Comprehensive Income (Tables)

3 Months Ended

Mar. 30, 2024

Changes in the Components in Accumulated Other Comprehensive Income (Loss)

Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three months ended March 30, 2024 and April 1, 2023 are as follows:


	Three Months Ended
(in millions)	March 30, 2024		April 1, 2023
Net earnings	$	68.0	$	112.3
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments	(19.6)		6.3
Net change in unamortized prior service credits	(0.1)		—
Net change in unamortized actuarial gains (losses)	(0.1)		0.1

Net change in unrealized derivative gains (losses)	9.3		(2.8)
Total other comprehensive (loss) income	(10.5)		3.6
Comprehensive income	$	57.5	$	115.9

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended March 30, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(49.5)	$	(7.4)	$	7.9	$	0.2	$	23.1	$	(25.7)
Other comprehensive (loss) income before reclassifications (A)	(19.6)		—		—		—		10.0		(9.6)
Amounts reclassified from Accumulated other comprehensive loss (B)(C)	—		(0.1)		(0.1)		—		(0.7)		(0.9)
Net other comprehensive (loss) income	(19.6)		(0.1)		(0.1)		—		9.3		(10.5)
Ending balance	$	(69.1)	$	(7.5)	$	7.8	$	0.2	$	32.4	$	(36.2)

(A) The tax effects for the three months ended March 30, 2024 were $3.0 million for foreign currency translation and $(3.7) million for derivatives.

(B) The tax effects for the three months ended March 30, 2024 were $0.4 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended March 30, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.