Comprehensive Earnings

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Comprehensive Earnings

Comprehensive Loss

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

(In millions)	March 31, 2024		December 31, 2023
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale fixed income securities, net of tax	$	(1.4)	$	(1.2)
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax	266.4		271.4
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax	13.6		(8.0)
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax	369.6		237.1
Foreign currency translation adjustment	(3,589.2)		(3,246.7)
	$	(2,941.0)	$	(2,747.4)

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	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, 2023, net of tax			$	(8.0)	$	237.1	$	(1.2)	$	271.4	$	(3,246.7)	$	(2,747.4)
Other comprehensive earnings (loss) before reclassifications, before tax			33.7		169.1		(0.3)		(2.4)		(342.5)		(142.4)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(6.6)		(6.6)										(6.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.6	1.6										1.6
Amortization of prior service costs included in SG&A									0.5				0.5
Amortization of actuarial gain included in SG&A									(4.3)				(4.3)
Net other comprehensive earnings (loss), before tax			28.7		169.1		(0.3)		(6.2)		(342.5)		(151.2)
Income tax provision (benefit)			7.1		36.6		(0.1)		(1.2)		—		42.4
Balance at March 31, 2024, net of tax			$	13.6	$	369.6	$	(1.4)	$	266.4	$	(3,589.2)	$	(2,941.0)

	Three Months Ended March 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			10.5		(66.2)		0.9		6.3		45.3		(3.2)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(8.9)		(8.9)										(8.9)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.2	1.2										1.2
Amortization of actuarial gain included in SG&A									(5.0)				(5.0)
Net other comprehensive earnings (loss), before tax			2.8		(66.2)		0.9		1.3		45.3		(15.9)
Income tax provision (benefit)			1.1		(14.3)		0.2		0.5		—		(12.5)
Balance at March 31, 2023, net of tax			$	(16.8)	$	325.1	$	(1.6)	$	269.3	$	(3,340.6)	$	(2,764.6)