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Comprehensive Income (Tables) | 3 Months Ended
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Apr. 02, 2022
Comprehensive Income [Abstract] |
Changes in the Components in Accumulated Other Comprehensive Income (Loss) | Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three months ended April 2, 2022 and April 3, 2021 are as follows:
(in millions) |  |  |  |  | April 2, 2022 |  | April 3, 2021
Net earnings |  |  |  |  | $ | 174.2 |  |  | $ | 169.3 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency cumulative translation adjustment |  |  |  |  | 2.1 |  |  | (7.5) |
Net change in unamortized prior service credits |  |  |  |  | — |  |  | (0.2) |
Net change in unamortized actuarial losses |  |  |  |  | 0.2 |  |  | 0.2 |
Net change in unrealized derivative losses |  |  |  |  | 7.6 |  |  | 13.1 |
Total other comprehensive income |  |  |  |  | 9.9 |  |  | 5.6 |
Comprehensive income |  |  |  |  | $ | 184.1 |  |  | $ | 174.9 |
The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended April 2, 2022:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial losses |  | Unrealized investment gains |  | Net derivative losses |  | Total
Beginning balance | $ | (34.5) |  |  | $ | (3.7) |  |  | $ | (3.4) |  |  | $ | 0.2 |  |  | $ | 9.9 |  |  | $ | (31.5) |
Other comprehensive income before reclassifications (A) | 2.1 |  |  | — |  |  | — |  |  | — |  |  | 10.8 |  |  | 12.9 |
Amounts reclassified from Accumulated other comprehensive loss (income) (B) | — |  |  | — |  |  | 0.2 |  |  | — |  |  | (3.2) |  |  | (3.0) |
Net other comprehensive income | 2.1 |  |  | — |  |  | 0.2 |  |  | — |  |  | 7.6 |  |  | 9.9 |
Ending balance | $ | (32.4) |  |  | $ | (3.7) |  |  | $ | (3.2) |  |  | $ | 0.2 |  |  | $ | 17.5 |  |  | $ | (21.6) |
(A) The tax effects for the three months ended April 2, 2022 were $1.6 million for foreign currency translation and $(3.5) million for derivatives. (B) See the table below for the tax effects for the three months ended April 2, 2022. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended April 3, 2021:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial losses |  | Net derivative losses |  | Total
Beginning balance | $ | (15.1) |  |  | $ | (3.5) |  |  | $ | (8.9) |  |  | $ | (15.2) |  |  | $ | (42.7) |
Other comprehensive (loss) income before reclassifications (A) | (7.5) |  |  | — |  |  | — |  |  | 11.0 |  |  | 3.5 |
Amounts reclassified from Accumulated other comprehensive loss (B) | — |  |  | (0.2) |  |  | 0.2 |  |  | 2.1 |  |  | 2.1 |
Net other comprehensive (loss) income | (7.5) |  |  | (0.2) |  |  | 0.2 |  |  | 13.1 |  |  | 5.6 |
Ending balance | $ | (22.6) |  |  | $ | (3.7) |  |  | $ | (8.7) |  |  | $ | (2.1) |  |  | $ | (37.1) |
(A) The tax effects for the three months ended April 3, 2021 were $0.9 million for foreign currency translation and $(3.6) million for derivatives. (B) See the table below for the tax effects for the three months ended April 3, 2021.
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three months ended April 2, 2022 and April 3, 2021:
Details about Accumulated other comprehensive income (loss) components (in millions) |  |  |  |  |  | April 2, 2022 |  | April 3, 2021 |  | Affected line item in the statement where net income is presented
Amortization of defined benefit items: |  |  |  |  |  |  |  |  |  |
Prior service credits |  |  |  |  |  | $ | — |  |  | $ | 0.2 |  |  | Other expense, net
Net actuarial losses |  |  |  |  |  | (0.2) |  |  | (0.2) |  |  | Other expense, net
|  |  |  |  |  | (0.2) |  |  | — |  |  | Earnings before income taxes
|  |  |  |  |  | — |  |  | — |  |  | Income tax provision
|  |  |  |  |  | $ | (0.2) |  |  | $ | — |  |  | Net earnings from continuing operations
Amount of gain (loss) reclassified into earnings on derivative contracts: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  | $ | — |  |  | $ | (0.1) |  |  | Interest expense
Foreign exchange contracts |  |  |  |  |  | 2.7 |  |  | (3.1) |  |  | Cost of sales
Commodity contracts |  |  |  |  |  | 1.6 |  |  | 0.3 |  |  | Cost of sales
|  |  |  |  |  | 4.3 |  |  | (2.9) |  |  | Earnings before income taxes
|  |  |  |  |  | (1.1) |  |  | 0.8 |  |  | Income tax provision
|  |  |  |  |  | $ | 3.2 |  |  | $ | (2.1) |  |  | Net earnings from continuing operations

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