Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income

v2.4.0.6
Comprehensive Income
 3 Months Ended
Mar. 30, 2013
Comprehensive Income [Abstract]  
Comprehensive Income
Note 12 – Comprehensive Income

Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets includes prior service costs and credits and net actuarial gains and losses for defined benefit plans; foreign currency cumulative translation adjustments; unrealized derivative gains and losses; and investment gains and losses, all net of tax.  Changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 30, 2013 and March 31, 2012 were as follows:
 
Three Months Ended
(in millions)
March 30,
2013
 
March 31,
2012
Net earnings
$
49.8

 
$
39.7

Other comprehensive income (loss):
 

 
 

Foreign currency cumulative translation adjustment
(7.0
)
 
6.2

Net change in unamortized prior service cost
(1.7
)
 
(1.7
)
Net change in unamortized actuarial loss
5.9

 
5.8

Net change in unrealized derivative losses
(0.3
)
 
(2.0
)
Total other comprehensive income (loss)
(3.1
)
 
8.3

Comprehensive income
$
46.7

 
$
48.0


The following table presents the changes in Accumulated other comprehensive income (loss) by component, all net of tax, for the three months ended March 30, 2013:
(in millions)
Foreign currency translation
 
Prior service cost
 
Actuarial loss
 
Derivatives
 
Total
Beginning balance
$
18.4

 
$
4.4

 
$
(567.2
)
 
$
(10.7
)
 
$
(555.1
)
Other comprehensive income before reclassifications
(7.0
)
 
—

 
0.2

 
0.9

 
(5.9
)
Amounts reclassified from accumulated other comprehensive income
—

 
(1.7
)
 
5.7

 
(1.2
)
 
2.8

Net current-period other comprehensive income
(7.0
)
 
(1.7
)
 
5.9

 
(0.3
)
 
(3.1
)
Ending balance
$
11.4

 
$
2.7

 
$
(561.3
)
 
$
(11.0
)
 
$
(558.2
)


The following table presents reclassification adjustments out of Accumulated other comprehensive income (loss) during the three months ended March 30, 2013:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive income (loss) components
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net income is presented
Amortization of defined benefit items:
 
 
 
 
Prior service credits
 
$
(1.7
)
 
(A) 
Net actuarial losses
 
5.7

 
(A) 
 
 
4.0

 
Total before tax
 
 
—

 
Tax benefit (B)
 
 
$
4.0

 
Net of tax
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified into earnings on derivative contracts:
 
 
 
 
Interest rate contracts
 
$
0.3

 
Interest expense
Foreign exchange contracts
 
(1.3
)
 
Cost of sales
Commodity contracts
 
(0.4
)
 
Cost of sales
 
 
(1.4
)
 
Total before tax
 
 
0.2

 
Tax benefit
 
 
$
(1.2
)
 
Net of tax

(A) These Accumulated other comprehensive income components are included in the computation of net pension and other benefit costs. See Note 15 – Pension and Other Postretirement Benefits for additional details.

(B) Pre-tax and after-tax amounts are the same as the Company currently maintains a tax valuation allowance for these items. See Note 14 – Income Taxes for additional details.