Accumulated Other Comprehensive Income (Loss) (Notes)

6 Months Ended

Jun. 29, 2024

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 June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at April 1, 2023	$	(130.3)	$	(4.5)		$	(1.8)		$	(136.6)
Other comprehensive income (loss) before reclassifications (1)	5.3		(2.0)			—			3.3
Amounts reclassified from accumulated other comprehensive loss	—		(2.8)		(2)	(0.2)		(3)	(3.0)
Income tax expense	—		0.8			—			0.8
Net reclassifications	—		(2.0)			(0.2)			(2.2)
Net current-period other comprehensive income (loss) (1)	5.3		(4.0)			(0.2)			1.1
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at March 30, 2024	$	(124.2)	$	(14.6)		$	(9.1)		$	(147.9)
Other comprehensive income (loss) before reclassifications (1)	(2.8)		1.3			—			(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		(2)	(0.4)		(3)	(0.6)
Income tax expense	—		0.1			—			0.1
Net reclassifications	—		(0.1)			(0.4)			(0.5)
Net current-period other comprehensive income (loss) (1)	(2.8)		1.2			(0.4)			(2.0)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

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

(2)Amounts related to foreign currency derivatives deemed to be highly effective 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 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-date periods ended June 29, 2024 and July 1, 2023 is as follows:

(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)
Other comprehensive income (loss) before reclassifications (1)	3.9		(2.9)			—			1.0
Amounts reclassified from accumulated other comprehensive income (loss)	4.2		(10.1)		(2)	(0.4)		(3)	(6.3)
Income tax expense (benefit)	—		2.6			0.1			2.7
Net reclassifications	4.2		(7.5)			(0.3)			(3.6)
Net current-period other comprehensive income (loss) (1)	8.1		(10.4)			(0.3)			(2.6)
Balance at July 1, 2023	$	(125.0)	$	(8.5)		$	(2.0)		$	(135.5)
Balance at December 30, 2023	$	(116.3)	$	(17.1)		$	(8.8)		$	(142.2)
Other comprehensive income (loss) before reclassifications (1)	(10.9)		5.9			—			(5.0)
Amounts reclassified from accumulated other comprehensive income (loss)	0.2		(2.9)		(2)	(0.8)		(3)	(3.5)
Income tax expense (benefit)	—		0.7			0.1			0.8
Net reclassifications	0.2		(2.2)			(0.7)			(2.7)
Net current-period other comprehensive income (loss) (1)	(10.7)		3.7			(0.7)			(7.7)
Balance at June 29, 2024	$	(127.0)	$	(13.4)		$	(9.5)		$	(149.9)

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

(2)Amounts related to foreign currency derivatives deemed to be highly effective 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 are included in interest expense.

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