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Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 02, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive LossThe 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 nine-month period ended October 2, 2022 and October 3, 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						(155,179)						(3,948)						4,136						(154,991)
Amounts reclassified from accumulated other comprehensive loss to net income						3,747						3,072						(4,286)						2,533
Amounts reclassified from accumulated other comprehensive loss to fixed assets						—						—						(642)						(642)
Other comprehensive (loss)/income						(151,432)						(876)						(792)						(153,100)
Balance at October 2, 2022						$	(420,508)					$	(92,273)					$	256					$	(512,525)
Balance at December 31, 2020						$	(194,024)					$	(562,747)					$	(71)					$	(756,842)
Other comprehensive (loss)/income before reclassifications						(57,261)						11,302						7,804						(38,155)
Amounts reclassified from accumulated other comprehensive loss to net loss						—						418,521						(2,403)						416,118
Amounts reclassified from accumulated other comprehensive loss to fixed assets						—						—						(31)						(31)
Other comprehensive (loss)/income						(57,261)						429,823						5,370						377,932
Balance at October 3, 2021						$	(251,285)					$	(132,924)					$	5,299					$	(378,910)

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 nine-month periods ended October 2, 2022 and October 3, 2021:

						Amount Reclassified from Accumulated Other Comprehensive Loss
						Three Months Ended						Nine Months Ended
Details about Accumulated Other Comprehensive Loss Components						October 2, 2022			October 3, 2021			October 2, 2022			October 3, 2021						Affected Line Item in the Condensed Consolidated Statements of Income
Foreign currency items
Loss on Russia restructuring(a)						$	—		—			$	(3,747)		—						Restructuring/Asset impairment charges
Gains/(losses) on cash flow hedges
Foreign exchange contracts						559			937			2,425			2,766						Net sales
Foreign exchange contracts						(433)			(711)			(2,139)			(2,129)						Cost of sales
Commodity contracts						2,434			2,051			5,371			2,626						Cost of sales
						2,560			2,277			5,657			3,263						Income/(Loss) before income taxes
Income tax impact						(473)			(607)			(1,371)			(860)						Provision for/(Benefit from) income taxes
						2,087			1,670			4,286			2,403						Net income/(loss)
Defined benefit pension items
Effect of settlement loss(b)						—			(21)			(430)			(547,652)						Non-operating pension costs
Amortization of defined    benefit pension items(b)						(1,229)			(1,640)			(3,655)			(14,973)						Non-operating pension costs
						(1,229)			(1,661)			(4,085)			(562,625)						Income/(Loss) before income taxes
Income tax impact						313			382			1,013			144,104						Provision for/(Benefit from) income taxes
						(916)			(1,279)			(3,072)			(418,521)						Net income/(loss)
Total reclassifications for the period						$	1,171		$	391		$	(2,533)		$	(416,118)					Net income/(loss)

(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 (loss)/income for the three-month periods ended October 2, 2022 and October 3, 2021:

									Three months ended October 2, 2022												Three months ended October 3, 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						$	(81,457)		$	—		$	(81,457)					$	(37,077)		$	—		$	(37,077)
			Amounts reclassified from accumulated other    comprehensive loss to net income(a)						—			—			—						—			—			—
			Net other comprehensive loss from foreign currency items						(81,457)			—			(81,457)			—			(37,077)			—			(37,077)
Defined benefit pension items:
			Other comprehensive (loss)/income before reclassifications						(74)			19			(55)						559			(145)			414
			Amounts reclassified from accumulated other    comprehensive loss to net income(b)						1,229			(313)			916						1,661			(382)			1,279
			Net other comprehensive income/(loss) from defined benefit pension items						1,155			(294)			861						2,220			(527)			1,693
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						1,336			(247)			1,089						3,525			(940)			2,585
			Amounts reclassified from accumulated other    comprehensive loss to net income(c)						(2,560)			473			(2,087)						(2,277)			607			(1,670)
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(312)			58			(254)						20			(5)			15
			Net other comprehensive (loss)/ income from cash flow hedges						(1,536)			284			(1,252)						1,268			(338)			930
Other comprehensive (loss)/income									$	(81,838)		$	(10)		$	(81,848)					$	(33,589)		$	(865)		$	(34,454)

(a) See Note 5 for additional details.

(b) See Note 11 for additional details.

(c) See Note 9 for additional details.

The following table summarizes the before and after tax amounts for the various components of other comprehensive (loss)/income for the nine-month periods ended October 2, 2022 and October 3, 2021:

									Nine-month period ended October 2, 2022												Nine-month period ended October 3, 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						$	(155,179)		$	—		$	(155,179)					$	(57,261)		$	—		$	(57,261)
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(a)						3,747			—			3,747						—			—			—
			Net other comprehensive loss from foreign currency items						(151,432)			—			(151,432)						(57,261)			—			(57,261)
Defined benefit pension items:
			Other comprehensive (loss)/income before reclassifications						(5,257)			1,309			(3,948)						14,923			(3,621)			11,302
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(b)						4,085			(1,013)			3,072						562,625			(144,104)			418,521
			Net other comprehensive (loss)/income from defined benefit pension items						(1,172)			296			(876)						577,548			(147,725)			429,823
Gains and losses on cash flow hedges:
			Other comprehensive income/(loss) before reclassifications						5,607			(1,471)			4,136						10,536			(2,732)			7,804
			Amounts reclassified from accumulated other    comprehensive loss to net income/(loss)(c)						(5,657)			1,371			(4,286)						(3,263)			860			(2,403)
			Amounts reclassified from accumulated other comprehensive loss to fixed assets						(864)			222			(642)						(42)			11			(31)
			Net other comprehensive (loss)/income from cash flow hedges						(914)			122			(792)						7,231			(1,861)			5,370
Other comprehensive (loss)/ income									$	(153,518)		$	418		$	(153,100)					$	527,518		$	(149,586)		$	377,932

(a) See Note 5 for additional details.

(b) See Note 11 for additional details.

(c) See Note 9 for additional details.

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section S99
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-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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