Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 03, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive LossThe changes in AOCI by component, net of tax, for the first quarter ended April 3, 2022 and April 4, 2021 are as follows (in millions):

	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance as of January 2, 2022	$	(129.0)	$	(3.4)	$	(297.6)	$	(430.0)
Other comprehensive income (loss) before reclassifications	(32.6)		11.3		—		(21.3)
Amounts reclassified from AOCI	—		(4.8)		4.2		(0.6)
Net other comprehensive income (loss)	(32.6)		6.5		4.2		(21.9)
Balance as of April 3, 2022	$	(161.6)	$	3.1	$	(293.4)	$	(451.9)
	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance as of January 3, 2021	$	(84.6)	$	2.3	$	(347.8)	$	(430.1)
Other comprehensive income before reclassifications	1.0		9.5		—		10.5
Amounts reclassified from AOCI	—		(9.6)		4.3		(5.3)
Net other comprehensive income (loss)	1.0		(0.1)		4.3		5.2
Balance as of April 4, 2021	$	(83.6)	$	2.2	$	(343.5)	$	(424.9)

The reclassifications out of AOCI to net income for the first quarter ended April 3, 2022 and April 4, 2021 are as follows (in millions):

	Amount Reclassified from AOCI for the Three Months Ended		Amount Reclassified from AOCI for the Three Months Ended		Statement of Income
	April 3, 2022		April 4, 2021		Presentation
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives	$	(6.5)	$	(12.9)	See Note 4
Income tax impact	1.7		3.3		(Benefit) provision for income taxes
Total	$	(4.8)	$	(9.6)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	$	3.5	$	(0.9)	Costs and expenses
Amortization of net actuarial loss	2.0		6.6		Costs and expenses
Total before tax	5.5		5.7
Income tax impact	(1.3)		(1.4)		(Benefit) provision for income taxes
Total	$	4.2	$	4.3