Accumulated Other Comprehensive Income (Loss) (Notes)

6 Months Ended

Jul. 02, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity.

The change in accumulated other comprehensive income (loss) during the quarters ended July 2, 2022 and July 3, 2021 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at April 3, 2021	$	(38.4)	$	(14.9)		$	(70.8)		$	(124.1)
Other comprehensive income (loss) before reclassifications (1)	2.5		(1.8)			—			0.7
Amounts reclassified from accumulated other comprehensive income (loss)	—		2.4		(2)	3.5		(3)	5.9
Income tax expense (benefit)	—		(0.6)			(0.8)			(1.4)
Net reclassifications	—		1.8			2.7			4.5
Net current-period other comprehensive income (loss) (1)	2.5		—			2.7			5.2
Balance at July 3, 2021	$	(35.9)	$	(14.9)		$	(68.1)		$	(118.9)
Balance at April 2, 2022	$	(70.5)	$	(0.7)		$	(31.0)		$	(102.2)
Other comprehensive income (loss) before reclassifications (1)	(45.4)		13.2			—			(32.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(3.6)		(2)	2.8		(3)	(0.8)
Income tax expense (benefit)	—		0.9			(0.5)			0.4
Net reclassifications	—		(2.7)			2.3			(0.4)
Net current-period other comprehensive income (loss) (1)	(45.4)		10.5			2.3			(32.6)
Balance at July 2, 2022	$	(115.9)	$	9.8		$	(28.7)		$	(134.8)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap and the cross-currency swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.

The change in accumulated other comprehensive income (loss) during the year-to-dates ended July 2, 2022 and July 3, 2021 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at January 2, 2021	$	(36.8)	$	(20.3)		$	(73.5)		$	(130.6)
Other comprehensive income (loss) before reclassifications (1)	0.9		3.2			—			4.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		3.0		(2)	6.9		(3)	9.9
Income tax expense (benefit)	—		(0.8)			(1.5)			(2.3)
Net reclassifications	—		2.2			5.4			7.6
Net current-period other comprehensive income (loss) (1)	0.9		5.4			5.4			11.7
Balance at July 3, 2021	$	(35.9)	$	(14.9)		$	(68.1)		$	(118.9)
Balance at January 1, 2022	$	(56.8)	$	(8.9)		$	(33.2)		$	(98.9)
Other comprehensive income (loss) before reclassifications (1)	(59.1)		21.7			—			(37.4)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(4.0)		(2)	5.6		(3)	1.6
Income tax expense (benefit)	—		1.0			(1.1)			(0.1)
Net reclassifications	—		(3.0)			4.5			1.5
Net current-period other comprehensive income (loss) (1)	(59.1)		18.7			4.5			(35.9)
Balance at July 2, 2022	$	(115.9)	$	9.8		$	(28.7)		$	(134.8)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to the interest rate swap and the cross-currency swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.