)		$	(5,475)		$	(417,242)		(11,058)						Net (loss)/income
Total reclassifications for the period						$	(411,269)		$	(6,087)		$	(416,509)		$	(12,735)					Net (loss)/income

(a) See Note 11 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 July 4, 2021 and June 28, 2020:

									Three months ended July 4, 2021												Three months ended June 28, 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						$	11,837		$	—		$	11,837					$	33,454		$	—		$	33,454
Defined benefit pension items:
			Other comprehensive income/(loss) before reclassifications						14,213			(3,441)			10,772						(1,410)			351			(1,059)
			Amounts reclassified from accumulated other    comprehensive loss to net (loss) income(a)						554,063			(142,090)			411,973						7,290			(1,815)			5,475
			Net other comprehensive income/(loss) from defined benefit pension items						568,276			(145,531)			422,745						5,880			(1,464)			4,416
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						5,674			(1,452)			4,222						1,612			(394)			1,218
			Amounts reclassified from accumulated other comprehensive loss to net (loss) income						(945)			241			(704)						809			(197)			612
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(49)			13			(36)						—			—			—
			Net other comprehensive income/(loss) from cash flow hedges						4,680			(1,198)			3,482						2,421			(591)			1,830
Other comprehensive loss									$	584,793		$	(146,729)		$	438,064					$	41,755		$	(2,055)		$	39,700

(a) See Note 11 for additional details.

The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the six-month periods ended July 4, 2021 and June 28, 2020:

									Six months ended July 4, 2021												Six months ended June 28, 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)/income from foreign currency items(a)						$	(20,184)		$	—		$	(20,184)					$	(52,540)		(7,581)			$	(60,121)
Defined benefit pension items:
			Other comprehensive (loss)/income before reclassifications						14,364			(3,476)			10,888						(1,146)			284			(862)
			Amounts reclassified from accumulated other    comprehensive income/(loss) to net income(b)						560,964			(143,722)			417,242						14,774			(3,716)			11,058
			Net other comprehensive income/(loss) from defined benefit pension items						575,328			(147,198)			428,130						13,628			(3,432)			10,196
Gains and losses on cash flow hedges:
			Other comprehensive (loss)/income before reclassifications						7,012			(1,793)			5,219						(5,721)			1,319			(4,402)
			Amounts reclassified from accumulated other comprehensive income/(loss) to net income						(986)			253			(733)						2,199			(522)			1,677
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(62)			16			(46)						—			—			—
			Net other comprehensive (loss)/income from cash flow hedges						5,964			(1,524)			4,440						(3,522)			797			(2,725)
Other comprehensive income/(loss):									$	561,108		$	(148,722)		$	412,386					$	(42,434)		$	(10,216)		$	(52,650)

(a) Other comprehensive loss from foreign currency items for the six-month period ended June 28, 2020 includes the settlement gain and corresponding tax provision related to the termination of a net investment hedge. See Note 9 for more information.

(b) See Note 11 for additional details.

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

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