ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in the accumulated balances for each component of Accumulated other comprehensive loss:

(Millions of Dollars)	Currency translation adjustment and other		(Losses) gains on cash flow hedges, net of tax		Gains (losses) on net investment hedges, net of tax		Pension (losses) gains, net of tax		Total
Balance - January 1, 2022	$	(1,543.0)	$	(49.8)	$	71.8	$	(324.6)	$	(1,845.6)
Other comprehensive (loss) income before reclassifications	(328.3)		31.7		3.7		73.4		(219.5)
Adjustments related to sales of businesses	(36.1)		—		—		—		(36.1)
Reclassification adjustments to earnings	—		(26.4)		(1.7)		9.8		(18.3)
Net other comprehensive (loss) income	(364.4)		5.3		2.0		83.2		(273.9)
Balance - December 31, 2022	$	(1,907.4)	$	(44.5)	$	73.8	$	(241.4)	$	(2,119.5)
Other comprehensive income (loss) before reclassifications	75.1		(1.6)		(8.9)		(26.9)		37.7
Reclassification adjustments to earnings	—		3.6		—		9.1		12.7
Net other comprehensive income (loss)	75.1		2.0		(8.9)		(17.8)		50.4
Balance - December 30, 2023	$	(1,832.3)	$	(42.5)	$	64.9	$	(259.2)	$	(2,069.1)

The Company uses the portfolio method for releasing the stranded tax effects from Accumulated other comprehensive loss. The reclassifications out of Accumulated other comprehensive loss for the years ended December 30, 2023 and December 31, 2022 were as follows:

(Millions of Dollars)	2023		2022
Components of Accumulated other comprehensive loss	Reclassification adjustments		Reclassification adjustments		Affected line item in Consolidated Statements of Operations
Realized (losses) gains on cash flow hedges	$	(0.6)	$	53.3	Cost of sales
Realized losses on cash flow hedges	(6.1)		(5.8)		Interest expense
Total before taxes	$	(6.7)	$	47.5
Tax effect	3.1		(21.1)		Income taxes
Realized (losses) gains on cash flow hedges, net of tax	$	(3.6)	$	26.4
Realized gains on net investment hedges	$	—	$	2.2	Other, net
Tax effect	—		(0.5)		Income taxes
Realized gains on net investment hedges, net of tax	$	—	$	1.7
Actuarial losses and prior service costs / credits	(11.1)		(13.3)		Other, net
Settlement losses	(1.0)		—		Other, net
Total before taxes	(12.1)		(13.3)
Tax effect	3.0		3.5		Income taxes
Amortization of defined benefit pension items, net of tax	$	(9.1)	$	(9.8)