Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jul. 03, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the second quarter and six months ended July 3, 2022 and July 4, 2021 are as follows (in millions):

	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance as of April 3, 2022	$	(161.6)	$	3.1	$	(293.4)	$	(451.9)
Other comprehensive income (loss) before reclassifications	(154.8)		9.4		—		(145.4)
Amounts reclassified from AOCI	—		(11.7)		4.0		(7.7)
Net other comprehensive income (loss)	(154.8)		(2.3)		4.0		(153.1)
Balance as of July 3, 2022	$	(316.4)	$	0.8	$	(289.4)	$	(605.0)
	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance as of April 4, 2021	$	(83.6)	$	2.2	$	(343.5)	$	(424.9)
Other comprehensive income before reclassifications	3.2		2.2		—		5.4
Amounts reclassified from AOCI	—		(1.7)		4.5		2.8
Net other comprehensive income	3.2		0.5		4.5		8.2
Balance as of July 4, 2021	$	(80.4)	$	2.7	$	(339.0)	$	(416.7)

	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	(187.4)		20.7		—		(166.7)
Amounts reclassified from AOCI	—		(16.5)		8.2		(8.3)
Net other comprehensive income (loss)	(187.4)		4.2		8.2		(175.0)
Balance as of July 3, 2022	$	(316.4)	$	0.8	$	(289.4)	$	(605.0)
	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	4.2		11.7		—		15.9
Amounts reclassified from AOCI	—		(11.3)		8.8		(2.5)
Net other comprehensive income	4.2		0.4		8.8		13.4
Balance as of July 4, 2021	$	(80.4)	$	2.7	$	(339.0)	$	(416.7)

The reclassifications out of AOCI to net income for the second quarter and six months ended July 3, 2022 and July 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
	July 3, 2022		July 4, 2021		Presentation
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives	$	(15.6)	$	(2.2)	See Note 4
Income tax impact	3.9		0.5		Provision for income taxes
Total	$	(11.7)	$	(1.7)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	$	(0.4)	$	(0.9)	Costs and expenses
Amortization of net actuarial loss	5.7		6.8		Costs and expenses
Total before tax	5.3		5.9
Income tax impact	(1.3)		(1.4)		Provision for income taxes
Total	$	4.0	$	4.5

	Amount Reclassified from AOCI for the Six Months Ended		Amount Reclassified from AOCI for the Six Ended		Statement of Income
	July 3, 2022		July 4, 2021		Presentation
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives	$	(22.0)	$	(15.1)	See Note 4
Income tax impact	5.5		3.8		Provision for income taxes
Total	$	(16.5)	$	(11.3)
Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	(0.8)		(1.8)		Costs and expenses
Amortization of net actuarial loss	11.6		13.4		Costs and expenses
Total before tax	10.8		11.6
Income tax impact	$	(2.6)	$	(2.8)	Provision for income taxes
Total	$	8.2	$	8.8