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Comprehensive Income | 9 Months Ended
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Sep. 28, 2024
Comprehensive Income [Abstract] |
Comprehensive Income | Comprehensive Income Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses, all net of tax. Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and nine months ended September 28, 2024 and September 30, 2023 are as follows:
| Three Months Ended |  | Nine Months Ended
(in millions) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Net earnings | $ | 44.6 |  |  | $ | 112.5 |  |  | $ | 212.6 |  |  | $ | 359.5 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency cumulative translation adjustments | 26.6 |  |  | (20.7) |  |  | 3.4 |  |  | (12.2) |
Net change in unamortized prior service credits | (0.1) |  |  | — |  |  | (0.4) |  |  | — |
Net change in unamortized actuarial gains (losses) | (0.2) |  |  | 0.1 |  |  | (0.5) |  |  | 0.3 |
Net change in unrealized derivative gains (losses) | (11.4) |  |  | 7.3 |  |  | (4.5) |  |  | (0.7) |
Total other comprehensive income (loss) | 14.9 |  |  | (13.3) |  |  | (2.0) |  |  | (12.6) |
Comprehensive income | $ | 59.5 |  |  | $ | 99.2 |  |  | $ | 210.6 |  |  | $ | 346.9 |
The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 28, 2024:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial gains |  |  |  | Unrealized investment gains |  | Net derivative gains |  | Total
Beginning balance | $ | (72.7) |  |  | $ | (7.7) |  |  | $ | 7.6 |  |  |  |  | $ | 0.2 |  |  | $ | 30.0 |  |  | $ | (42.6) |
Other comprehensive income (loss) before reclassifications (A) | 26.6 |  |  | — |  |  | — |  |  |  |  | — |  |  | (11.7) |  |  | 14.9 |
Amounts reclassified from Accumulated other comprehensive loss (B)(C) | — |  |  | (0.1) |  |  | (0.2) |  |  |  |  | — |  |  | 0.3 |  |  | — |
Net other comprehensive income (loss) | 26.6 |  |  | (0.1) |  |  | (0.2) |  |  |  |  | — |  |  | (11.4) |  |  | 14.9 |
Ending balance | $ | (46.1) |  |  | $ | (7.8) |  |  | $ | 7.4 |  |  |  |  | $ | 0.2 |  |  | $ | 18.6 |  |  | $ | (27.7) |
(A) The tax effects for the three months ended September 28, 2024 were $(3.3) million for foreign currency translation and $4.2 million for derivatives. (B) The tax effects for the three months ended September 28, 2024 were $(0.2) million for derivatives. (C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 28, 2024:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial gains |  |  |  | Unrealized investment gains |  | Net derivative gains |  | Total
Beginning balance | $ | (49.5) |  |  | $ | (7.4) |  |  | $ | 7.9 |  |  |  |  | $ | 0.2 |  |  | $ | 23.1 |  |  | $ | (25.7) |
Other comprehensive income (loss) before reclassifications (A) | 3.4 |  |  | — |  |  | — |  |  |  |  | — |  |  | (2.4) |  |  | 1.0 |
Amounts reclassified from Accumulated other comprehensive loss (B)(C) | — |  |  | (0.4) |  |  | (0.5) |  |  |  |  | — |  |  | (2.1) |  |  | (3.0) |
Net other comprehensive income (loss) | 3.4 |  |  | (0.4) |  |  | (0.5) |  |  |  |  | — |  |  | (4.5) |  |  | (2.0) |
Ending balance | $ | (46.1) |  |  | $ | (7.8) |  |  | $ | 7.4 |  |  |  |  | $ | 0.2 |  |  | $ | 18.6 |  |  | $ | (27.7) |
(A) The tax effects for the nine months ended September 28, 2024 were $1.0 million for foreign currency translation and $1.1 million for derivatives. (B) The tax effects for the nine months ended September 28, 2024 were $0.9 million for derivatives. (C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 30, 2023:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial gains |  | Unrealized investment gains |  | Net derivative gains |  | Total
Beginning balance | $ | (62.8) |  |  | $ | (4.1) |  |  | $ | 9.9 |  |  | $ | 0.2 |  |  | $ | 28.0 |  |  | $ | (28.8) |
Other comprehensive (loss) income before reclassifications (A) | (20.7) |  |  | — |  |  | — |  |  | — |  |  | 8.1 |  |  | (12.6) |
Amounts reclassified from Accumulated other comprehensive loss (B)(C) | — |  |  | — |  |  | 0.1 |  |  | — |  |  | (0.8) |  |  | (0.7) |
Net other comprehensive (loss) income | (20.7) |  |  | — |  |  | 0.1 |  |  | — |  |  | 7.3 |  |  | (13.3) |
Ending balance | $ | (83.5) |  |  | $ | (4.1) |  |  | $ | 10.0 |  |  | $ | 0.2 |  |  | $ | 35.3 |  |  | $ | (42.1) |
(A) The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives. (B) The tax effects for the three months ended September 30, 2023 were $0.5 million for derivatives. (C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 30, 2023. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 30, 2023:
(in millions) | Foreign currency translation |  | Prior service credits |  | Net actuarial gains |  |  |  | Unrealized investment gains |  | Net derivative gains |  | Total
Beginning balance | $ | (71.3) |  |  | $ | (4.1) |  |  | $ | 9.7 |  |  |  |  | $ | 0.2 |  |  | $ | 36.0 |  |  | $ | (29.5) |
Other comprehensive (loss) income before reclassifications (A) | (12.2) |  |  | — |  |  | — |  |  |  |  | — |  |  | 7.6 |  |  | (4.6) |
Amounts reclassified from Accumulated other comprehensive loss (B)(C) | — |  |  | — |  |  | 0.3 |  |  |  |  | — |  |  | (8.3) |  |  | (8.0) |
Net other comprehensive (loss) income | (12.2) |  |  | — |  |  | 0.3 |  |  |  |  | — |  |  | (0.7) |  |  | (12.6) |
Ending balance | $ | (83.5) |  |  | $ | (4.1) |  |  | $ | 10.0 |  |  |  |  | $ | 0.2 |  |  | $ | 35.3 |  |  | $ | (42.1) |
(A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives. (B) The tax effects for the nine months ended September 30, 2023 were $3.4 million for derivatives. (C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 30, 2023. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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