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Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2024
Comprehensive Income [Abstract] |
Reclassifications Out of Accumulated Other Comprehensive Loss | The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:
|  | Three Months Ended |  |  | Six Months Ended |
(in millions of dollars) |  | Jun. 30, 2024 |  |  | Jul. 2, 2023 |  |  | Jun. 30, 2024 |  |  | Jul. 2, 2023 |
Amortization of pension items: |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax amount |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 1.2 |
Tax |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | (0.4 | )
Net of tax |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.8 |
Accumulated Other Comprehensive Loss | The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:
(in millions of dollars) |  | Foreign Currency Translation Adjustment |  |  | Unrecognized Pension Costs |  |  | Net Gain (Loss) on Derivative Instruments |  |  | Total |
Balance as of December 31, 2023 |  | $ | (350.9 | ) |  | $ | (28.8 | ) |  | $ | 10.3 |  |  | $ | (369.4 | )
Other comprehensive income (loss) before reclassifications |  |  | (32.8 | ) |  |  | — |  |  |  | 1.5 |  |  |  | (31.3 | )
Amounts reclassified from AOCI |  |  | — |  |  |  | 0.5 |  |  |  | — |  |  |  | 0.5 |
Net current period other comprehensive income (loss) |  |  | (32.8 | ) |  |  | 0.5 |  |  |  | 1.5 |  |  |  | (30.8 | )
Balance as of June 30, 2024 |  | $ | (383.7 | ) |  | $ | (28.3 | ) |  | $ | 11.8 |  |  | $ | (400.2 | )

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