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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jul. 03, 2022

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 3, 2022 and July 4, 2021:

						Foreign Currency Items						Defined Benefit Pension Items						Cash Flow Hedges						Accumulated Other Comprehensive Loss
Balance at December 31, 2021						$	(269,076)					$	(91,397)					$	1,048					$	(359,425)
Other comprehensive (loss)/income before reclassifications						(73,722)						(3,893)						3,047						(74,568)
Amounts reclassified from accumulated other comprehensive loss to net income						3,747						2,156						(2,199)						3,704
Amounts reclassified from accumulated other comprehensive loss to fixed assets						—						—						(388)						(388)
Other comprehensive (loss)/income						(69,975)						(1,737)						460						(71,252)
Balance at July 3, 2022						$	(339,051)					$	(93,134)					$	1,508					$	(430,677)
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)

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 3, 2022 and July 4, 2021:

						Amount Reclassified from Accumulated Other Comprehensive Loss
						Three Months Ended						Six Months Ended
Details about Accumulated Other Comprehensive Loss Components						July 3, 2022			July 4, 2021			July 3, 2022			July 4, 2021						Affected Line Item in the Condensed Consolidated Statements of Income
Foreign currency items
Loss on Russia restructuring(a)						$	(3,747)		—			$	(3,747)		—						Restructuring/Asset impairment charges
Gains/(losses) on cash flow hedges
Foreign exchange contracts						843			1,489			1,866			1,829						Net sales
Foreign exchange contracts						(1,011)			(1,190)			(1,706)			(1,418)						Cost of sales
Commodity contracts						1,979			646			2,937			575						Cost of sales
						1,811			945			3,097			986						Income/(Loss) before income taxes
Income tax impact						(529)			(241)			(898)			(253)						Provision for/(Benefit from) income taxes
						1,282			704			2,199			733						Net income/(loss)
Defined benefit pension items
Effect of settlement loss(b)						(74)			(547,631)			(430)			(547,631)						Non-operating pension costs
Amortization of defined    benefit pension items(b)						(1,255)			(6,432)			(2,426)			(13,333)						Non-operating pension costs
						(1,329)			$	(554,063)		(2,856)			(560,964)						Income/(Loss) before income taxes
Income tax impact						335			142,090			700			143,722						Provision for/(Benefit from) income taxes
						(994)			$	(411,973)		(2,156)			(417,242)						Net income/(loss)
Total reclassifications for the period						$	(3,459)		$	(411,269)		$	(3,704)		$	(416,509)					Net income/(loss)

(a) See Note 5 for additional details.

(b) 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 3, 2022 and July 4, 2021:

									Three months ended July 3, 2022												Three months ended July 4, 2021
									Before Tax Amount			Tax (Expense) Benefit			After Tax Amount						Before Tax Amount			Tax (Expense) Benefit			After Tax Amount
Foreign currency items:
			Other comprehensive (loss)/income before reclassifications						$	(73,537)		$	—		$	(73,537)					$	11,837		$	—		$	11,837
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(a)						3,747			—			3,747						—			—			—
			Net other comprehensive (loss)/income from foreign currency items						(69,790)			—			(69,790)			—			11,837			—			11,837
Defined benefit pension items:
			Other comprehensive (loss)/income before reclassifications						(3,907)			985			(2,922)						14,213			(3,441)			10,772
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(b)						1,329			(335)			994						554,063			(142,090)			411,973
			Net other comprehensive (loss)/income from defined benefit pension items						(2,578)			650			(1,928)						568,276			(145,531)			422,745
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						(474)			139			(335)						5,674			(1,452)			4,222
			Amounts reclassified from accumulated other comprehensive loss to net income/(loss)						(1,811)			529			(1,282)						(945)			241			(704)
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(668)			195			(473)						(49)			13			(36)
			Net other comprehensive income/(loss) from cash flow hedges						(2,953)			863			(2,090)						4,680			(1,198)			3,482
Other comprehensive income/(loss)									$	(75,321)		$	1,513		$	(73,808)					$	584,793		$	(146,729)		$	438,064

(a) See Note 5 for additional details.

(b) 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 3, 2022 and July 4, 2021:

									Six months ended July 3, 2022												Six months ended July 4, 2021
									Before Tax Amount			Tax (Expense) Benefit			After Tax Amount						Before Tax Amount			Tax (Expense) Benefit			After Tax Amount
Foreign currency items:
			Other comprehensive loss before reclassifications						$	(73,722)		$	—		$	(73,722)					$	(20,184)		$	—		$	(20,184)
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(a)						3,747			—			3,747						—			—			—
			Net other comprehensive loss from foreign currency items						(69,975)			—			(69,975)						(20,184)			—			(20,184)
Defined benefit pension items:
			Other comprehensive (loss)/income before reclassifications						(5,183)			1,290			(3,893)						14,364			(3,476)			10,888
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(b)						2,856			(700)			2,156						560,964			(143,722)			417,242
			Net other comprehensive (loss)/income from defined benefit pension items						(2,327)			590			(1,737)						575,328			(147,198)			428,130
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						4,271			(1,224)			3,047						7,012			(1,793)			5,219
			Amounts reclassified from accumulated other comprehensive loss to net income/(loss)						(3,097)			898			(2,199)						(986)			253			(733)
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(552)			164			(388)						(62)			16			(46)
			Net other comprehensive income/(loss) from cash flow hedges						622			(162)			460						5,964			(1,524)			4,440
Other comprehensive income/(loss)									$	(71,680)		$	428		$	(71,252)					$	561,108		$	(148,722)		$	412,386

(a) See Note 5 for additional details.

(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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