Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Dec. 28, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table presents OCI activity, net of tax, accumulated in equity:

	Foreign Currency Translation Gains (Losses)(a)		Net Unrealized Gains (Losses) on Cash Flow Hedges(b)		Net Unrealized Gains (Losses) on Defined Benefit Plans(c)		Total Accumulated Other Comprehensive Income (Loss)
	(millions)
Balance at March 30, 2024	$	(280.0)	$	7.2	$	(3.3)	$	(276.1)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(57.8)		14.6		(0.9)		(44.1)
Amounts reclassified from AOCI to earnings	—		(5.6)		1.0		(4.6)
Other comprehensive income (loss), net of tax	(57.8)		9.0		0.1		(48.7)
Balance at December 28, 2024	$	(337.8)	$	16.2	$	(3.2)	$	(324.8)
Balance at April 1, 2023	$	(203.8)	$	4.1	$	3.7	$	(196.0)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(13.6)		6.8		—		(6.8)
Amounts reclassified from AOCI to earnings	—		(6.5)		—		(6.5)
Other comprehensive income (loss), net of tax	(13.6)		0.3		—		(13.3)
Balance at December 30, 2023	$	(217.4)	$	4.4	$	3.7	$	(209.3)

(a)OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes an income tax provision of $4.5 million and an income tax benefit of $5.4 million for the nine-month periods ended December 28, 2024 and December 30, 2023, respectively. OCI before reclassifications to earnings for the nine-month periods ended December 28, 2024 and December 30, 2023 includes gains of $12.6 million (net of a $4.0 million income tax provision) and losses of $22.4 million (net of a $7.0 million income tax benefit), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 11).

(b)OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of income tax provisions of $2.5 million and $1.0 million for the nine-month periods ended December 28, 2024 and December 30, 2023, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.

(c)Activity is presented net of taxes, which were immaterial for both periods presented.

The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:

	Three Months Ended				Nine Months Ended				Location of Gains (Losses) Reclassified from AOCI to Earnings
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
	(millions)
Gains (losses) on cash flow hedges(a):
FC — Cash flow hedges	$	1.7	$	1.4	$	6.6	$	7.6	Cost of goods sold
Tax effect	(0.3)		(0.2)		(1.0)		(1.1)		Income tax provision
Net of tax	$	1.4	$	1.2	$	5.6	$	6.5

(a)FC = Forward foreign currency exchange contracts.