Other Comprehensive Income (Notes)

6 Months Ended

Jul. 03, 2021

Disclosure Other Comprehensive Income Additional Information [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income".

Changes in accumulated other comprehensive income(1) were as follows (in thousands):

	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Total
Balance as of January 2, 2021	$	(49,961)	$	(400,919)	$	(37,548)	$	(488,428)
Other comprehensive income before reclassification	(11,119)		(2,818)		2,885		(11,052)
Amounts reclassified from accumulated other comprehensive income	—		—		10,230		10,230
Net current-period other comprehensive income	$	(11,119)	$	(2,818)	$	13,115	$	(822)
Balance as of July 3, 2021	$	(61,080)	$	(403,737)	$	(24,433)	$	(489,250)
Balance as of December 28, 2019	$	(105,705)	$	(228,336)	$	(16,892)	$	(350,933)
Other comprehensive income before reclassification	(29,064)		12,317		(33,141)		(49,888)
Amounts reclassified from accumulated other comprehensive income	—		—		5,261		5,261
Net current-period other comprehensive income	$	(29,064)	$	12,317	$	(27,880)	$	(44,627)
Balance as of June 27, 2020	$	(134,769)	$	(216,019)	$	(44,772)	$	(395,560)

(1) As of July 3, 2021, pension and interest rate swap amounts are net of tax of $(89.7) million and $(8.5) million, respectively. During the six months ended July 3, 2021, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(0.6) million and $4.6 million, respectively. As of June 27, 2020 pension and interest rate swap amounts are net of tax of $(46.0) million and $(16.2) million, respectively. During the six months ended June 27, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $2.6 million and $(10.3) million, respectively.

Components of other comprehensive income were as follows (in thousands):

	Three Months Ended				Six Months Ended
	Jul 3, 2021		Jun 27, 2020		Jul 3, 2021		Jun 27, 2020
Net earnings	$	120,585	$	21,162	$	209,848	$	94,941
Currency translation adjustment	(505)		19,852		(11,119)		(29,064)
Pension liability adjustment, net of tax	1,152		(2,491)		(2,818)		12,317
Unrealized gain (loss) on interest rate swaps, net of tax	703		(2,661)		13,115		(27,880)
Comprehensive income	$	121,935	$	35,862	$	209,026	$	50,314