Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v3.23.1
Comprehensive Income (Tables)
3 Months Ended
Apr. 01, 2023
Comprehensive Income [Abstract]  
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 April 1, 2023 and April 2, 2022 are as follows:
Three Months Ended
(in millions) April 1,
2023
April 2,
2022
Net earnings $ 112.3  $ 174.2 
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments 6.3  2.1 
Net change in unamortized actuarial gains 0.1  0.2 
Net change in unrealized derivative gains (2.8) 7.6 
Total other comprehensive income 3.6  9.9 
Comprehensive income $ 115.9  $ 184.1 
The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended April 1, 2023:
(in millions) Foreign currency translation Prior service credits Net actuarial gains Unrealized investment gains Net derivative gains Total
Beginning balance $ (71.3) $ (4.1) $ 9.7  $ 0.2  $ 36.0  $ (29.5)
Other comprehensive income before reclassifications (A)
6.3  —  —  —  2.1  8.4 
Amounts reclassified from Accumulated other comprehensive loss (B)
—  —  0.1  —  (4.9) (4.8)
Net other comprehensive income (loss) 6.3  —  0.1  —  (2.8) 3.6 
Ending balance $ (65.0) $ (4.1) $ 9.8  $ 0.2  $ 33.2  $ (25.9)

(A) The tax effects for the three months ended April 1, 2023 were $(0.1) million for foreign currency translation and $(1.0) million for derivatives.
(B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended April 1, 2023.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended April 2, 2022:
(in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total
Beginning balance $ (34.5) $ (3.7) $ (3.4) $ 0.2  $ 9.9  $ (31.5)
Other comprehensive income before reclassifications (A)
2.1  —  —  —  10.8  12.9 
Amounts reclassified from Accumulated other comprehensive loss (B)
—  —  0.2  —  (3.2) (3.0)
Net other comprehensive income 2.1  —  0.2  —  7.6  9.9 
Ending balance $ (32.4) $ (3.7) $ (3.2) $ 0.2  $ 17.5  $ (21.6)

(A) The tax effects for the three months ended April 2, 2022 were $1.6 million for foreign currency translation and $(3.5) million for derivatives.
(B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended April 2, 2022
Reclassification out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and three months ended April 1, 2023 and April 2, 2022:

Three Months Ended
Details about Accumulated other comprehensive (loss) income components (in millions) April 1,
2023
April 2,
2022
Affected line item in the statement where net income is presented
Amortization of defined benefit items:
Net actuarial losses $ (0.1) $ (0.2) Other expense, net
(0.1) (0.2) Earnings before income taxes
  —  Income tax provision
$ (0.1) $ (0.2) Net earnings from continuing operations
Amount of (loss) gain reclassified into earnings on derivative contracts:
Interest-rate contracts $ (0.1) $ —  Interest expense
Foreign exchange contracts 7.5  2.7  Cost of sales
Commodity contracts (0.6) 1.6  Cost of sales
6.8  4.3  Earnings before income taxes
(1.9) (1.1) Income tax provision
$ 4.9  $ 3.2  Net earnings from continuing operations