Comprehensive Earnings (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated other comprehensive loss, as reflected in the consolidated balance sheets, is comprised of the following:


(In millions)	December 31, 2023		December 31, 2022
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale fixed income securities, net of tax	$	(1.2)	$	(2.3)
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax	271.4		268.5
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(8.0)		(18.5)
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax	237.1		377.0
Foreign currency translation adjustment	(3,246.7)		(3,385.9)
	$	(2,747.4)	$	(2,761.2)

Components of accumulated other comprehensive (loss) earnings, before tax, consist of the following:


	Year Ended December 31, 2023
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-For-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2022, net of tax			$	(18.5)	$	377.0	$	(2.3)	$	268.5	$	(3,385.9)	$	(2,761.2)
Other comprehensive earnings (loss) before reclassifications, before tax			54.4		(178.5)		1.5		(37.3)		139.2		(20.7)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(45.3)		(45.3)										(45.3)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		4.8	4.8										4.8
Gain on divestiture of defined pension plan, included in SG&A									(3.0)				(3.0)
Amortization of prior service costs included in SG&A									(0.3)				(0.3)
Amortization of actuarial loss included in SG&A									21.9				21.9
Net other comprehensive earnings (loss), before tax			13.9		(178.5)		1.5		(18.7)		139.2		(42.6)
Income tax provision (benefit)			3.4		(38.6)		0.4		(21.6)		—		(56.4)

Balance at December 31, 2023, net of tax			$	(8.0)	$	237.1	$	(1.2)	$	271.4	$	(3,246.7)	$	(2,747.4)


	Year Ended December 31, 2022
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-For-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2021, net of tax			$	9.2	$	16.7	$	—	$	32.2	$	(1,802.4)	$	(1,744.3)
Other comprehensive earnings (loss) before reclassifications, before tax			47.8		460.1		(2.8)		276.3		(1,583.5)		(802.1)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(89.2)		(89.2)										(89.2)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		4.5	4.5										4.5
Amortization of prior service costs included in SG&A									(0.4)				(0.4)
Amortization of actuarial loss included in SG&A									3.2				3.2
Net other comprehensive earnings (loss), before tax			(36.9)		460.1		(2.8)		279.1		(1,583.5)		(884.0)
Income tax (benefit) provision			(9.2)		99.8		(0.5)		42.8		—		132.9

Balance at December 31, 2022, net of tax			$	(18.5)	$	377.0	$	(2.3)	$	268.5	$	(3,385.9)	$	(2,761.2)


	Year Ended December 31, 2021
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-For-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)
Other comprehensive earnings (loss) before reclassifications, before tax			62.7		456.8		(1.1)		67.0		(1,340.9)		(755.5)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(30.9)		(30.9)										(30.9)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		4.3	4.3										4.3
Amortization of prior service costs included in SG&A									(0.5)				(0.5)
Amortization of actuarial loss included in SG&A									7.4				7.4
Net other comprehensive earnings (loss), before tax			36.1		456.8		(1.1)		73.9		(1,340.9)		(775.2)
Income tax provision			8.9		86.5		0.1		15.6		—		111.1

Balance at December 31, 2021, net of tax			$	9.2	$	16.7	$	—	$	32.2	$	(1,802.4)	$	(1,744.3)