Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Oct. 01, 2023

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of tax, for the third quarter and nine months ended October 1, 2023 and October 2, 2022 are as follows (in millions):


	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance at July 2, 2023	$	(464.3)	$	5.4	$	(253.1)	$	(712.0)
Other comprehensive income (loss) before reclassifications	(76.6)		2.4		—		(74.2)
Amounts reclassified from AOCI	—		(3.5)		1.8		(1.7)
Net other comprehensive income (loss)	(76.6)		(1.1)		1.8		(75.9)

Balance at October 1, 2023	$	(540.9)	$	4.3	$	(251.3)	$	(787.9)

	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance at July 3, 2022	$	(316.4)	$	0.8	$	(289.4)	$	(605.0)
Other comprehensive income (loss) before reclassifications	(357.1)		7.7		—		(349.4)
Amounts reclassified from AOCI	—		(13.9)		4.1		(9.8)
Net other comprehensive income (loss)	(357.1)		(6.2)		4.1		(359.2)

Balance at October 2, 2022	$	(673.5)	$	(5.4)	$	(285.3)	$	(964.2)


	Foreign Currency Translation		Cash Flow Hedges and Other		Pension and Postretirement Benefits		Total
Balance as of January 1, 2023	$	(472.3)	$	1.3	$	(255.5)	$	(726.5)
Other comprehensive income (loss) before reclassifications	(68.6)		15.2		—		(53.4)
Amounts reclassified from AOCI	—		(12.2)		4.2		(8.0)
Net other comprehensive income (loss)	(68.6)		3.0		4.2		(61.4)

Balance as of October 1, 2023	$	(540.9)	$	4.3	$	(251.3)	$	(787.9)

	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	(544.5)		28.4		—		(516.1)
Amounts reclassified from AOCI	—		(30.4)		12.3		(18.1)
Net other comprehensive income (loss)	(544.5)		(2.0)		12.3		(534.2)

Balance as of October 2, 2022	$	(673.5)	$	(5.4)	$	(285.3)	$	(964.2)

The reclassifications out of AOCI to net income for the third quarter and nine months ended October 1, 2023 and October 2, 2022 are as follows (in millions):


	Amount Reclassified from AOCI for the Quarter Ended		Amount Reclassified from AOCI for the Quarter Ended		Statement of Income (Loss) Presentation
	October 1, 2023		October 2, 2022
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives	$	(4.6)	$	(18.5)	See Note 13
Income tax impact	1.1		4.6		Provision for income taxes
Total	$	(3.5)	$	(13.9)

Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	$	(0.4)	$	(0.4)	Costs and expenses
Amortization of net actuarial loss	2.7		5.8		Costs and expenses
Total before tax	2.3		5.4
Income tax impact	(0.5)		(1.3)		Provision for income taxes
Total	$	1.8	$	4.1


	Amount Reclassified from AOCI for the Nine Months Ended		Amount Reclassified from AOCI for the Nine Months Ended		Statement of Income (Loss) Presentation
	October 1, 2023		October 2, 2022
(Gain) loss on cash flow hedges:
Gain recognized in income on derivatives	$	(16.2)	$	(40.5)	See Note 13
Income tax impact	4.0		10.1		Provision for income taxes
Total	$	(12.2)	$	(30.4)

Amortization of defined benefit pension and postretirement plan items:
Amortization of prior service cost	(1.3)		(1.2)		Costs and expenses
Amortization of net actuarial loss	7.0		17.4		Costs and expenses
Total before tax	5.7		16.2
Income tax impact	$	(1.5)	$	(3.9)	Provision for income taxes
Total	$	4.2	$	12.3